Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-11
SINUOUS SIBERIAN.

duOCAoI VI oOuu Ouefuaub QueStlOudDl0
monetary transactions has just come to light.
It is stated that when Jay Cooke & Co. failed
in 1873, holding several millions of the gov
eminent funds, it was discovered that John
concern, holding 100000 worth of the
shares. When the receiver was closing up
the affairs of the firm, and prosecuting stock
holders for the benefit of depositors accord
ing to law, he wrote to the supreme court of
the District of Columbia, calling attention to
the fact that MIR. Sherman's name appeared
upon the list of stockholders, and asking
information what should be done in his case.
Mr.. Sherman was at that time chairman of
the Senate committee on finance, and upon
learning of the matter, he addressed letter
to the court on the subject. The result of
that letter was that Sherman was not prose-
cuted, and the depositors were defrauded out
of 100000 which rightfully belonged to
them. Mr.. Sherman did not explain, nor is
there at present any knowledge of how he
became possessed of the stock in the firm.
The matter is left wholly to inference. One
thing is certain: Mr.. Sherman at that time,
by reason of his official position, had great
influence with the treasury department.. It
is also of record that he warmly urged the
claims of Jay Cooke & Co., and that through
his influence, mainly, that firm was made
the financial agent Of the government for
the sale Of bonds. It is also of record that
the firm realized millions of dollars as a
commission for disposing of the bonds, and
that when the firm, and with it that of Henry
D. Cooke & Co., af Washington, failei, large
sums were due the government, only fraction
of which has ever been recovered. Perhaps
John Sherman was wholly DISTINGUISHED in
advocating the claims of this firm, and per-
haps he labored to secure them the valuable
privileges purely from patriotic motives,
knowing that they could dispose of the
bonds on better terms than any other of the
well-established and reliable fiscal agents in
the country. But perhaps Sherman was not
quite as disinterested. Perhaps he gave his
official influence for a consideration, as he
is known to have done before and since.
Perhaps he favored the claims of this wild
cat concern because they would pay better
than anybody else, and perhaps the 100000
of stock found in his name was portion of
the consideration paid. Perhaps he was re-
ieved from responsibility for the stock after
the failure of the firm by reason of his Off
cial influence, or by bribing the officers of
the supreme court of the District of Colum-
bia. Perhaps Sherman used his official
position as chairman of the Senate commit
tee on finance for his own personal profit,
and perhaps this accounts for the fact that,
although he entered Congress few years
ago poor, he is now worth several millions
of dollars. It is no secret that man occu-
plying his position can exercise powerful
influence on the money market, especially
during times such as then existed, and an
| INSCRIPTIONS man could use that influence
in such manner as to increase
his bank account by hundreds of
| thousands of dollars in the course of year.
Perhaps John Sherman would disdain to use
| his influence for such a purpose, but the
probabilities are, in view of his past sinuous
conduct and his past poverty and present
wealth, that he did. A simple recital of the
facts in regard to this Jay Cooke business,
together with the concurrent conduct of the
then chairman of the finance committee
raises the presumption that John Sherman
accepted bride from Jay Cooke for his in
fuence, and made an unstable, upstart con
Germ the fiscal agent of the government
and by reason of that action is responsible
for the losses entailed upon the government
on account of its failure. These are fair in
ferences from the facts-they are unavoid-
able in the absence of proof to the contrary