The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-12-21
JOlN SlIERMAN'S PET BANK.
-ur FfTORS LNILNDED TO TIM FIRST
NATIONAL or NEU TORN.
.uoued to Make s0.OCO.OOO In SIX Meuth.
nv the Use Of the Moness or the Govern
n.ut Of the Caited states, While the
coverument was raytaz Double Interest.

WAsHIN"iuN' NV, "a" vN',"''" '""'|
gene occurred J." 'l' o-u", uu' V',' ,'o'
more eN'r"oru'h"iS ''"' NV i"e' "''cn ''u 10
g. just nil,r we y, ''c mo- '''"E ""uF inc
Speaker h''u '''''V WV ''o"7o '"',i CIV, ,''"n
answer o. " i'S"'u''"" ',''""u'.u 10y N'ire-
sentative ho"eS' V'''hE 'ui "s'"'Vn''h'"i inc
balances ON loan accounts standing tothe credit
fn. t-nfed Statre in any national banks from
t.-e d, Jauunrv tA7s Tho l.t,.., so,,
Naf'"' l''"' " ""'''". i"' ",''i S'h'
BY secretary E"'e inc oh,"hccs on loan nc
V'' d. t. &C., nj ~ a.,
February i1 hre'mu'r' 1870 rus list showed
s -" i,orp If Nrw York in Oc,nhnr rcnc,,i,,,,
"''." '.'...., A. tf.,..... .., -. :,
over s43WuuV' VII. heWN cndeaVor'd 10 call
nf,rt % o. this. and WHs promptly hoOtcd down
IN, r.,,iliie,n members. II will no rruar,.
W 10" ,,.t.'..... ,l,, 1T III -,
John sherman s'""u 10 pay the expenses OF the
,t-t.r, Commission. which Inns h,on II,
,,t. -. -, -,
ohrr T'-l'''7 'n i"'.''"'o "IHhS WIN inc Al
mini-trat .on and has had numerous favCrs OK
1T, BE- in connection with tbc rcfunlir,, -
uN''" 80 ,rt,t, ii, .,' ''
th' hil'h"i ''"'' LUIS "i"h's hii llle more re-
uarkaLe the assertion made 10y MIR. Hewitt
n,.it ,.rc,t confusion. tho Republienn mnp,bcrs
NiA'" 700, y a..
drown NIX N'F NV,Vo WIN S.,"u'S VI Oriur'
Mr. Hewitt said this What wnnt tho world
, t,,,v ia this that there has hoo, for 81
49,. a,..,..,o 80, =, 400 600 600 =. -
credit of the United States at the bank. as near
,.t ,ar make ont" Tho pront IN IN, bnrL
~ ''" w '"iN
upon ihis transaction ls placed ny Mr. Hewitt
AT fgWUUuU The Government al tho timp
uot,b. Treasury WINS pern,it,ipo tho h,,L ~
.,l. ,...,n, ,,.a. ,,,,i,,,, III -.
receive tn's proht' was paying double interest
10 the same amount on two sets of bonds one
NJ four anil the other at six per cont Thnt this
i.Df U.rstnut occurrence in tefundinr the dom
h. n.ln mod boz tho following clause oI The Ser-
Te'aty report:
rlth-cc mouths ruhnc notice required nv tho 0,urn
ir .t.1. ir redeemed ncct ssarily involves loss
Nr u,m by TIE payment ct double Interest
'..i.- N"' ""'
The notice should not hc given until suhscrip-
lions ar" made. Whom they are made and the
money rs puid into the Treasury whether il is
k,i' there IDLE during tie three months or de-
- tcd with NATIONAL banks under existing law
ih'OONernmrni not only pays interest on both
classic 70 b.. u!s during the ninety days but If
tir safes ur, i.uEc. tuc boarding of large sums
mgy disturb ihe market. These three things
wrr" done then under tho order ~ John Sher-
man toou" particular bank to which Mr.. Hewitt
To-day ir"w attention. First. the bonded debt
was temporarily increased. This is forbidden
by law. second. tue Government for three
months PAID 10 per cent. interest on u unrt Of
rs bonded debt. Third. this transaction has
been 500 managed that the First National Bank
Tor nothing. Tho first two pnrticulors have
te.r yi laly if-.ussad Tho Inst has M boon
raised until To-day though rnsnlutinns ~ in
1uIry have been passed asking for iniornution
on f1.su oct ''''V' '''''''''
Tho transaction by which the bank Ind this
llv4utlge and made This profit of 81 Onl O10
a.. f- ~. rn. Traasitrv snll 4 ,,..r s,nts H., az
Iir-f .ff0raI Hnuk Tor "A suri in nnin y,bfnb
b. 90 ~ =, , 49,, ~ ''aa' Niil.h
a'out sim oi cail.d Il nor cont I"nIs ,nn,,i,r1
Tuul tIo-e called d dor cent hands were nr,'
..nfeI for uaynont nt'tho enI ~ thrnn months
ire ,Iyernfr.nt aii Interest b. u, ,,, ,b nj
lae & her cont ionds' The coin which the
Treasury ra .,iyal fnr tn. 1 NOR e,.rt I,rds IL
vas exre.iin, AZ the end OF ihr.n months io ,.av
nuf lu fadnlu,In, and IN < nr nm The 4 n.r rnnts
II