The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-01-06
TIE TREASURY RING.


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WASHINGTON, Jan. 4, 1860.
The small coterle OF stock brokers known Us the
Treasury ring, who have, greatly to their own
profit been alternately builing and bearing the en-
tire Industrial interests OF the nation since 1861 by
secretly manipulating the national debt and contents
OF our national Treasury, evidently begin to scent
the approach OF reform and are preparing to pre-
vent it, which they may be able to do unless their
designs are frustrated between this and the 4th OF
March, the efforts OF the next administration to the
contrary Notwithstanding.
All the ring has to do to accomplish its object is to
prevent the passage OF any law prohibiting govern
ment officials Of any grade from secretly manipulate
ing the national debt, as Secretary McCulioch has
been doing all along. and to procure the passage Of
q law authorizing foreign loan with government
agency in London or Frankfort. Then start the long
talked OF great American banking house in Lon
don with Secretary McCulloch at its head and they
laugh at reform for the next four years taking,
meanwhile, $25, 900 or $4,000, 900 more from a
tax-burdened people.
In regard to that new American banking house in
London, with Mr.. McCulloch at its head, provided
certain matters now In Observation-Disclosures to
be the contemplated foreign loan bili--'turns out
satisfactorily do not learn that it has been given
up; but, on the contrary certain very Significant
facts seem TO indicate mat II may yet be brought
about.
on the 25th OF May last. Hon. Morton G. Hunter OF
Indiana, offered the following resolution OF inquiry
In the House, which was ADOPTED without opposl-
tom
TO inform this House what amount OF money in gold de-
posted BY the Treasury State Departments with bankers
and brokers' giving of In London elsewhere
outside the boundary Of the United States Stating also the
Of each year since 1850 he rate q Interest paid thereon
any and what rate Of charged for keepn the
paying the the United
such deposits and what disposition nas been made Of
This resolution, 1t win be seen, was drawn by Mr.
Hunter, who makes thorough work Of whatever he
undertakes, with extraordinary care; evidently
Of the Treasury from making an evaslve reply The
country knows by expensive experience that Mr.,
McCullochis forte Is secret manipulavons and artfu
lodging. Take. for example, his reply to the House
resolution asking the amount OF United states de-
posts In national banks 1t consisted OF thirty pages
OF figures and IL was not until your correspondent
expended twenty-five dollars to get them footed up
and published the result In the HERALD OF April rs
that Congress and the people were whit wiser for
Mr. McCulloch's s0-caed reply.
In regard to Mr.. Hunters resolution above quoted
I cannot find that the Secretary OF the Treasury
the House records over with care. Nor can ind
any one who has heard Of anything like reply YER
bal or otherwise The amount Of the peoples gold
on deposit, free OF interest, with Mr. McCull0ch's
favorites In London and other European cities
not therefore, be known except to the Treasury ring
Some estimate 1t ut $780, 600, and others, usually well
informed upon such subjects, put 1t as high as
IS, 900, 900. Would not II make nice nest egg for
the new American banking house In London NO
ples representatives know the amount. The reason
Is obvious.
The pretence that 1t Is necessary to keep this de-
post with foreign brokers to pay our foreign Minis
ters Ii the merest sham. our foreign missions are,
or should be, positions OF honor and trust, not OF
profit. The republic Of Switzerland sets us an ex-
ample In this matter. The head OF the Swiss iega-
ton to the United States M. John Hitz, o gentleman
country every possible qualification without any pay
whatever. small alowance-too smali-is made
to pay his attaches, but nothing whatever Tor the
Now, while It would not, perhaps, be well for our
government TO copy the Swiss too closely in this re-
spect, l am sure that we have plenty Of distin-
gulsned and well qualified citizens who would &C
cept any and all our foreign missions at present sal
aries, paid IN greenback drafts on New York. Why
should our Minister to Prussia or Sweden be paid IN
drafts on London instead OF New York; The rate OF
taxation and cost OF living In foreign cities are less
gold drafts on that score The United States has
been buying gold with greenbacks TO pay Its foreign
Ministers this i've years past. Now, why not pay
them In Treasury drafts and let those gentlemen
buy the gold, or not, to suit themselvesY
In regard to the rings scheme Of q foreign loan,
with United States financial agent In London, IL
would seem that form OF bond good enough FOR
American citizens might answer for our foreign
friends. They certainly think 80. Gdts0ndnt, Of
December 10, informs Its patrons that
The project of the United States per
stock payable IN London and Frankfort for redeeng six
= Ssops here look % b: ss.ssnes equally
against the designs Of party that might bs disposed to
tzmper with the public faith. Doubtless those brokers
necsd with Mr. McCulloch desire 70 bring this manipulation
forward while he n In power.
II VIII be seen BY this that our foreign ncighbors
are up TO Treasury ring tricks and that the proposed
foreign loan win be extremely unpopular. This
would, however, be no objection In ling point Of
view, az 1t would enable our general agent 10 request
from the government "trinng commission Of
one.baf OF one per cent 70 'popularizcr the loan.
to make three times as much more by sudden nuc-
tuations OF property, and taking early advantage
thereof is not 70 be found In every day operations
In fact It IL the rings power, exercised for years
past OF constantly changing the value OF not only
the entire properly, but the Tabor interest Of the
nation that constitutes the great objection to their
operations. The taking Of $4,000, 300 from the
people in shape OF commissions, profits on Tnanipu-
atons &C., Ia certainly bad enough, but IL can be
estimated. Their other operations damage the coun-
try beyond all estimate. The HERALD readers know
and understand this.