26 AUGUST 1871, Page 1

The Alabama Treaty is bearing fruit for the United States.

Their bonds, freed from the risk of a quarrel with Great Britain, are rising to their natural level. Mr. Boutwell has this week asked £15,000,000 in Europe, at 5 per cent, and has obtained the money. This brings the total amount of debt converted from 6 per cents. into 5 per cents. up to £40,000,000. This saves £400,000 a year, and the process has by no- means reached its limit. Should the whole debt be con- verted there will be a saving of £3,000,000 a year on the Union Debt alone, and probably as much more on the bonds of the indi- vidual States, railways, and canals, all of which were kept down by the same cause. British capital will flow more rapidly to America than ever, and being cheap, yield there a better return, till it is probable that within a few years America will actually receive more money from the Treaty than she would have done had Mr. Stunner's claims been paid without war, and a thousandfold what she would have gained had they been paid after war. On the other hand, we gain by the full amount of the difference between the return of investments at home and the return on them in America. All that is now required to attract half the savings of Europe to America is the adoption of some plan securing to foreign bondholders a right of appeal from any Court in the Union to the Supreme Court, or other unpurchaseable tribunal. The Rings could not swindle long without the connivance of the judges, or we should have Rings in London.