The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-12-05

cadent to the rcundIng Of the publc debt was made
OF about one hundred and thirty millions or dollars.
The BANKS, or those represented by The banks, de-
subscription Tor three months, but this without
other loss to che government tan what was incl
nj 10 the negotiations Of Inc loan under the law:
my own opinion, tRat tho most serious 0bstlDle IN
sne way oi negotiating the four and TOUR anu haif
per cent bonds IN Europe Is the
INApBoUACY or rnE COMMISSIONS ALLOWED.
When the circular oil the zStn February last was
Issued one or two leading European bankers de-
c,ned to act agents. and am persuaded that
others who accepted the agency failed 10 give that
attention TO the business which would have been be-
slowed upon It mad tie commissions corresponded
more nearly to those usually received ny them Tor
the q PUBLIC The credit q Inc coan
Europe the bonds OF the United taes can be
aotialed ~ their market value ~ a larger number
world Under these circumstances think 1t my
duty TO advise such an allowance for commissions
upon the four aud four aud q half per cent bonds
a. viii secure the negotiation 0i Wish the least
possibly delay. II needs no analysis Of the subject
10 show that the interests OF the country Will be
greatly promoted BY tho proceeding. even though
inc commissions should seein " be unnecessarily
for the payment OF Interest In London This can be
done without the least cost or TASK to tho govern
OCEAN coxME1CE--A PLEA P0R SUBSIDIES.
Returns for the fiscal years lS70-71 show that the
ocean commerce OF the United states ls passing
shipbuIlders. ln the year 1856, nearly sevenv-one
per cent Of the foreign commerce Of the country
fallen to iorty-sx per cent, In 1888 TO forty;
four per cent and In 1871 1t Is reported
sl less than thirty per cent The loss oI the
snIpplng Of tho United SLaics Il due, cheny 10 Two
causes-flrst, tie destruction Of American vessels
by rebel cruisers dummy the war; ana secondly tho
SUBSTITUTION iron steamships for the Transports
ton Of freight and passengers upon tue ocean IN
piuco ol s.s.ling vessels and steamships 0unt oi
wood.
When the war opened English builders Of steap,-
ships had acquired considerable proficiency. aild
since that PERIOD the has been carried re mgncr
fcrectiun in Gkaat Britain than IN any uther pa o
ee world II Is stated that the superiority or brsn
tfachincry and knowledge OF ur business
ny Brltfh mechanics give Al hvNaIf
tage over American shipbuliuers equal ny
inist 10 Ten Der cont upon Tue COST oi constuic-
Qop ihcy possess additional advantages I'D me
COST OF labor tnr coal OF iron. coal anu other matte
rails, and IN tho ratio Of interest upon the capital
employed, equal IN all to about twenty per cent
more. so tha the ds derence In favor OF British ship
builders 81 least thirty per cent In considering
she means Tor mo n'storation OF our ocean COM
merce two lac,s musrlse scceptod--nrst. tnat 1t IL
useless 20 attempt 10 revive 1t with wooden ships;
and, secondly, tnat rorf ships moved by salts can.
not compete with Iron snips propelled nv steam.
Hence the only practical Questions for consideration
ore these:-CaD The construction a iron steamships
he established In this country. and, n 50. BY what
means2
yHs TRAra-ocEAT COMMERCE OF IRE UNIFIED srATxs
would empioy about 100000 tons Of shipping