, 1877-11-17
A Colossal Project.


Under the head, ga Colossal Pro-
ject." the New York Herald says
ripple of unusual interest was ex-
cited in Wall street by the reports
of the establishment of syndicate
or association composed of promi-
nent banking firms, for the funding
of these Southern bonds. Ex-Sec-
retary McCullochs, being interview
ed in relation to this matter said, in
substance, that for some time past,
both in Europe and America, the.
creditors of American States, coun-
ties and cities whose bonds were in
default, had made up their minds
that something should be done to
make these communities pay their
honest debts, and hence the organ
izaticn of the association under dis
cussion. As yet the organization
was not complete, numerous details
would have to be arranged; it had
not even yet been decided whether
the association would assume the,
form of a syndicate or become an
incorporated body. Whatever form
it might assume, however, it would
act as the intermediate between the
debtor States, cities and counties and
the creditor bondholders, who were
all over the world. It was mis-
take, however. to think that it was
movement intended only to oper
ate upon the Southern States in ae~
fault. It would affect first and pri-
marily the cities and counties in
many of the Western and Northern
States, Any number of them had
failed to provide for the payment of
interest on their bonds, and stop
should be put at once to this whole
sale reputation, unless indeed all
of them desired to follow the bad
example of the State of Minnesota,
which had virtually repudiated its
entire debt. The association about
to be organized will find it difficult
to bring States to terms; States are
sovereigns in this country; they
cannot be sued as such. You can
hold State responsible in court
of law for the negligence of its
agents, but as State you can sue it
no more than you can the United
States. The case is different with
cities and counties. You can sue
them and take their property away
or make them come to terms. So.
yon see, while with one class of
debtors the association may have to
fight through the courts, with the
others they will have to act diplo-
matically. I anticipate that their
work will not be very plain sailing;
there will be contests and opposi-
ton; bnt if the association is once
firmly established it will gain the
confidence of all bondholders and
become ultimately blessing to all
those cities those cities and coun-
Ties that have been borrowing mon
ey fast and loose.
On the 25th ult. Captain A. H.
Markham. of England, the second
in command under Sir George
Mares in the last polar expedition,
arrived in st. Louis. After reach
ing Smiths Sound the ships were
abandoned and Captain Markham
made an extended expedition per-
sonally over the frozen ocean to
within 400 miles of the pole, having
approached nearer to the object of
so many previous efforts than any
other mortal man, having reached
SO deg, 20 min, 26 sec. Captain
Hall reached so deg. IL min, SO
Capt. Markham went seventy miles
further. On the return journey of
Capt. Markham's sledge party to
the ships they suffered, in addition
to the extreme privations and cold,
the afHiction of scurvey, and had it
not been for relief sent from the
ships they would never have got
back. As it was Captain Markham
and three men were only the ones
ON their legs, dragging the re-
mainder of the party. having buried
one. They were absent seventy
three days from the ships. Capt.
Markham, speaking in reference to
the open Polar Sea seen by Morton,
the companion of DR.. Kane, re-
marked that where Morton saw the
open Polar Sea they found chan
mel thirty miles wide, and went
through it. Capt. Markham knew
Morton, he having been out four
years ago--in 1873-on the ship
which picked up the Polaris' men,
among whom was Morton.