The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1871-09-14
DIR FISCAL AGENCY IN EUROPE
From the New York Evening Mail.

States Government, in place of the present
annointees, Messrs. Barring Bros. q Co.
This honorary appointment IS con-
ferr4d on this eminent house as token
of recognition by the government OF
their abe services i'll the support OF all
the financial measures, and OF the Union
cause in the late civil war.
The duties of the government hscai
agents in London comprise the Paymen,
Of all moneys on behalf OF the OhiteQ
States on foreign account, including Sala-
ries of Consuls, Ministers and all similar
expenditures, also negotiation OF all mon.
etarv transactions on behalf of the gov
ernment in foreign markets. They are,
in short, the accredited representatives
Of the government in all measures Inv"IV
inc financial negotiations or transactions.
The United States have had fiscal
representative IN London from the estab-
ishment Of the national government,
though for many years the post was one
rather Of honor than one requiring eXer
tion or financial ability. The Bank or
England held the position for many years
in the infancy Of our government, but IN
1943 the agency was transferred to the
emlnent house of Barring Bros. 6 Co., III
recognition of the distinguished dlplo-
matt, services of Lord Ashburt"n, at thar
time the senior IN that house, VINO was
the special envoy from Great Britain to
the Washington government IN regard to
to the vexed question OF the northea't tern
boundary Of the United States-a qNes-
ton which threatened al one TO result IN
open hostilities. The Ashbnrton treaty
os August, 1912, was recognized by Amer
leans as a favorable anC permanent adj
iustment of pending disputes, and the
appointment Of tie Mesrs. Barring as the
financial representatives abroad OF the
United States was approved by all its
citizens as worthy compliment. The
present appointment of Messrs. Clews,
labtchi & Co., wl4i meet with no less
general approval as d recognition or sig
nal services rendered to III government
In the time of its greatest need. The
history OF t his house is hut Il series OF
prompt and successful Efforts in support
of the credit Of the United States d. a
tine when large numbers of our own ut
liens, as we'll as foreigners, wcr' al;
posed to doubt the stability of the govern
ment.
At the breaking out of the war the eff
forts of the Treasury were directed ~
first only to the raising OF temporary
loan for detraying immediate and press
ing expenditures. The aggregate reqnlr
ed was ONLY $10,O00,000, and the interest
promised was excessive; yet so great was
the panic which had seized upon thc
financial community that but S4,OOO,0OO
were offered to the government out OF fb'
$4,000. 600 hich Werr invited. In this
emprg, ncy Mr. CleWs, with that foresight.
which il n,s distinguished characteristic,
recognized beyond ;he dark cloud, when
at that time appeared To surround the i1r-
tunes of the Republic, the brighter sky
of prosperity ahead, and by personal in
fueuce and active eXertlOn among pf"ml'
nent members Of the mercantile commu
nitv he was able to disseminate his own
views amcng the doubling, and proceed
ed to Washington within Il few days 10
off to Mr. Chase, then Secretary OF tue
Treasury, the additional six millions
which were necessary to preserve the
credit of the government This was but
the BEGINNING of his connection with the
government loans When the issue OF
: 30 per cent. three year obligation Of the
government we're offered to the public,
MIR. Clews' firm took the lead IN sales,
and when the fvc-twenty funding acts
were passed, the sphere of influence OF
his firm had so enlarged that their sales
aggregated at times S5,OOOOOO FER Gay.
Mr. Chase is reported to have said III re-
gard to the fve-twenty loan that had It
not been for the cxertions Of Jay Cooke,
of Philadelphia, and of Henry Clews, or
New York, the loan would not have
been taken.
From those dark days up to the pres
ent time the firm in question have been
unremitting supporters OF the Treasury,
of the army and OF the government, and
the evidence now afforded by the Admin
istrarion of its appreciation OF the success
fll forts Of its friends is an exception
to the rule tha: republics are ungrateful,
and is compliment to this distinguished
banking house which all citizens will
approve.