Mexico weekly ledger., 1879-01-02
months the coupons cut off and two
per cent. or $500, 900 drawn from the
treasury.

per cent. or 5000, 900 drawn from the
treasury.
The comm unication alluded to, as
sent by MIR Sherman to the House,
is an extraordinary document. Per
haps nothing similar to it was ever
presented to Congress by an execu-
tive officer. 1t commences with ex-
p'anations applicable to public de-
positories. 1t alleges that cert lin
banks enumerated in an accompany
ing list had been selected 'sfor the
,pecial purpose of receiving deposits
Oh account of subscriptions to the
funded loan and were permitted upon
proper security to hold the amount
,f any subscription made or obtain
ed by them subject to draft o. orders
# the department SIS occasion re-
quired for the payment of called
ronds matured. Nc coin has been
deposited with these banks, or any
If them by the treasurer of the United
States. These banks represent ex-
:lusiyely coin, received for subscrip-
lions made or obtained by the re-
'pective banks, and left on deposit
turing the running Of ninety days as
required by law to be given for pay
'nent of called bonds, partly to pre-
vent the withdrawal of so large an
amount from channels of business
md partly as an inducement to the
'anks to act efficiently in procuring
subscriptions.
So far no reference is made 10 a
particular bank. The impression is
created, that all the institutions nam
ed had been equally favored. This
IS not SO stated, but as much is init
mated. T~wenty-six repositories.
(twenty five with balances varying
rom one-half to three miIlions) wer,
nut down on the list, but at no time
lad the balance in the First Nation
il Bank, been less than two. thirds OF
Ill the monies entrusted to all tn,
'anks. When these enormous.
.m.unts are alluded to, they are re,
cred to as ''caused by temporary de
Iosits of proceeds of four and a hall
per cent. bonds sold through the
), Indicate, Of which the bank was said
70 be a member and also of the yer,
large subscriptions OF that bank t.
he four per cent. loan.
Mr.. Sherman has presented, pub
Icly, the appearance Of being dcsir
)us of proprlating the banks, but il
view of his partial tseatment Of then
low must these institutions feel
When he penned the above he must
AVE been aware OF their sentiments,
md also of the estimate the publ,
would place on such an unusual
reference as soon as it would b,
Known, and sill he does not enter
Ipon details and state definitely tn,
amount subscribed by the bank t.
the deposit of such vast sums.
What is added about the syndicate
amounts TO nothing. How does i
liter Mr.. Sherman's responsibility o
state that the bark was q member OF
hat body. Almost every one under
how the fiscal ring, known a.
he syndicate, was organized. The
act of Congress. that Mr.. Sherman
vas administering, provided that ma
banks might keep on deposii
he amount Of any subscriptions &C
.ually made or obtained by them amt
cannot be applied TO monies collect
I'd in Europe and elsewhere by for
,ign s~yndIeates. Such could not
nave been the intention of Congress
But NJ. Sherman tells the Hous,
the balances reported 3. due from
he banks are however, TO sofGe eX
cnt. nominal, the bonds furnished a,
security, being mostly made up OF
all bonds, which. to all intcnts, ar
payment 10 the amount of the hal
noes due, but cannot be crcdite,
until the bonds are carefully examin-
d and the precise amour; due OIL
hem ascertained."
If Mr.. Sherman S transaction witt
he First National Bank is dcfcnsibl,
What is to hinder similar ones on lar
,er scales. If Mr.. Sherman has sucl
arge discretion under the law, hi
curse is jusiiiable. otherwise it i,
lot. The government has lost at