The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1867-09-20
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TAE DosD QUESTION.

Bond question. There Is evidently great
difficulty and much complication involved in
the subject, and many points which will de-
mand the exercise of great financial wisdom
to elucidate, in order that the whole matter
may be ultimately settled on safe, sasatac>
tory and fair basis.
Those who purchased bonds during the
war ran . great risk, no doubt. They
might have proved worthless, but if the Gov
eminent had been overthrown by the Rebels.
the value of all other investments would
have been greatly impaired, and the Govern
ment bondholders would not have Jared
much worse than other men of means. But
it turned out otherwise; the Government
proved successful, and crushed the Rebellion;
the hondhoiaers wore oAved and the peril ia
past Aud now the matter comes up for set.
Element on a general and uniform basis, IN
time Of peace, as every ralectng man knew
it would Shall the Government pay the
bondholders for the risk he seemed to be
running at the period OF the original pur-
chase of the bonds, or shall it pay him equi.
tably upon the basis of its assured solvency,
and put him on an equal footing with the res.
Of the community. We think that the
risk OF loss, whatever it may have been at the
time being, and now passed, should not be
taken into the account BY the Government,
but that the matter should be adjusted as if
no such risk had ever been incurred. For it
hasturned out, through the common efforts
and common sacrifices of the people in sup
port Of the Government, thstthe investments
made in Government bonds, in the hour Of
its peril, was the very best investment that
could possibly have been made. Hence, If
the amount of bonded debt did not far trans
cend the possible limits of q safe increase of
the currency Of the country, it would be sim
ply equi,ableto pay them off in greenbscks,
and SO end the matter. But that cannot be
done, for such 40 enormous addition to the
paper currency Of the country would over.
whelm the country with financial ruin, and
ut the same time be practical repudia.
ton Of the National Debt.
The true wisdom and sound policy for the
Government, the people, and the bondhoider,
demands general and uniform measure Of
relief and settlement. And we see no oh.
lection to the general principle suggested by
Butler, If it can be carried into practical et-
feet. Let tie public debt like that Of Grea,
Britain and Of France, be consolidated into
single uniform fund, at . uniform rate OF
interest, Mt lower rates. and on longer time
than the mass of the existing issnes Of bonds
Such scheme could be inaueurated which
would be. under pressure, acceptable to the
public creditors; would relieve the country i,
measure of burdensome taxataon; would
make the Government obligations of uniform
an known value, and more readily transfer
Ible in business transactions of Importance
and by reducing the rate Of interest woult
discourage its withdrawal from the produe
tive capital and hoAsdiag up for %he holde
to live on the interest. Such . system mish
be arranged a. would serve to stimulate ane
increase, rather than discourage and dimin
ish investments Of productive capital ia bu
siness, manufactures and improvements.
These are the principles upon which th,
financial policy Of the Government shoult
be based, and such are some of the lsadin,
motives which should govern It, and the end
at which il should aim in the readiustmen
of the evidences of the National debt of til,
country. We feel clear al to these genera
ideas, but rs to the modes in which the,
should be attained we must defer 10 scie IN
tho and practical fnsnciersand statesmen.
Tue Constitutional Uaion, the President
rebel organ At Washington City, ,hrea,en