New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-14
TIE NEW FUNDING BILL.

WASHINGTON. Feb. IL. 1905
Though Mr. Sherman is confident of the success OF
his funding bill others entertain very ditierentyiews
The objections to it RADICAL and they DiOw upoh
it from exactly opposite points of the compass Ihey
come ON one side from those who would not have
even breath of suspicion stain the National creuit
and on the other from those who will be content with
no bill that does not meet the demand for municipal
taxation upon the bonds
The bill, as it stands nomnally proposes that tho
holders of the 5-20s shall exchange them, ut their
option for the new 1910 five per cents, dollar for
dollar. But it does not say what is understood by
the advocates Of the measure. That is. If the hold
ers of the $40 bonds decline the exchange, they arc
to be paid OFF in greenbacks. without this meaning
attaches the bill really has significance whatever.
For what is the use of enactng that the holders OK
$40 six per cent bonds worth in the market ITO TO
1l2. may, "at their option" exchange them
for 1910 five per cent bonds worth iO2 to l0i OF
course tho holders will do such thing.
voluntarily. The plan of !the funding scheme
therefore is to threaten the bOndhOldsrs with pay
10 greenbacks, gently in terms. but mono tho lees
really in fact in order TO induce them at their OPP
ton" TO exchange their 9 per cents for per cents
Now to.his suggestion of partial reputation. those
who entertain just of financial integrity will
not hearkeu for moment: and there such even In
Congress. They are fortified by yet another class.
who are wise enough TO know that honesty Is tho
best policy who believe that the cheapest and east.
est way to carry our debt is to raise no question
about paying either principal interest. but TO go
right on in the straight narrow path, and discharge
every obligation, actual and implied. according to
the highest tests Of mercantile honor Those who en-
terrain these views will oppose Mr.. Sherman's bill
and every other bill which looks to varying one lola
from the spirit of tho contract under which tho
bonds were issued.
But we are constrained to confess that the greatest
strength of opposition which Mr. Sherman's bill In
likely TO encounter will be from the class whom it is
framed to conciliate. 1t Will DO most strongly re-
sisted by those who hold that, instead of its repu-
dating too much il Tepudiates too little. The great
crowd want to get at the bonds to tax them, all
other property is taxed in this country9 g. or per
cent Others desire TO force the interest down 10 81
OF per cent and yet Others are anxious to pay them
of in fresh issue of rag money.
In undertaking to navigate his bill past theso
yariousy besetting distractions. Mr. Sherman
has n task which will try all his skill his pa
thence, aud his good nature. And do not
see how ne il to succeed. Aud il he succeeds
cannot that he settles the great agtating and
disturbing element upon which the national bonds
are more and more, every year. tossed about; and
this is the question of municipal taxation Let Mr..
Sherman pass his BILL and establish the rate Of Gov
the same hostility toward untaxed bondhollers. will
still exist in every city and village Of tho country.
And it is an uneasiness which will not be cured while
the loan endures
What good sense demands is, that all the questions
arising out of this whole business should be finally
settled. We want policy which shall meet this
demand We hold that the existing situation Of
the National loan is Just as good as il need DO
for this purpose. The ZOOS are rapidly maturing
What we have need to do is TO pay them OF
Just fast negotiate new loans.
subject 10 the same taxation as all other per.
sOnal property But in order TO do this TO tho best
advantage TO rate and to dispose of every ques-
ton in regard 10 what bonds ought to be paid IN.
veil as all Others we must first resume specie pay
ments. Our way then will be perfectly clear. All
our tricks and contrivances will avail nothing in
escaping from the demand which this great over
shadowing necessity imposes 1t is plain sailing
toward this end. The sea may be rough and the
winds strong, but the waters deep and broad,
and round the Cape we shall ancho,
and rest securely in our great financial
Pacific. Everything short of this is but
Il makeshft to avoid the inevitable. 1t is
ming from one shallow TO ground on another; it is
TO dodge from obstacle to be confronted bys
series in endless Succession II is said there is M
royal road TO learning; there is certainly none "a
paying ucDls III is au caIntht scIlous, ocliuenyluH
task; and il is task which every man. even short
as human life is. finds his account in cheerfuly
embracing when the necessity is upon him. How
much more important that naion-wbose hold on
existence is through the ages, whose financial houos
is necessity of its growth aud power; nay,
whose very existence may in unexpected
emergency depend upon it-should preserve that
honor uuspotted and untarnisLed! Let tbs
nation, then, rise TO full conception OF
the demand made upon it, financial integrity.
it's as Yet unstainod honor, and declare that it viii
make the small sacrifice requisite to restore its credits
and position to a level with TIE other great nations
OF the world. Let lis not stand dawdling over this
miserable business of shaving own notes. and
striving to skin the holders by exciting their distrst
and apprehension. Ii is mean business. a dirty
business, unworthy the spokesman Of great nation
and it Will be destitute of reward for IL viii DO
losing business; J'SR
MUSIC