The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-28

Some soclsdologers for Secretary Sherman to
Answer-Has His Policy Proved Such
Shining Success IA Few Facts and Figures
Which Would Seem to Indicate Otherwise
How widows and Orphans Are Plum
dered for the Benefit of the Syndicate.
Iwashington Cor. Cincinnati Enquirer.l
Secretary Sherman has left here for Ohio. He
goes into the State to make campaigns nspeeches
to induce the voters to cast their suffrages for
Charles Foster, his creature. In view Of the
fact that the impending campaign is one in
which Secretary Sherman is the central figure,
aud who will reap ail the advantages Of . Re-
publican victory, the following catechism, for
the guidance of those who will listen to his
speeches and see fit to ask him some questions,
| is prepared:
Secretary Sherman willtell the people of Ohio
that he has closed all refunding operations This
he told the people Of Maine. He deliberately de-
ceived them, and will likewise attemptto deceive
the people of Ohio. He has on the contrary, not
| yet closed his recent contract with the pet Syn
dicae which at fell swoop got controlo all OF
the 4per-cent bonds Ofthe $1S0, ,000, 600 sub
scribei in these bonds by the syndicate, S45,-
| Us,,UO0 yet remain unpaid for; and Secretary
Sherman, in that spirit OF liberality which he
has always extended to o few Eastern banks,
has extended the time for final settlement until
Oct lat, although the original contract, which
he has violated at discretion. provided final
| settlement should lie made on July lask The
| immediate result is that the banks have
the use of 600 until Oct LIST
which belongs to the people, and should have
been in the treasury thirty days ago. With
money worth Q per cent at cal, it will require
the aid OF lightning calculator to find how
much money the syndicate viii mako out Of the
$751; 0000 which Secretary Sherman allows
| them to use
This is not the only reason, though, that Sec
retary Sherman gave the Syndicate an induig-
ence. Had settlement been made according
to the contract, 4-per-cent bonds would not
now be at premium they might be held at
| par Sherman, fearful Of this decline, induiged
! the Syndicate rather than pressed them, be-
cause he wanted to keep the bonds up until
after the Ohio election, so that he could point
| to the negotiation Of the 4-per-cents with
pride; and the higher tko premium at which
they were held, the more pride he would take
in the transaction. is may be we'll also, for
the people of Ohio to know. while Secretary
Sherman is among them, that on the day
the contract with the Syndicate for the
per-cents. was made the United States
had on deposit in the hands Of the national
banks the sum Of 500, ,0O0, 600, and these same
banks still have about $40, ,000, 100 ind per cent
bonds to loan Western farmers at per cent
per month 10 eudDle tLeIu W Sct tu6if CtOpS
| to market The syndicate have three months
to pay for these bonds, during which hme they
collected the interest, which at per cent per
sunum is per cent. aggregatng slS0,UUO
profit before they were called on for one cent
This is not all The monopoly thus put In the
hands of these bankers made corner on the
bonds, and they were enabled to charge per
cent premium on the bonds, which makes
clear profit Of sS60, 100, or, altogether, tho
profits of this transaction between the national
banks and John Sherman was S540000
Now, who does this money come out Of
| Of Union soldier wrote member Of Congress
that she had certain United States bonds in
trust for her children. the proceeds Of her
piled for the interest on her bonds, and for the
first time ascertained that her bonds werc
among those called in, and the interest had
ceased She requested the member of Con-
gress to go to the Treasury Department
and exchange her bonds for four per
cents. The matter was presented to the
United States Treasury, and the reply was
that the party could get the face value OF the
bonds In money, but the Governments bad no
securities for sale. The consequence was that
the poor woman had TO pay premium of 2ls
per cent (the small dealers must have their
profit, hence the half cent additionally, and the
exchange for transmission was half OF per
cent more, entailing loss equal to nine
months interest on her little pairimony
While the great capitalists of tho country are
lauding Sherman's financial success, somehow
the poor widows and orphans are not able to
appreciate 1t