New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-02-17
OLD DEBTS AND NEW WAYS To
PAY THEM.

The problem of Finance Is always the main
question in great, but especially in long war.
How TO keep the exchequer replenished, is the
standing perplexity alike of Pitts and Napo-
Icons. To "comble the deficit" as Carlyle
phrases II. knots the brow of Genius and tries
the soul of Courage. "Soldiers may be in
spircd by patriotism" says contentious COM
mentator; "but horses must have oats" Oats
failing, cavalry cannot raid, and cannon cannot
be got into position to give taste Of their quail
ity. Hence collapse - defeat - Submission
peace. II q wise ordination of Providence
most kind when seeming most stern.
The Confederate Shareholders have already
passed through one financial "crisis," and
have Just entered upon another. About year
ago, they took account of their Debt, found the
total too large, and reduced it by the simple
process oftaxing their own promises thirty.three
pef cent--in other words, wiping one-third of
their obligations out of existence. And The
Daily Ne,os thereupOn boosted that, whereas
our Debt had been swelled By a good many mil
lions during the last six months, theirs had ac-
tually been Misunderstanding careful to give
no hint of the process whereby the vaunted re-
duction had been achieved.
From the leader in The Richmond Enquirer
of the 18th inst, published in our issue of yes
terday, we learn that the Rebel Debt Is
again deemed of unwholesome magnitude,
and is again to be reduced by heroic expe-
dent.
The historical portion Of The Enquirer's
essay, we assume 70 be quite accurate. good
many public debts have been repudiated, or ra-
iced or had their rate of interest arbitrarily re-
duced-there is no doubt Of it, though the re-
duction of the French Elves to Four-and-a-halfS
in "a does not happen to fall within this cate
CORY. They, were then redeemable-they were
above par-the Government offered to pay
them of in full or reduce the interest-and
most of the holders chose to retain them at the
reduced rate rather than receive their amount IN
full. So with many if not most OF the British
reductions which figure above. II is not honest
TO parade these as foils to any scheme OF rcpu-
diation.
But suppose it were the fact that Reputation
is the law Of nature-that Nations habltually
cheat their creditOrs-what consolation does
that circumstance afford to the shareholders
victims They hold bonds (already once re-
duced) for Two Thousand Millions OF Dol
lars at six per cent, and they are to have these
converted" at one jump into -Four Hundred
Millions at four per cent. In other words:
Dixie owes them One Hundred and Twenty
Millions per annum, and she proposes to repu.
date the obligation, but to pay them Sixteen
Millions per annum instead. How shall this
new obligation be accounted more sacred than
the old onef Who can put faith in the new
promise based on the breach Of an old onel
Who can be duped into believing that the new
issue will be limited to Two Hundred and Fifty
Millions? Who does not see that an ever.rc'
curing necessity will confront the ever-incrcaS,
ing facility THAT it is far easier to repudiate
third than the first timer Who will want to