Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1871-02-15
Washington City Gossip.

The new national loan, designed to liqui-
date the existing loans, and reduce the rate
of interest. will be placed on the market on
the 9th of March, next. 1t is in three
classes-the first of FIVE hundred millions
dollars to bear five per cent. coin interest,"
the second, of three hundred million dollars
to bear coin interest at the rate of four and
one half per cent, and the third, OF seven
hundred million dollars interest at four per
cent. in coin If these bonds are taken up,
the saving in interest, and the increase in
income, will accelerate the liquidation OF the
debt Or, if the policy of relieving the
industry of the country from financial bur-
dens be adopted, the saving made by the
reduction of interest will amount to nearly
or quite forty million dollars year. The
policy will probably be to take advantage OF
the limitation of interest to reduce the vol
ume of debt. In this event two hundred
million dollars can be paid yearly, with no
greater stain on the country than is now felt
in liquidating one hundred million dollars
yearly.
After a long and heated discussion, the
United States Senate on Thursday last con-
frmed Mr.. Cramer, brother-in-law of the
President, as Minister to Denmark.
Many hope the proposition to remove the
officers in charge of West Point Military
Academy, aud to dismiss the first year s
class of students may be carried into effect
by Congress. This class has been guilty OF
some high handed outrages, and the officers
evidently have not enough moral force to
either control or restrain them. There is
not the slightest doubt but that much of the
trouble with the colored cadet is the out
growth of conspiracies and prosecutions
against him. The emergency requires Off
GERS 10 be in charge of that institution who
are capable of appreciating the demands OF
the times, and who have nerve enough to
fairly protect all cadets, whether boys OF
youth, black or white. The officers now in
charge are certainly deficient in will power,
and should, for this reason, if no other, be
displaced. As for the class which has been
perpetrating outrages. an application OF
strong law or removal, is needed for its
moral influence.
The President, on Tuesday week, sent q
message to Congress recommending that our
mission to Berlin be raised to first class
on an equ:l footing with that of London and
Paris As united Germany, without doubt
| occupies foremost position among the ma
tions Of the globe, there can be no possible
| objection to the proposition, and it is, be
sides, very graceful recognition of the re-
cent union of the German States Certain
ly, Germany is now entitled 10 as full and
complete recognition as any other great pow.
er in Europe.
The business men of New York have
shown both sense and patriotism in theil
memorial to Congress, asking that the sub
sidy business be abandoned, and Law
passed simply comforting on our citizens the
right to purchase ships whenever they can
in any of the markets of the world Thi.
will place us on par with other nations il
this respect, and the claim is that American
enterprise only asks for an even chance, anC
it is ready to compete with the world.