Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-15
. Corresponaenoe Nsw York H.rsld ]

c correspondence New York Herald
WAsHIS0ToN, January 4.-The small
cOterie OF stock brokers known az the
Treasury ring, who have, greatly to their
own profit, beeH alternately buiiing and
besTing the entire industrial Interests OF
the nation since 1851 by Fecrstly ma.
nipulatiEg the national debt and contents
OF our national Treasury, evidently be-
gin to scent the approach OF form and
are preparing 10 prevent 1t, which they
may be able 20 do unless their designs
sre frustrated between this and the b
of March, the ef1Fts OF the next admin
istraliOn TO the contrsrg nOtwithstand-
inRs
All the ring has TO do 20 Ecc0m plish
it object is TO prevent the passage Of any
Law prohibiting Government officials OF
any grade from secretly manipulating
the national debt, IS Secretary McCui-
loch has been doing all along, and to
procure the passage OF law authorizing
foreign loan Vita Government agency
in london or brankfcIt. Then start the
long talked OF new great 4 merieen bank
ing house Ia London, with Secretary
MeCqlloGh at it's head, ard they can
laugh al reform for the next four years
900, 900 more from a tax buTdened peo-
pie.
In regard to the new American bank
ing house Ia London, with Mr. MoCul-
lOch sC Its head, "provided certain
matters now In adjustment "-under-
stood to be the contemplated foreign
loan bill" turns out satisfactorily" |
do not learn that it has been given uD,
but, on the Contrary, certain very signifi
cant facts seem to indicate that IL may
yet be brought about.
On the 25th OF May last, Hon. Morton
O. Hunter, Of Indiana, offered tbs fol-
lowing resolution of inquiry ia the House,
which was adopted without opposition
ResOlUed, That the Secretary OF the
Treasury be directed to inform this
House what amount of money, in gold,
ia deposited by the Treasury or State De-
partnents with bankers and brokers,
giving the name OF each, in London or
elsewhere outside the boundary of the
United States. Stating also the amounts
of such deposits on the Ist day OF Janu-
ary and July Of each year since 1880
the rates of interest paid thereon, IL any,
and Whist rate Of commission Is charged
for keeping the accounts and payicg the
drGfts Of the United States drawn against
such deposits, and what disposition has
been made OF said interest,
This resolution, 10 will be seen, was
drawn by Mr.. Hunter, who makes thor
ough work OF whatever he undertakes,
with extraordinary care; evidently With
the design OF preventing cur srtiuI Sec
FetGfy OF the Treasury from making RD
eVSsiVe reply, The country knows by
expensive experience that Ar MoCu-
loch's forte is secret msnipglatiOns and
artiuI dodging. Take, for example, his
reply to the House resolution asking the
amount of United States deposits ia ns-
tionsl bangs; 1t consisted Of thirty pages
of figures, anu II was not Gutli your cor
respondent expended twenty-five dollars
to get them footed 40 aud published the
result in the Herald Of April rs, taat
Congress and tho psosie we're i whit
wissr for Mr.. McCullOohis soeslled re-
ply,
In regard to Mr. Hunters resolution,
above quoted, eanBOt find that the Sec
retary Of the Treasury has made any re-
ply whatever, though l hsgs looked the
House records over with care, Nor osn
find Ruy one who hss heard OF any
thing like reply, verbal OF otherwise.
The amount OF the peopIe's gold on de-
posit, free Of interest, with Mr.. McCul-
lOeh's fAvorites in London and other
European cities, cannot, therefore, be
known, except to the treasury ring
Some estimate It at $500 900, and Others,
usus lily well informed upon such subjects,
put it as high as IS, ,000,000 Would not
1t make nice neat egg for the new
American banking house In London
No wonder Mr., McCulloch is disinclined
70 iet the peoples Representatives know
the amount.
Ia regard TO the ring's scheme of q
foreign loan, with United States fnan-
cial sgent in London, it would seem that
8 form Of bond good enough for AmeFi-
can citizens might answer for our foreign
friends. They certainly think so. Gal
f9ndai, OF December 10Th, informs its
patrons that:
1.-The project OF the United States to
issue five per cent stock, payable In
London and Frankfort, for Tedeeming
six per cents, is again, it appears, under
discussion but the quotation OF such
stoeg, it ie said, will be strenuously re-
sisted, as the people here look TO ths ex.
istence OF bonds equally marketable 81
New York and in Europe as the beet
guarantee against the designs of any
party that might be disposed to tamper
with the public faith. Doubtless, those
brokers connected with Mr. MeCuIloch
desire to bring this manipulation for.
ward while he Is in powern
1t will be seen by this that our foreign