The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-06-02
WASHING TON.
WASHINGTON, June !, 1878.
Purchase OF Bonds and Sale OF Gold by
tho Government.

RUECnA0e
the Government.
The Secretary OF the Treasury has directed the
Assistant Treasurer in New York to give notice
that during the month OF June he will purchase
100000 bonds on the first and third Wednesday
each and will sell ,OO0 600 gold on the first and
third Thursdays each and 81, 500, 900 the second
and fourth Thursdays In all he viii sell $7,O00,00
gold and purchase 81, o0O, 900 IN bonds.
More millions for the BOARD OF Works.
Another loapof s. 600 0OO payable In thirty years,
Is proposed, 70 continue the street improvements
under the direction OF the Board OF Public Works
OF the District OF Columbia, bill having been
introduced for that purpose in the legislature
General Sherman ON tho Release OF Sa-
tanta and Big Tree.
While General Sherman in conversation con-
tinues to emphatically disc0untenance the request
made to the Governor or Texas for the release Of
Satanic and Big Tree he has no authority to inter-
fere IN the matter, it being In the hands Of the
executive authority. But at the same time he
thinks whatever promises have been made for the
restoration Of these chiefs to their people ought TO
be carried out in good faith.
Photographic Views Of the Lava Beds.
An assortment OF Photographic views OF the lava
BEDS to accompany the report OF the typographical
survey OF that region, has been made for the use Of
the War Department. They show very satislacto-
rly the wonderful system OF natural Notifications
presented by the peculiar formation OF the lava
beds. These views also include the scene OF Gen.
eral Canby's murder and other spots OF interest.
The Suit Against the Union Pacific
Railroad.
Nothing has been heard at the Department OF
Justice as to the course to be pursued by the de-
partments IN the suit against the Union Pacific
Railroad Company. One OF the counsel for the
government says the defendants WILL OF course,
use every possible means to defeat the bill in
equity, and that any astute lawyer could ioresee
their line OF proceeding, which includes the denial
Of the constitutiOnality Of the act OF Congress
authorizing the suit to be brought against the
parties connected with the Union Pacific and
Credit Mobiiier corporations No one in official
circles can form an opinion as to the duration OF
the suit further than that several years will eapse
before 1t can be brought to a termination.
The Union Pacific Railroad Terminus
Controversy.
The determination OF the management Of the
Union Pacific Railroad to locate its general depot
and offices at Omaha does not settle the question
OF terminus, as announced by telegram from
Omaha. The question Is still before the Attorney
General for his decision, whether Council Bluffs or
Omaha is the legal eastern terminus. 1t is thought
that Congress Will have to egisate further and the
Attorney General may refer the matter to that
body in December.
A Convention of Irish-BOrn Citizens.
Arrangements are being made for national
convention OF Irish-born citizens to be held in
Cleveland Ohio, about the 18th OF July next, for
the purpose of forming league similar to the
German Union for social and beneficial purposes
Some Of the leading Irishmen OF New York, Phia-
delphla and other cities encourage the movement
on the ground that the Irish element in this coun-
try have not the standing, politically or CONNER
claly, which their numbers and Importance enttle
them to. They say the Germans exceed them in
almost every sphere, and that this is due to
their default OF cohesion and harmony and to re-
igous and political contention. freshmen, like
the members of the German Union, will be pledged
to support another in preference to persons OF
other natonalities. without distinction of sect or
parties.
No Change i'm the French Legation.
1t is not thought in diplomatic quarters that any
change will be made in the French Legation at
Washington, as Count Noailles has thus far salts
factory represented his government and is highly
esteemed in official and private circles.
Another Negro Shot.
About seven O'Clock this morning william H.
Hawkins colored, while taking an estray horse to
the pound, was shot by its owner, John Lynch.
with shotgun, the contents taking effect in
Hawkins left arm and leg, innicting serious but
not dangerous wounds. Up to this evening the
authorities have not succeeded in arresting Lynch
who is believed to have left the city.
General Spinner on the Payment OF the
National Debt.
General Spinner has addressed letter to Thomas
Candy Riddle, Geelong, Victoria, Australia, in
which he acknowledges the receipt of certain COM
muncations from that gentleman These were in
tended to demonstrate, by figures, show saving
OF hundreds OF millions can be made to this nation
in the manner OF the payment OF It's debt, different
from the plan adopted by our government"
General Spinner adds
To my mind the cheapest way to pay debt that
is subject TO the payment OF interest to pay it at
the earliest day possible. An individual with in
the payment OF debt, and con-
uue the 70 himself In sac on the
or in the case OF nation that has not the means
10 pay its deot at once or In the immediate future
the scheme OF Mr.. Riddle would, no doubt, work
admirably. Not So however, with wealthy and
prosperous people nation that pays its debt at
once pays 1t the cheapest. The longer payment IL
deferred and the more interest is paid the dearer
1t becomes and the more 1t costs to pay 1t. OF this
seeming trGism our people have become con-
They believe that the sooner debt
is paid and the lower the rate OF
interest Is paid on the unpaid part thereof in
the interim the less they will have to pay in the
aggregate in Its final extinguishment. Acting in
accordance WIN us pe1ei IN tnls principle our
government is now changing its six per cent into
d five per cent stock, this latter being the lowest
rate at which 1t is, at present, able to place its
bonds. And IL Is now almost daily paying every
dollar of its surplus revenue in redemption of its
six per cent bonds, thus not only reducing the
principal of the debt, but saving the consequent
payment Of interest thereon. On the first
day of July next there viii remain unpaid
only S2os 5s1 200 or six per cent stock, waica
the government will not have the option 20 pay at
It's pleasure, and this amount viii all mature on
the irst day OF July, 1884, or before that time. on
all those stocks, on the government giving three
months notice OF its readiness TO pay the princi-
pal interest thereon VIII Under the opera
ton or this policy the debt OF the United States has
been reduced In the last fiscal year In the sum OF
500 900 253 "a. From the LIST OF March, 1869, when
the present administration assumed the manage
ment Of the finances OF the country, 10 the close
of the year 1872, period OF three years and two
months, the national debt mas been reduced 1884,
se5,299 60 making an annual saving III the pay