The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-05

have strained the resources of our country to the
very verge Of ruin the task before you is certainly
difficult and harassing one; but while the path of
duty is often narrow ana difficult. it is always
straight and we'll defined that it never be mis-
Sound financial policy aud love of our countrys
fair name alike demand from those to whom the adj
mnstration of its affairs has been intrusted the
most uncompronising hostility to the blind and dis
honest frenzy which has taken hold of Congress- and
sincerely hope that you will be seconded in the
task before by the hearty support of the Presi
dent and your colleagues. Yours very truly.
AUGUST BELMONT.
Hon. JOHN SHERMAN, Secretary of Treasury.
THE FUNDING OPERATIONS
New YORK, Nov. %. 1877.
MY DEAR SIIs--I need hardly assure you at this
latc day OF earnest solictude for the OF
the funding and resumption operations. and of the
personal and deep regret. apart from all pecuniary
considerations az a member OF the Syndicate, with
which see this unfortunate situation OF the silver
question put complete stop to all further sales Of
the four per cent bonds at both here and IN
the Atlantic will not buy bond at par In gold when
1t is almost certain from the overwhelming vote in
q silver bill making the old silver dollar legal
tender for all private and public obligations will
both Houses this winter.
The limitation of the amount to be coined is Of
minor Importance. and will not be sufficient to aay
the just apprehensions of investors. Even If 1t
were possible to sell bonds now at par less the COM
mission allowed by law, the members OF the Syn
dicate would be glad to give up the greater
portion Of that commission in order to assist
994 in gold in open market, and it seems to me
very doubtful policy to offer bonds by vi to the pub
lie at this moment and thus assist the advocates of
the old silver dollar by apparent indifference to
the injustice and dishonesty of the Bland bill In
this express the opinion Of all my colleagues Of the
Syndicate. but we are all anxious and willing to
carry out your wishes. and ii we could only have
the that the President will veto any bill
which contemplates the payment OF the coin bonds
of the government in silver of the old standard
would at once mako every preparation and effort to
renew sales here and in Europe. and think with
to1~ oh nf nm IN
denied that the action Of Congress has already
shaken public confidence very much. Large amounts
of bonds-probably $4,000. 000-have already been
sent over from Europe for sale, and every steamer
brings fresh supplies thus preventing the influx OF
gold from abroad which we would certainly have
had by the continued balance OF trade In our favor
Mr.. French. of the First National Bank. has to go
to Washington tomorrow morning, and have re-
quested him to call and you in order to acquaint
you more fully with our views. and to see whether
Q way may not be found for to carry out your
wishes at an early day. | have given him copies Of
two letters which wrote recently to Senator Bay
ard, and which 1t may perhaps interest you to Pc
ruse.
of the silver advocates in Congress those who
intend b-mstallic circulation sound and
honest prins;pss could be induced .t to
and would not allow themselves to be. dragged
in the wake Of ignorant demagogues who below out
their insane cry against the bondhoder profess to
be the poor mans friends and in truth his worst
enemies We might then in all probability secure the
passage Of bill for the appointment OF half dozen
dozen scientific and practical men to meet an
ff4n;or IN confarepce Snch congress- can
certainly deal better with this important ques-
tion than can be done ~ nasty ana pre1u-
nnbic GOOD Is sacrificed to sectional and party feel
ing. The position and interests Of France, the
leading Power the Latin Union, are almost iden-
reason to know that some of her wisest and most
influential inanciers in favor of bi-metallic
carcuiaon. why hos ssy 70 70 nsHG IA nau VII ~
finances during the last six years that, notwith-
standing war defeat and spoliation and in the face
OF the mos. tnsea.enins pSai st'us,Un tue HHhh
moment sounder than that Of her conqueror, and
perhaps better even than that OF England.
r an nou ~, 1na hm'I % s,rr to SOC 90
hnstv 1eoislatiop eycluding it altopether but ma
tionai faith and honor must not be jeopardized.
once sHcoea ~ a f pus vhodw +oward
ING our large silver and trying to secure
o sound medium of circulation OF suffclent volume
70 no ,h;cS dshtor AND crea,tor m.v hotS
be benefited alike and become better friends,
to that their interests are Identical ana
snas cniy py OIL ~ aaa; o,
position in the front rank Of the great commercial
and agricultural nations OF the world.
s,rahIo 70 yon shaiI siways be ready to come on
at once. Yours very truly. AUGUST BELMONT.
To the Hon. JOHN SHERMAN. washington. ID. 9.
THE swINDLED MISREPRESENTATION TIC
pAYt THE pEpos1ToRs OF THE FREEDMAN,s
p.vu
III. rronos;t;on "a revixed In nav the denositors
of the Freedmen's Savings and Trust Company the
amounts yet due them. bill to that end was In
troduced IN the last Congress oy MI ELLIS. OK Aouisi
ana. ana nov congressman oConner' Oh Soutn Gar
ohna' mas drought silnii"r nieasuro .orwafa' Inc
Dill goes upon tne theory ina. tue freshmen
who were az the time pecunariy 'ne WARDS
OF the nsuon' were oeceiVeo in'o oe'
posting their savings IN the freedman
BANK. Inc pres"oie 20 INC oli sess ior'n 'nA' Tue
.oAfy .,s,~-
thousands OF the ireeoHien en'russeu tneir money
to the bank upon the representations ofiauthorzed
.r.rt. ne thu government who created an imnres
~'eA - 49,, ~