The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-12

"THE CONSOLIDATED LoA.,."-The fol-
lowing plain and sensible editorial, from the
New York Tribune, sets forth the advantages
of Secretary MCCULLooH's plan of funding
the debt in so clear light that he who runs
can read. 1t is seasonable, and will be under
stood and appreciated by the masses -
OUR NATIONAL DEBT The United States owe
puDllc debt OF nearly three billions OF dollars, mos
OF IL drawing or Z BIO Der cent interest Now
that the war 10 over, the Union saved, and our OK
pendltures so reduced that more than pa wing
but rather paying of, the Government is about to
make an effort TO reduce the rate of interest to five
per cent. and appropriate the money thus saved to
the reduction of the principals policy VIII ich, If
ADOPTED and sternly persisted IN, will pay
the debt entirely within about thirty years.
There is some wild talk OF thus project as repuda-
ton but there is no shadow of ruth in tins Every
existing loan obligation is to be pad according to
its lace. Every one VINO nss lent the Government
money at a certain rate is to have that rate paid
HIM regularly till his falls due; then he Is TO
have his principal according t. contract. But the
government can borrow in peace with dImlnisn-
ing dett cheaper than it could in war, when we
needed to borrow fifty millions more each month: il
therefore proposes to borrow at five per cent. the
wherewlthal 10 pay at maturity itsifloans drawing
FIX or seven and thirty. hundred hs per cent Then
by continuing to pay into the Treasury only so much
os we Won lave 10 pay If the interest had not been
reduced, we can very soon wipe out our q1eat debt
But can the money be borrowed at five per cent
" nope 1t may, and trust 1t can be, because-1
eminent bonds, and needs money, can borrow on
them as collateral at lower rates, and with more
ease than he could get loans on any other security
3 They are to be absolutely free from taxatlon
Federal, state, or municipal; whereas all other
securities are taXed-mOst OF them heavily Hhev
can always be SOLD of-hand for cash, and with lttlp
loss. These considerations, we hope will induce
thousands to prefer these at five per cent to other
securities at six or seven.
Yet this is so great and benefcent an undertaking
that 1t may well command the best efforts OF every
good citizen. There ls no man among US, no yeyer
10 BOD hvkl
tended conversion OF the debt II we estimate the
deot as mortgage OF ten per cent on all private
property in thu Union Iundlng 1t at 1--WE per cent
will ado at least two per cent the net ca value
OF all the property IN our country
NOW, then, good citizens! let us q be prepared TO
heip when the new American ConsOl Is brought out !
If we have any ,rm OF Cover Iment indebtedness
soon to tall due, let US offer to takes Ock in the new
loan 10 its amOunt-assured that our bonds will be
above par wlthiH five years If we are not already
creditors o. the Government, let US resolve TO be
come so II possible by subscr bmg to the ne v loan
No matter though have but little to invest LET us
invest that ite assured that there are ten invest.
ments less profitable where one IS more So Let us
resolve that the new five per cent whatever its
amount snail be promptly iaKen for, IT that should
be filled at once, there will be trouble thereafter
Let Congress be careful not to oVerdo the busi-
ness OF reducing taxes One calls for the abolition
OF all "laXes ON knowledge "-tnat is on printed
tactures;' third says "Make Cotton Free" etc
We heartily agree that these taxes not delight
inl-ln TACT, taxes are not iuxuries any how-Jut
that VIII be dark day Tor the country wherein
Congress so reduces take to impair the national
credit 1t would oOst a bankrupt or discredlted
Government enorn ously to convert or rene " sucb
a DEBT as we must fund afresh within the next few
years; and fifty millions substracted FROM the ma
tional revenue now NAV cost us five hundred mil.
hons in the end. Keep the national credit hIgh even
though we have TO paw little heavier taxes, until
we get our deDt funded; for it is 1ar bet er to nav
even five cents per pound cotton than to have
to pay a premium on the renewal or our great