The weekly clarion., 1869-11-11


The friends of General Butterfeld, Sub
Treasurer at New York, who has been
charged with being implicated In the gold
ring and whose resignation was asled by
General Grant, are urging his suspension
until Congress meets. when his Official con-
duct may be investigated. The total amount
Of fractional currency now In circulation il
$36, 100000, which In 100000 less than the
highest amount ever in circulation before.
Certain New York journals are after Secre-
tary Bo&tweu with sharp sticks on account
of his course with regard to what are termed
currency six per cents" which are really
Pacific Railroad bonds. The action Of the
Secretary In refusing to receive or acknowi-
edge this issne of bonds has had depress-
ing effect upon the market prices. At the
approaching session of Congress an effort
will be made to have them placed on foot
ing with other bonds, that they may be re-
celyed as basis for bank circulation, which
was the case during Mr.. McCulloch's admin
istration of the Treasury. His course was
condemned by members Of Congress and one
among the first acts of Mr.. Boutwell, after
he took charge of the Treasury Department,
was to put an end TO the practice, he for
mally notified the Comptroller Of the cur
rency forbidding him TO receive these bonds
ON q basis for bank circulation. The grounds
for tins order in part are, that Pacific Rail-
road Bonds are not on the same footing as
regular Government Bonds. The govern
ment is liable for them, it Is true, but they
only become an Indebtedness of the United
States in the event Of the Pacific railroad
companies failure TO pay them. They are
not as good class of security for bank cir
culation as government bonds that are de-
posted by banks. under the present rule of
the Secretary, because the latter are payable
principal and interest in gold; whereas the
Pacific bonds and interest are payable in
currency, which, at the present difference
between gold and currency prices, makes
the deposit for surety of circulation nearly
one-third greater than it would be If the
Pacific bonds were received. If the latter
were received aud held as surety. about IF
ty-seven millions OF government bonds
would be kept afoat, whereas now they are
substantially retired. Another reason un-
derstood to actuate the Secretary is that
government bonds deposited as surety are
under the control of the government to such
an extent as to make it possible and proba-
bly, practicable at an early day to place that
Indebtedness at lower rates of interest. The
Pacific Railroad Ring was the most power
full ring oflast winter and 1 do not deem the
success in the matter of their desires at all
improbable.
The Executive Committee of the Union
League of America, of which Governor
John w. Geary is the President, held meet
ing here yesterday for the purpose of rails
ing money to help the Radicals to carry
Texas and Mississippi. The rich office-hol-
ders OF New York, Boston AMI Philadelphia
have already subscribed large sum, but
net enough for the work now contemplated.
1t is now proposed to levy an additional tax,
and 1t Is understood that circular has been
sent to a number of rich Radicals asking for
a specified sum from each. Governor Geary
has just appointed TO the position of Attor-
ney General Judge of one of the Philadel- |
phia Courts whose decision, most arbitrary
and against the facts, helped to elect him
Governor. With the odor of such dishon-
orable transaction yet fresh about him he is
in good trim to concoct frauds on a scale |
sufficiently large to carry the State of Mis- |
sissippi for his Radical friends. Colonization |
of large numbers of Radicals from the ad- |
joining States Is the programme agreedupon, |
and your Executive Committee have not
been any too soon In asking from General
Sherman an Order to General Ames direct
ing him to appoint an equal number of civil |
ian Radicals and Conservatives as Regis |
trars. DIcTA.