The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-09-26
UaEATrONAL FINANCES
Senator Morton on the Nation
al nebta.

To the Editors of the Journal:
I Without intending to discuss all
the questions connected with our f.
nhnces, such us taxation Of the bonds
Irdtirment Of the National Bank cur.
rehcy, &C., | beg leave to call the at
! tehtion OF Your readers to the sub
ljett ofthe fine Of payment Of the
national ddbt. q
The total debt on the first of the
present month, less the amount of
cash in the Treasury, was s2,492,-
1873, 1855, and includes S365, 165, s44
Iof grcenbacas or legal tender notes,
and $29,392 ,172 in fractional curren-
! cy. The total bonded debt, at the
same time, including old bonds, issu
ed before 1861, was Sl,732,3671,-
1910 4B. d
OF this amount one hundred and
ty-eight millions four hundred
and tAirty-one Thousand three hun
dred dollars (s19s, 43l ,30o) draw FIVE
/ per cent. interest andfall due 1904,
land are what are commonly called
.sTenlForties." Two hundred and
eighty three millions dix hundred and
seventy SIX Thousand one hundred
dollars ($283,676,100), drawing six
/ per cent. interest, fall due in 1851
Twelve hundred and five millions
seven hundred and ten thousand five
4 hundred dollars (S12, OO5, 1850
draw six per cent. interest and fall
Idue in 1882, "a, 's5 AID 'S7, and are
what are commonly called Give
/ Twenties.' The interests on all
these bonds is payable in COIN
There were outstanding on the first
Of the present month four hundred
millions seven hundred and eighty
six thousand and twenty five dollars
i (s400, 1885, 25) of three years "Seven
i Thirty" notes due in. June and July.
! 1868. RAJ
i The law creating the Ten-Forty =
bonds provides that the Government
,Ishall 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 2
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 issuedin 1867
90, 10 and ~. a
The right TO retleein tl~ro aiflot-
emit bonds at the expiration of five
and ten years, as above stated, is a
mere privilege reserved by the gov
eminent to be exercised or not ac-
cording to its convenince, and there
is no moral Or legal obligation to pay
| off one of them an hour before it is
due. When these laws We're passed,
lit was supposed it night beto the
Interests Of the Government to pay
off the debt, or some portion of it,
before it was due, and theright to do
SO was accordingly reserved.
IT, It IS now proposed by Democratic
politicians that the Government shall
at once pay off in greenbacks all the
bonds which il has right to redeem
and shall continue to do SO from year
to year, as the right to redeem 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 thewhole
debt by compelling our creditor to
take al equal amount of greenbacks
to be issued for that purpose.
i The latter proposition would re.
quire the Immediate issue of more
than two billions OF greenbacks, and
the former the issue Of a like sum
within seven years, and either void
| be clearly fatal to the credit and
prosperity of the country.
] OF the "Five-Twenties," five hun.
!. dred and fourteen millions seven hun.
dred and eighty thousand and fifty
dollars were issued in 1862, and are
notdue until '82; but the Government
has the privilege of redeeming 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 forty
/; thousand three hundred and seventy
, five dollars and eighty-seven
cents, (sl9,44O,375,87). There are
six per cent bonds falling due in
: 1s67.s8, and must then be paid
!. amounting to four teen millions eight
hundred and sixty-nine thousand
seven hundred and ninety one dollars
!. and eighty cents.
/ There are of three years compound
!, interest notes, which will fall due in
: 1868, and must then'be paid, seventy.
, eight millions eight hundred and
f thirty-nine Thousand six hundred
| dollars. How shall the Government
! get the greenbacks to pay the debts
I that are due, and that will be due
next year, and to redeem the five
!, hundred and fourteen millions ofFiye.
! Twenties?
There are three ways:
! 1. BY issuing new bonds and re.
deeming with the proceeds Of their
sale; but this would only make new
debt Of like amount, as the time has
not come when q new bond bearing
, a lower rate of interest can be sold
at par.
! 2. BY levying tax more than
double that Of the present; but this
the country cannotand will not bear