Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1867-09-26
PIX susIIo pnsr
WHEN TT SHOULD BE PAID.
Views Of Hon. o. P. Morton.

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Views Of Hon. o. P. Morton.
To the Ediser Of the Indianapolis Jour-
nal: IS re
Without intending to discuss all
the questions connected with our
finances, such as taxation of the
bonds, retirement of the National
Bank currency, etc, / beg leave to
call the attention of your readers to
the subject Of the time Of payment
Of the national debt.
The total debt on the frst Of the
present month, less the amount of
cash in the Treasury, was 81, ,492, 1885,
3S5, and includes 1866, l64, ,S44 of
greenbacks or legal tender notes, and
e29, ,392, 172 in fractional currency
The total bonded debt, at the same
time, including cid bonds, issued be-
fore 1861, was $1,732, 361, $40 4S.
OF this amount one hundred and
ninety eight million four hundred
and thirty -one Thousand three hun
dred dollars Sl9s, ,431 800 } draw five
per cent. interest, and fall due in
1904, and are what are commonly
called Ten Fcrties. Two hundred
.nd eighty three million six hundred
and seventy six thousand one hun
dred dollars (S2s3, ,676, 100, drawing
six per cent. interest. fall due in 1881.
Twelve hundred and five million
seven hundred and ten thousand five
hundred dollars S1205, ,7l0, 500 J
draw six per cent. interest, and fall
due in 1882, 'S4 'S5 and 'S7. and
are what are commonly called Give
Twenties." The interest on all these
bonds is payable in coin. There
were outstanding on the first of the
present month four hundred million
seven hundred and eighty six thou
sand and twenty five dollars $780,
7R6,025) of three years "Seven-
Thirty" notes, due in June and July,
1868.
The law creating the "Ten- Forty"
bonds provides that the Govern
ment shall have the right to redeem
them at any time after ten years from
the date of their issue, and this right
OF redemption will accrue in 1874
The law creating the ''five-twenties"
provides that the Government may
redeem them at any time after five
years from the date OF issue, and
this right of redemption will accrue
in regard to those already issued in
1867, $50, 10 and '92. .a
The right to redeem these differ
ent bonds at the expiration OF five
and ten years, as above stated, is a
mere privilege reserved by the Gov
ernment to be exercised or not ac-
cording to its convenience, and there
is no moral or legal obligation to
pay off one Of them an hour before
it is due. When these laws were
passed it was supposed it might be
to the interest of the Government to
pay off the debt, or some portion
of it, before it was due, and the right
to do so was accordingly reserved.
1t is now proposed by Democratic
politicians that the Government shall
at once pay off in greenbacks all the
bonds which it has a right to re-
deem, and shall continue to do so
from year to year, as the right to re-
deem shall accrue, until the whole Is
paid, which would thus be done in
seven years; and the more violent
are insisting ON the immediate dis
charge of the whole debt by COM
pelling our creditors to take an equal
amount of greenbacks to be issued
for that purpose.
The latter proposition would re-
quire the immediate issue Of more
than two billions Of greenbacks, and
the former the issue Of like sum
within seven years, and either would
be clearly fatal to the credit and
prosperity of the country.
OF the ssfve-twenties:" five hun
dred and fourteen million seven hum
dred and eighty thousand and fifty
dollars we're issued in 1862, and are
not due until 1882; but the Govern
ment has the privilege of redeem
ing them in 1867.
According to the last monthly
statement Of the Treasury Depart
ment, there are now absolutely due
and must be paid on presentment,
various notes, bonds and certificates
Of Indebtedness, amounting to nine
teen million four hundred and for
ty thousand three hundred and sew
enty- five dollars and eighty-seven
cents, (3l9,4 9,44J,375 st. There are
six per cent. bonds falling due in
lS67-6s, and must then. be paid,
amounting to fourteen million eight
hundred and sixty nine thousand
seven hundred and ninety one dol
lars and eighty cents.
There are of three years compound
interest notes, which will fall due in
1868, and must thep be paid, seventy.
eight million eight hundred and
thirty-nine thousand six hundred
dollars. How shall the Government
get the greenbacks to pay the debts
that are due, and that will be due
next year, and to redeem the five
hundred and fourteen millions OF
Ifve-twenties.
There are three ways: sI ~
First-By issuing new bonds and
redeeming with the proceeds Of
their sale; but this would only make