The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-09-11

S0nate et the last session i0POn tnlo
subject. ..Aieiia sdl iDd ,oia5sa ia9
--~ss--- -.
Some Mistakes Of sheFmAne 80,
The facts that have been brought to
light in regard. to Secretary, Sherman's
faYoritism to one of the New York
banks can not be denied or explained
away. They are damaging alike to him
and his partly .aaiusrei .sssaisu
The First National Bank of New
York, with capital of only $500, 600,
subscribed for s37. .0OO. 600 in four per
cent. bonds, expecting to be able to
work them of at . profit. These
bonds were to be delivered the first Of
July, at which time the, money for
them was TO be paid. The frat of,Ju-
ly came and the, money, was not paid
for them. The first of. August also
came and over so, 1000. 900, was. still
unpaid of the sum due. After this
time It became known that Secretary
Sherman had extended the time for
payment until the first of October. no.
It,fnrther transpires that Mr.. Gil.
fillsn. the Treasurer of the United
States, at one time drew on the First
National Bank of New York. for $4,-
600 ,O00. on account Of This money due
the Government, and the Secretary. of
the Treasury interposed and had pay
ment of it, or its presentation for pay
imept rather. stopped. before It had
passed through. the Clearinghouse. Z.
: In the first place. he. .fsyorsds the
bank by, extending. the timehoff pay
ment, and next, he protested II when
the presentation Of . draft due sthe
Government ). would have serionsly
embarrassed it. Oil euora2iy 10
But this is not ALL Thisi Fret Ma
tional Bank Of New York has been
specially favored at other times. 1t is
not many months Since the fact Was
made known that an, average dep6sis
of $40, ,O00. 600 belonging 10 the Cow
ernment had been allowed to lay In the
vaults Of this bank for months with.
out intefesf. In Wall street, where
interest is counted. BY the day sud
often by the hour, on large Gums, Ahei
magnitude ofsnch fayoritiem, il sppsra
ont..
When John Sherman WENT up into
Maine, . fewowe6ks v4o, to preatA the
resumptioi he proelaims.
ed that the; funding opersuops were
closed; that the bonded debt of the
Government had been rsfunded a. I
low rate of interest, Ana every thing
was cleared up. When he .vaS Ihefo
In Cincinnati last week, he, was oom1l
pelled to admit that the fqnding, ops
rations were not closed, because he
had notpushedi the New York banks
for thei moneyiin pAs sihene for the four
per cent. bopds.- div .y3TsG I1ae;:nL.
g He didn't tell the ybpsinass men, on |
Change here that he had allowed that
New York bank to cut on the coupons
and draw the interest en- thos0 bonds
for which it had not yet paid. i But
such was the fact..l La this what would
be called fair business on an equality z
Is It customary for debtor to pay In
terest on money before he receives Il?
Would Mr.. Sherman do such q thing,
he himself being tho borrower
= For, after all, these financial trans.
actions between the Government and
the banks should be measured by the
same rules as though they were the
transactions Of private Individuals. II
q man or Q bank loans money to the
Government, it should be under the
same restrictions a. though it were to
man. An officer should show
no favors because he represents the
nor should he ask any.
Let il be business and that alone.
Last of all, the fullest publicity
should be given to all transactions be,
tween the Government and it's fuan.
cial agents. The enforcing Of such an |
order of secrecy as Mr.. Sherman pro.
yesterday will only add toj
his embarrassments, The press of the
country viii not be kept in ignorance
3f the doings Of the Treasury thereby,
Dut there will always be suspicion
hat something is being kept back.
There is no crisis impending. to re-
luire the suppression of the facts -
hey occur. Mr.. Sherman, had far
'etter take the people OF the country
nto his confidence if he wants to On.
oy theirs.-[ Enquirer. .isfslf 1o1,
II