New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-10
is during these passing Winter months that the
bravo Cretans are dying for want of food.
WOBD no STATESIIEN.

Il
Tho prllic Debt of the United States is now
o,-sr TWENTY-FIVE Hundred Millions Of Dollars.
Or tbis vast sim. over Fourteen Hundred Mil
l;ors aro pavable specifically, principal and in
toros+ IN cold. 4 very considerable share OF this
falls due within ,he next few years, and must
oitbor he Maid or removed on terms satisfactory
20 tbe holders. If Three Hundred Millions tel
duo to-day. we should have to issue about -Four
Hundred Millions Of just such bonds, having a
fow wears to run, in order to pay them
In other words, the holders would ask us
t,ventv-fiye per cent. for renewing them
And if the Treasury could borrow One Thousand
Millions on six per cent. at par, it might there
with Inv in at least Eleven Hundred Millions OF
its outstanding debt, and make a clear saving
Of One Hundred Millions. 1t can buy to-day
its cold obligations in the open market at u
discount of at least twenty per cent. Yet
LEGISLATOR so generally sound as Judge Kelley
of Pa sees fit to commend the policy of non
resumption, and the reduction OF taxes so as
TO stop paying off our debt, by such assertions
as these 1910,
o1lc Of the statesmen Of those days, ana foster our
industry than accept the cIGlcc W s dnin.b Tro-
duction by extraordinary taxation They irey leh ,'
| sinh
,er cent of orr National securities, ana 0ic % %e"' arc
demanding payment -
of course. none are asking us to pay obliga-
tions not vet due--thcy know that they would
take nothing by their motion. But, whenever
any bond or certificate falls due, the owner
presents it TO be cashed; and, if we have not
the wherewithal he will only renew 1t at u
"sboven of 20 20 % per cent. And this is state
of things which Mr.. Kelley delights IN and seeks
to perpetuate; for he opposes Resumption
EXPRESSLY on the ground lat it will appreciate
fine current value of our outstanding bonds
And NOW we ask every economist to con-
slider these facts:
Our debt is all redeemable within very few
years-muSt all be paid Cor rcnewed WITHIN
somewhat longer period. Within twenty years
at fllrthest, all but the small amount OF i've
Der cents must be paid off or borrowed
again. Our gold bearing six per cents, though
redcemable few years hence, sell consider
ably lower in the money maItS OF Continental
Europe than the British three per cents (Consols)
which are only redeemable at the debtors pleas
IRE or convenience. And we are paying to-
day lust about as much interest per annum on
Two Billions of our debt as Great Britain Is
paving on her Four Billions. And if we could
place ten-year five per cents at par-as France
! Great Britain Holland or Russia might dove
could speedily reduce our annual interest by at
! least Twenty Millions per annum.
| Need we urge that debtor who is rapidly
reducing his liabilities can always borrow on
better terms than one who is content with pay
| ing his interest only, and to shuttle on by ne
gotiating new loans to replace those that iadI
duet
Who doubts that if Secretary McCulloch
! could be induced TO employ One Hundred oil
! the One Hundred and Thirty-one Millions now
| lying idle in the Treasury in buying up and
canccling intercst-paying Debt, he would
thereby appreciate the current value of our
National obligationsl WHO but Mr.. Kelley
would not like to see this donef
Now then, let us resolve to pay hencciorth
at least One Hundred Millions per annum OF
the principal of our Debt, and who does not
know that our National credit would thereby
be promptly and rapidly Appreciated Who
does not know that we could soon borrow at
five per cent the whcrewith to pay off ON
outstanding Skies and Seven-Thirties so fast as
their terms would permit Who does not sec
that, instead of scrambling TO be paid iIst
each of our creditors would seek to be paid last
Men and brethren let us resolve to pay ouI
funded Debt promptly, and we may very soon
reduce the interest TO five per cent, and save
Twenty Millions per annum. And remember
that, if we do not reduce it, we shall soon be
paying heavy premiums for the renewal of ex-
piring loans.