New-York tribune., 1866-12-04


4tG Tha the burdens Of taxes should fan chiefly upon those
whose interests are protected by taxation and upon tas 20
whom the public debt is source Of wealth and profit and
lightly upoa Ae abOIng classes to whom taxation and TIE
debt are without So many compensatory advantages.
bonds bearing interest h the rate OF not exceeding five per
cent and payable In Europe 70 an amount sufficient 10 absorb
raan demand for United States securities FOR permanent invest
ment No one regrets more a1 ne secretary the aet ta 30
large OF our bonds held arood or the unfortunate
condition OF trade that has unsicre them thher me
opinion that the country las been benefited by the export1oh
OF It's securities is founded upon le suppoAuoh ha we 'o
received real capital In exchange for tlcm This supposoh IS
large extent unOunded Our bonds have gone abroad 10
pay fOr goods which without the might not have been @
chased Not only have exported the surplus products Of our
mines and fields with small amount Of our manufactures
but large amount of securities also TO pay Tor he arc
which we have purchased from other countries That these
purchases have been stimulated and increased by the facility OF
paving for them IN bonds can hardly be doubted OW po
aOns Of goods have been increased by nearly the amount OF
the bonds which have been exported Not one dollar IN e OF
the amount Of the five twenes held in England and upon
the continent has been returned TO the United States IN e
form of real capital But il this not true statement OF
the case the fact exists has been already stated that some
three hundred and fifty millions Of Government bonds-not 10
mention State and railroad bonds and other secure-e III
the hands of the citizens Of other countries which may De re-
turned at any for sale in the United States and which
being held may seriously cnbHss Efforts to return 10
specie payments Alter giving the subject careful cosueIa
ton the Secretary has concluded that 1t is advisable mat ne
hOud be authorized issue bonds not having more tah twenty
wears 10 run and bearing low rate OF interest payable IN In
GLAND or Germany be used in taking up the SIX per cents now
held abroad and in meeting any foreign demand lot
a NAV exist The question BE- considered IS not how
shall opi bonds he nre1ented from going abroad for large
aTonn has already gone and others will follow long our
credit Ia good and we continue TO buy more than We can pay Tor
in nv other wav hut how shall they prevented from being
thrown upon the home market 70 thWur our eAuts IN
The specie standard Tho Secretary no practicable Aehol
~ onp bs AT an early day but by substituting for them bonus
which being payable principal ana interest IN Euiot Nl
less likely 10 be returned when their return Is ihe least desired
The holders of securities i'm Europe are now subject 10 @
inconvenience and NOT little expense IN 'uicc,lHh Nv.
coupons and il supposed that five per cent OF perhaps o
and balC ner cent bnIs PAYABLE London or Frankfort
could be substituted for six per cents Whoui an! ONs
pense 70 the United than the tndng commissions
lrufr "a
saving 90 be- thus effected would b no
and the advantage having bonds n Europe placed
In te hands of actual investors too important TO be de
E( The fifth and last remedy suggested is the reha1i'
tation OF the States recently IN iusurrfcton ,
I'm abiding 10 this subject the Secretary feels that he steps
upon dangerous ground and that Dc @ be charged NiA iAD
there Is no question nov before the country more W.
It's bearings upon finances than the political ana cons
env indusol status of the southern States Embracing
as they do third part of le richest lhAu ol tn, oI
and pucnr article, Of great value for home use and ioT e1
potation to other countries their position Win iegaH 20 e
General Government cannot remain uhsrtq ana ti li'
tnl pursuits cannot continue 90 b. seriously disturbed without
c,,n such dmiuuiiOu 0i tlc production OF tleI great
stsDes as must necessarily affect our revenues anu lu'4 ~,
r thau lcy now our trade rcauon with
T a. ioYr a.. he present anomalous condition Of these
states connucsts long MS they have no paIuclill ll t
Government TO the support o. Wl,en 'l,l n, CON M H. rl
ar teir podrcfor, increased ON ihc contrary there's res'n
to 1prrehcud thar until relations again exist BE-
% ib Fero Government and these States llc condition
of their industrial interests will becom. Gay 20! nl u'
ain and unsatisfactory There Will Doc no real P",Pn{
I'm tese tf and con .cluru,v real pusp rty 10 oA ll
rqrt of thc United States, until ai p',s again c pl'
icrs under thc Constitution aH ,.' .''- - ~ , n
Is dcunecd And Che labor question at ile aolln y, s
tied long o., ta' political siau- P ' Soln 4 ~ I r
y reduced nHs. tr southern States sla largely con. lc o
IS pailc revenues and ol sur contributions lr ra .p'n
a. & t, r,,sin ia Icr present dIs,Aupased co1diu1a
vii tho tax astsa uf the NOrtl continue io Dr ' u
sborl b m. people of t.r sol,ht Eeeiurd thus m p5et
aHaucu question tlc relation oi h'r states :" il. Iri'
Ulun is cEoee .ug.r interesting lid important ,. '.u "
All. u .
The Secretary has t..s prrsfi.rI H ,-.- m"i'.I . Ni
rres.in o,l du rs noso ue t, 'i'Us oi iHr hi .i
condition of Oh. country i.r Causes o trouble prescott niH
prospective lHd iHr fria'I.' i' Hr nf'. DIT t' I'-,
measures she Dbl, approve nf Congress al. rHolei ' lil"
rrate legislation Dr. 81. ,..l..-. tl.t . T 4.a.a l} o.
resumed by the tuc o.r lIf. .' ..t.i.- H' a. iii A
which must boz done iu ls than $500 lo.r n-i i1o. "u
Tlese mciufcs hook ea increase o. sn1- 'rd con. arnil
of p.uIucuouoa iUl.lrli Cd. obligations n ilr D'l'irh
md thc hanks-io ro...ua af tr l..t H. iar an'
time tlIt iH.H. '.uHit. utN ..i.i-i, 'N'
prices and apparently lIi.f boo rll .-"t lp zoos .i'
troubles which usually plco lfHHl'.al aii.. l'nr lfo
oi .s pension aad .4a,uH OIL. -. ...E d'. H" mri 90
a.s rt lint te adoption o. o re.. lr.-ita pln.rh DO
regards each us iaI'ii.iI H n. "I-i .'',t ' .'..
specie payments nor taat o.. r @ .nh ho' .' n-o "
b. Couercsl o. Icscue tlc country um imp ilf la,..
trolb,s lie arsent. as he soutiHtF- 90 2. p. ''r
Dis own views 'll l' ..i ll.i ll. I.,,t ,t,evt..,-,
alton. nud br ldo.i 30 obey rofaacnl i.tiltt, Z. VI
of Congress Haa i...i'. h h. '.,i,' . ~ ,' ,J u tf,I
must perceive tlt tar business of thr county hHoi Df
~PoI .,1i, ". s ..9,s iars aa. poaclo }, itself
d. receiving daily l.a r,c,pa NJ ir.rru l iec ile' q"
f, tr.lsl r.t o d. ,,rr.G iiaura. collapse b. iucilt
abb. These iatoaarI aai dangerous al-.aca o4a nov r
slo4la d. rc. sized promptly and decis.,e.l.
Uaai,i.'ac,o1 D. a .aay l.'Fe.s oar coalition. Ger
severe tu,HclI tflnf,. Which lsulIy h.au LniiUls .
close %. e1pfusrr aif vul' via orr vast fr"
aud the bu0yHHt uHd persistent energy ui lnr people
De- our own ftlt % uo NOT escape t.ruI ui'us,ihri
1lr ,,rrearr las pointed ogt gre financial danger
and before us 5" "ld,. l.Di i0.. ,l , ..-'. az . l
conviction h1 la,r bga 'ur tmc lI stl ar n'
ing u the wrong direction and ilai much ~ olr ol i i'
ur, aud une 1la As confidence hr ability OF lr country
90 right itself speedily uu.huhrn We i1'r bn' iol.-ro ,
or ,c, 20 be- Developed r. experience oftbe pas. years
have only insured ot our strength 10 'Nry ncrcsay tHi
our raa situation De- und rsild n oier that the proper
ron cdie may be- applied lhe.r- ao h'I.i.olaAne o.
n ie way oi restoration t0 perfect financial hn "IiA'l th
i,i ~ i . ~, .r with Conrfr and lc people iu
clccung th4 mo, ae,llr result ias beel aad VIII eouImu'
10 le ne biz glcs. aim oftuc secretary
Ancr careful survey 90 uc whole h'd The secretary y o
the opinion Aa lce pamcts may ~ i.l , ana oisa' 20
dees tcfops that uc viii be- ihe character OF iutn.e css
tou aui sc tLe condition O productive industry thn'
his desirable event may De brought about a. s earlier
ihe following E, statement Of the public debt June 3d.
l-C5 exclusive ~ cash ,n Treasury
Bonds lOi1s. Icr e., dur 100 ....,.
Bonds Pacific Railroad per
cent. due il l-'5 uui l-,p.--- tst'ap I'D
iSss iss1 and .-.5. -. 72a 9GaooO %
Bonds per cent, due 90 l--l.. 2JJl, y
Bonds per cent, due in lss0f lrt5WD ~
HOuds per cont, due boz ir,4. @OplUD w
Bonds per cent, due in is'l.- 'Vsio 90 ~ . , ,s
Il e u
Bonds per cent. due Do lsf-.. r#r 3il ~
Bonds per cent, due in ls6I.. 9il1-]O %
Compound interest notes. due Ia
lr64 aud I-t- ...-..-.......-- l3Ol2liO %
730 Treasury notes. due Ia lsoi
1"1 - s-J 5,.,asl Il
Bonds Texas indemnify past
due not presented. -......... taJAVD "
Bonds Treasury notes. &c. past
due not presented ........... 3tlJO,J 20
1'' iysiC5 Il
Temporary loan ten days notice 10 l1b,lgb 90
Certificates Of indebtedness. past
due not presented .......... 2GBi,OlO %
D'' NV - liG jo7 I9C G,
United States notes. 600 sgl, M %