The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-01-09

IESDAY, JANUARY 9, II
Tho Alabama Ciaims-Prepesai frem England.
We learned by the Atlantic cable yesterday
that the London Times states on authority that
the British Minister at Washington, Sir Frederic
Bruce, has been instructed to propose to our
government to consent 70 the appointment Of
commission on the Alabama claims, II seer
tain points" were submitted for arbitration
This is not very definite, IL must be admitted;
but then We have no difficulty In arriving at
the .points" which would be satisfactory to
Us They are very easily arbitratsd. We want
the full amount OF the bill paid for all the
damage which our commerce on tho seas suf
lsred from the rebel privateers fitted out In
English ports, armed BY English capital and
manned by English crews. Only this and
nothing more. Andrew Jackson gave ~ Some
light upon the method Of settling such matters
when he adjusted the French spoliason claims
in 1882 and 1886. In his annual message Of
1884 Jackson said" II Is we'll settled princi-
pie Of the international code that when one
nation owes another liquidated debt which
It refuses or negiecs to pay, the asgrieved
party may sslzs. On Ne property belonging % |
sshe other. IT. citizens or -subjects, sulacient
TO pay the debt, without giving just cause
of war; France did not IIkssthls interptesa-
ton Of internAtioasl law, and demanded
IN explanat ton and apology, TO which demand
Old Hickory responded BY recommending .
suspension Of diplomatic intercourse with
France and the exclusion OF French products
and French vessels from our ports Meantime
our navy was got in ship shape. England
offered her services as mediator fact which
Jackson communicated to Congress In his mes
sage Of February 8, 1886; and within month
from the date of that message" says the his
torian, "the four instalments Of the indemni-
ties then due were fully paid, and without
waiting for any action ON the part Of the me-
diator."
just 80. There are less perplexities sur
rounding the Alabama claims than the French
spoliation claims. II is a simple matter Of
debit and credit. Our government can make
out the bill Of Indebtedness in full, and all the
British government has TO do is to pay 1t right
of because, as Jackson said in the case Of
Louis Philippe. at is not to be tolerated that
q quarter Of century should be wasted In
negotiating about the payment" The propo-
sol OF england for q commission is probably
only . diplomatic dodge, q kind Of halfway
measure to gain time and stave OF the day Of
reckoning little longer. The subject was
debated to attenuation by Mr.. Adams and Lord
Russell long ago. What we want now is not
arbitration, but stamps. When this debt ispaid
we osn enter into negotiations with England
regarding the future interpretation Of bellig-i
erent lights, intsrnational law, and 50 forth.
100 ~ fss ..s7 n
specse Raymsnts- Read 70 Raia sna the.
wey q safety.
The bondholdem. the national banks sndl
tho foreign holders Of vaised States securi-
dies, aided by the Treasury Department, are
ceaseless and earnest in their efforts to force
. resumption Of specie payments They
make few arguments upon the subject, being
unable to defend the policy they advocate. but
they reitsrate over and over again the ex-
ploded theories and hackneyed phrases about
specie payments, hard cash, &c. Through
their organs Of the press and BY every con-
eeivable means they keep mp this din Of mere
words In the ears Of the people, expecting to
carry their point BY clsmor and perseverance,
a. the Chinese expect 10 drive their enemies
before them by the stunning noise OF their
gongs. They work silently and secretly, too,
like beavers. This bondholding interest is
very powerful one especially In connection
with the national banks, and II will require
great determination on the part Of the people
and Congress and good deal Of ability to de-
feat its selfish and ruinous schemes There is
danger that 1t will soon become, il II be not
already. the greatest power in the country. In
that case wc should see something like what is
seen in England to-day-an overgrown wealthy
class drawing ell the productive wealth OF the
republic 10 itself, while the laboring masses
are ground down to the lowest point Of exist
enoc.
II il all very we'll for these bond
holders 10 clamor for immediate specie
payments; il il quite natural for every
one to endsavor to promote his own
interests. But they form small class of
the community. aud the interests Of the mass Of
the people are not identical with theirs. The
wealth Of the bondholders would be increased
thirty-three per cent BY resumption; the pro-
perry Of all others would be deprecated in the
same proportion; the debts and obligations. Of
every kind, Of those who owe anything would
become so much more burdensome; the
means Of all debtors-ani these embrace the
bulk Of the community-would be diminished
and their debts increased; general bank
ruptcy would be the inevitable consequence;
the bondholders and . few rich people would
become richer, while the poor would become
poorer. There could be no other result We
have striking example in the financial history