The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-10-03
THE PUBLIC DEBT,
when it should bc Paid.
Views of Hon. o. P. Morton.

Views of Hon. o. P. Morton.
r. hc Ei of The Indianapolis Jour:
Without intending TO discuss an
the questions connected wish our e.
nances such as taxation OF the bonds,
retirement of The National Bank Cur.
rcucy, etc, beg leave to call the at
tcnlion of your readers TO the subject
of the time ofpaymcnt of the nation.
al debt.
The total debt on the Grs, Of the
present mouth, less the amount OF
cash in the Treasury, was 81, ,I92,7S3.
365, aud includes 1855 l6l.Sll Of
rrcenbacks or legal tender notes, aud
$50 ,392, l12 in fractional currency .-
Tho total bonded debt, at the same
time, including old bonds, issued be
fore 1861, was 81 ,732 ,36i,5l0 Is.
Ofthis amount Quo hundred aud
ninety eight million four hundred
and thirty Que thousand three hund.
rcd dollars, (sl9S 43l. 5000 draw five
per cent interest, aud fall due in
1901, and what are commonly called
''ron Fortics." Two bundled aud
eighty .throe million six hundred aud
scyenty.six thousand one hundred
dollars (32S3,6I6, 1000, drawing six
per cont, interest. fall due in ISL
Twelve hundred and Eve million sew.
en- hundred aud ten thousand five
hundred dollars (Sl205. 7l0, 500 draw
six per cent. interest, aud fall due in
1882, 'Sl, 'S5 aud 81, and what are
commonly called f" Five Twentics. ~
The interest on all these bonds is
payable in coin. There were OUT
standing on tho first Of the present
month four hundred millions seven
hundred aud eighty six thousand and
twenty five dollars (i00, 1856, ,025) OF
three years "Sevon Thirty notes,
duo in June aud July, 1868. ,l
The law crolting the "Teu Forty
bonds provides that the Government
shall have the rightto redeem them
at any time after ten years from the
date of thoirissue, and this right oI
redemption will accrue in regard to
those already issued in 1867, 90, 40
aud ~. U, fc .u
The right to redeem those differ
ont bonds at the expiration of 6to
and ten wears, as above stated, is a
mere privilege reserved by the Gov.
ernment to be exercised or not nc
cording to its convenience, aud there
is no moral or legal obligation to pay
of Que of them an hour before it is
due. When these laws wore passed
it was supposed it might be to the ia
torest of tho government to pay of
tho debt, or some portion oft, before
it was due, and the right to do SO was
accordingly y reserved, ..
1t is now proposed by Democrat
ic politicians that the Government
shall at once pay off in groenbacks
alllthe bonds which il has right to
redeem, 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 discharge
of the whole dobt by compelling our
creditors to take an equal amount OF
grcenbacks to be Issued for that pur.
pose.
The latter proposition would re
quirc the immediate issue of moro
than two billions of groenbacks, an,
the former the issue Of like sun
within seven years, and either woult
be clearly fatal to the credit an,
prosperity Of the country.
] Ofthe Five. .Twenties, " ivo hund
red and fourteen million seven hund.
red aud eighty thousand and fifty
dollars were issued in 1862, aud ere
not due until 1882; bat the Govern.
mcnt has the privilege of rcdecming
them in 1867,
According to the last monthly
statepIcnts Of the Treasury Depart.
ment, there are now absolutely due
AID must be paid on presentment, va.
rious notes, honds, and certificates al
Indebtedness amounting to nineteen
million four hundred aud forty thou
sand three hundred and seventy. 6yc
dollars aud eighty-seven cents, (Sl9,
4i0,375 So There are six per cont
bonds falling due in l867-G8, and
must then be paid amounting to four.
teen million eight hundred and sixty.
nine thousand seven hundred and
ninety one dollars aud eighty cents,
There are three years compound
interest notes which which will fall
due in 1868, and must then be paid
seventy eight million eight hundred
and thirty-nine thousand six hundred
dollars. How shall'the Goyernmen
get the green backs to pay the debt
that are due, aud that will be du,
next year, and to redeem the fyo
hnqdred and fourteen millions oi
Five rwenties ,. .....
There are three ways: .u ,dy
FIRST by issuing new bonds and re-
deemipg with the proceeds Of their
sale; but this would only mako e new
debt Of like amount, as the time has
not come when a bond, bearing a
lower rate Of interest can be sold al
par.
Seoond-By lovyiog a tax more
than double that Of the present; but
this the couatry caunot and will not
bear. Or,
Third by issuing within the next
twelve months not less than six hunl'
red millions Of gree1backs, aud this
operation must be repeated from year
70 year until after 1874.
What effect this would have upon
the value ofthe currency and the bu-
siness OF f'the country, alnecd' mol be
diaotis sal FIR none are so .stuDid as