New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-09-14
Our Fiscal Agency i'm London.

Washington dispatches announce the an
Rointment OF the London house Of Messrs
Henry Clews Il Co., as fiscal agents il
London OF the United States government il
place OF the present appOintees, Messrs
Barring Brothers Il Co.
Tbs honorary appointment is conferred
on this eminent house as token of reeogni
tion by the government of their able Ser
wees IN the support Of all the financial
measures OF the government, and Of the
Union cause in the late civil war.
19o duties OF the government fiscal agent
IN London comprise the payment of al!
moneys on behalf of the United States on
foreign account, including salaries of con-
sTis' ministers, and similar expenditures,
also negotiation of all monetary transac-
tlons on behalf Of the government in
foreign markets. They are, in short, the
accredited representatives of the govern
ment Il, all measures involving financial
| negotiations or transactions.
Inc United States have had fiscal repre-
sentative in London from the establishment
OF the national government, though for
many years the post was one rather OF honor
than one requiring exertion or financial
ability. The Bank Of England held the posi-
tlon 1or many years in the infancy of our
government: but in 1913 the agency was
transferred to the eminent house of Barring,
brothers 4 Co., in recognition of the dis
tlnsulsheu diplomatic services Of Lord Ash
burton, at that time senior in that house,
VINO was sPecla! envoy from Great Britain
to confer with the Washington government
IN regard to the vexed question Of the north
eastern boundary OF The United States-a
question which at one time Threatened To
result III open hostilities. The Ashburton
treaty OF August, 1912, was recognized by
americans az favorable and permanent
adjustment Of pending disputes, and the ap-
polntment OF the Messrs Barring as the fnail-
claI representatives abroad of the United
States was approved by all its citizens as a
worthy compliment The present appoint
ment OF Messrs. Clews. Habicht l. Co. will
meet with no less general approval as a
recognition OF signal services rendered to
the government in the time III it's creates.
need. The history Of this house is but a Sc
rles OF prompt and successful efforts in SUP
port of the credit Of the United States at a
time when large numbers Of our own citi-
zeps, as well as foreigners. were disposed 10
douot the stability OF the government.
Az the breaking out of the war the efforts |
OF the treasury were directed at first only !
to the raising OF temporary loan for de- |
lraylng immediate and pressing expendi- |
lures: The aggregate required was only |
Slo,ooo.ooo. and the interest promised
was excessive yet so great was tie
panic which had seized upon the 1inan-
ciai community that but $4,000 900 were
offered to the government out Of the
*lo,co0,ouo which were invited In This
emergency Mr.. Clews. with that foresight
winch Is his distinguishing characteristic,
recognized beyond the dark cloud. which
at that time appeared to surround the for
tunes OF the republic. the brighter sky of
prosperity ahead. and by personal influence
ana actlve eXertlOn among prominent MEM |
uers OF tine mercantile community he was |
able to disseminate his own views among
he doubling, and proceeded to Washington
within few days to offer Mr.. Chase. then
secretary OF the Treasury. the additional
TX mliilons which We're necessary to pre-.
erve the credit Of the government. This
vas but the beginning Of his connection
With the government loans. When the
ssne OF the seven-thirty per cent three year
OF the government were offered
Q the public, Mr.. Clews' firm took the lead
sales, and when the fve-twenty funding
cts were passed the sphere of influence Of
is firm had so enlarged that their sales
ggregated at times S., ,OOOO0 per day. Mr..
;hase Is reported TO have said in regard to !
he tve-twenty loan that had it not been
Or the exertions of jay Cooke, of Philadel {
hla. and OF Henry Clews, OF New York.
40 loan would not have been taken.
From those dark DAYS I'D to the present
me the firm in question have been unre- {
nttlng supporters Of the treasury. of the I
rmy and OF the government and the evil
ence now offered by the administration Of
s appreciation of the successful effortA of
friends is an exception to the rule that |
spublics are ungrateful and is comp]l- s
ent to this distinguished banking house :,
h'ch all citizens will approve.