The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-01-11
THE TREASURY RING.

01reot-Ine 6y uOlchte-Aul Tteehsn
Manipulation OF q Portion OF the
National Debt--Paying Interest
AbrOad-The Emma Mine.
WASHINGTON, January 4, 1872.
Rev. Henry Ward Beecher said, al
the recent New Englanders' festival in
New York, that when the people be-
came thoroughly aroused they made
short work Of any great system OF fraud
that might be found in their path, and
cited the fate OF the Tammany Ring as
an illustration.
1t is now nearly ten years since the
Treasury Ring-a clique OF bankers,
brokers, politicians and SPECTATORS
was Organized to stand between the
nation and its creditors, between the
taxpayers and bond-holders, to prey
upon both.
EXTENT OF THE RINGS OPERATIONS.
Though the Treasury Ring rarely
uses a dollar of its own money, It's
financial operations count up among
the thousands of millions. The con-
tents OF our national treasury are ever
at its command, and at times it controls
and manipulates for its own benefit the
entire bonded debt of the nation. Able
at any time to secretly lock up or I'M
lock one or more hundred million dol
lars of the peoples money, it controls
the value OF the merchants wares and
the products OF our manufacturers,
farmers, mechanics, and day laborers,
throughout the length and breadth Of
the land. Having the power to ma
nipulate our national debt by withdraw
ing bonds from the market and secretly
or openly putting them afloat again,
always at Government expense, the
Ring has our money market almost, If
not wholly, in its control. Counting
Mr.. BoUTwELL's SYNDICATE
operation, a large portion of our ma
tional debt has been manipulated into
and out of the market not less than
thirteen times during the last ten years.
ANY one at all familiar with the Ring s
operations can trace these astounding
financial jobs for himself Take a
portion of the $200,000,0O0 of the new
five per cents recently put upon the
market, for example. This Is the way
it was manipulated:
LIST. 1t was put in the market ten
years ago by the Treasury Department,
in the form of Treasury warrants, GER
tificates of Indebtedness, quartermas-
ter's, vouchers, &c.
ID. Next Withdrawn or purchased in
by Ring brokers at heavy discount.
3. 1t then appeared in the market in
the form of greenbacks.
4th. Greenbacks drawn out 10y secret
sale OF Treasury Ring commission bro,
kers.
5th. The seven.thirty Treasury note
makes its appearance.
9th. The seven-thirty note is with
drawn by Ring brokers.
7th. Finds the honest greenback
again in its place.
Sth. The greenback is again with
drawn by the Ring.
9th. Shows the FIVE twenty bonds TO
have taken up a position. -.
10th. The five-twenties, or small
portion of them, disappear Syndicate
ward.
18th. The long lost gold coin appears
again. Hurrah
18th. Gold coin disappears, what
little there is Of it.
18th. After sojourn of ninety days
in the Syndicate the new five per cents
make their appearance in the mar,
ket.
A portion of the five per cents were
exchanged directly for five-twenties,
thus reducing slightly the number Of
manipulations of the portion directly
converted; the balance was managed
as above stated, making thirteen ma
nipulations in all.
EVERY BUSINESS MAN AT THE MERCY OF
THE RING.
1t is through these and kindred ma.
nipulations that the Treasury Ring and
its satellites are enabled to enjoy ad,
vantages over every honest business
man in the Union.
Is merchant contemplating large
Importation He is constantly in doubt
about the price of gold, while, on the
other hand, the creatures OF the
Treasury Ring know to a frac-
ton of a cent where they will fix
the price of coin at any given time.
Does q manufacturer contemplate the
enlargement of his establishment? He
is in doubt whether the Ring in its
manipulations will contract or expand
the currency; whether it will reduce or
increase the cost of his raw material or
manufactured products. And so it is
with every honest business enterprise.
The Ring has power everywhere. Some
times it exercises it, and sometimes not
all is uncertainty.
THE RINGS PROFITS.
Besides the enormous profits arising
from the manipulation Of Government
money and bonds, the Ring receives
millions upon millions of dollars direct
" from the Government in the shape
OF commissions on the purchase and
sale of coins or bonds, and for the con
version of one form Of security into
another on Government account.
During the rebellion and up to 1861
the Government paid the Ring some
thing over $50, 900 per annum commits
sions on the sale Of Government gold
the total commission on the sale OF golC
alone in seven years being 1921 $50
Thousands of merchants and business
men were eager to purchase all the coir
the Government had to sell, and the
Secretary of the Treasury might have
sold it direct and saved the commits