Daily globe., 1882-10-05
UNCLE RUFUS.

ANSAAA1 A0OA e0O
He DfscOurses of Secretary FO1ger's Finan-
cial Policy and Political Prospects. and of
Matters and Things in General.
NEW YORK, Oct. 3.-Uncle Rufus Hatch
writes the following letter: Secretary
Folger has kindly called $25,0OO,OOO of
bonds to be cancelled on the 23d of De-
cember, but he did not state in his call
that he would probably receive in ninety
days three or four millions per week more
than the disbursements of the government
would naturally be. One of the German
bankers who is short of stocks, though
great "bulr' last year, was informed of
this call, and his exclamation was: "Is
dot so? Ididn't know dot.'' The result of
such rate as fifty -one per cent. per annum
for money has been that Mr.. Folger has
modified his mind so far as to state
through his assistant secretary
or cashier that it would
be received in amounts sof S5OOO,OOO
per week, first come first served. Had the
honorable secretary of the treasury known
less Of law and more of the condition of
the New York banks and the condition of
the money market in this great center of
finance, he would have called for S25, ,OOO,-
and said, I'VE shall redeem them as fast as
you bring them in without rebate.''
But while we are personally in favor of
the best and most honest man being cleo
ted governor, the question rises whether
this is to be the secretarys last call on
Wall street, or whether he is to be called
himself to the governors chair.
This consideration must naturally
occur to every voter on either
political side. We are of the opinion that
Secretary Folger's chance of being elected
is about equal to his chance of being
struck by lightning while riding a polar
bear in the artic regions.
A prominent politician in discussing
with me this very matter, said that had
Secretary Folger left the bench for the
governors chair he would probably have
been elected, but to attempt to secure the
governorship by way of the treasury of
the United States was most unfortunate
move on his part, and one that would not
be approved by the people. Under the
circumstances our advice is that he should
hold on to the Wall street end of his rope
and not resign unless he generously recon-
mends our humble self, 'Uncle Rufus as his
successor in the treasury department. We
have had many worse heads in charge of
the treasury department, and it would be
very unfortunate if, after resigning, Mr..
Folger should fail of election as governor,
and SO ''fall between the two stools" It
should be remembered at the time that two
and three years ago we were importing
gold, and to our credit and prosperity it
may be seen that we have not re-exported
it across the ocean to any extent. We have,
however, transferred it as its equivalent in
large quantities to the west, and the super
fic1al financier here does not realize
The extent of the absorptive
capacity of the western states
and territories for capital.
The legal cost of numbering three pas
sengers on railway in this state is limited
to exactly the same sum as the proprietor
of the road is said to have paid for horse
in Chicago few days since, $4,000, or
$4,000 per victim. For the manning and
crippling fo : life of man jury has al
ready given verdict of 100000 in anOth-
er railroad case. 1t is possible so long as
the insane craze to become suddenly rich
possessers, the people and the proprietors
and presidents of great corporations spend
their time and money in speeding race
horses, that their subordinates will
grow careless and negligent of
their duties, and that accidents
will continue to occur. When the mouse is
away the cats will play is just as apt and
true rendering of the well know adage
as is the original version, and accidents
like this prove the assertion.
1t is reported that Mr. Gould, while chat
ting with friend in the elevated cars, said
that he was out of the business and out
of the market at present; was paying no
attention to it; that he had money enough
and was going to let William H. and the
other ''boys" have show to make some
money.
Returning this week from another visit
to the great west the writer sees no oc-
casion to modify in any respect all that
he has hitherto said about its great pros
perity and its glorious future but
conservatism in Wall street for the next
few months will pay safe dividend.
RUFUS HATCH.