New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-19

claration of the Treasury Department and its agents.
that the 500 bonds and the bonds to be exchanged
for 1905 payable, like the interest in gold, de-
clares that these statements had binding force,
and that the payment of the 520s at the expiration
of the five years option in United States notes would
satisfy the moral obligations of the borrower. After
raising the question whether the Government can
not pay, at the end Of the five yearg option, the
520s in rredeemable rags instead of tho expected
gold if the five years option is avaied of, the Com
mittee reports bill which oblges the holders OF
the 5-20s to take in exchange bond, of which one
sixth part of the interest is withheld from the creditor
taxes under penalty of being paid in rredeemable
rags if he chooses to hold the bond until maturity
and specie payments should not then be resumed
The bill consumes tho folly of attempting to con-
solidate the debt into what is really five per cent
debt embarrassed by option of ten years, like the
present 1910 loan The proposition of the Senate
will probably fail, for the following reasons;
First The public creditors and the people will not
indorse the reputation theory which pervades the
Senate report At this moment the creditor expects
to get gold when the principal can be paid and the
people expect to pay it.
Second: Holding these views and trusting IN the
integrity of the borrower, the public creditor will
keep his present bonds bearing per cent interest in
gold free of all taxes except an income tax to
part of the domestic holders, and wait until their
maturity for the gold The threat of reputation by
paying in paper money may alarm few ignorant
foreign holders but that is all The whole debt can
be consolidated by issuing per cent loan, redeem
able after 30 years The length of such loan
would be merit which would command
large sums of foreign and domestic capital.
There is not in existence in the United States
any bond in which man in middle life can invest
| A.. r. ,s.,s .,l1 81 20
reinvest before his death There is great and grow
ing want for solid Investment into which trust
funds can be placed, and by supplying this want
alone the debt can be consolidated at five rcent.
plain outright bond like this would save to the tax
paver the one per cent the Senate bill proposes TO re-
tain out of the new oan and be of more general bene
fit to Taxpayers than by returning onohalf of 1t 10
the States.
The Michigan Central Road will pay n dividend of
per cent January @ 1868. The Cleveland and
Toledo, land Cleveland Painsyille and Ashtabula
Roads will pay q per cent the 2d of January,
much smaller dividend for eight months work than
was expected by holders who under previous adj
ministration were accustomed to get and per
cent semi-annually.
The East River Savings Bank adyertses that in
terest for the three and six months ending January
l. 1865, will be paid at the rate of per cent per
annum on sums of 500 and under, and per cent
on sums over $500.
The Rock Island Road earned the second week in
December:
1867 sol 800 1906 ........tsGl3 Increase S2s?
In Printing Cloths, The Providence Journal says the
market is very quiet Sales small. The following
are the sales 5000 pieces 5GxG0 at G.c 5000 pieces
GixGi at 6lc common; 10000 pieces, GixGf, at &C.
standard; r. 900 pieces G4xGi at &c, extra. Total
900 pieces
At convention Of railway officers held at Lynch
burgh on the 10th inst several reforms were adopted
looking to the interests of the shareholders. Mr..
Tate, President Of the Memphis and Charleston road
stated
That the passenger agent AT New-York Informed him
that the Northern road aud especially the Iennsyvana
Central Railroad were paying commissions over th,lr
counter 10 passengers as they purchased hcr llches
and that the passenger agent 40 New York asks Tor -
thorlty 70 do the Mr. Tate proposed TO meet thS
question at By dlscOntiuung the commission on
tickets altogether sold tins line, and 1cduce the
prices tickets by this line TO points reached by com
pong lines, as to give the passengers tue tulI Deet
necesssTv 10 redtIcc Ir~r rates a., -,,
iii Northern lines To stop this pcrnciOus practice or
having commissions. Mr. Tate offered the Following,
which adopted:
csolred That this Convention 81 Railroads are unalter-
ably opposed TO paying commissions any outside agents
Tor The sale Of tickets and hereby pledge Ourselves 10
each other to have the ahated; that believe tho
trne policy be adopted 10 effect that object Is Ia reduce
the urccs tickets point that VIII give the pfbe
the advantages Of snch commissions other nes may AZ
any time be aging to outside agei's'