The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1879-01-10
SHARP TALK FROM MIR
HEWITT.
"nat ne Says aboat Sherman, :,
transaction with the First
National Bank.


Prom the Evening rost
The grievance is this: That m.
Secretary OF the Treasury has exerciscf
u discretion (if he has any discretion
1and this 10 yet TO be asccrtained, 10 ~,
advantage OF this bank and not OF the
v'"vernment. This is the prieyance
during the last eight months the
double intercst-thal Ia, the interest on
ne four per centum bonds and on m
Tx per cenium bonds paid out by the
uovernment on the $4,000, 900 monthly.
average held BY this bank Is more than
sI,"Oo.o0O. What proportion the bank
has made don't know. only know
that the Government has lost the million
dollars ''"''o''
"No.'
do yoa blame Mr.. Sherman
III ne has violated tho law, he is to
p.sine. he has obeyed il he is not 10
plsnne. lfhe has discretion in the mat
Yer, ana IN The use OF that discretion Sc
lected method legal. but 'injudicious
ana improvidcnf, then also he Il ~
blame. ] don't say that he had anv die
'retion. He certainly has freouentlv az
'rcised discretion. The Evening pot
ast evening gave an illustration IN its
eading editorial, in the matter Of his re- \
'ent circular allowing greenbacks 10 90
nto the Treasury through the custom
'onse instead Of going there direct ~
xciange for coin. lie exercised dis |,
renon also in regard TO the mode ia
sncn ehver was TO be puf out and I'LL
AZ imagine an administration Of thu |,
reasury where man Is not forced 10 ,
xercise discretion
But, Mr.. Hewitt continued. ar the /
Fansactions with the First Nstionsllt I
'ahk are defensible. what il there tole
inuer such transaction a. this. for ex- II
'nple: Mr.. Sherman delivers no. roo
~ OF four per cen um bonds. nnon No. II
y secured bv . deposit or $4,000 OOol \
SIX per centum bonds. which can he n
ssiiy obtained At slight change forI
SCI me man or bank that deposits them 1
lakes the Interest either on The four ncrl
'n'ims or on the six per centums. a.
oppose banker. in what he considerejl
be = favorable state OF the m,rtet
- s,m'oon-oOo in -four rer cenium 2
nus. Mr. sherman delivers them atlss'
'cf' taking as security deposit or the y
me amount IN six pcr centnm bonds II
ie banker draws interest on both bondsl ~
'hree months. and MI ne has ever "
\ ~ y me six per ccnfnm bonds. Tflrl
Equivalent 10 getting ten pcr ccntum y,
!our money-a clear profit of scvcn ea
ccnfum per annum on 400 600 OOo IN
zen " y worth only three prr ceptum ~
other words. he makes s7O0O 600 ifthe ~
lnsaction goes on for wear, as
: NOW, ! hold" Mr.. Hewitt proceed. "a
earnestly, "that Mr.. Sherman shonld Sc
me Ionr per cenfum bonds. mt the oe
'ncv into The Treasury. and thcn ~. su
= u from time 10 time in snch ! man. es
- ne law may prescribe. and in molly
W 'nanncr. As far ne be has any dis =,
non he should nse il for keepinrw W
'per balances. inst as a merchan, 20
u'n. The question 10 he decided M
en- me First National Bank mafterl "a
nee up again in Congress will 10 ~
elner or not Mr.. Sherman's transoc. Pm
- win That hank were in the naturc ~
ioan o. The national funds 10 private RS
'les. A. have said. the Govern.
~ y. nas already clearly lost al leasti wa
'ov,Vu' ~ those Transactions. Could COZ
me Government have saved thai am
n? This is what / want Concr.sa - qu'
ont 80 ~ arr
when viii the question come m ?v ms
Immediately after the opening or the an'
'on' ~ the Committee on Wavs and WI
'ns report on IL. / NAV eay that Pre-
nor make nv statement in the
y ~ concert with any hnman being. :
entirely NJ nv own ;ns,ac.ov lpOr