New-York tribune., 1868-07-25
The Tribune's ARSWer.

The Tribune'S AnSwer.
l. A.E.R. is mistaken in assuming that our
six per cent. bonds are only to be paid " fifteen
cor twenty years hence.' They arc "Five-Twen-
cites that is, the Government has right to
pay them when they shall respectively have
run five years. All those issued III 1861 or
90, or before the 24th of July, 1853, are
already within reach of redemption, and
should be funded at a lower rate of interest so
fast as the right so to fund them accrues. The
British Government could to-day borrow very
large sums at four per cent, and obtain a small
premium on the bonds. British three per cents
are selling at more than o. per cent, while
American Sires are below 70. In other words:
a promise of the British Government to pay
hirty dollars per annum sells for twenty odd
per cent more than the promise of our Govern
ment to pay Sirty dollars per annum just be-
cause there are well-fOunded apprehensi0ns
that we shall cheat orr creditors out of their
honest dues, by the7 Greenback dodge. Capt.
talsts would just as soon have our bonds as
the British if they deemed them as safe; and
We should be able to call in every Five
"Twenty0 at the expiration of the fifth year
from its issue and replace it by one drawing
but four per cent. interest; and, If we could
do that, we should rapidly reduce the
annual interest on our Debt to the
extent of Thirty to Forty Millions per
annum. The saving thus effected would
of itself extinguish the principal of our Debt
within forty years from this date. We are
paying a very high rate of interest; yet our
National Credit rules very low-lower than
Il
Great Britain owes Fifteen Hundred Millions
of Dollars more than we do; yet she is paying
less interest on the whole than we are paying
on our far smaller Debt. And we are every
week sending large amounts of our Debt to
Europe, and receiving but about three-fourths
of It's face for it, though it draws six per cent.
interest in gold; when it should command
large premium, and loOuId but for the Green
back villainy. Our objection to knavery is that
it is knavery but Others may find an additional
objection in the fact that it is ruinously un-
profitable.
H. IL is not true that no one proposes notO
10 pay the Debt in Grcenbacks. Mr. Pendleton
does propose that Three Hundred Millions of
the Five-Twenties now drawing six per cent.
interest in gold be (orthtCiM called in and
compusorily exchanged for an equal sum in
Greenbacks, drawing no interest, paying no
interest whatever redeemabe nowhere and in
nothing. We have seen an elaborate PROPOSE
ton to issue Twelve Hundred Millions of new
lies and pay off Herewith an equal amount of
the National Debt. And all the earnest advo-
Gates of paying the Debt in Greenbacks mean
substantially this. The scheme has no mean
ing otherwise.
III. We have no desire to have any contro-
versy with Republicans on this subject. We
expect and have always expected, that Copper
heads and Rebels would combine to cheat the
National creditors whose money was essential
to their sore discontinue and humiliation. We
are amazed and mortified that any Republican
should be caught in their company.
". We cannot be silent on this subject when
monstrous untruths are day by day reiterated
in support of a gigantic medtated crime. Nay
when a COpperhead candidate for Governor of
New-Jersey triumphantly quotes Republicans
as supporters of the fraud, if we could be silent,
the very stones would cry out.
Our personal honor is involved. For years,
we exhOrted and entreated every one who could
to subscribe for or purchase the bonds of our
Government. Had they ceased to purchase
even for few months, the War must have
stopped and the Rebellion triumphed. Copper
heads and Rebels asserted that the bonds would
never be paid. 1t was our duty and pride to
give assurance that this was not so-that every
bond would be paid, principal and interest, to
the last cent May they not be paid in Green
backs n asked few timid capitalists. "No,
mo, no " answered three successive Secreta-
ries of the Treasury-all we have had since
Lincoln was inaugurated. We trusted and ret-
Grated these assurances. Now, either re swim
died those who took the bonds on the strength
of our assurances or they would swinde
them who now propose to pay those bonds in
Greenbacks-and we did MT. led.