Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-06-26
Washington Correspondence.
WASHINGTON. ID. c., !
June 10, 1877. \

WASHINGTON. ID. C.,
June lG. 1877.
Had MeSsrs. Tilden, Hendricks, Rob
inson and the other speakers at The late
New York Convention demonstration
been addressing men more prejudiced
than the crowd that listened 10 them
sgains; thieves and thieving, ballot-box
stutfing and suffers. mob violence and
almost every other crime agains, the
genius OF Republican institutions Of which
the rammany Hall gang stands convicted
through long series OF years. they
would from very shame have omitted
their remarks relative to the duty OF
American citizens to preserve the purity
OF public morals and the allOt-bONi and
had their audience been more intelligent,
their illusions in condemnation OF the
! Electoral Commissioner essentially
Democratic cffspring-had never been
made. II is the general verdict among
politicians here, that Tilden, by his I'M
expected acceptance OF the invitation to
attend and speak. fairly turned the tables
on Tammany. Like a yeritable marplot
he utilized movement OF his enemies to
shelye him by bringing Hendricks for
ward for the nomination in 1880. 10 lille
his own claims and bespeak renewal Of
the support of 1876. But willy schemer
as he is, he has lived to little purpose If
be supposes that political matters are to
remain ia StGtu quo tor four years, and
that at The expiration of that time the
controversy of last fall is 10 be picked up
where the Electoral Commission decided
and dropped it, just to crafty the con-
suming ambition and piliable spite of
one small man. But as viewed from this
point, the part played by Gov. Robinson
in the ceremonies of Monday night by
which he formally renowned all owner
ship in himself and acknowledged
the validity of Tammany's mortgage
upon New York's Governor was the
most humiliating; and the assertion pub.
licly made by the disrepu table local poll
ticians on that evening OF their undisputed
title in the chief executive of the Empire
State was as imprudent as it was charac-
terislic.
Financial considerations have come to
overshadow all others. within the past
few days. The Cabinets endorsement
on Saturday of Secretary Sherman's plo-
posed new contract with the syndicate
and prominent bankers, was Immediately
| followed by its ratification. Under the
terms p million of the new 4 per cent.
| loan OF 80 Yeas consols were Immediately
subscribed for, ont-fitlh TO be applied Tor
resumption. the balanc. to redemption Of
| 6 per cent. bonds. II was further agreed
that the loan should be held open 80 days
Unpopular subscription. and formal notice
has already been given that the books are
open. Every convenience OF those de-
string TO invest to the extent OF $50 and
upwards appears to have been consulted ;
and it is predicted that gratifying re-
spouse will be made, and that the new
/ loan will have the effect TO make the
rates of private loans much easier 10 the
Borrower. The old l-2 per cent. loan is
entirely closed out, one hundred million
having been wholly Withdrawn. and the
last remaining 100000 having been
taken by the syndicate under the old con-
tract, two-ftths TO be applied TO resump.
ton purposes and the balance TO the re-
demption Of the 6 per cent. bonds. There
is no doubt that the President iavors the
restoration OF the silver standard either
in limited way, or absolutely as it ex-
listed prior to 1873. 1t is radical con-
version as he himself admits. Secretary
Sherman is understood TO advocate the
reconciliation OF silver to the extent Of
making it legal tender for all currency
contracts but no farther. AS he would
have it issued only in exchange
for United States notes and fractional
currency, it practically leaves gold as
the only standard. as now. He thinks
this would be a fair compromise between
extreme Eastern and Western views. and
holds that in the natural order of things
it would result in the retirement OF many
millions of soft money. n long Stride 40