The comet. (Johnson City, Tenn.) 1884-1916, 1895-03-14
Carrying Out Their agreement.

carrying OuC lnelT agreement
Neither Mr.. Belmont nor Mr.. Nor
gan is willing to make public the
transaction OF the syndicate which
they head, so a great deal Of curiosity
about the sale al the new bonds is
likely to go unqualified. After all it
is only necessary that the public know
that the contract is faithfully carried
out. There are no Indications that it
will not be. 1t was charged in Con-
gress the other day that the syndicate
could not control the sterling exchange
market, and that if it could it would
not do 30 any longer than it took to
market the bonds and 80 on. 1t is
needless to point out how illogical
such arguments are. So far the market
has been managed. Last week ex.
change rose to figure that would have
made gold exports profitable, but the
big exporting firms made no attempt
to ship a1y of the precious metal.
They knew that if they did go by the
time the gold reached Europe the
market would be down and the ship
ments would Re at loss. The syn
iicate sold enough sterling bills to
bring down prices, as there was not
even q furry. AS we have stated be
ore, the syndicate can control the
sterling market; they have been in
hat business, at least the Rothchidt
have, for century. 1t is said by good
authorities that credit of $500, 100000
in Europe properly drawn against
would have been sufficient to stop the
gold movement at any time between
1884 and 1890. In fact, these gold
exports were checked entirely in the
spring OF 1888 by drawing against
some heavy lots Of railway securities
that had been placed abroad.
That part OF the contract which
binds the syndicate to furnish a def
: mite amount of gold is not more i'm.
portant than the implied one expressod
| in the following clause GAS far at
! lies in its power to exert all financia
' influences and make all legitimate
efforts to protect the Treasury + t tie
United States against Withdrawals vi
, gold pending the complete perform
ance of the contract" The New York
: EUening Post, which is very close to
d the administration and which is o
0 recognized financial authority, has
called attention to the fact that Mr..
Sherman when Secretary of the Treas
e ury and about t. ''S"mH specie pay
ments, employed Lhe RothchiIds to dc
exactly the same thing. The Pos
Is cites the following letter from Mr.
W August Belmont to Secretary Sherman
l. which it says is expressive Of the spiri
st OF the entire contract and of the mo
r tive which animates the managers O
a the syndicate"
J., NEW YORK, April 10, 1878.-Hon
. John Sherman-My Dear Sir II tax,
so the liberty of adding few lines to m,
to letter of today, in order to assure you
that no question Of rivalry, no wish O
le grasping the government business, ant
l. no pecuniary personal consideration
- Of any kind prompts the opinion which
u | venture, at your invitation, to submit
IN to your earnest attention.
h. "The syndicate to whom you have
intrusted this negotiation, so essentia
ot to the success of resumption, ar,
IN fully alive to the Importance OF tina
trust. Aside from the natural desir
to secure the small legitimate bankin,
commission on the trans action, thei
~ main object is and will be, as it ha
been in the past, to further as far as i
III will be in their power the resumption
re Of specie payments on the day fixed b,
law without unnecessary contraction
and disturbance of the money market
ed To assist them in their efforts the,
h only ask at your hands that conf
. dence and cooperation to which the
~ think their management OF the fund
Id ing business for the last five year
- entities them. Yours most truly
~ AUGUST BELMONT"
al There is as much reason for beliey
-l- ing that the Rothchilds will carry GU
nd their contract now as then and Seer,
.ir tary Carlisle and Mr.. Cleveland wi
err be as much praised at the end of th
va next ten years for the part they too
/. in this important matter as Secretar
Sherman and Mr. Hayes are now fc
y the resumption of specie payments
IT. Courier. Journal.
IS. w. W. Kirk patrick, the hustlin