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Wanted To Know

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Parent Issue
Day
22
Month
September
Year
1871
Copyright
Public Domain
OCR Text

Fr.,m the Chiwuru Tribun. Secrotary Boutwcll is adwrtised to deliver sevral gpeeohos in Ohio, beginnins next week, when itis expected he will riee to explainthe exact methad in which the Byndicate machine works. Thcre i ft vrtdespread desire for specific infortuntton as vurious reports highly detriraental to bis fiscal reputation ure in activo circuiation. People aro askiug such questions as these : Whuther he is authovized by law to pay eleven por cent. gold interest on one hundrod and forty millions of bonds for three rnonths or any other length ot' time 't Whether he is authorized by laXf t5 incrcasc the bonded debt by onu hundred and forty millions tfiYiYporarily or permanently, or to issue bonds bearing five per cent gold interest in cxchange for bank certifícate oí deposit that bear no interest 't Whether he i anthoiizcd by law to duplícate an}' of our bonded debt in tb is wy, and if so. how inuch}' Wliy he did not oft'nr tho new Rve per cent bonds to the public at tlio vi m rate thatlie gave tho brokers whom he calis syndicates that is to say, why do s he let that ring have those bonds at niniity per cent. when ho churgas evory one else one hundred per cent. 'i For the purpose of iüustrution, suppose a banker of' shoulds Kubsoribe fcr say $3lH),üeO of new fivo per cent bniuls, by what authority of law does the Siwotary assume tliftt themoney has been paid for tuem, when in fact not a dollar has be "ii ti'ansforred to tho Tr(iasury, and thoreupon. issive to the banker a certifiDeUe for bonds to the araount of $300,000, which instantly begin to draw interest ngiünst tU ■.! govenimunt at the rate of $15,000 per annnm t Is the matter bottered any by design ating tho suid bank as a depository bank, and miking an ontry on the treasury books that #300,000 of gold is deposited in the Chicago Bank for ninety days without interest, and that the bonds subscribed for are held in security for such deposit Y It is seriously alleged that the Socrctary has been doing precisely this thing; that the syndicate ring are drawing interest on $110,0(M),000 of üvcper cent. bonds without having paid for them or advanced a cent on them, and there is no certainty that they will take a single bond at the end of the threo months. They may and thoy tnay not : Imt one thing is sure, they will draw $1,750,000 in gold out of the Treasnry for interest on a tictitious, bogus subscription. Thcre will not bo a dollar of this $140,000,000 in the Treasury on which interest is paid until next wintor. If tlio money were paid over when it. is purported to be the Secretary wo-ild be able to parchase aJl the üve-twenty bonds at par that might be ofTered, and th;;reby s :.vo at the rate of six per cnt interest. Uut such is not the ctise. The syndicate ring are drawing fivü per ceut. interest in gold on 140,000,000 of bonds not in thoir poss3Sion and not paid for; the Treasury boofes havo e'.itrics showing that th"o governr[v:nt hns loaned the syndieate bank. 140 million of gold wit!) mt interest, for secnrity on which thoy have deposited an eqil aiuount of five per cent bonds, on which they draw inUrest ; and vet all of this transaction is a sheer deception, except the drawing of the interest by the syndicate, which is a solemn fact to the extent of $1,750,000 out of the pockets of the taxpayers. What may happen at the expiratiou of the ninety dnys of fraud uni# doceit retnains to be developed ; but in the niHan time let us Mr. Boutwell'a explanation and excuso for this assinine perforrèande in finances.

Article

Subjects
Old News
Michigan Argus