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Sherman's Method

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IWashlngtonCor. Ctncinnuti Enquirer.l Secretary Sherman has left here for Ohio. He goes into the state to make campaign speeches- to induce the voters to cast their suffrages for Chas. Foster, his creature. In view of the fact tliat the impending campaign is one in which Secretavy Sherman is the central figure, and who will reap all the advantages of a Republican victory, the following catechism, for the guidance of those who will listen to his speeches and see fit to ask him some questions is prepared Secretary Sherman will teil the people of Ohio that he has elosed all refunding operations. This he told the people of Maine. He deliberately deceived them, and will likewise attempt to deceive the people of Ohio. He has on the contrary, not yet closed his recent contract with the pet Syndicate which at one feil swoop got control of all the 4 per-cent, bonds. Of the $180,000.000 subscribed in these bonds by the syndicate, $4",000,000 yet remained unpaid for ; and Seeretary Sherman, in that spirit of liberality which he has always extended to a few Eastem banks, has extended the time for final settlement until Oct. lst, although the original contract, which he has violated at discretion, proided a final settlement should be made on July last. The immediate result is that the banks have the use of O45,000,000 untii uct. ïst, which belongs to the people, and shoukl have been in the treasury thirty days ago. With money worth 2 per cent. at cali, it will require the aid of a lightniug calculator to lind how much money the syddicate will make out of the 845,000,000 which Secretary Sherman allows tliem to use. This is not the only reason, though, that Secretary Sherman gave the Syndicate an indulgence. Had a settlement been made according to the contract, 4-per-cent. bonds would not now be at a premium - they niight be held at par. Sherman, f earful of this decline, indulged the Syndicate rather than pressed them, because he wanted to keep the bonds up until after the Ohio election, sp that he could point to the negotiation of the 4per-eent. with pride ; and the higher the premore pride he wóülff taWhi tfee saction. It may be well, also, for the people of Ohio to know, while Secretary Sherman is among them, that on the day the contract with the Syndicate for the 4-per cent. was made the United States had on deposit in the hands of the national banks the sum of $200,000,000, and these same banka still have about $40,000,000 in 4 per cent. bonds to loan Western farmers at 2 per cent. per month to enable them to get their crops into market. The syndicate have three months to pay for these bonds, during which time they collected the interest, which at 4 per cent. per annum is 1 per cent., aggregating $180,000 protit before they were callea on tor one cent. J nis isnotall. The monopoly thus pnt in the hands oí these bankers made a corner on the bonds, and they were en abled to charge 2 per cent. premium on the bonds, which makes a clear proflt of $360,000, or, altogether, the protits of this transaction between the national banks and John Sherman was $540,000. Now, who does tliis money come out of? During the extra session of Congress a widow of a Union soldier wrote a member of Congress that she had certain United States bonds in trust for her children, the proceeds of her deceased husband's pension ; that she had applied for the interest on her bonds, and for the flrst time ascertained that her bonds weie among those called in, and the interest liad ceased. She requested the member of Congress to go to the Treasury Department and exchange her bonds for 4 per cent. The matter was presented to the Uuited States Treasury, and the reply was that the party could get the face value of the bonds in money, but the Government had no securities for sale. The consequence was that the poor woman had to pay a premium of 2 1L per cent. (the small dealers must have their proflt, henee the half cent additional), and the exchange for transmission was half of 1 per cent. more, entailing a loss equal to nine months' interest on her little patrimony. White the great capitalists of the country are lauding Sherman's fmancial success, somehow the poor widow and orphans are not able to appreciate it.


Old News
Michigan Argus