The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-06-04

Tho Great Unratffed.
That unfortunate child of diplomacy, the
Treaty of Washington, still pursues its I'M
certain career and evokes on both sides
Of the Atlantic hearty disapproval
of its existence In the Houses of Commons
and Lords last night the replies of
Mr.. Gladstone and Earl Granville will
not give much comfort to those who believe
that on the ratification of the supplemental
article our national existence hangs Of
public opinion in this country, outside
Of the stock jobbing interest, it may
truly be said that the treaty's failure or sue
cess is q question of supreme Indifference.
The proceedings in the English Parliament
last night taken with our dispatches
from Washington on this treaty matter,
will sufficiently indicate the miserable con-
dition into which the negotiations have
passed The language of the English men,
bers is insulting in the extreme, and that of
the English Foreign Secretary scarcely less SO.
It is no longer the two great govern
ments gravely considering a misunderstood
ing, but an exercise of sharp wits by
British traders, insisting that they get
the best of O close bargain. The fact that
our claims for indirect damages have been
surrendered does not crafty those honorable
gentlemen; they deny that we have any right
to found q principle of international
law on the capitulation. Indeed, the ire
sponsible members carry this much further, and
speak of the Senates surrender with all the
horror of Bob Acres serving man when he smelt
gurpowder in his masters challenge. The
impression, therefore, grows on all sides into
belief that the treaty will lapse, and that the
arbitration at Geneva will be postponed without
q hope of ever meeting again. In this it will
not evoke single regret from any American
who values his country's honor; for
though the opportunity to bind the two
nations seemed once suspicious, the peace of
the world will be better preserved in the lapse
of o treaty so sadly bungled in all its stages.
Government Cola and the Gold Market.
Mr.. Boutwells friends and some short
sighted fnanciers have endeavored to create
the impression that, in consequence of the
demands upon the government for gold, the
Treasury had little that could be called its own
and might be short of the precious metal
Their calculation was based upon the demand
for redeeming the debt called in, the accrued
interest on the balance outstanding, and the
current wants of the government. They
seemed to lose sight Of the fact that there is
frC,,, off
five millions week into the Treasury, which
is equal to, or nearly equal to, the outflow.
The Treasury statement on the LIST of this
month showed that there was on hand
S91, 1921 in gold and $11, 207313 in cur
rency-in all, S102,316, las. The outstanding
coin certificates amounted to $25, 1884, GOO,
which have to be deducted. There would then
be left in the Treasury, above all immediate or
outstanding demands S76 4S1, 545. This is o
smaller sum than Mr.. Boutwell, has generally
had lying idle in his vaults. Take the whole
period of his administration of the depart
ment, he has had ON an average hundred
millions lying idle and this for the three
years amounts to loss in interest of eighteen
millions of dollars. We notice that the Secre-
tary has ordered the purchase of two millions
of bonds and the sale of two millions of gold
each week during the month Of June, which
will be q disbursement of sixteen millions for
the current month. This will leave him as
large or larger surplus at the end of June
than he holds at present, for the revenue
comes in with greater stream than it goes
! out.
The gold spectators who seize every chance
TO influence the market, have been endeavoring
to discount the treaty difficulties with England
but have not been able to do much in that
way. Neither shrewd business men nor the
people apprehend any trouble with England
| or serious disturbance of trade should the
present treaty fail or a settlement be deferred
for while. Gold remains pretty steady fuc-
tuating only fraction or two per cent and
the cause of it remaining up to thirteen or
! fourteen premium is to be found in the very
large importations, and consequent demand to
adjust the balance of trade against us and to
pay interest on our indebtedness abroad. The
export of specie for the week ending last Satur-
day was S4,243,064 The total export since
the first of January has been s26 716, 225.
Against this, however, emigrants may have
brought near ten millions since the beginning
of the year. We do not know what the supply
Of the mines has been, but is, probably, more
than equal to the loss. There is no permanent
and suffcien. cause for gold going up higher,
or, in fact for it remaining so high, and there
is certainly no reason or proper object in Mr..
Boutwell, boarding SO much in the Treasury
vaults.