Year: 1879




out of Turkey. With that fact accomplished
he believes the treaty has been fully car
ried out. Now the truth is that not Sec
ton of the treaty has been carried out as it
was made. Even the evacuation was not
done as agreed, and, though it was done
loyalty at last, it is the only fact provided
for by the treaty of which that can be said.
Only Russia has made an earnest attempt
to fulfil her obligations under that treaty.



A Man-of-War for Colonial Waters.


The news that the government will send a
man-of-war, the Kearsarge, to the Gulf of
st. Lawrence to look after our fishermen,
and that on board of this vessel Mr.. Foster,
one Of the attorneys who managed the case
of the United States before the Halifax
Commission, and F. J. Babson, the able
Collector Of Gloucester, are to sail,
to make an accurate statement of
the occurrences down there, will be very
satisfactory intelligence to our Massachu-
sets fishermen and to the country at large.
We mentioned the fact some days ago
that Secretary Evarts has opened
correspondence with the British gov
ernment concerning the distractions
which have been placed in the way
of our fishermen by the people of
Newfoundland The despatch of the Kear-
sarge will serve at last to give that protec-
ton to'our men in the exercise of their
treaty rights which they have right to
demand. and the Commissioners who ac-
company her will make statement of the
lawlessness and violence which will be
official in its nature and therefore indis-
putable. We paid five and half millions
for something--it is time to know for what.
Comptroller Knox on ssMore Green


Mr.. Knox, Comptroller of the Currency
and official overseer of the national banks,
delivered an interesting address atSaratoga
yesterday to the Bankers Association. We
print elsewhere the material parts of it.
Mr.. Knox remarks that the security of our
national banking system has attracted the
attention of European financiers and
rulers, and several of its chief pro-
visions are likely to be adopted in
other countries. He might have added,
what is the best praise of the system, that
under it, since the establishment of the
national banks, not dollar has been lost
to their billholders; and this though the
country has been for six years passing
through an unprecedented commercial and
industrial crisis.


He pointed out, what is known to be true
to every one who has had opportunity to
question Southern and Western men who
desire the repeal Of the Banking act, that
they do not want more greenbacks, but
wish to re-establish the old State and local
banks, whose ''wild cat" currency was, be-
fore the war, SO great and constant
source of inconvenience and loss
to the mass of. the people and of profit to
exchange brokers and spectators. Mr..
Knox does not seem to suspect what we
have reason to believe true, that among the
supporters of movement to extinguish the
national banks are not few national bank
ers. They prefer State banking because it
would offer them greater profits with much
less responsibility.


Mr. Knox points out that if, on the other





hand, some Of the opponents of the
banks desire, the government is to issue all
the paper money of the country, it would
have to keep on hand very much greater
store of coin than it now has or than it can
obtain without increasing the debt and the
annual interest. The greenback question
is, we trust, near its end. The Supreme
Court will have to decide, at the
October term, whether or no Congress may,
under the constitution. authorize the issue
of legal tender notes during times of
peace; and with this decision, what
ever it may be, the greenback ques-
ton will cease to be q bone of conten-
ton. If the Court declares such issues
constitutional, which is hardly possible,
the greenbackers will no doubt carry bill
for large issues if, on the contrary, as is
more probable, the Court shall hold such
issues unconstitutional, the question
must drop out of politics. If green
backs cease to be legal tenders for
private debts they will cease in the nature
of things to be troublesome part of the
paper currency for whenever they are re-
dundant they will be rejected by the peo-
pie and sent to the Treasury for redemption.