Year: 1867




II coupons OF bonds July IL. 1861 ........ 420 90


coupons OF bonds March 8, 1868. 90 90


coupons Of bonds loan Of 1885,. 80 90


Now when such men as Senator sherman, the new
Chairman OF tho Committee on Finance In the Senate


Is easily misled confound the amount of coupons
on hand with the amount OF bonds supposed to have
been duplicated and TO make the following satement-
Mr. sherman thought it ought TO be joint committee
In this connection he would add word rs 10 the public


impression upon the subject OF the duplication Of United
States bonds. There was an impression that large
number OF bonds had been duplicated and that
the government had lost great deal in this
way. This erroneous He authorized to say
that no case had duplication been discovered In


few instances II had been discovered that the
numbers had been by mistake put upon two bonds. In
all the Of presumed duplication nothing had been
discovered but erroneous stamping The amount Of
the bonds thus enormously stamped was sl6000-is il


TO be supposed that an ordinary congressional committee
without the aid Of experts could thoroughly sft the


truth out Of the many misrepresentation and Thousands
OF lies and rumors set afoat by interested particsf


When we bear in mind the numerous frauds in finan.
cal negotiations which have been practised with the aid
OF forged gold certificates certified checks &C. which
used collaerals the celebrated Ketchum case
and in the Of the Merchants National Bank this
city, and in the late OF the Merchants and State
Banks IN Boston, is il at all improbable that like motives
and temptations may have induced similar Of du
plicate bonds in the hands OF artful and ingenious
roguesf II s evident that such bonds while
unsuspected, might be used collaterals, and 1t is
also evident that the inancer who might be operating
with them would find 1t to his interest to keep back the
coupons from the Treasury at least long he
using them collaeras i, is not wise therefore, to
conclude that there are no large amount OF these bonds
in existence even the Treasury has not been victim


lied to any large extent in the redemption Of the
pona


II has paid some sl6 $50 in coupons which were dup
of others; but it has told whether or
there any discrepancy between the amount OF in
terest paid by the and the amount due upon
the legitimate issues or the Treasury


II has not told how II happened that but $50 900
OF the compound interest notes falling due in 1867
officially reported to be outstanding in May, 1885, aud
yet s119 900 000 in principal and interest officially
reported 10 be outstanding in February 1861 We
told, by good easy gentlemen of banking circles that
there be nothing wrong while couson between some


five officials necessary the successful perpetraon
OF ms fraud and yet these same gentlemen may hnd


In the history o. railroad management fraudulent collu
sons Of men, IN such large numbers and in much
higher positions than tho subordinate officers of the
Treasury Department


am not disposed to aege that there is ANYTHING
wrong in the matter Of these issues but it is manifest
any who will inquire into the workings CT that
sttuton for the last five six years there have
been blunders and Irregularities specuatons losses and
profits among subordinate officials OF the Treasury
Department; that the same class OF men who have
perpe,rated the frauds with certified checks and gold
certificates have been active IN obtaining early norma
ton from the same sources and that they have possibly
held out the same kind Of Inducements as have been
successful in similar cases elsewhere.


Then let the investigation 60 on: and while they
shall look after the Printing Bureau aud other subord
nate Departmental may be as well to inquire OF the
head why he continues to accumulate SO much idle
money In the Sui. Treasury when the government Is
paying eight per cent interest in currency all their
outs andng long bondsY Why should the people be
made 70 pay the interest Of money kept idle ia the Sub
Treasury or loaned to the national bSAksp Why he
should want TO force down the price OF gold by
sales, when doing only enabled the seller OF the
foreign product to compete the successfully with
the American product Why is it that tho monthly
hibits Of February and March show a withdrawal or
S., 100, 600 In February Of the United States notes
when the law orbids more than - 600 900 any one
month"; Why Is II that the Treasury. with s52 $50 s6S
in currency the lst OF March, should nd necessary
IN continue to sell gold and accumulate currency from
that date upon the theory Of their selling gold
cept when the necessities OF the government required


when admitted that small bsiance is better tina
large one, provided The amount is adequate to all
CURED payments why s IL that these sales OF gold are
still continued 10 the dermer OF the public credit and
o! The ability 70 resume specie payments within rea-
sonable periodY


While il is wen known that the national banks have
bought and are holding speculation large amounts of
these bonds and notes why is t that peoples mo-
ney is left deposit with them to stimulate speculation
and the price which the government has to nav
for those which they retire?


There persons who viii be unchar,abe enough TO
suppose that The Treasury machine is in tho inter-
ests OF tho national banks and who may be urablc
Why the public should be required 10 pay the cost
We oil know that the lower the price OF gold the more
valuable are the bonds as permanent investment And
while the expenses Of living and the prices Of foreign
products in our markets enhanced by the in
creased volume Of currency, the artificial depression
or gold by treasury manipulation, only enables tho for
egner to increase bis production and glut our mar
kets The national banks only dong now with tho
government what they did last year with the public
They esctng quasi cornering operation in govern
ments because they know the is compelled
70 bay. Last year they did the samc in fancy stocks
because they found the public had oversod market
and compelled TO buy. Their next operation may
be In cotton gold, in any article which they may
find in active demand When they shall have
been able 70 get rid Of their bonds al high prices
they did in railroad and other fancy stocks last Ocso
Der and November down win 60 governments, and mp
and tho more destructive to the productive interests OF
The country the longer tho Secretary OF the Treasury
shall continue hs secret sales Of sod and hs attempts
operate on one side only; they generally run with big
machnea The Treasury Ia Of them; national banks
another