The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-31
A Simple Question of Management
What Jay Cookies Assignee Thought.


Docs the estate Of n bankrupt pass into
the hands Of an Assignee for the purpose Of
settlement OF for speculation
1t is generally supposed to bc for settle
mcnt. The reason II goes To- an assignee is
because the attempt To carry il on for spec
ulation, or profit. has proved unsuccessful.
The owner is said e. have failed. He some
times voluntarily gives up all that hc pos
sessos. conocding that for one reason or an
other he cannot carry on the business 10 his
own or his creditors advantage. Sometimes
the law steps, in and says stop, you have
been trying 10 manage this business long
enough. 1t is not coming out right. You
are all the while going down hill distribute
what you have among those you owe before
il is all gone
The theory on an assignment, either vol
untary or involuntary except where the
creditors assent to different arrangement,
is that the business is TO be wound up
The assignee Of the vast estate Of JAY
COOKE n Co. seems to hold a different opn-
ion. lie supposcs JAY COOKE & Co.'S prop
crty has been put into his hands to he held
by him until the market reaches what, in
his speculative mind, is a favorable point.
and then sold
This came out at the meeting Of the cred
itors in Philadelphia last Monday Among
the items in the assgnec's report n large
charge was noticed for the storage Of iron
WHY IN tie name Of common sense dtd yOu
not SCI d?' asked an indignant creditor
The assignee replied that he was waiting
he had been waiting and paying storage
for the past five years for rise in the
market
An estate, however large, might about as
well be sunk in the depths Of the Atlantic as
put into the hands Of a slow-footcd assignee
The Maine Republicans in State Conveu-
ton assembled yesterday. were harmonious and
reasonably enthusiastic. but neither the har-
mony nor the enthusiasm was for HAYES. In
their resolutions they pointed with snIsfac-
tion to the record Of the Republican party
arraigned the Democratic party; declared
that the bonds and grocnbacks must be
paid in coin or its equivalent; demand
cd that the navigation laws be let alone ;
and praised Gov. CoNNoR as well rs re-
nominated him for n fourth torn. But not
word did Mr.. EUGENE IIALE's Committee on
Resolutions have 10 say about the man with the
brand on his forehead. or about his Admins
tration. The speakers, HAMLIN. BLAINE. and
the rest were equally silent. II is a significant
silence.
GRANT is the only man the republic ever pro-
ducVd that seems htted both by nature and education
brave the disgust and face the scorn and contempt o hon
est people atlanta tm"ntNon.
GRANT has never borne upon his brow tho
stamp of Fraud first triumphant in American
history The man who bearing that brand
upon his forehead is able 10 brave the disgust
and face the scorn and contempt Of n dcfraudcd
people is far more shameless than GRANT, al
though Grantism made tho triumph Of the
Fraud possible.
Calling him "a sophstical rhetorlcian in
ehrated with the exubcranco Of his own YER
bosity,' may not be the best way Of answering n
political OPPONENT, but Mr., GLADSTONE should
certainly be the last man in tho world to object
to il on the ground Of undue personality 1t is
only few days Since he himself termed
Lord BEAcoNsFIELD's Anglo-Turksh achieve
ment an insane covenant OF absurd
ilv and duplicty." and held its author