The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-04

IDENTITY real ana nearly bnhJ we are nappy TO
aoree with him, so far 40 we can. He visited
Europe during our late struggle as the author
ized financial agent Of our Government, and
he did his utmost TO induce capitalists to buy
our Five twenty and Ten-forty bonds. To
this end, he assured them that they were pay
able and would be paid, principal and interest,
in coin or its full equivalent; and he thus
induced the purchase, mainly by Germans, of
large amounts Of those bonds. Had it been
the understood fact that those bonds were
payable in greenbacks "a contradiction in
terms), they could not have been negotiated
nor sold abroad in those days at any price. The
buyers were quite aware that they braved the
risk Of our discontinue or exhaustion by the
Rebels and of our consequent insolvency:
they knew that we could not pay them if dis
aster should deprive us Of ability to do so:
they did not understand that we reserved the
right to extinguish bonds on which six per
cent. interest in gold was distinctly promised
and regularly paid, by giving dollar for dollar
in our own naked promises drawing no inte-
rest, redeemable never, and only made to be
broken. Had such been the fact, and had they
been made aware of it,, not bond could have
been sold in Europe, and the redoubled pres
sure for exchange to meet our heavy importa-
tions, especially of war material and supplies,
prices of all staples and fabrics, and thus i'm
mensely increased the cost of the war and the
aggregate of our debt. Low as our bonds sold
abroad, we were signally helped by their sale,
and are considerably less in debt to-day than
we should have been il the Butler and Stevens
theory of national obligation had then been
accepted and disseminated.
We are perfectly willing that our Govern
ment should contract one thirty years loan of
two or three hundred millions, for negotiation
In Europe-the bonds being printed and the
amounts specified both in English and German,
and the interest payable at Frankfort or Ber-
hn--but we think this may be done at five
per cent, and we would use it only to fund
our obligations already held abroad. We
deem it neither necessary nor expsdient to
incur another dollar of foreign debt during
peace. Such a loan would prevent the pre-
mature return of our bonds now owned and
held in Europe, and this will suffice. We
want no gold imported. The Government
holds over one hundred millions; the banks
and the people have certainly not less than
two hundred millions, and we are producing
fully one hundred millions per annum. To
borrow and import two hundred and fifty mil
lions more would be carrying Goals to New
castle on gigantic scale. Only guard against
heavy drafts from Europe (and we hold even
this an ideal danger), and we are abuudantly
able to resume tomorrow.
ing to stop the payment of our national debt.
We consider one hundred millions per annnm
little enough to extinguish; and we protest
% against p0stponing payment indefinitely. 1t
g will always be easy to invent excuses for
n delay-to complain that the people are poor,
and to assert that 'the present burden of tax
alton is grinding out the substance of our
people, and immensely retarding our progress
In wealth" But we challenge the assertion,
and demand proof. Have we not titled more
land in 1867 than in any former years Have
we not grown larger aggregate crops Have
we not built at least 100, 600 new houses, fac
tories, furnaces, stores, and warehouses-many
of them large and costly2 Has not our labor
been generally employed and fairly paid
Have not multitudes Of new homesteads been
4 created, and large additions made, by clearing
off timber and fencing and breaking up prai-
rie, to the area of old ones II these ques-
tions must be answered in the Affirmative
I how can it be truthfully said that our pro-
gress in wealth has been immensely" re-
tarded2
OF course it is inconvenient to pay heavy
taxes-at all events, it is more agreeable not
y to pay them. But let us talk sense. In 1866
the Tribune paid over $40 600 as advertising
tax, and the aggregate receipts from that tax
must have been two or three millions. The
last Congress repealed it, against our urgent
remonstrance. 1t is agreeable to be rid of the
tax; but we insist that it did not Immensely
rstard the progress of our wealth" IT only
put into the Federal treasury money that we
were glad to keep in our own pockets And
so of the other taxes that were repealed or re-
dueed by the last Congress, and still more that
will probably be repealed or reduced by h'S
Congress-
t may be that we shall increase in national
wealth as rapidly as Mr.. Walker estimates;
but who can foresee the future New wars
may break out; new complications arise; we
may have bad harvests, pestilence, and an
arohy resulting from increased depravity and
vice. We should persevere in paying heavily,
If only to fortify our credit. Let the world see
that we are resolved on paying off our bonds,
and every one will be eager to hold some OF
them while, if we stop paying, our credit is
likely to droop. Merely as matter OF economy,
we would persist in paying not less than one
hundred millions year Then, bonds will be
constantly growing scarcer, and capitalists will
be scramblipg for them. Let us initiate the
thrifty farmer or mechanic, who, having run
in debt for his estate, his outfit, pays of that
debt as fast as he can, So long as he is seen
to do this his creditors are rarely importunate;
let him stop paying, and they all begin to
want their money.
AS 10 contraction and expansion, we simply
propose 70 give nature a chance. Let us re-
sumo loFthWlth; and then, if we have too
muoh currency, the surplus will run in and be
redeemed; while, if we have too little we
shall readily obtain or emit more. ResumptiOn
will, on the one hand, reduce the amonnt of
currency we need, by bringing prices 10 the
specie standard so that one hundred ToiIIioTs
OF currency will serve where one hundred and
forty millions are now required. Then an ON,
specie-not less than three hundred million.
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