The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1883-11-15

on IT, The Texas q Pacific Railway com.
psny in 1875 issued eight millions and up
ward Of income and Immigrant bonds, 90
cured BY 9 mortgage on all OF it, lands u
Texas. BY the express terms OF these bonds
| the company promised to pay 70 the hold
ers the principal sum in 1915, with interest
at the rate per cent PEI an p PnysD n,
wear: but by q subsequent clause = re-
served to itself the option to pay such inter
at in scrip, convertible into stock or lands.
| II the earnings Of what Is known - the east'
arm division were not sufficient to pay auch
| interest. Interest, however, either Ia cash
or scrip, WAS beyond peradventure.
.The bond being an interest.b bearing 20
curity, It became the plain DUTY o. we
company to exercise its option to pay scrip
on tbs LIST Of each July. and indeed such
Was the practice Of the company until
Gould found 1t convenient to depress the
| bonds BY wholly defaultinR In the payment
| Of interest. Accordingly, when the bond
holders demanded their interest in July.
1882, they were politely informed that they
were not entitled to eithsr cash Or scrip nm
| less the company-or Gould rathe--chose
! them in July. 1888. As It was Mr.. Jay
Gould with whom they were dealing, the
owners OF the securities probably felt that q
CONTEST in the courts would result in the
usual way, and they quietly smothered
Their indignation and surprise.
Recently. however, number OF these
outraged bondholders picked up courage
enough to consult counsel concerning their
riehts. and they were instructed that q fail
ure upon the companys part to exercise
the option to pay scrip on the LIST of each
JnIv entitled them to cash. The option
heine created for the benefit Of the railway,
thew were told that it WAS its plain duty TO
avail itself of 1t by issuing scrip; otherwise
the interest became due in cash. This was
more than Gould bargained for, and de-
termined demand on him to pay this inter
eat brought him to his senses; and hastily
calling his board OF putty men together last
month he passed resolution to pay inter-
est due on the LIST of July, 1882 and 1888, in
in soriD-that is, he undertook
to head off the bondholders' right to
cash interest by exercising on option III
teen months after It had expired. Inc
nature of the transaction becomes apparent
Texas & Pacific stock. in which this scrip is
convertible, was selling at $44 per share,
and :o-dsy il can be bought for less than
600 per share Gould first denied the right
Of the bond-holders to any interest, but
being driven to.the wall CONSIDERABLY ten
ders to them scrip which they claim ne
will pick up at low figures and use TO FUR
'n sT III IL the latest Of Gould's financiA
methods, and whether be will succeed de.
pends upon the determination and git OF
the bond.holders and the decisio1 Of the
courts"
The paper Of which Unitef States cur
repcy is printed is manuia. cured ut Dalton,
Massachusetts,. Eiehtet1 or twenty treas
ury girls. who earn - q day. count the
sheets, examining each one closely reject
ing all imperfect ores. An automatic reg
lister at the end of the machine,
registers every sheet as 1t Is cut on and laid
down. The register man takes them away
in even hundreds and they are immedi-
ately counted in the drying-room. In all
the various process OF finishing every sheet
is counted, and they are again counted on
their receipt at the treasury department at
Washington. The great protection OF the
government against counterfeittng lies IN
the paper here mace. Inc
distinctive feature is the introduction
Of colored silk threads into the body OF the
paper while it 10 in the process OF manu-
facture. They are introduced while tie
paper Is in the pulp and are carried along
with It 10 the end ef the machine: There
Il is delivered as actual paDer. This has
been more fatal than anything else to the
professional counterfeiters.
The coinage at the San Francisco mint.
for October, consisted OF l1,UO0 double
eagles, valued at 81 560, 000 and 4OO. wy
standard dollars. For the same month
last wear the coinage was $z,5oQUO 10
double eagles and 500, 900 In standard dol
lars.