The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-05-09
GENEnALEw.Ne,s oPInaoS.

Post has interviewed Gen. Tom. EW-
ing, with the following result:
After leaving the Secretary, The
Post peregrinated in the direction of
the residence of General Thomas Ew-
ing, OF Ohio. The General was found
in his usual pleasant and communities
tive mood, ready and willing. to be
bored for tine benefit of the public.
'General,' said the Post. Il have jast
left Secretary Sherman, whomI hsvs
been eninterviewing on the subject OF
the Syndicate contract. He referred
me to the contract, which he says is In
possession of your COMMITTEES. and
says that the option part Of It il the
same as contracts, for the sale of bonds
have heretofore contained.
| 1T may be the usual arrangement
made by the Treasury Department
with Syndicates, but certainly in this
compact there is no sale of any more
than ten millions, = = sfe5ssy
What do you understand by tho
option clause of this contract
81 understand that the Syndicate
have the option to take 81. .000. 600 more
of the bonds in May on the same tsrms
they took the $lO,OOO,OOO on, and will
have the same right to take $5,OOO.O0O
in June if they want them, and 90 on
each month until the first of January,
but they may take any months allot-
ment hereafter or terminate its con-
tract, just as they please. In consid-
GRAFTON of their purchase of the $lO.-
10000 they are thus granted mele
buyers option to take $5,OO0.OOO in
each successive month duriag this
year, and the Secretary has further
bound himself to the Syndicate, - .
consideration Of their taking the $lc,.
100000 this month, that he will not
sell any more bonds this year for re-
sumption purposes except by consent
of the Syndicate"
sDoes this appear in the contract 70
sYes, and if he were offered gold for
4 per cents at par he could not buy it
for resumption purposes until after the
lst of January. This contract of the
Secretary with the Syndicate was
misrepresented in the New York pa
pers to be a sale by which the Secre-
tary would secure $50, ,O0O, 600 Of gold.
and thus would make resumption cer-
tain.'
You think, then that the Syndi.
cate will not take the remaining $4O.-
OOO,OOO7'
Il think their course will be deter
l'mined by the state of the market. II
thew find it to their advantage TO take
the bonds they will take them all. IT
not, not. They can, under this con-
tract, take just as many successive in-
stalments as they please, and quit taxi
ing when they please, and in tho
meantime the Goyernment's hands
are tied so that it can take NO advan.
tage of any favorable conditions of the
market. For example, suppose that
4 per cents could be sold next month
at par in gold, the option in the re-
naming $4O.O0O,OOO of AZ per cents
would probably be worth 100000
or 100000 to the Syndicate. While
if the market grows unfavorable, they
will lose on nothing except, possibly,
on the $l0.OO0,OOO they have already
bought
DO you think there has been a pur-
pose to deceive in this matterT
Il regard the studied misrepresen.
tation of this contract in the New York
papers as of piece with the humbl g
advertisements of the National Banks
in Chicago. Cincinnati and elsewhere,
that they had resumed specie pay
ments. They haYe resumed on their
circulation, knowing perfectly well
that their notes can't be gathered up
and presented to them, as they are
over the whole continent. Not one of
those banks would dare to advertise
that they would pay one-tenth of their
depositors in gold. 1t is all clap-trap
to deceive the country aud prevent
action on the part of the Senate on the
repeal of the Resumption Law.
Neither the banks nor the Treasury
are ready or can get ready to main
tain specie payments for six months
after the 1st of January
sMr. Sherman says there Is no doubt
that there will be $50 100000 in the
Treasury, proceeds of the sale of these
bonds, on the 1st of January. What
do you think of that?'
/ Il think it not improbable that the
Syndicate may find it for its interest
to take the remaining SAC, ,OOO, 900 but
they won't get any considerable part
of it from abroad; they will only
draw 1t from the little stores already
in the Treasury, for which gold certifi.
Gates have been issued, or from the
special deposits in the New York
banks. 1t will not practically add to
the store of gold in the country for
resumption purposes
sYou don't think then, that resump.
ton is possible, even if the Secretary
succeed in accumulate, g the 81 n. Cor.
600 by the lst of January?'
| sit is possible to resume but impos-f
sible to maintain resumption. II he
could get into the Treasury every dol
lar of gold now in the United States,
estimated OF S90,Oa0, Goa, he could not
maintain specie payments. The country
is bare of gold, and our own people
would absorb more than that sum-
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