Daily globe., 1879-04-21
SECRETARY SHERMAN AND THE SYNDICATE.
Special Telegram to the Globe.


ISpcial Telegram to the Globe.
WASHINGTON, April 2O.-Secretary Sher-
man seems to be anxious that, the remaining
$45,OOO,OOO of I per cents shall go into the
hands of persons of small means
at part accrued interest. TO accom-
plish this it has been nee
essary to have some sharp controversies with
the agents of the new syndicate, as the latter
insist by the terms Of the circular they were
entitled to all per cent. bonds or refund
ing certificates. The bankers decided to con-
troll the market, and it was strongly urged
on the secretary that he ought to allow the
united banks to have the whole amount, in
cluding the forty million dollars of ten dol
lar certificates, because otherwise that would
be available to outside banks and capitalists
for operation, which might embarrass the
syndicate. In his interview with the bank
kers he was told that the whole amount had
been taken in good faith, and upon the be-
lief that the Importance of the vast transac-
ton would make him willing to agree at
once The secretary pointed to his circular
on which these bids were, made and in the
first paragraph of which he expressly
reserved $44,5OOO0O of per cent. for
conversion of the ten dollar refundlng GER
tificates. He remarked that the plain in
tent of the law authorizing the refunding
ertifcates, was to distribute the debt more
largely among the people and to enable
economical people of small means to put
their small savings into the absolutely safe
and untaXable form. After considerable dis
cussion the secretary finally agreed that he
would give the the general public notice that
for sixty days refunding certificates would
be open to purchase, after which he would
hold hipcolf OF Ehortv IF tho 1,nnu1ar 10
mand does not absorb them, to withdraw
them, if he thinks it for the public interest
and if he chooses to turn the remainder over
to the syndicate. This, it is understood,
leaves him entirely at liberty to do what he
may find for the interest Of the treasury in
the matter of refunding certificates ut the
end of sixty days. The national banks have
fifty-seven millions of 1O-4Os in the treasury
for circulating rates, which amount the
syndicate can easily make it worth their
while to exchange. for 4 per cents. The
national banks had already about eighty y-fve
millions Of 4 per cents, besides much less
amount of four and halls.
FERNANDO WOODS
position as chairman of the ways and means
committee is not assured. He holds the chair
manship by virtue of the Speakers appoint
ment, unless the committee shall itself
elect chief chairman. That plan has not
been abandoned. Democrats authority
says, without exception, the Democrats of
the committees exceedingly dislike the SER
vice under Mr.. Wood and would be- very
glad to elect Mr.. j. Randolph Tucker, who
stands second on the committee, in his place.
Mr.. Wood has been pretty thoroughly fright
ened, and has had conferences with his as
socates for the purpose Of establishing har-
mony, and of prevailing upon them not to
deprive Linn of his chaimanship. Not being
on sufficiently friendly terms with Mr.. Nor
rison to communicate with that gentleman
personally, he sent an ambassador to him
with frindly overtures, but Mr.. Morrison
does not regard Mr.. Wood as a friend whose
friendship is worth having, and therefore re-
jected them.
SUBSIDIARY SILVER COINS.
1t is probable that the bill reported from
several morning hours yet. If the amend
ments are agreed to, they will very materially
change the bill. The bill as it is now amend
ed provides that the holder of any silver
coin of the United States of smaller de-
nominations than one dollar, may on pre-
sentaJion of the same in sums of ten dollars
or any multiple thereof at the Ofnce or the
treasurer or any special treasury of the
United States receive therefor lawful money
of the United States that the treasurer who
may receive the coins under the provisions
of this act shall exchange the same in sums
of ten dollars or any multiple thereof, for
lawful money, and that the present fractions
of subsidiary silver coins shall hereafter be
legal tenders for sums not exceeding twenty
dollars, in full payment of all dues, public
and private.