, 1879-04-21
TIE TREASURY.
SECRETARY SHERMAN AND TIE SYNpfCATE,

Special Df.oasch 10 7Ae Tttsune.
WASHINGTON. d. C., April 10.-SecrctarY
Sherman Is extremely anxious Tint tic renain.
Ing s45, ,00O 600 Of per cents shali 60 into the
lmnds Of persons of snail mcuns at par md
accrued Interest. To accomplish thts 1t has
bcon necessary to have some sharp controver-
sies with the agents Of tic new syndicate, ~
thu latter insistcd lint by tic terms Ut the
circular they were entitled 10 all unsold i per
tent bonds or re1unding certificates. Speak
Ing Of thts subject today, nc said that ho was
IL good deal embarrassed br the o.lcr Of the
nssocttcd bankers TO take the whole Of the
retunding certificates. lie did not beere they
had any right to demand these ccrtfa-
cates under tho circular Of April
III, but they claimed they had.
market. uild 1t was strongly urged IN the Sccrc-
tary that he ought to allow the United banks to
have
TIE WHOLE AMoCST,
including the s4U.pu,u 100 OF sl0 certificates, be-
cause otherwise thosc would ba ayailablo to
outside banks and capitalists for operations
which might cmbarrnss the syndicate. lie was
told TINT tic who1e amount had bccn takcu In
good faith, usd upon tic belief tl'ut tic lmpur-
ta.lcc Of the yast transaction would make lin
willing 10 agree at once. Thc Secretary was
firm III bis refusal. lie pointed to bis circular on
which thrsc bids were mndc, and IN the 'iEat par
nrsaph OF which he expressly reserved s4, 5W,-
600 of per cunts fur tho got'vcr-
sion OF tho $40 rcfundftW certificates.
lie remarked that the plaln intent of thu law
authorizing these rciundh.g certificates WIS to
distribute tho debt
MORE LARGELY AMos0 THE PEOPLE,
and to enable economical people OF s,uali means
to put their small savings Into this absolutely
safe and unta1abio form. lie felt himself
bonrd to cRrry out tho clear iutcnt Of tic law,
uni Of Congress- Which passed IL. aud While le
freely acknowledged that tte syn1lcato would
naturally like to control the wI!nlc possible
issuc, ilo pointed To tlle fact that he had tu
Ills circular clearly reserved this unount,
nut! tlnt the bids must 10 tnallc IN accordance
with Ills offer. The Secretary observed that the
il,ntncr In which he dsposcs OF illu Tcfunltng
certificates. will prevent amy Inconvenience
TO tlc sYndieate. The certificates arc sold only
for cash, and only by Government agents, rost'
masters. aynl other public officers, md not by
banks or bankers, and
ONLY IN SUNS or 500
or less. They do not come into tho general
market, therefore, md 1t IL not profitable to tic
banks tU deal tn them or tn collect them md
send them ou for exchange for ocltls because
=: '.I .'ass ~ 1t''1 ~. .'s, aa , I'm
- ~ "s"'t"" '""" ~ >eH'.Ao." ","
e"as,o" ''o oee'c'ats "oa'y us'eIu t'1a' ~
"oulu e'Vu t1le fe1'efa' fho'le notlee tllat Tor
sixty t1aya tho rcfnntling certificates would bo
open to purchase, after which tiuu llo would1lold
,i,ua,lf NJ 1I.rtv II thr ,nulor ,one p,t
'n''0u'' at''os' ~ - ~. poen'A' "s""a "os
nosoI1 tlte'll, tu ~!thifa" tf'etn II 10 lhahRB It
fur thu public in.crust, nn1, II he Chooses turn
!'c 'e'ha'"uef o'et W '''' es.''e"'c' 4"'ot "
Is undrrstnt, lcavcs hin GntIrG1y Ut liberty 10
In w1,nl In ,nnr find far tiu tntrrrat nf lin
r.. e ".as =. ~, ""! .,.: . . ,''.s,,.' w s''o
treasury III tAe mattes VI the Felaha'hS Ger"
tlHcatea ut tic utll Of sixty &lays,
~. S,tinnal honl, inn x.7 mn mn ~
- no nv -'a.'ea' ~. o.""s 'o S.'.oeo'oo" VI
lu"aua Ill LILO treasury lof circulating notca,
which allotlnt tho syndicate ean easily nuke It
worth tllcIr while to
.xcu,,,,. M, ,,,,,,, ,,,,
AAcHAH"E Fo" souh FER CENTS