, 1877-06-10
Thirty Millions Contracted For by
the Syndicate at par
in Coin.
Senator 0elesby Studying the Official
Situation at tho Capital.
An Invention for Tclegraphlng from
E1cctrotJped riates.
Full Description Of tho Ingenious
ContrivAnce.


CONTRACT WITH rnB srNDlCAT8
sJrcfdi Dspatth 10 71s Tribune
WARRINGTON, u. e., Juno o.-rhcro was a
special Cabinet meeting called to-tlay to dis
cuss Syndicate mattofs ana the advfsabflity Of
giYins the Syndicate new contract for tho
exchange Of tue remainder OF the per conts
fnr now per cent bonds. Leading members
Of tho Syndicate arc here, ind report the pros
pcets Of the loan ycry favorable. The Cabinet
decided to approvo Of Secretary sherman's s
proposition and award the Syndicate contract
for the exchange Of the remainder of tho per
cent bonds. tho details Of which have been fur
nishel the Associated Press. This, how-
ever, WAS not accomplished without murh
opposition, for thosc who are most earnest
in favor Of resumption jan. /, 1879,
opponents Of the new contract, urged upon the
TfcaEury that there Was no Legitimate connco-
tiou between Fefunding the dob. and preparing
for resumption. and that the conversion Of old
kinds Into new fs at present
~ 1NstoNlTicANT MATTER
in comparison c!thcr With the accumulation of
gold or education Of public opinion 10 1egisla-
ton which would facilitate tho funding Of legal
tenders In long bonds. Secretary Sherman ia
confident shat be has 30 much authority 10 con-
tract tho 1egnl-tcndor circulation under tbs ex-
&akAh& NV HAfAOAH AAt(A4E4iAS H4k4 +Hb plUkEG8a
Of the funding OF the por cents, that ho is urs-
tract. The contrast involves very slight risk to
tho Syndicate, while the probable profit islaEge.
10 sbs Fts<'t Assoetaftd Fta&
been entered Into md signed br Tho Secretary rS
OF tho Treasury and tho Mcssts. Kotbachtld,
J. 8. Morgan Co., Hcligman Bros, aud Nor
ton, Ho:s = Go. q London, aed Meser.: Bsl-
mont s. c., nrexel, Morgan 4 Co., J. s. ~: se-
National Bank Of New York, for tho sale OF tho
4per, cent thlrty.Year consols at par In coin, Of
wh!ch s25, ,ooo, 90 arc subscribed Tor now, to bc
paid Tor !nJuly and August. IS, ,0o0, COO to bo for
redemption purposes, aud go cDo, QUO for tho re-
continued as rapidly Is possible.
The CONTRACT ts for SIX months, aud ID similar
IN tue general terms To tho former contract, but
llas th!s Important provision: That for thirty
scrtption In the principal cities OF tho United
States at par In coin. with tho right to pay for
bonts
WITHIN NINETY pArS
after subscription, upon delivery Upon notice
given somo aays since, tho Secretary Of the
Treasury has Withdrawn from tho market $it,o,-
000.0M Of ~ par cent bonds, and the former
syndca;Ms 81 1aye subseribed under the old contract
III baianse u te Bss SSss 9c%%'s %o sant 1sas G %
that loan, Ct, 5,Ooo,oo to hc applied during juno,
for resumption purposes, and 5000, Coz during
july. Tor the sai1c purpose, and 9l5, ,cU0, ,0GQ TO
be applied to the redemption Of Gperecn bontts.
There agreements close out tho AZ per cent
!oan and place upon tho market tho t per cent
!oan with tlr.n subscription Of $25, ,O00, 600.
Tho new loan, 1rRwlnI 1 per cent, mud extend
lug for thirty years, With interest
rArAnLa QuAnrER.rEAnLr,
Is LAT moro faro 1bic for tue Government than
cycr before iesued, and from ltS pernancncy xn,l
security Will become 4 hstlonal Investment Of
the earnings Of the people OF tho United Blatca
md Europc. Every bond sold Will lcsscn o',u-
amount of the bond. The bonds are fssued for
I'D, tiO0, f5O1. Sl.000. anu larger amounts, aud
Will BY the inoie OF thetr sale bo brought with.
in this roach Of all classcs OF people.