The New York herald., 1870-05-18

way, does not take well TO the treatment he has
received from the House. 1t n said that he b
very bitter towards Dawes and that he
denounced him yesterday on the Moor OF
the House, loud enough for Dawes to
hear It, as "a damned Yankee trickster, who
couldn't be trusted under any circumstances.n
There was some talk around the Capitol to-day Of .
hostile meeting between the parties but Schenck
left In the afternoon for Ohio and anything OF the
kind was contemplated 1t win probably pass over be-
fore he comes back. As many letters have been re-
ceved by members Of the Ways and Means concern
ing the prospects OF the Funding bill it may be
stated authoritatively that Funding bill OF some
sort win certainly be reported, and that strong
effort will be made TO have IL become a law at this
session. The Secretary Of the Treasury, backed by
the President, and, indeed, the whole adminIstra-
ton, Ia laborIng 70 have the bill reported as
soon as possible. IL is as much an admins,
tratlon measure a. the reduction OF the
taxes or the completion OF reconstruction, and
is 80 regarded by the President and the dominant
party in Doth Houses The only questions OF diner.
ence are what shall be the rate Of interest and
whether or not the banks shall be compelled to ex-
change their six per cents for the hew issue. AS to
the Importance OF funding the debt the republicans in
both Houses are unit, and 1t IS regarded as Of
the measures that must be passed before Congress
adjourns. is
MIR. Bowles' Testimony ON the Funding Bin.
Iwrote you some time ago that Mr.. Charles Bowles,
OF the Paris banking firm Of Bowles Brothers, was In
town and had testified before the Committee OF Ways
and Means OF the House the policy and practica.
bliity OF funding the deDt at q lower
rate Of interest. Mr.. Bowles is citizen OF
the United States resident In Paris, and especially
advocates the claims OF the American bankers and
citizens and tae middle classes abroad to partci-
pate In the funding process. His testimony, which
is very interesting, but too long probably for your
columns has just been published. He claims there.
In that great advantage OF the dissemination of
small bonds among the people Of the various coun-
tries Of Europe would result In more general dif.
fusion Of knowledge OF tho resources, power and
geography OF the United States and consequently
III an increase Of immigration. The proposed mode
OF funding the debt, being without constraint on the
part OF tie present bondnolders coercion on the
part OF the goveinment, is a new thing in finances
for European countries where the usual process is,
In effect forced conversion, and therefore
would be an especially interesting fact to
place before the middle classes holding our
bonds in Europe. 1t would demonstrate not only
the vane Of our bonds, but the generous and just
disposition Of our government as Iron.ht dirsct,v
in contrast with their own. He felt 50 confident of
" -.st ssAS DVAuo WOuu uC tuhcu up
by the smaller classes even at four per cent that do
said there would probably be demand for three
times the necessary amount provided tley were
made payable in the three international ourrenc,es.
either dollars, francs or pounds at As iscal agencies
OF the United States Mr.. Bowxcs testimony was
received with much interr>st by the committee.
In concluding he mep~t6ned an incident which
Certainly tells wei fo the financial reputation Of the
government. aey banking organization, with i'm
nense capital, was about being established In one
OF the greaS capitals Of Europe, and parties con-
nected with 1t waited upon Mr.. Bowles with an 0er
Of the presidency. Mr. Bowles was not able to ac
cept, but asked them why they 0frered 1t to him,
rather than to European fnancier. BECAUSE"
said they, 1--WE reallze that Americans are develop
ing the financial problems of the world to extent
and with power hitherto unknown. With an
American director and European organization,
uniting the conservatism and experience Of the
European sysiem with the energy, vitality and
larger scope Of the American practice our success
would be assured from the first start"
TIE Nicarasuan ship Canal Treaty-A Diple.
mafic Squabble Looming Up.
Tho grant which NJ. Chevalier the distinguished
French engineer, has obtained from the Nicaraguan
and Costa Rican governments, giving him exclusive
rights to construct ship canal through those
countries believed not to be Of much value in view
OF previous treaties secured by che late Secretary
Seward. In 1857 MIR. Seward signed a treaty with
Nicaragua which gives the United States prior rights
which cannot be signed away In q summary manner
by subsequent treaties with subjects ef European
Powers. President Grant, in his December message
to Congress- alluded briefly TO the Chevalier conces
sion, and stated that 1t was under proper advise
menL ! am informed that it is now being con-
sidered by the Solicitor Of the State De-
oxsytv.
that after all the Nicaraguan route for
an interoceanic canal will be found in the end to
be she most available, and In view Of that practica
billty our CONCESSIONS from Nicaragua may assume
an importance and value not appreciated at the time
they were made. Nicaragua seems not to regard
the treaties 1t makes with other governments or cit
zens of other governments. Three different times
IL made concessions TO the Americansthe first time
to Joe White Of New York, many years ago; next to
the Accessory Transit Company, and finally, In the
form Of treaty, signed In 1867, with our govern
ment. The two former 1t set aside various pre-
texts. and now 1t seems to have entirely disregarded
the 1867 treaty in making q new concession to
Michael Chevaier. The truth appears to be that the
little State has made its c0ncesson business matter
Of profit 1t squeezed all the money 1t could out OF
Joe White Is Co. and then dropped him. and the
probability Is that ChevalIer has also paid them
something for the new concession.
Fate Of the st. Domingo Treaty stin in
DOubt.
1t is hard TO know exactly how the senate stands
as regards the st. Domingo annexation question
The authorities differ very widely on the subject of
the probability Of Its ratification or rejection. The
friends Of the measure are very sanguine while
those opposed are equally confident it cannot OBJ.
tain the requisite constitutional number Of votes.
learn to-day that two prominent Senators, repre-.
senting opposite sfics have made q canvass Of the
Senate ana thar the result OF their labors Is an
agreement that thrtytwo Senators still opposed
The Texas Pacific Railroad.
The Senate Committee on Pacific Railroads to-day
unanimously reported Mr.. Kelogg's bill-No. e47-
with amendments. The eastern terminus Of the
road Is at near Marshall Texas running near the
thirty parallel to El Paso thence to San
Diego California. The capital stock Of the. com.
pany consists Of 100000 shares Of 800 EACH The
road is to be called the ''Texas-Pacihcn The
incorporators will meet within three months