The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-04-03

It was determined to do, he says, taking addi-
tional security from the nrm to secure the Gov
ernment against possible loss. Now, the fact IS |
that before tho middle OF October he had au-
tn orised Bradford, who was ordered to remain In |
London, solely TO use the money of the Govern |
ment to help sustain the credit Of the bankrupt |
fiscal agents. to apply money under his control |
outside Of Jay Cooke McCulloch & Co., to protect
that concern from run on Its house by a sus- |
picious public. That Ia shown conclusiveiy by |
the following cable despatch to Bradfordi
Letter received. Action entirely approved Wh,n bal
U you hfnt ,or best Interests, rRorEcr iScoNvEN
MONTH but your SUPERVISION should De constant and
your Information tu aud undetst.ndng mentioned IN
proinpiiS % ASswsr rs Ss"''0 anu "''' kosisoSo o oN
The portion OF this despatch which l have
talicised shows that Robeson, before the mid
die Of October, had authorized Bradford TO use
Government money to protect drafts OF other
parties than our naval paymastors. which might
give Jay Cooke, McCulloch Il Co. Inconvenience
during the heavy payments they would have to
make In that month. This Is the only reason
able Interpretation which can be given to the
language Of the despatch. There was one hun
dred and twenty thousand pounds sterling with
the nrm, or {G0O0.0 OF our money, which was,
Of course, ample to meet any navy drafts which
would come IN. aud RobC CONS Instructions to
Bradford can mean nothing else but that he
should use other funds under his control to pay
drafts that were not drawn 10y naval paymasters
II they we're lnconveniencing tho tottering
house.
Again Ro beson teleeraphs as follows;
wAsmSoroS. oct. 10, 1879.
Tai. Is 10 confirm cypher despstch oi to-day You
Sa-' AM 10 asi ufsd hsr 0H 20 asy
against action known, telegraph. Answer -
Thes. Dispatches. according to Robeson's own
admissions to tho committee In his answer Of
March %. prove: First, that before the ICON.
sultation was had with the Secretary OF tue
Treasury and the President upon the subject"
about the middle OF October, he had authorized
Bradford to advance the money OF the Govern
ment to help Jay Cooke, McCulloch Co. tide
over any trouble they might have during
heavy payments" Of that month and, second,
that In addition TO such advances he was
authorized on the 18th Of october TO add $1,000
OOO to the balance already In the hands Of the
firm. Even accepting his own statements as
true, which have clearly shown cannot always
be done. there was an additional security for the
advances authorized ia the cable despatch Of
| Oct. IL. What these advances amount to am
| unable to say. but RObeson admits that during
| october nd Novem Der he remitted TO Jay Cooke
| McCulloch Co., in all, SlG56,14s3. Thus
| am able to figure up his total remittanccs during
that fiscal year from the data furnished by his
dispatches and his letter to the committee.
| They are as follows: july .. $l,OJ0.OOO; Aug. N,
$4,000; Sept. "a. sl,501.CvJ; oct. Is, 100000 ;
at various times during October and November,
dates not given, but evidently including the ad-
vances authorized by despatch Of Oct. H. SO.6,
| T34 .S3, making a total OF $4,0d5,'A.s3. Now,
| ri hp usr ending Iune is.2. o
deposits with Jay Cooke, McCulloch 4 Co.
amounted to s3.jOO,COO, and during the nscal
| year ending June 80, 1873, they were $3,SJ0.00o
| Thus II will be seen that up to Dec. /, 1873
less than one-half Of the fiscal year 1874. Robe
son gave the bankrupt concern sl,l65 134.S 81
more than he had previously deposited with
them In the whole Of any one fiscal year. And
his statement Of the remittances 10 Barring
| Brothers show that tue highest amount ever de
posted with thcm In one year was t2.5OOOO.
These facts clearly demonstrate that Rooesor
has not only been guilty OF recklessly gambling
| with the public money-for his course In de
posting the Government funds with Jay Cooke
McCulloch & Co. after Sept. Is. ls13 was simpll
betting that much money against a lot Of risk!
securities that the house would not fail-out h'
must have largely exceeded, In SO doing. the ap
propriatiOns for the Pay Department, and there
by violated tue law. II case OF impeachmen
| cannot DO IN ade out against him for such mis-
conduct then our public officers have little L
fear from any violation OF the laws OF thei
country.
But there is another point which wish to cal
attention to. The sworn statements whicl
RGbeson presented to tho Circuit Court Of th'
United States In Philadelphia are not borne OF
by the facts, as they are shown In hisliespatcne
and hts answer to the committee. His tele
grams TO Bradford and the answers thereto
prove beyond question that at the time he mad
the deposit OF $l,jOO,0Oo TO the London branch o
Jay Cooke & Co. he had not obtained an
security from either the nrm here or in London
and that the 1rm here having become insolven
six days previous, the Government could not b.
held to be "a preferred creditor on account o
the money advanced on Sept. "a. Hence II tn
private creditors to jay Cooke Co. presen
these facts to the court II must reverse its de
cree making the United States preierre'
, |