The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-05-18
THE TREATY BUSINESS

was OF very low rate Of interest in the str et to-
day, Washington despatch that the supplement
tary would 60 through, and that General Banks,
who Is strong opponent Of 1t, had said so, being
eounteracted by a London despatch to the effect
that the delay on the part Of the American Senate
to ratify the additional article to the treaty
garded In business circles fatal to It, This i'm
preston certainly prevailed upon the London Stock
Exchange, where American securities were very
quiet, and there were not wanting men, not asso-
ciated with the administration, Of course, here
who thought that the London people had
better idea Of the matter than the
Washington agents Of Wall street. In fact, it is
difficult for intelligent men to understand in view
Of the persstency Of this English Ring in their
effort to force this degrading concession upon the
American people, how the administration can
urge cooperation upon the ground that 1t would
re-establish American credit abroad. II o Senate
Of the United States Is capable, for the purpose of
borrowing money, Of dragging the national honor
into the dirt, what guarantee Is there that If the
obligations they thus enabled to assume become
burdensome they may not be repudiatedS The man
who betrays his country will steal and the man
who prostitutes the honor OF his country for polit
CAL partisan or pecuniary interests will repudiate
II he has the opportunity. This is another Wall
street (anancaD view OF the matter.
II THE ONLY SENSATION
On the street to-day, which, however, did not pro-
duce any material effect, was the receipt OF
couple OF dispatches from washington, one an
n0uncing that the House had adopted an amend
ment to the Tariff bill, permitting the payment Of
one-third customs duties In grcenbacks. Following
this came another despatch OF the same purport.
but permitting the payment Of one-third customs
duties in national bank notes. Taking these toge-
ther-and as they came through an authentic chan
uel 1t Is right to assume that they correct-the
kovernmnet is reduced to one third OF the customs
receipts OF the country for the means opayng the In
terest the public debt, and the purchase on &C.
count of the Sinking Fund yearly Of per cent of
the principal. 1t Is worth while, them to examine,
Ii not for the instruction Of Congress, for the
understanding OF the people, how this would work.
The total customs receipts from all the
ports for the week ending June so,
1871, were S2Ot 2sO,406
Divided according to the proposed enactments
this would be-
Onethrd legal tenders .............. Sos, $500
Onethird national bank notes......... 0s.o6,So2
0ne-third gold. ......'....'''...''''' oo'oo,oo1
Total. ............. s|0oA'o'sVo
This would make the customs receipts stand as
folows:-
Paper money. sl3i ,5i3,6ot
Goiu' ooi'oo'o0-
IOtal Nzoo, 9oo
The interests obligations for the fiscal
year ending june 30 1871, nearly all In
R0d, were as iO0wH... 1895, SIC O6j
Gold receipts from customs as above. 6s,75o 500
Deficit on account OF lnteres. on
PUBIC urp..... $50, 49, Io3
But SUPPOSE Congress is given credit, in the ab.
sence OF fuller reports for NOT being so stupid as TO
mean both onethird grcenbacks and one.third
national bank notes, but onethrd, indnerenty OF
either, the account would stand rs iollows:-
For Customs duties
G0lu. l37, bl3 60i
-
interest account. Sl21,5 $50
sUTplUS
equal to scarcely x per cent OF the amount re-
CURED to meet the purchases cnjolucd on account
or the sinking fund. This calculation Is OF course,
based upon the Official returns OF the last fiscal
year. In the meantime the debt has been
largely reduced. and the interest account reduced,