The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-21
THE FuEDrNo BILL is thus summarized by

The FUNDING BILL Is thus summarized by
the New York Tribune
The House has matured, and will probably
1855, bill TO fuDd at u 10 rate of interest the
rTesent funded debt OF the United States. It's
Irtncipal features are as fDlo ws:-
l. The new bonds are to oe redeemable at the
pleasure OF the G ,vern Dent after forty years
2. They are to draw interest AT the rate of SO 65
on everv 500 due. Tnat IL tn Hiy:--Etoh Five
Twenty" bond OF Sl0Oo whicn now draws $50
Interest per annum, is tn be excnauged for a
new bond drawing buJ s36H interest per aLnu'n.
The new b )Dds are u be- absolutely uuGaxa-
ble bhy Federal, State, or local aut hority.
IL lieu at our present SlukinZ Fund, the
sum ~ Sl35 90 o. in specie per lIn collected
eacu fiscal ear from duties IN imp ,rts is set
apart and pledged TO the p-ym en- of tue inte.
rest and reduction of tho principal of our
national debt
s. No commissioners shall hereafter be paid on
the exchange Ot one form VI ma ,tonal debt for
sDutu'r. or on the srle OF any coin or bullion
for account OF the Treasury
Al, exchanges nj bonds on behalf Of the Gov
ernmeDt are to o. ffeced Oy public competition
at er HdNertist Z for prop iSIlS.
z, Henc. forth tue Income TAX due or accrulny
upon our existl x bonds Is 10 be deducted at
The Treasury in paying tue interest on sucn
bonds.
8 All authority to issue new bonds OF the
United states. save In eScnange for Old ones. is
revoke ami anna led.
This biil ha, good features; but is 1t a prao-
ucsbie measure2 In other W lrdS-IS tt prO.
banle bat those wuo now mold Ona tnous aud
dollar bonds of our Government wuereOu they
draw an Interest of sixty dollars elcn per au.
mum, will rush u the Treasury and offer them
for exonauge INTO new bonds of ike amount
drawing tut thirty SIX and n nalf d = trs o ,ch
. per auDum2 Would not IL he advi aoe u pay
u half per cent to whoever snail inLuce them
(or part of them) TO dosp?
We shat rtainly bs glad to hear that the
holOers of the Five fwenlieS are ready aad
eager tn maze sucu an eXch inge; but va do
not understand the ,nduc-meut. Aad we ap-
ptthend that 'he cutting of nf all the commits.
sions ptec ndes all hope of any general or
rapid refuhding Ot our dent.
Az 10 the S55,OO0 CU0 clause IL seems to SAVIOR
OF reuudla ion. beie are the provisions of law
which II prop pses JO repeal:
]. All the duties on Imports TO bs collected
and pad In coIu.
.. SAID coin TO be specially devoted First to
the payment in coin Of he Interest on the Jnds
and no es of the United states.
Second TO the annual purchase or payment of
one per centum OF the entire debt of the United
States.
That is 10 say: BY existing laws, the whole
revenue from imports TX to b. collected In coin,
aud he total Interest Of our national deOt paid
theretrom, win one hunuredLh part of the prin-
cipal every year
IL seems u us that the House bill substitute
a les for n more complete security - the ma
LlOnal creditors, and 80 il uni uSt.f
We arden Iy trust that a good Fun ! ing bill
may he passed at this session. aud tn at the rate
ot interest may not be liked s. low that no One
will accept II Do let us lave the work Of fun
lug our DatIousl nrbt Ia An American onsol
well begun at the earliest moment But let US
have nO quHckerY, no demagOguism, and no
tBInt of 81 udiatiOH.