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

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WASHINGTON Jan. 4. 1s69
The small cotere OF stock brokers known as 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 CT 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 McCulloch has
been doing all along. and to procure the passage Of
a law authorizing foreign loan with government
agency In London or Frankfort. Then start the long
talked OF new great American banking house in Lon
don with Secretary McCulIoch at its head and they
can laugh at reform for the next four years. taking
meanwhile, SIS, 600 900 or $4,000 900 more from
tax-burdened people.
In regard to that new American banking house in
London with Mr.. McCulloch at its head, provided
certain matters now In adlustmenJn- to
be the contemplated foreign loan bill-"turns out
satisfactorily do not learn that 1t has been given
up; but, on the contrary, certain very Significant
facts seem to indicate tnat 1t 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.
tton:-
Resolved That the Secretary OF the Treasury be directed
posted by the Treasury State Departments with bankers
ss ny Il
q ssa Se
any and what rate of comnsson charged for keeping the
sssns. deposits disposition has been made Of
said interest.
This resolution it win be SEEM was drawn by Mr..
Hunter, who makes thorough work Of whatever he
undertakes, with extraordinary care; evidently
with the design OF preventing our artIul Secretary
OF the Treasury from making an evaslve reply. The
country knows by expensive experience that Mr..
McCullochs forte is secret manipulavons and artul
d0dging. Take. for example, his reply to the House
resolution asking the amount OF United States de-
posts In national banks; consisted OF thirty pages
Of figures and It was not until your correspondent
and published the result in the HERALD OF April rs
that Congress and the people were whit wiser for
M. McCulloch's s0-called reply.
In regard to Mr. Hunters resolution, above quoted,
cannot ind that the Secretary Of the Treasury
has y ws cs
any one who has heard Of anything like reply, YER
bal or otherwise. The amount OF the peoples gold
favorites In London and other European cities can
not therefore, be known except to the Treasury ring
some estimate 1t a. $500 co. and Others usually wen
IS, 0O0,0 900. Would not IL make nice nest egg for
the new American banking house In Londonf NO
wonder Mr.. McCuloch Is disnclined to let the peo-
ples representatives know the amount. The reason
The pretencc that it Is necessary to keep this de-
post with foreign brokers to pay our foreign Minis
tiers In 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 lega-
ton to the United States M. John Htz, gentleman
CO
whatever. small aIlowance-too smali-is made
to pay his attaches, but nothing whatever for the
Now, while Il would not, perhaps, be well for our
government 70 copy the Swiss too closely IN this re-
suisSed 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
drafts on London instead OF New York; The rate OF
taxation and cost OF living in foreign cities are less
n n C 80 ss5s ne aes %
been buying gold with greenbacks 10 pay Its foreign
Ministers this i've years past. Now, why not pay
buy the gold, or not, TO suit thcmselvesY
In regard TO the rings scheme OF 2 foreign loan,
with q United States financial agent In London, II
would seem that a form OF bond good enough FOR
American citizens might answer for our foreign
friends. They certainly think 80. Gdts0ndna Of
December 10, informs It's patrons that
stock, payable London and FrankfOr for rsasesns II
S 1sss y ssnss
agan the designs Of any party thai might BE- dpcsed to
tAmper with the public faith. Doubtless those brokers con-
necsd with Mr. hcCuloch desire 70 bring this manipulation
forward while he 10 IN power
IL 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 rs would enable our general 9gent 10 request
from the government "trining commission Of
onehalf OF one per cent 70 'popularizc" the loan.
to make three times ns much more BY sudden nuc-
tuations OF property, and taking early advantage
thereof Is not 70 DC found in every day operations
past OF constantly changing the value Of not only
the entire properly. but the labor interest Of the
Operations. The taking OF $4,000, 200 from the
people in shape OF commissions, profits on fnanipu-
latons &C., Is certainly lad enough but u can be
try beyond ali estimate. The HERALD readers know
and understand this.