The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-01-06
Boutwell, and his Syndicate.

Seven miktcus and half Of dollars,
or oso-hslfo one per cent. is The com
mission authorized to be paid to the
government agents for negotiating the
new loan. But this sum has been con
sidered 100 snail, and an increased com
mission is to be asked for The sub
jeet is discussed adversely, in the money
article of the Philadelphia Ledger. 1t
says;
Another point on which we dissent from the
suggestion in the report of the Secretary Of
the Treasury, is that In which he favors an in
crease Of commissions for the negotiation Of
the new funding loan In Europe. Judge Rich
ardson the Government Treasury agent abroad
informs the Secretary, who comedies with the
faot stated, that the most serious OBJ gtacle in
the way o. negotiating the and 4 X per cent.
bonds in Europe is theinadequaey q the com.
missions allowed. he says one or two leading
European bankers had declined to act as agents,
and others who accepted the agency failed 10
give that attention to the business which would
have been bestowed upon il had the commits
sions eorresponded more nearly 10 those usual
" received BY them for the negotiation OF rub.
nc loans. There is quite too much Of this
toadying to foreign bankers In the anxiety OF
Government officials TO have them lend The
nation money. Those who hold oar loans at
nome or abroad are content, and as the nation
= not borrower, With the view Of inereasinp,
~ DEBT, the Secretary Of the Treasury NAV
wen nnord 70 save US the humiliation OF having
cur omclat solicitations In Europe met with
ayerted iaees, unless larger commissions are
offered. The little saving proposed to H. Jain
ed BY a reduced rate Of interest on psrt OF
what We owe Is not worth the national disered
u that follows partially successful attempt
% borrow. The better way to sell our bOnds
~ lower rate OF interest Is to look at home
any anu nsee them entirely unquestionable secur-
ny. II they are made as good as thuse of
other nations, or better. and pay a higher
rate OF interest, capitalists all over the world
mih not De siow In 6Rding out the fact without
me ana OF Intervention OF agents. The moro
sending ous canvasscrs to solieitsubscriptious
implies 4 want Of credit at home, and rather
es.s .n .nsa advances the thing sought. The
Iapiu reduction OF the national debt, or the
annual cost OF carrying it, seems to be the one
grand Pnrp pose OF the Secretary Of the Treasury.
anu witiiin Discreet and reasonable Limits. II
Is nest commendable ambition. But ther.
Possiniiity, BY too much taxation, Of weak
aiug lne national Resources, and thereby i'm
pairing the national credit. There i also a
possibility OF making, through e.ees.ive rop,.
missions, the cost Of changing the bonds on a
ligner ior those OF lower rate Of interest. with
me attendant cost OF semiannually paving me
ihtereft abroad. greater than the amount saved
10 interest," More may be gained Ia credit bv
economy IN our national expenditures, thus
.asoring tow taxes, and BY an anvarving al
herence to national faith an a integrity IN mar.
pose, tnan can possibly CON. .hroueh peddline
.Keheles abroad at high or low Commissions,
me boston ddUertiser, the ~ York Pat and
. ..ncr NJ caass papers join Us in the inquiry
WY sdgsn-e commissions 2" The .Joarnal
Commeres very justly remarks that very
Il sfands, and this has been REGARDED AZ a oh.
surely there is no proper reason for increasing
mat compensation. When Congress fixed The
hmit % was supposed BY the friends of the
measure that much Of the authorized allowance
might DC saved to treasury and .snot exceed
.as 'nc n.H ot one per cent" was fixed upon
as inc extreme which could be granted 10 cover
All expenses. This would have siven even
ana bsH millions Of dollars on the whole
Iosn autnnrixed but for rart Of IT, II appears,
an extra and, az We think, an illegal peraaisite
n1 Mrssay been given to the syndicate. II
ehx TINS IN terms as Indicated Ia the public
nnhounerments, II would amount to about ~
~ usnr aaditional, or say twenty-five and
nsn miiiions extra, il applied 10 the whole
, lean. The saddest part Of this constant Job
uag o. me part Of those who manage the
public tunas Is not In the amount of which The
..sssasury actually dcfrauded, but in the 10.
aherencs With which the facts are received
NE, n1en spread before the people. The story Is
so'o, me taets are generally admitted, the
aaes ngnres arc read, aud the bearer or read
% sarngs his shoulders, and instead 81 burn
g inauguration against the robbery he only
teeis nall suppressed desire that the pickings
nad come 70 his pocket instead. This NAV
seem marsh Judgment. but we appeal for the
uu,h or to all who hear it. There Is abun-
uant evidence, in the present tone OF feeling
evofywnere, OF an alarming decentralization
k..uw"ing ~ great measure out OF familiarity
with unrebuked violations of special ohligs-
'lnns and constitutional restraints. II Con
gress snoaid grant Eve per cent. commission
On me whole loan to the hungry negotiators,
mere would be little righteous indig nation al
inc gross outrsge--PAiia. Ledger, bee. %.