Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1872-02-03
TUCIREhsrEY RING.

III 1htASC L hANG.
Ga the first page will be found an ex-
tended account Of Secretary Boutwell's
violation Of law in funding the national
debt, copied from the y. Y. Hrra'd. The
same journal 10 a subsequent article shows
tina, Mr. 3outwell's action is precisely the
course so unsparnsy condemned by him
while member Of Congress, and before
he was thought of in connection with the
position he now holds. 1t appears that in
1860, formidable Ring" was organized,
which by persistent bull and " bear"
transactions disturbed the monetary affairs
of the country. until Congress was
besieged BY petitions for legislation to re-
strain, if possible, such operations by Gov
erumcnt officials, or by private officials on
Government account. The petitions de-
mandcd that Congress should act without
delay, and make such provision by law
as would deprive the Treasury Ring of the
power to to prey upon the people under
the pretence Of funding the national debt,
and especially to provide that no " Secre-
tary of the Treasury, should have power,
under the law, to make secret arrange.
ments with its particular favorites to raise
and dcpress the business interests of the
country at pleasure" Mr.. Boutwell, be.
came the champion of the petitioners, and
on all occasions condemned in unmeasured
terms the Treasury Ring operations. To
further the views he then held, he, on the
LIST of January, 1869, introduced the fol-
lowing bill:
"Be it enacted BY the Senate and House OF
Representatives OF the United States of Amer
lea in Congress assembled, That from and
after the passage of this act no percentage, de-
duction. commission or compensation Of any
amount or kind shall he allowed to any person
for the sale, negotiation, or exchange of any
bonds or securities of the United States, or OF
any coin or bullion disposed of at the Treasury
Department or elsewhere, on account of the
United States; and all acts or parts of acts au-
tHollLiHS VI " SohStiuStiOi VI
otherwise, the Secretary of the Treasuryto ap-
point any agent, other than some proper officer
of his department, to make such sale or neg3-
tiation OF bonds and securities are hereby re-
pealed.
SEC 2. And be il further enacted, That
after the passage Of this act all exchange, pur-
chases or sales of the bonds of the United
States shall be made by inviting the competi.
ton of the public by advertising for proposals
for any such exchange, purchases or sales,
which shall be awarded publicly to the best
bidder or bidders, the Secretary of the Treas
ury reserving the right to reject any such bids
should he deem it to the public interest to do
so.
SEC. 3. And be it further enacted, That from
and after the passage of this act all sales Of
made at public auction by proper officer Of
the Treasury Department, after giving public
notice of the time and place such sales shall be
made by advertising the same"
The bill. however, failed to pass. Soon
as Mr.. Boutwell, became Secretary of the
Treasury, his bill which had been intro.
duced, encountered his determined oppo
sition, and was defeated through the
increased influence his position gave him
to combat it. The sequel indicates the
causes which have brought abou,
this radical change Of views. His interests
were promoted by opposition to the Ring
until he became Secretary, and self interes,
now prompts him to play in the hands Of
INSCRIPTIONS knaves, who have already
swindled the Government out of millions
of dollars. Like Grant he will retire from
Office rolling 10 wealth, obtained from these
unlawful appliances, and like all official
thieves of the present day the Radical
party will idolize him for his shrewdness
and honor him for the absence Of virtues
now SO rare in public life.