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

''V '''tff hfNhu'tN a Nist Lvun'u WIN NtIf iut
m sn1 ~ million & .nS IN a a,sp.'eh, n9l yct print
ths remittance jev Cooke 60. having thcu failed.
comodors RsySSds. 20 luis orGor report,ns
that the temittancs had been stopped In time
Having deliberately falsined in bis snswsr 10
the committee, and been caught therein by his |
own kilograms. be found II necessary to explain |
oy making another statement, which I will also |
prove to os false. In his stateme eut Of "ths |
amounts and dates OF the various deposits |
made In maintenance of the account" with jaw |
Cooke. McCulloon 4 Co., which he sent to the |
committee with his answer. ind that on July |
. 1873, he rcmitted to said nrm tho sum Of
tl0J00O0. This was after the commencement
OF the nscal year 1873 4, and this money came
out Of the appro oprlation for that year. The re-
mittances for the previous nscal year had all
been made, as the following dates and amounts
show July 10, 1879. tl,O0O0l Sept. TO- 1879,
$4,000 March le. 1873, tGOO,OOo juno l. 1919,
t2500vO. Thus It will be seen that 335o,0OO had
been transmitted during the nscal year OF ls1ss
and Of course It will not he claimed by Robson
that any part OF the remittance Of $l.OO0.0OO on
july 2, 1873. could be used TO meet tho navy
drafts drawn during the latter part Of the pre-
Vous fiscal year. There had not been single
instance, mnte'ver during six years when any
remittluce was made to tho asc Il agents In Sep
tember. They were usullly made by kobeson
to the Btrng Brothers four times year-at the
beginning or close of eah quarter-and with
this solitary execution IN 1872, the same order
was followed tn remittnR to ia, Cooke, hcCul-
l,ch 4 Co. 1t therefore was not the time. about
sept. 10, for " q usual remittance" rhs "rcgu-
lar time" Us Robson says in his answer to the
committee, "in usual course came about the
e7st Of October" Hut on August 3D. 1879. he In
creased the deposit with Jav Cooke, McCulloch
Il Co. near,y $j1J,yCO as the following despat ch
shows:
wAsuSaroS Aug. 80. 1873
Edwards despatch correct. Amount one hundred
thousand sterling. koBEsoN
THIS fact Robson withheld from the commit
tee. lie stopped short on July 3, aud gave
none Of the subsequent remittances to Jay
| CDoke, McCuloch 4 Co. II the time for a usual
remittance" h al arrived sept. 49, 1873. and n
the deposits mad not been Increased bY $4,000
sixteen days previously, then the ollance with
the fiscal agen,s would have been running low,
! because the close of the hfst quarter WAS draw
Ing near. Now, observe the dilemma Mr. Robe
son has got himself into. II be increased tho
deposit by SJODOO On Aug -, ls,3. then durnG
the first quarter Of that fiscal year he hal gwen
Jay Cooke, McCuloch n co. SljOJ,Oo, aud there
| could have been no possible necessity for " a
usual remittance" sixteen days later OF Sl,0OO.-
on. But In bis conversatlon with this CORE
/
that if;cr he had stopped on the lsth Of soptem-
Der the draft Of sie0O)O given on his orders Of
the lGth. "ha teleg raphcd Pavmaster Br ,dford,
then III London In conjunction vita Mr. Cattell,
TO stay and look into the al 4irs OF jay Cooke,
McCulloch Co., the question being whether
she house was 10 aud whether the Govern
men,'s balauce With them, at tha, time about
10000 was secure"
rThi. statement Is douhly important, for II
proves lrst. that between July . l1d Scot. Ii ~
had increased the deposits with Jay Cooke,
McCulloch Co. nearly Sjo)p1l; and second,
that the balance being on Sept. l6 about s9)0ODO,
there was no occasion at that time to send " a
usual remittance" OF slO)O0JO There could
have been no public reason for keeping bal
ance Of tl.O0,OOO with the London branch OF
jay Cooke s. Co.. Robes s0n virtually admts
be was doing. but there doubtless was private
reason therefor.
1t ls well known now that the Cooke concern
had been laborins IN deep water for more than
Z year previous to the panic Of ls'3 They had re-
sorted to all sorts Of expedients to obtain pos
session Of other peoples money, with which L
buoy up their sinking fortunes. in the vlin hope
OF some lucky windfall happening to save then
| from impending bankruptcy. The First Ma
tiona Bank OF this city. which was owned b.
I the CooAes. had established redemption agen
|
aud special privileges were accorded this nGenc
by the Treasury Dep rtment. whereby they wer
: enabled to hold out inducements to banks Il
transact their business Of exchanging their mu
O tilated currency for new notes through 1t, In
stead or with the Government itself THIS CAV
the Cookies the contiol, on an average, OF nearl
100000 of the money Of the various banks 10
/, whom they acted as agents, and this none
b went into the nav Of Jay Cooke & Co. o
course somebody prolted 10y this loanin9 of tn
Z public money and the public credit to prvat
banking nrm. IL Is true that the Cookies wer
connected in various ways with the many Ring
q which have exerted so much influence at Wash
. ington during the last eight years. They wer
| deep Ia al the JObbery OF the District Rinl
@ along with Shepherd, and put s25,OO) OF otne
o peoples money into the Real Estate Pool. The
. were largely instrumental In robblng the poo
. negroes by using the Freedman's Bank as
tender 10 their own Institutions, taxing care al
v ways to have the paper Of shaky Ring friend
o discounted with tho unfortunate coored peo
l. ples money They were the bankers OF tn
n President and his Cabinet ministers, and had
t. In their power 70 enrich them all by using IN
n | official Information which they had ln advanc
y OF everybody In financial circles. They pu
O Grant into the Seneca stone job and Belkna
4 into the Real Lstate POOL and they carried tn
II paper Of Robeson & Cattel but there was
o reason outside Of all this for handing over to the
e London branch the navy fund, and especially fc
# keeping there constantly balance Of nearly
S million dollars.
a The country has not forgotten the scand'
9 caused Dy the removal OF the nscal agency froI
h the Barring Brothers, In whose hands It had bee
for nearly three-quarters OF century and placin
n 1t WITH the newy-hedged London bank OF Jl
? Cooke & Co. IL was freely ch rged at the tim
u that Jay Cooke, McCuoch & Co. had receive
n the navy deposits and Henry Clews Co. III
diplomatic fund through corrupt means. An
r only fow months ago one Cheeyer, notorlou
D. Washington lobbyist, brought suit In the n
l. York courts to recover portion OF the proh
n which Henry Clews blrgalned 10 pay him, in COT
sideration OF the influence he exerted In obtali
r. ing for the London house OF Clews & Co. tn
~ Diplomatic deposits In this suit Cheeyer swoI
a that he was to divide his share Of the pron
,n with a person named Van Buren- IN ndiyidu
e unknown 10y th0t name TO anybody IN Washing
p, ton. l. IL not altogether probable that som
s. body under the alias Of Van Buren, os VI
Il Something Else, was TO share through a Cheeyt
ie or some other lobbyist portion Of the prof
10 on the large balances kept vita Jay Cooke. M
ID CIlloch & COT But there Is another p int