Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-11-24

The annual report of the United States treas
urer shows the condition of the treasury as if
was at the close Of the fiscal year, which ended
with June ID, 1871, and is addressed to the sec
rotary OF the treasury. He says in relation TO
the new loan that under the seCreiary's commits
sion, he visited during the past season the prin-
cIpal cities of Great Britain, Saxony, Baden.
Bavaria, Wurtemburg, Austria, Bohemia,
Switzerland and France For the purpose of
aiding in the negotiation of the new loan he
called upon the agents appointed by the govern
ment with Il view to ascertaining the steps al
ready taken by them in regard TO its negotia-
ton, aud made to them such suggestions as
seemed eXpedient 10 place the subject IN "A IA
yora6le light before the European public With
the same view he called upon our ambassadors,
ministers, c0nsulS and commercial agents, and
upon many bankers and financial men in the
countries named. Through this intercourse
with al kinds Of persons who were well in
formed upon such subjects, he learned that the
ume Tor placing our new loan was an unfayora-
PIE oneior It's success in European money mar
kets. II was too late and too soon. Had con-
gress given the secretary authority TO negotiate
this loan before the breaking out of the late
war that France made upon Germany, ii would
have been all taken at once and at that time
but later the bonds ofsevera other governments
were in these markets, and were offered AT rates
much more favorable to the purchaser than
those authorized by congress for the negotiation
of our loan. An almost insuperable difficulty
in the way of the negotiation of our loan was
the low rate of commissions. II is, however
source of qualification that, by the
secretary's own act and judge Rich
ardsOns adIoit management, all obstacles
were removed, and the loan was disposed of at
day much earlier than General Spinner who
abd looked over the whole ground had supposed
possible. 1t is therefore not to be wondered AT
that even our friends at home should have dis,
believed in what is now known to be an accom-
nllSlpl AZ l,n
he says, are not even now satisfied, and would
perhaps be equally diSSatSfcd whether the loan
was or was not taken. The cavilers are now ST.
fenced by the TACT known to all well informed
PersoHs mat all the five CT cent. stocks offered
ny the secretary had been taken and that the
government has now none for sale Many nr
our people, he says, object 10 making the inter
esl on our loans payable in foreign country
alleslhS, as reason, that it lowers the dignity
ol our money transactions Ii occurs at the
BORROWING OF the money and not with the nav
ment of the interest thereon. IT minlt he w1rfb
the while of our legislators to 90 into the caIcu.
lation OF the commercial value of national diW
nifty. In the present financial condition of orr
country it can i'll afford to pay an extra per
centage to save itself from the imaginary lnSS of
national dignity. While upon the subject il oc.
ours TO him that those of our people who are so
very sensitive on this subject, and who are 50
anxious to sustain the dignity of the nation
abroad, could ind much stlrer way to carry
oul lnclI YtlWs ana accomplish tDeir end II they
would insist that the representatives of the ma
ton in foreign countries, who are commissioned
to look after its interest and sustain its honor
should be paid a compensation upon which they
could subSist their families and live decently if
not respectfully.
The delays OF banks inlmakng their semi-an-
nual returns and in the payment of the duty
| referred to in his last annual report. have IN
creased during the last fiscal year. Most of the
| nauonal banks pay the tax due from them
| promptly within the time specified by law, and
! treat this requirement as they do other o6liga.
uonS AGAINST their respective institutions. But
theie afe 0ther banks that have been careless, if
not wiliully and habtually negligent, in making
their returns and payng the duty due from them
TO the government. For the protection of inc
treasury a2alhst the growing evil he respect
nual report that percentage upon such duty
! be added TO it for every ten DAYS DELAY in nay.
| ment, after the expiration of The one months
time now allowed by law. Legal enac.ments
giving authority to his Office to add one per cent
70 the duty due from banks for every ten DAYS