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

are likely to do more damage than good to
their property by the singular admission. 1t
has been thought that our bonds were a secure
and valuable investment, because the country
is rich, powerful prosperous and honorable,
and not because they find ready sale on the
London market. But the wealthy Solons of
the Chamber of Commerce, trembling at the
fear of losing one or two per cent on their cap
ital, would make it appear that we are nation
dependent for the appreciation Of our bonds
and the carrying on Of our enterprises upon
the good opinion and well-flled pockets of
John Bull. We tell these timid gentlemen
that cowardly surrender of our gov
eminent to the English demands would
injure our credit more than the
failure Of score Of treaties If the Treaty of
Washington should be destroyed the response
bility rests with England, and not with us,
and we only return to the same position we
have occupied since the cessation of the war of
the rebellion, with the Alabama claims open
for future settlement. Certainly it cannot
make us weaker or less responsible as nation
to have large outstanding claim against Eng
land, which must be paid, with interest sooner
or later. Our securities will be the frmer on
the European markets for the frmness of the
other enterprises, if we cannot prosecute them
without British capital secured at the loss
of our national honor, we had better abandon
them altogether. But the ideas of the gentle
men Of the Chamber Of Commerce do not ex-
tend beyond their bank books and counting
houses. They cannot grasp the fact that we
ore great and growing people, dependent
only upon ourselves, and that the cramped and
used-up nations of the Old World are only too
glad to accept our securities and to receive the
liberal interest they yield.
A. If the present treaty should be destroyed
our direct claimants will be kept out Of their
money. There is short road by which to
escape from this difficulty. Let the United
States government pay all our citizens who
have direct claims for damages against the
Anglo Confederate privateers and become itself
the direct creditor of England. The claimants
will be benefited by this arrangement for our
own government is not likely to criticise their
accounts so closely as they would be criticised
by England, particularly if the claimants are
careful to leave good margin for arguments.
The London papers already declare that the
whole amount of property destroyed by the
Shenandoah amount only to little over one
million dollars, while the sclaims' on that
rebel privateer reach above six millions. This
probably accounts for the eager attempts of
the lobby to prevail on the Senate to accept
the supplemental infamy. If our government
will pay these claimants, issuing bonds for
that purpose, and assume all our direct claims
against England, we shall in future negotia-
tons be rid of this lobby pressure and be more
likely to make an honorable and satisfactory
settlement.
now will discourage the new principle of the
settlement of international differences by ar
bitration instead of by the sword 1t is pretty
sentiment to desire that the Great Republic of
the Western Continent should be the pioneer in
the scheme of universal friendly arbitration,
advocated so eloquently by the ex-Emperor of
France. But we hold that we have done our
part in securing its success in the instance of
the Treaty of Washington, and that for its
failure, if it be destined to fail, England is
alone responsible. Besides, what kind of
friendly arbitration is that which declares,
1--WE will submit only such points as we deem
proper, and unless you make out your case
just as we please we will break off our
friendly arbitration altogether" The very
idea of such peaceful settlement between
two nations contemplates the removal of
every cause of disagreement, and can only be
successful when approached in spirit of con-
cession and sincerity. The Treaty of Wash
ington would not be worth the parchment on
which it is written if it should be secured
only through the humiliation of one of the
signatories of the arrogant demand of the other.
However undesirable may be its failure, the
United States government certainly has no
share in the responsibility that attaches to its
destruction. We are willing to abide by its
letter and spirit, and we insist that both, with
oil the antecedent circumstances, warrant the
case we have presented for the consideration
of the Geneva Tribunal. Upon that case we
should stand; and if England chooses to vio-
late her obligations, to withdraw from the
conference and to destroy the treaty, the blame
and the shame are with her alone.
We again call upon the administration and
the Senate for the honor of the nation as well
as for their own political preservation, to re-
ject the English proposition for our uncondi-
tional surrender. Not single argument apart
from selfish interests can be advanced in favor
of the disgraceful abandonment of our case;
and we warn the trembling merchants, mil
lionnaires and bondholders who are so terrified
at the bugbear of the London market, that
they are injuring the nations credit by their
timid policy. Let them bear in mind, too,
that Senate willing to sacrifice the national
honor for mercenary conscientious would not