The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-22

WASHINGTON, JAM 20. 1872.
Tho Treasury Department Is again shrouded In
yust degree Of uncertainty that characterized
lt when wholly under the control Of the Treasury
Ring during and Immediately after the rebellion.
One day 1t is given out by authority that the
Syndicate has taken 5000 900, 600 more Of our new
bonds. The next day Mr.. Boutwell, comes down to
Newspaper row with an ambiguous denial.
| Outside Of Mr. Boutwells little clique of favor
ses-the Treasury Rhg-al Is uncertainty. Inside Of
Che charmed circle all is plain sailing. This pro-
Rramme enables the Ring to make very profitable
s'corner" In money or other markets every now ana
then, but 1t Is most disastrous to taxpayers.
Secret arrangements are being perfected for
monetary transactions amounting 10 $6)0,0O0 600
transactions that WILL seriously affect the monetary
Affairs OF the entire nation-but not one word con-
perning the business Is permitted to be made public
that possibly be kept secret But for the enter
prise of tho HERALD in obtaining all tho facts and
laying them before Its readers not twenty people
put OF 900 would be permitted to know o
word OF the business that seriously Affects them
RL
shat arrangements are being made for the Syndi.
cate to have more bonds-$6oo, 100000. or
more or Iess-just as many as The managers
can manipulate. They run no risk whatever--could
gust as well take $0,0 OOo 900 as 5000 100000 The
government risks everything and the Ring nothing.
Fhe Financial Chronicle correctly the case In
these Words
The Syndicate does not to have bound itself by any
sSa I'm the nw PER Hs to ona:
5nem on their hands at profit during the six months Mr.
he have s
ndosc lie bound h Tasry 10 @ s 0in oa5ss 'Hs
res 2" al the bonus they could OF within the limit OF
&to tho Syndicate privileges equivalent to all the money
Auring two years.
/ MIR. Secretary Boutweil's favori.es are however,
In no hurry Tor more ponas Just at present They
are waiting now TO lobby through Congress certain
provisions "givtng legislative construction to pre-
Sious laws" which Will legalize the past violations
pr the Secretary aud at the tisle give the Ring
larger profits future Jobs. There no particular
hurry about the nov job A portion OF the bonds
taken last summer as yet unltsposee Of but are
nevertheless drawing interest from the national
Treasury for the benefit of the Ring. Additional
ponds. In sums to suit, are at the disposal OF the
eyndtCate whenever wanted. Sucn IS the true state
ment Of tue case Secretary Boutwell, to the contrary
Notwithstanding. He dare not publish his corre-
spondence In relation to this business. 1t is the
peoples business. yet Secretary keeps every
thing secret as far as 1t Is in his power,
,ss.. 'FOR THIS WE ARE DoCrOaED."
Tho immediate pressing need OF the Treasury
Ring Is, not more bonds, but additional legislation.
secretary boutwell, does not think safe to continue
his syndicate operations IN open violation OF law.
three per cent profits on the conversion OF bonds.
II the law cannot be violated with mpunlty it r1ust
be changed to meet the necessities OF the case
on the I'd Inst. Secretary Boutwell, wrote that
most extraordinary letter to Speaker Blaine, which
has already appeared IN the HERALD offering to
send his chief clerk, Mr.. Sayille 10 Instruct Com
mttee OF Congress as to the method Of giving leg
lslative construction to previous laws" the Dusi.
pess was TOO important, however, to be entrusted
boldly with chief clerk, for Mr.. Secretary Boutwell,
hnd Mr.. jay Cooke botn made has,e to appear before
The mr. mi Tina f md
II - :" THE RINGS PROGRAMME.
the Rings plan IL to lobby through Congress GER
lam provisions Of law, innocent enough IN appear
Treasury legal authority to do three things that he
Is now strictly forbidden by law to dos
First He is TO have power 70 extend the time allowed the
n0 Gao To m bonds Ga government acc Junt from
ahreo raonshs 70 o re year
Of one cen. on conversion instead OF half that amount
Th,rd-Hs ~ to 30 authorized pay the interest in
Europe.
The three above named provisions Incorporated
into tue laws OF Congress will enable Secretary
OF from five to six per cent, or total commission
OF about sos 100000 upon the conversion OF the re-
nalninQ 800 900 900 new bonus, besides the profits
on the sale OF exchange on London 10 our govern
ment TOR the purpose OF paving interest.
10 the S05,U00,0yU direct commissions and the un-
known profits upon the annual sale OF foreign ex-
change TO our government tO pay interest, must be
nddoi tue profits accruing from inc use Of unad:
markets generally with government money or bonds
on government account, and you nave the whole
TINS Is certainly the most stupendous Job on
record. Little wonder that Its very head centre
makes haste 70 come before Congress In person to
SOME OF IT'S DETAILS.
BY authority OF the proposed laws The Secretary
could issue to the Syndicate $1,000. OOoOOO new
Interest bearing bonds, In exchange for like
posts Of coin In bank or D'1nEs owned or con-
trolled by tlo Syndicate The bonds 10 be retained
one year IN tho United States Treasury as security
meanwhile 10 the syndicate.
[ From time to time during the year "calledn five.
twenty bonds also tearing interest could be pur-
chased, deposited In the national Treasury and the
new bonds drawn out, put upon the market ami
the certificates OF deposits taken up with the
proceeds-the syndicate having during the
whole year ct least one full set Of $1,000 600
terest. To this must be added the one per cent
direct commission TO be allowed by the proposed
law. and 1t Will be seen that the Ring Will realize
something over Sdso0Jooo In the course Of the year
from commissions alonc-provided Of course that
OF 1ne-twcnties to make them "either sell or con-
{ the Ring WIN not need to use a cent OF its own
She law for depositing government: money In
fuTnsn his friends ali The money they sSt need.
I 1t will he quite impossible to compute the profits
OF the King derived from manipulating - 800, 600 600
A could mulct the government in the annual sale Of
exchange on London. Let US, therefore, pass TO the
cia metropolis oil The United States
FROM NEW YORK TO LONDON.
1--WE have thought,u said the most patriotic ana
pure member or our present Congress, "tnat the
Uuted states would become The commercial centre
81 the world, and at time not far distant; but II
this proposition 10 pay the interest on portion Of
our debt 10 Europe becomes a law that Tune VIII be
e q Inc GIFTED s:
will be transferred from New York 10 the English
metropolis II our government must go shining
about tile money markets twice year purchasing
exchange OH London. IL Will be nice thing.
doubtless, for bankers who Will buy and sell the
EOreign exchange on government account, but most
disastrous TO the best interests Of our c0untry.n
Sucn are the words or one oil The best and most
exgacious men In the present Congress, and he Is
BY no means alone In his opinion. Perhaps the
King Wilt obtain the legislation II seeks. We shall
see.