The Sun.
London, England, 1866-12-10 00:00:00

SEVEN-THIRTY NOTES.

The promulgation of the intentions of the Trea-
sury Department in relation to 7-30 notes which
may be lost will convey agreeable information to
many of the holders of those securities. These notes
were not issued with the formality which attends
the execution of bonds. The latter may be re-
gistered, showing the title of the owner on the
books of the Treasury Department—a title not
to be changed except by actual transfer
made before certain officers of the United
States. A coupon bond has not that advantage,
and the title of the real owner may be put in
jeopardy by the loss or destruction of the instru-
ment. Some 7-30 notes are issued payable to
bearer, others to order, with a blank for the name
of the payee. If the blank is not paid up they pass
from hand to hand as a coupon bond or bank-note
would do. It has been understood that the inser-
tion of his own name as payee by the holder of any
7-30 note would limit its negotiability, without in-
dorsement; but until the present time we do not know
of any public notification that such was the fact.
But this is clearly shown by the late statements at
Washington, and it is important to holders of 7-30

--
notes, who have heretofore bpen troubled about the
risk of keeping them. Where they have received
notes which are issued to order, in blank, they may
secure their property by filling in their own names
as payees. In that case it is said that the Treasury
Department will recognise their property in the
notes if they are lost or stolen. This liability is re-
cognised even if the name of the payee should be
extracted and another written thereon. But there
must be evidence of that fact, in order to satisfy
the Department, and here in many cases failure to
recover may be expected. The claimant of a lost,
stolen, or altered note must be able to show that he
held it while his name was written thereon as payee.
This, with many persons, will be difficult, for
the reason that prudent people rarely ever make
exhibition of their wealth to strangers. Outside
of one's family the particular manner in which
money is invested is rarely known. This very
fact has been an objection to the 7-30 notes from
the first, and has turned the attention of careful
individuals to registered bonds. The number of the
latter is increasing very much, and although the
coupon bonds have advantages to those who do not
intend to hold them long, permanent investments
are more generally made in the registered securities.
It does not appear from the statements made of the
intentions of the Treasury Department what would
become of a 7-30 note with a special endorsement,
as if, for instance, it is endorsed, " Pay the within
to the order of A. B." Would the property in it,
of A. B. be recognised in case of loss or
there were further endorsements "to C. D. or
order," and so on, would the Department recognise
property in the last indorsee? We infer so, because
such is the usage of business, and it seems as if the
Department wishes to assimilate those notes as much
as possible to commercial paper in regard to nego-
tiability.

TIIE SCHOOL FOR CONSULS.
Some time since the Department of State prorald;
gated a code of regulations for the examination 01
candidates for the position of consuls representing
the United States in foreign countries. Previous
to the institution of those regulations the acquisition
of a consulship seemed to be a privilege wit'"
the power of any man. All that was required
of him was that he should be a member of the
dominant party and have influential friends.
It made no difference that he was entirely
ignorant of the language of the country
to which he was accredited, that he had no
knowledge of international law, and had no prat"
tical acquaintance with commercial transactions.
Under this loose system some men have been
appointed to consulships who disgraced the countcountryOthers, honestly intending to discharge their duties,
had not the necessary experience and made some
unpleasant mistakes. A consul who has not the
proper judgment sometimes presumes upon the
authority of his office, and allows his own Preig
dices to dictate his course as a national represen'
tative. The difficulties which have arisen in c°ll-
- of the unauthorised acts of consu'
abroad have created vexation in the State Depart-
ment, and sometimes being of necessity disavowed!
the nation has appeared in a somewhat ridiculous
position. With many foreign nations diplomael
a regular profession, and no oue is intrusted with such
authority unless he has had the proper training.
Hence, foreign consuls rarely make
They know exactly what they ought to
a
do, and how far they will be sustained
by the home Government. The regulationt
lately
.adopted at Washington are now in fu„t
operation, and they are likely to have an excellent
effect. We are told that they are not merely
mal, but that they are to be carried out with strlct
ness. Examinations already held of aspirants
mistakes.
consular honour and profits have developed the,
fact that very few who desire such offices were 01114
petent to fill them. Only two persons of all the
late applicants have passed the ordeal. The others
i
wanted to be consuls, without any very clear d,e7,
what consuls had to do. The consequences of tul
new rule must be excellent. If it is not abolishec.
by some subsequent denizen of the State Dertrthe
ment, it will in a few years appear that all
consuls appointed by our Government are intelli-
gent, well instructed, and competent men.—Plala
delphia Inquirer.