The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-21

Thus 1t IS seen that the amount offered for
the first loan, of fifty millions, was nearly four
times the amount asked for the second, of q
hundred millions, nearly nine times the amount
asked and for the third, of hundred and fifty
millions, nearly ten times the amount asked.
The remarkable feature of these loans is the
vast number of people in the empire itself that
offered to subscribe. 1t must be remembered,
too, that the government securities were taken
at par in coin, and every one of them repre-
sented fully its face in specie.
What are the deductions to be drawn from
the astonishing success of these loans? That
the French finances are managed well and far
better than those of our own government;
that the empire is prosperous and that, what
ever views may be entertained as to the pollti-
cal situation, there is entire confidence in the
financial ability of the government aud safety
Of the loans.
The French have been twenty years getting
rid of treasury ring and set of treasury
officials similar to ours, only not as corrupt.
In France all business connected with the pub
lie debt and finances is transacted by the regu-
lar treasury officials There are no discounts,
no premiums, no payment of commissions nor
watering government stocks. Nobody is al
lowed to handle the finances or bonds SO as to
influence or operate upon the market and to
make colossal fortunes, as the Jay Cookies
and others do here. The treasury officials do
all this, as the other business of their depart
ment, for their salaries.
What contrast with the wretched misman-
agement and corrupt practices of our treasury
The brokers and spectators have been per-
mitted to make football of our public debt
A radical Congress authorized this to be done,
and the Treasury ring has been only too eager
to take advantage Of the opportunity afforded.
The amount paid to outside brokers in the
shape of commissions alone for manipulating
our debt and the specie in the Treasury up to
last May was over seven millions of dollars.
various forms Of securities into other forms,
according to the different acts of Congress, the
government has paid over seven millions to the
brokers, all OF which could have been saved
by the Treasury Department doing the bust
ness itself. But that is not the worst. These
brokers are enabled to operate upon the market
to the detriment of the government and public,
and to gil their own pockets. For example,
thirty millions Of gold was sold in May, 1866,
at fifteen to twenty per cent below what was
the market rate Immediately after. In fact,
there is no telling the vast sums lost by the
people and made by the Treasury ring out Of
these transactions. 1t is remarkable, too, that
all bills introduced in Congress for reforming
financial matters and breaking up the Treasury
and national bank rings have been either
smothered in the Committee of Ways and
Means and the Senate Finance Committee or
postponed. Congress seems to be under the
control of these rings. 1t is high time differ
ent set Of men should be sent to Washington,
who will be Independent and honest, and who
will make such reforms in the financial system
and management Of the Treasury as are so
| very much needed.