The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-24

The bill which Mr.. Sherman has reported
from the Finance Committee OF the Senate for
funding The national debt and for other OBJ
jects should be called bill 10 give thirty TO
forty millions of The peoples money 10 agents
and stockholders. To al appearance there IL
big job in he bill, whether Mr. Sherman is
aware of it or not. The one per cen. to be
allowed az commission for converting fif;een
hundred millions into funded debt in this
country would amount to fifteen millions for
the FOREIGN loan OF ives hundred millions ut
three end a half per cent would be seventeen
millions dive hundred thousand. This three and
bali per cent on tho proposed foreign
loan is prelicasod upon tho rate of
exchange Oh London being nino per
cent, whioh il about the ruling rate.
Ghe cost Of do Whole operation would be,
therefore, ihiriy-iwo millions five hundred thou
sand. But in III probability there would be
many more psckinSs in this gigantic job.
The absence OF clcarness, dircctness and SIM
plicity in the bill leaves lhe operation open 10
III SORTS of tricks which money brokers and
government agents know how to USE When
the suitable time arrives Tor finding tie debt
lei the conversion be made by clear and ex-
piicit laws OF Congress-, and let the Treasury
Department be tn solo agency. And instead
Of being 50 anxious to place the debt abroad,
which would make US still more the servants
oii3ugopean capitalists and drain all The specie
oul Of the country from year to year TO pay the
interest, we should follow tho example OF
England and Frlnec, and keep as much Of it
al home - possible. The burden OF great
debt is felt much less when the interest is paid
at home ana spread among the people who
owe it, This mighty and rich nation should
not be 50 dependent upon the Old World.
Another bad feature Of this bill ID that pro-
viling for taxing the bonds at homo and then
distributing the amount collected among the
several States. This is proposed in order that
the bondholders may contribute, as the hold
ers Of all other bonds of property do, to the
supper! OF the Stale governments, the States
not having ths power under the constitution to
tax securities Of shc federal government. The
object is right. No one will say that the bond
holders ought not to bear their share Of taxa
ton. But the plan proposed to reach that OBJ
JcCI IL Lull Vi efIls ~ WOulu Icdu W CoTTurLOu
and discord, and In the attempt TO get around
the constitution would virtually subvert il; it
would create grand corruption fund by which
the federal authorities, with the State au-
thorities and leading politicians, could
control elections and enrich themselves;
it would tend to turn the States into mere
provinces and give the federal government
power over all local affairs; it would be
great stride toward nasccnt Imperialism under
republican form Of government. Doubtless
there are difficulties. in the way of reaching
the object, but 1t can be reached without re-
sorting to this vicious and dangerous plan Of
distribution. AT NIL events Congress should
crush the monstrous proposition in lis birth.
If the Senate Finance Committee or Congress
cannot propose anything better than this bill
to regulate the national finances we should
rather drift along IS we ara going till the coun-
try becomes more enlightened and ADLER
Legislators are sent 10 Washington.