Year: 1877

EDITOR CHEF:


Secretary Sherman's proposed new
contract with the syndicate and cer-
tain prominent banking firms was
endorsed by full Cabinet meeting
on Saturday, after o conference of
twenty minutes, and many congratn-
latOry dispatches have been sent him
from every section of the coun try and
Europe; and the impression appears
very general that the management of
the national finances are in able hands.
Upon completing the new contract
the syndicate at once subscribed for
twenty five millions of the per cent.
of the new loan, to be paid for in July
and August, FIVE millions to be applied
to resumption purposes and the bal
ance to redemption of 6 per cent.
bonds. The loan is to be open thirty
days to popular subscription; with
privilege of payment in ninety days
from delivery. Of the two hundred
million 4a per cent. loan, one-half has
been withdrawn from market; the
last twenty five millions of the bal
ance has been taken by the syndicate
under the old contract, also to be ap-
piled to resumption and redemption
purposes, thus closing it out and
starting off with prompt subscrip-
tion to the 4 per cent. loan, and with
an excellent prospect, it is said, of a
large popular demand.


From about every source of infor-
nation it appears probable that both
parties in the West will start in on
the fall campaigns with the remone-
tization of silver, either limited or
absolute, inscribed ON their banners.
The drift of Democracy appears to be
towards imitation both by means of
the restored silver and more green
hacks, while the Republicans seem
favorsbly disposed to the plan of max
ing silver legal tender in all cur
rency contracts, and only to be issued
in exchange for United States notes
| and fractional currency, thus making
it worth just so much and no more
than the currency, and subject to only
such fluctuations as that is liable to.
By this plan, for every dollar issued
a dollar of the currency would be re-
tired. This is understood to be SUBJ
stantially the plan advocated by Sec
retary Sherman, he holding it to be
a fair compromise between the East
and West, and one that would invar-
iably tend to resumption of specie
payments at the time designated By
law.


A startling rumOr is abroad this
morning to the effect that at the very
threshold of the investigation ordered
of the Indian Office, there has been
discovered ring of great magnitude,
in the issue of supplies upon the basis
of false returns as to the number OF
Indians actually to be supplied. The
operations are also charged to have
extended to the land department, the
scrip issued to the Indians having
fallen into the hands of the ring by
collusi0n between outsiders and Off
cials here. IL is said that not only
will there be many dismissals, but
that arrests and prosecutions are fore
shadOwed by the evidence of fraud
and corruption already obtained.
Inasmuch as the friends of Tilden
in Congress were responsible for the
Electoral Commission, and were never
more solemnly pledged to abide any
decision than that reached by it, his
speech last night to the unwashed
thr0ngs Of st. Tammany is generally
regarded here as childish and peurile
to the point of imbecility. Not a new
idea was advanced from him, Hen
bricks, Robinson or any of the other
speakers; only the old drivel of g 8 to
T." counted in, counted out etc.
The shameless part allotted to and
played by Robinson in the show OF
the evening previous, viz: to return
his thanks for his adoption by the
rotten, corrupt and altogether vile sci
of men largely composing the ranks
and file of Tammany Hall, apears to
have alarmed many citizens of the
great State of New York for the
demonstration is interpreted here al
simply the public assertion of Tam