The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-12
WIN Are .1,,e syndlcate,s Aries.

Editors of Dispatch: wish to invite pub
lie attention to singular result OF the re-
cent political struggle in Virginia. During
the contest the champions OF REIMBURSEMENT
Drofessed the deepest feeling OF hostility,
not only to the McCulloch bill generally,
but especially to the Syndicate" OF pro-
kers OF whom McCuloch is the chief. The
whole vocabulary OF abuse was exhausted
In denouncing them as enemies to Virginia,
as vampires, rs ghouls, as hyenas, VINO
were preying on the vitals OF the oppressed
and down-trodden masses! Judging from
these Trades, one would suppose that these
cham mons thought that no fate that could
be imagined was bad enough for McCulloch
& Co. ..,.-.,..-y-- . =:
Yet look at the practical results OF the
Tabors Of these doughty champions! During
all these weary months Of slang-whanging
they have been diligently laboring in the
interest Of McCuIloch & Co. II they had
been the hired agents OF The much-abused
nsyndicateo they could not have rendered
them more effectuul service than they have
done. 10y. III.
Il not this SO? Let us look at it for 3
moment. McCulloch & Co. have barsained
for the privilege OF funding all the out
standing bonds. To enable them to do SO
it was to their interest to depress as much
al possible the price Of consol and .peeler
bonds so that they could buy them up at
low rates and convert them into 3 per cent.
bonds. At The outset OF their operations
they did buy up large number OF consoS
at so and OF peelers at less than 80 cents in
the dollar. As long as the prices remained
at these. low figures the syndicate was
..making good thing Of it." But as the
funding progressed prices OF both classes
of bonds continued steadily to rise. until
consols reached G5 or &C and peelers 81 or
S3. This advance in the cost OF bonds be-
gan to operate rather hardly on the syndl-
cate. The process OF funding became
slower and slower, and many began TO
doubt whether the steady advance in prices
would not compel McCullocb Il Co. at an
early day to suspend all further proceed
inSs in the funding process.
Just at this crisis, when the syndicate
were staggering under the weight OF the
burden they had to carry, their nominal
enemies, but real friends, the RCauiuSting
champions, came 10 their relief, and by
their specious devices so impaired conf
dence in the good faith OF the Common
wealth as to knock down the prices OF both
consols and peelers seven OF eight dollars
on The hundred of the face-value, or about
Is per cent. Of the market value OF consols,
aud 80 per cent. Of peelers.
Thus the Readiusters have efectually
PLAYED into the hands OF the syndicate.
These gentlemen can now go on briskly TO
profit by the action OF their friends, the Re-
adiustcrs, by buying up bonds at this great
depreciation. Instead OF the one per cent.
which they bargained for, the syndicate
will pocket, in addition, an amount equal to
the depreciation. Could these wiseacres
have more effectualy aided the syndicate If
they had been hired to do so! AS they
have made the work OF funding so easy to
the syndicate, it is to be hoped they will go
on and complete the conversion by the 1st
OF January next. May not people wonder
whether folly or knavery had most TO do in
bringing about this result? OBSERVER.