The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-20
THE TREASURY RING.


The HRRALDS exposures OF the Treasury rings
efforts to get Secretary McCulloch into position
favorable to continuance In the department another
four years have drawn from that functionary the
agonizing declaration that our candidate he scan
not be-" and the pleasing assurance that he will not
remain Secretary OF the Treasury day after the
4th Of next March. He might, however, like the
great American deciiner reconsider his prasewortny
determination II the place were once offered him.
There is little danger Of such dreadful con-
tngency, however; put there is great danger
that some member, creature, tool OF the
Treasury ring will be quietly Struggled into
the place. There was some talk here few
months since Of the establishment Of great Amer
lean banking house In London with Mr. McCulloch
at the head, provided certain matters then In
adjustment turned out satisfactory-not to put
too fine point upon it, II the Funding bill
could be got through in q shape that would
give the new House a job. The bill failed,
but the ring are IN hopes Of getting 1t through
before new year in satisfactory shape" so that it
is possible the Secretary may find most excellent
pickings outside the department II, therefore, he
is not previously impeached 1t Is safe to say he will
retire on the 4th OF March next to make room, It is
to be hoped, for far more worthy man. One thing
is quite certain-the pawnbrokers' policy inaugu-
rated by present Secretary and sustained by the
Treasury ring, In and out OF Congress- can scarcely
survive another four years. The people must break
up the whlskcy and Treasury rings or those power
full organizations will break up the Union. There Ia
ment must be broken up, which It Is for the people
to determine, through their representatives in Con-
gress
cannot often be impressed upon the public mind.
The Treasury ring now that the republican party Is
In power, constantly seek, through the agency OF
their paid organs and servile satellites to tx the
stigma OF copperheadism upon any daring republic
can who in any way offers opposition TO their nefari-
GUS schemes for plundering the peoples Treasury.
1t matters not how thoroughly sound member
may be on the regular radical issues or how great
his majority; the instant he raises his voice in Con-
gress against any ring scheme OF plumber, that In
slant his denomination and reelection in danger;
aud II is bold man who, IN addition to the regular
party opposition, cares to provoke the irregular and
deadly opposition OF the Treasury ring inside his
own party lines. In proof OF this need but to cite
the cases OF Messrs. Thaddeus Stevens and william
ID. Kelley, OF Pennsylyania: Amasa Cobb, OF Wis
consn Is. i. Butler, OF Massachusetts; r. A. Pike,
OF Maine; J. J. Gravey, OF Missouri; II. p. H. Brom-
well and Jehu Baker, OF Illinois, aud many other
radicals whose names do not occur at this minute.
A radical paper Of the ring school. in Scranton
nation OF poor Old ifad Stevens, solely because he
opposed on general principles all schemes for depre
eating the value OF labor and all real and personal
order that few note shavers. bondholders, con-
tractors and national banks might double their
money over sna oyer aR ns even 70 ne exaens 81
one hundred and eighty per cent per annun-on
money oaned the highest rate OF interest ever paid
on the face q the earth. Death alone prevented
General Butler's case was another OF the same
sort The whiskey and Treasury rings put forth
every possible effort to defeat him, but in that
instance in vain. Mr.. Kelley was too strong to Tight
openly and has been reelected without other than
regular party opposition. Mr. Cobb, It Is said has
s'recanted," whatever that may mean In ring par
lance. Messrs. Pike Gravely, Bromwell and Baker
were defeated, not BY legitimate party opposition
but by Treasury ring intrigue inside their own party
lines solely because they stood up for the interests
OF the people and against the rings numerous
schemes for robbing them.
One OF the favorte operations OF the Treasury ring
is the secret manipulation OF bonds on government
account, through commission brokers. The Secre-
try OF the Treasury secretly transfers large amount
the public in exchange for others bearing lower
rate OF interest In some way less desirable, and
charges fat commission on the transaction, which
be xes really 2 i sa% Sne
curity over counter and taking back another-a
mere clerical duty which, II necessary at all should
be performed by the clerks at the department. Pre-
vous TO the 23d OF April last the amount paid COM
missions on these thimbe-rig transactioU was
$7,007,447. IL must by this time be over 200
the use OF deposits, early tnformation &c, cannot
be less than twice as mnch more, $25 ,000 on
mere bond manipulations alone:
In the House debates OF February 20 General
Logan proved that, for the conversion OF Ss,41600
government securities from one form into another,
there was paid BY the to outside brokers
transaction to the brokers $24, 2A besides the
commission, making total prent Of ss4,44l on that
eminent securities over counter and taxing back
similar amount Of another class.
IL yet remains to be seen whether the Treasury
ring will control the dominant party In CONGRESS or
not have shown that very many sound radicals
have nut themselves on record az opposed to each
and every one Of the rings schemes and therefore
hence will show decided increase In the number.
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