New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-30

large and uncertain amounts our ships, or by any
other means at the command OF the Department The
amounts and dates OF the vorous deposits made in main
s % Of the the LIST d%y OF MaTe
made with Messrs Barring Bros & Co., as well as those
in the state ent herewith incloscd. marked ID"
After the failure OF the firm OF Jay Cooke Co, the
country, although said last mentioned firm continued TO
pay our agents the navy drafts drawn upon them IN
ing, in the disturbed condition of financial
matters, to continue the said account without
and given before the Department would agree to con-
nue the same The additional security then received TO
railroad stored the bonded warehouses OF Govern
ment and its bonds OF various railroad companies
security FOR said account the Government To- receive e
new remittance to the said foreign account IN the
usual course came about the LIST OF OcOpef 800 anu
the Department then applied to by the representa-
ves of said firm TO make such new remittance but de
clucd TO DO at that time, though our navy drafts were
still paid in the due course by said firm AGENTS as
aforesaid. About the middle Of said month OF October
1870, however II became necessary either 10 MAKE new
remittances t. said account to allow agents to
ston the payment of our drafts. 80
Consultation held with the Secretary OF the Treas
ton only OF the fact that difficulty in the payment
OF our navy drafts which had been drawn ana now peg
drawn by our abroad upon sd mTi ~ rs 1h
regular agents, and which were out In all paris OF the
world, would greatly inconvenience ana increase Use
also Of the fact that any discredit OF me sara
firm OF Jay Cooke McCulloeh CO. when %oua renert
at that time, might have an injurious erect upon tne
on large ard important financial transactions with an
association OF bankers of which association the sld r
tne new Government loan ii determined To he wise
pablo policy TO continue said account, provldeu inc
Navy Department could receive additional security 70
insure the Government against probable loss In puls
OF such determination the Department asked
thereto, and received further transfer Oh
railroad iron stored in the Government warehouse TO
the amount of tnan 10000 tons of new rails ana
Of ions rsoad rom held by the DEPARTMENT MS col
lot al far
also and commercial credit to the amount OF about
500 200 an of which has since been paid and an as
signment OF the private estate OF Hugn mcCui,
loch in this country, valued at Sl2o'oVo, ana
also also an assignment he i' Co.. meHo%ad
III your first nterrogatOry, together with clam
not m In S4a of the facts aead
stated receipt OF the securities mentioned and IN
the laws of the United States, bad right of priority
Of payment against the S p G av es GooSs %ca
loch Co. for the full emJnnt OF tne IN ia-
debtedress at that time, which said priority mas
been affirmed by the Judgment and decree OF the
Supreme OF the United States and blnS properly
deotedness Further deposits were made III the conlu
alton Of said foreign navy account during INC s5lu month
amounting to a219l9 M, or 81 ,066734 80. said
deposits were made through John o. Bradiqrd, Kay ns
supplied with money for the purpose OF protecting lhe
Ybe SAID firm of JAY Cooke McCulloch Co. continued
10 pay navy drafts in regular course hut were iiay
obliged undel the operation Of the English law, to 20
INTO liquidation. when their partners III this country
were formally adjudicated bankupts, and the iinal
settlement of their accounts with s DcpGttlnend Las
since cen DELAYED by the complication OF their ,faiFs
with tie affairs of the banErupt which, besides lnuIGg
teir riir and locug up their capital and assess has
rendered it necessary inIust all the questions Oh
which the bankrups Interested 10 the considCG-
linn and adiudcaton OF the United states Since
the said Bankruptcy no further Temttances nave
been made u thc nor any other FUNDS htfsteuto HcI
custody. but the drafts drawn upon them have
been accepted by them they came, and We're presented
aad have been paid and taken MP at m3tdIly Dy Pay
eneral bradford out of moneys furnished TO m
by the Navy Department Tor that pdrpJse III OfdcT tAl
the said drafts might be paid III due course WnOnt inter
Without advancing any additional money 10
saId firm Of Jay Cooke, hcCniloch q CO. 90.
Government has since been gradually reduced by pay
mens made by them ana by paymen OF the h9'5s .u
Government collateral untl the amount now due Is
the sum 1888 l5l ID as near as can De acrrtaga az
this time and without fnal adjustment OF the account IA
the Treasury For the Pa}mta' ara fei 81 o S sum-
bond Of firm above mentioned the following secuil
tics: -, ,,..-.. 49,. , a.. ,-,.,.o, ,,o,o,
for inc Eastern District Of Pennsylvania amounting ON
the st day March, VITA interest to the sum OF @7s
ment and decision of tie Supreme Court OF the United
states and entitled 10 priority over all other claims OF
Of Jay Cooke, McCuloch d Co. Upon this there mas
been paid the of S32S20l 20, leaving balance Of
SeeJnd: Claims agans.the estate Of Jay Cooke Co.,
proved by the firm Of Jay COoh, hcCoOeh IL co: OF
Claims amounting in currency 40 Si3,2J2 70 "a. A
clam amounting in currency 10 s{9'Z52 %" at
ciah anU "Ln ~ the svndirafe clam aln"unting
in currency Ia $l46276 IS, that al these claims
amount in currency to the sum OF II ,7S95O5 40.
.s iSh VIII When ascerained reduce the amount but
not below the sum Of $l,2O00OO ne actual value Is
not con rn NO. sold in the market at
IS per cent. Third, 416 $1,000 first mort
gage bonus of the Indiana Central Rail
mortgage bonds Of the ST. Joseph and Denver Rail
road Company. Fourth 6,721 tons OF English railway
iron In Government warehouses at NewIork New-Or-
leans Duluh Buffalo, estimated 10 be worth at least
100000 Fifth private estate OF Hugh McCu0ch III ms
countryvauee at 600 The amount nowowing on sad
foreign account is more than 100000 less tnan the
which the Government was III advance at the
time the failure OF jay Cooke q Co on relntances
made regular course and 1t is believed that tnt seer
he'd by the Government are amply suncehl 9
the payment OF the whole account ana that VIII
Inc present fiscal year. have no notice OF the ihs0
V ncy OF the said house OF Jay Cooke, McCuil0eh G"
The said firm have gone INTO lqudailOn, rs nave az
ready said, on account OF the formal pahk'ey oI tIe
members of the firm in this country, and the pay
ment Of their Indebtedness 10 inc oih'eu
states has been delayed by the LOCKING up
of their assets before mentioned, but am lea 10 De
eye that the assets OF the aid nr are more ,han SUN
Gent TO discharge their debts since thihh the "o9
amount of their Indebtedness to the United states VIII
be paid OF the securities specifically pledged Tor IT,
and since the partners Of the said firm IN London have
as L understand, organized a new mousse anu
have made no deposits OF the public money Of the
limited states with any banking house in London or
either OF tben are lheMDeis, OF WIN "cn ty! ae
connected except with the said house OF which jay
navy as aforesaid i'll the manner and to the
amount aforesaid, and have made none
With Iuem since the firm of Jay Cooke q Co. were de-
Jared binkrupts. l not aware at the time began
ar continued the said account with the said JAY Cooke
Nc1Tocb AZ Co that said firm had no capital or cap
ita stock but the contrary understood from tier
partners or agents in this country that they we're
atrong firm win Il good working capital and ample re-
souct in reserve and after the failure oil Jay Cooke
Co was informed directly from the hTn OF Jay Cooke
NcCuocb A CO.. through dispatches TO their agents in
mi, country That their private ledger stH showed
very large working capital, besides all elr property ana