New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-12-05


dttiopA This prooositon VA considered sgd moMae"
and carly In August an agreement WA made Wild Jay
Cooke Co.. bankers Europe aud In tho United Sae"
By tAo terms Of the agreement tho parties represented
By Mesara jay Cooke d Co. had tho rIsns 70
subscribe for Tia remainder Of the e2oooeooW OF 'o
ssid bonds BY Giving notice thereof o. any tme pro.
70 the Ut Of Aprl nsxs BY subscribing for ooo"o o.
onsa snd for an average Of at Lest ooooe OF Donos
per month during To Intervening time. subject 70 eoe
right Of To HstonA Banks to subseribe for ssooooo
within - days from tho ss&h day Of August 1t was also
ssed .ubscrpons :hcua 9. 20 sos tSsss
s e: Ss sss 1s1 ~: ia 's ssa
8 Ss e J ma s.s. o =; 81. Sssss
& HSsu. is W sl anSSuSosG ia. Ssn;
Sy Ss SSe
tories public money the usual condition O. psSa1s
that at Of month notice would be gven Sne
i :S SsS. s. Sss
S:si: t. .s. q ssssss
ssa: '1 snsva :1' !s%sn .Ss G:
ss:s 81 liz ss sS:.s
e.; 'i.'s s!.
Sven that certain $40 bonds to the amount Of
Of sS % s
T. is7o would be paid the LIST Of December. and that
sS sn 90 as HOW in
the Department. Of which amount e7cooooo have been
II tine the
vous September Ave per cent bonds TO the amount OF
I'd faS
date now on ana under such w be- n
Guided in Q brief period Of time. BY tho act estab-
EStonsi bsa.n: Ets tho s Ssrs
from customs, and the authorizing the refu,d Ing
any bonds which in sucb notice might be specified ana
that the money received fOr the new boads should be
ss Sn N S
idea that inc holders Of Fiverwenty should re-
$ss should could a s.s
paid into and held in the treasury the United states
rst OF August last the demand for the bonds had
nearly ceased but b. the agreement referred to the
funding Of the public debt made the Of secur.
ine subscriptions to the amount Of about nsopoSS
derived an sdyantass in the use q TIC amount
Of their subscription for three months but this Without
ana :oi a. ~ y.S own 3
ne aotiatine tho four and half per cent bonds Eu
a Sresa
twOleadng European bankers declined 70 aot ~
ss snq asd to tue
which would have been bestowed upon It had ,ed the
received by them the regulation Of public loans The
credt Of The country fully estabshed IN every ansn
can be- nesotiated Ut their market value larger
lar o eitics than the bonds Of other country in the
IN advise such an allowance for cOmnis-
g. ss Of VT tie lent sG Ss
that Of ths country win DO sreaty promoted
seem to be unnecessarily large. also recommend that
a Be Sns tGr s u To %
ornment.
THE sH1rrING fNTEREsrs
Returns for the fiscal year isO7i show that the ocean
oommores Of tho United States passing rapidly into
tho hands foreign merchants and shpbuilders In the
year 1870 nearly per Of the foreign commerce OF
country In American ships In 1884, 1t had fallen
per in 1853 to "A cont and In 1871 IL re-
ported 10 he per cent The lOs OF the shipping
of the United States L. due chiefly TO two causes-nrst
destruction Of American vessels by Rebel cruisers
n. hs and secSnS aS IT
and and s sus e xoOa &hs the
S war; opeSsa EnssS Of steamship.
quired prodcieICy and since toat period
i s4s 1 than Sf n Ss osss.
that the superiority Of British Gschery and knSw
snSe advant%se over American shpbaders equal at
10 cent ypon the cost o. fhes
cost Of ron COAL and other materials and in the rate Of
saPs a IN
shbuders Is at least 80 per cent In considering the
fness must be- accepted ars that useless attempt
10 revive it with wooden ships. and secondly
s :Sn IRON With 'h IRON .ps posed 4
Hence the only practical questions for consideration are
iished in this country, and II by what nleansl The
aSS%' but S one round Voyages IN Year. Ths
value 81 our exports ana S and aS urn Ss
prssens decade viii exceed annually The
S 6rS e the
shown the STATISTICS already given renders t certain
.9a. the entire trade Of the country
pass into the hands Of our rivals TIE MONOPOLY Of the
merchants aud shipblders. carries with it the monopoly
Of ship6uiding for the entire world and a. conss;
S %i t. sfeamers An alteration Of the law. BY
x xnsa rsssl VII no equass
lief On the contrary, the change would stimulate
Ss sES In IN h
prosperity Of the blsnes: IN the sapyards Of our rivals
as f1st IT, ss S' Ts isf Is
the establishment aud continuance Of bodybuilding
in the Uuited stass; the ENCOURAGEMENT Of our own
81 n s the ~ @
export Of prOducts The importation Of articles
required for domestic consumption. the removal Of d
stesmshps or the allowance Of drawback equal
to the amount Of duties paid. will not. In the ex-
st,nR condition OF things tho rcGstablishment
Of the business but 1t otherwise the removal OF
duties or the allowance of drawback raises practical
questions great difficulty. while concession by
indirect process likely IN the end to prove
y sxpensive to the country. Several OF the o1istng
OF Governinent subsidies. They still encour.
aged by the same means. and It 10 unressOn-
aI,ie To enact that inerchants and shin
builders can successfully compete with this formula
be combination unless they supported by the power
Ar their own Government After careful confederation
Of whole subject prepared 70 advise the passage
Of a law guaranteeing to persons who may en-
pioy In the foreign TRADE Anercan.built frstclsss
~ kleas hurha