New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-30
cnce of opinion on tho question OF having the
work done by contract.

work done by contract
Will Street and the Exchanges fell back yes
,erlay into the midsummer quiet which pre-
vailed before the failure Of Duncan, sherman
g. Co. and the Commercial Warehouse Com
pany. That so sharp shock 10 con-
fidcnce az was caused by the s'is-
pension of great banking-houso should
be followed so speedily by rcstora-
ton of tranquility among those persons not
Immediately involved in the firms misfortunes
is proof of the general caution with which
business and banking are now con-
Quoted 1t is to be regretted that the bank
rupt firm is not yet able to fix date when
statement of assets and liabilities viii be
made Every day of delay will only increase
the uncasiness of those persons whose money
is locked up by the failure
The finest racing of this season, and indeed
a contest hardly surpassed in the records OF
the American turf, was seen at Sara
toga yesterday, when Sprngbok and
Preakncss ran dead heat for the
Saratoga Cup The struggle for this prize Is
the great event of the meeting at Saratoga,
and is anticipated annually with an interest
which is not exceeded, if it is eQuaed, by that
connected with any contest at Jerome PARK.
| And that interest is not confined to betting men
| by any means although the zeal OF that class OF
| persons rose to an extravagant hight yesterday,
| so much 80 that it is reported that even John
Morrisscy made an effort to limit the laying OF
wagers. The account given in another
column shows that the struggle for the Cup
was we'll worthy the enthusiastic praise which
if received from the large and fashionable
multitude of spectators which poured ont from
the watering place to the race-coursc.
Sensational reports about u pending ABSORB
ton of the Atlantic and Pacific Telegraph Com
papy by the Western Union gave fresh excite
ment YESTERDAY to Wallst Mr.. Jay Gould was
credited with this latest hlnation. mat
restless speculatOr does not deny that such
plan is contemplated, but says that details
of an adjustment have not yet been reached.
The general public will sincerely nope that
they never may be- 1t is not t" the general
interest that the whole tclcgraphic system OF
this continent and of the cables to Europe
.bOuld be concentrated under single man
asement. Business men and newspapers
would probably have little at tho
outset to fear, since the Western Union
corporation is too sagacious to impose needless
burdcps upOn its best customers. But 1t Is
not in the nature Of things that gigantic
monopoly such as this would become could in
the long run be depended on for the safest
and best service to the public.
The failure of witnesses to appear before
the Legislative Canal Investigating Committee
when summoned was probably to be expected
after the decision of Judge Learned. i'll the
case of another investigating body against
Contractor Dcnison. But it is well for wit
ncsscs to remember as Mr.. George ID. Lord
probably did, on second thought yesterday
that this decision applied to the powers
of the Canal Frauds Commission and not to
those of a Committee of the Legislature, and
to napers. not to persons. The resolutions
| .donted by the Committee in view of Mr..
Lords pon-appearance show disposition to
brook no such trihing from recalcitrant wit
uesses. and vet they are digniiied and
in due legal foIm. The proceedings
of the Committee yesterday were not
of special importance, except that the evidence
brought out recent letter from tho Canal
Frauds Commission to Auditor Thayer report
ing the existence of gross irregularities III the
execution of fifteen contracts, ana advising
that no further payments be made thereon I'M
III the investigation is concluded. The names
appearing in this black list arc familiar to the
readers of THE TRIBUNE correspondence which
WAS instrumental III bringing about the pend
ing inquiries into canal frauds.
The Board of Indian Commissioners now III
session at Long Branch consulted with the
President yesterday, and have issued the address
"to the Christian Public" which is printed
in another column. The sober character OF
this document demands for it serious and
respectful consideration, and yet 1t is
not easy to believe that many Indian
agents and contractors will read it
through and preserve straight face. In
i truth the address seems both unnecessary and
remarkable 1t is at once defense OF the
present Indian policy Of the Government and
of the manner III which it is executed; an
assault upon those who question the wisdom
of that policy, or who doubt whether 1t has
had fair trial an effort to throw
the responsibility for the good and
evil in it upon the Christian COM
munity at large: and petition for suspension
of Judgment in regard to the scrionS charges
now under investigation. Underlying the
whole there is a sort of indignant protest
against the impertncnce of looking closely
| into the methods Of the service /: while II dis
position to indulge in open abuse OF those
vino institute such inquiries as are now pend
ing. although generally restrained, is hardly
under curb in the expressions "loud-mouthcd
accusations" "clamor raised and pro-
NOTED by bad men, and the like. If
everything Is going ON as smoothly as these