The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1881-05-07
[FRoM OUR REGULAR CORRESPONDENT
WASHINGTON. Nav 2. 1881.

w AShlNGioNj May = looi'
The sensation here for some days past has
been the Postofiice or "star route" develop.
ments, or at least the supposed developments.
Just what the extent OF the alleged frauds
will prove to be, or who tile parties inpli
Gated, cannot be definitely stated, as no
specific charges have been made and no
definite information given out by the Post
Office officials. 1t is doubtless true, however,
that some crookeiness has been unearthed, +,
and that the matter is still under investiga-
ton. 1t is also true that Second Assistant
Postmaster General Brady resigned at the
request of his superiors; and 1t is generally
understood that this request was in conse-
quence of certain developments, concerning
which we shall know more hereafter. Mr..
Brady and his friends deny that there is
anything wrong, and the Washington
newspapers are about all on his side. Those
who pretend to know something about it,
however, assert that oyer 81 900 200 has been
divided among a ring of contractors and
their coniederates in the department. The
annual appropriation for the postal service
is about $5,OOO,OOO and for the last two
years there has been deficiency OF $1,000,
900 additional. 1t is said to be the view OF
the new Postmaster General that the de
partment honestly and properly managed
should be self sustaining.
The correspondence received by the Treas
ury department relatiye to the Secretary e
financial departure is something enormous,
Notwithstanding the very explicit circular
issued by the department il is evident the
matter is not clearly understood, and that
considerable misapprehenslon exists among
the people at large. OF the $l95 900 OF
six per cents. which mature on the LIST Of
| July next about $7n000,000 are coupon
bonds, and the remainder are registered
bonds. The new 81 per cents. to be issued
in exchange for these skies will all be reg
istered bonds, for the reason that it cannot
be ioreseen how long the bonds will run.
| Congress may at the next session make some
provision other than that adopted by the
Secretary. Up to this time it is understood
that the amount of the skies which the hold
ers have notified the department Of theil
desire to exchange for 81 per cents is Less
than $40 900 ,000, but little if. any doubt is
entertained at the department that almost
if not quite, the entire issue will be present
| ed for exchange. The letters which come
from the National banks all over the coun'
try indicate this. The Secretary of the
Treasury would be quite as well satisfied j
the holders of fifteen or twenty millions ol
even more OF these bonds should prefer Il
send them in for redemption as it is consid
cred certain that the surplus revenues would
be amply sufficient to pay of that proper
tiOn of them.
A Boston gentleman who holds ovel
81 900 900 OF the skies wrote TO the Secretary
that he would be very glad to exchange
them for 81 per cents, but he did not wan
10 pay the express charges for sending and
returning his bonds. He submitted cal
culation which he had made, showing tba
the express charges to the holders of th'
skies, if the whole issue should be sent il
for exchange, would aggregate overo mil
lion dollars, and he protested that this wa
too heavy an expense TO be imposed upoi
them. But the position taken by the de
: partmeut is that the option afforded 10 tn
holders OF the skies Of 1881 is in the direc
tion of economy and reduction of expendi
lures. No one is obliged to accept the otfei
and no persuasions whatever are used TO in
dpce the acceptance. II the entire issue {
Slg5 900 900 should be presented by tn
holders and payment demanded the Secre
tary would be amply able by the sale of tn
remaining 81 per cents. not issued and tb
use OF the surplus revenues TO meet the de
mand. The two Treasury officials delache
% establish an agency IN London for Tia
benefit Of the European holders of the sixe
: will sail this week and begin operations in
medately on their arrival. 1t is estimate
that from twenty to thirty million dollal
e of the bonds are in the hands Of foreig
holders Whether any considerable porto
r Of the owners of the bonds abroad will
willing to accept 81 per cent. intarest is NJ
yet determined, for with the exception {
the British Consuls the average rate OF II
terest paid by the Governments of Eurol
o their loans exceeds psr cen.
We have Just had another insalment
e that phenomenal W a her for which Wasl
ington is becoming justly celebrated. II
, Spring has been lste-late aud cold-wil
Winter lingering in her lap IN the mo
reckless m4nDer. This week, however, y