New-York tribune., 1868-03-09
OUR NATToY4L BoNDs.
LETTER FROM JAY COOKE AND CO., on THEIR
LIQUIDATION-wH0 ARE THE HoLDLho of
TIE NATIONAL DABT.

LETTER FROM JAY COOKE AND CO., or THEIR
LIoUIDATION-wHO ARE THE HOLDERS or
THE NATIONAL DABT.
The Corning Journal publishes the following
reply OF Messrs Jay Cooke Co.. 70 letter addressed 10
them by b. Howell who inclosed TO them copy OF the
resolutions offered In the Assembly by Judge Bacom ana
his published reasons" fer tie payment Of United
States bonds in taxable coin bonds, or greenbacAs
in case the holders refuse them into tine pro-
posed new issue
BAsKISG-HousE OF JAY COOKE Co,
CoRSER OF WALL AND NAssAu-srs,
NEw,YORK, Feb. 26, 1868.
8 b. HOWELL esq Painted POST n T.
DEAR SIR: We have your letter OF the 18th incoSing
DIR. BalcOms resolutions. The sale OF the hrst rive
Twenty loan undertaken by our Mr. Jay Cooke at
time when the Government had utterly failed 10 lind
market the bonds through the ordinary channels, and
the necessities OF the Treasury were immediate and
pressing The bonds were offered directly TO the people
been obtained but for the distinct understanding that
they payable; prlnetpdl aSd Interest ~ com
act n is only necessary refer 20 tho sinking fund clause
1sec & act Feb Is lsil which specifically approprates
the coin duties imports t0frst payment OF interest
public debt; second, TO sinking Iund for the pay
ment Of E,nea Al tae andeG aeDs o & tne u DnSd en,1
Notwithstanding the fact that the authorizing acts did
matured and been paid In coin since the issues OF the
These bonds, then were advertised and sold in good
faith gold bonds and that they were 80 payable sec
letters OF Secretaries Chase Fesenden and McCu-
The vetwent!es OF not mature until ls9a when
they will due aud payable in coin The Governments
option only has matured but the Government is not
ready 90 pay. -
IT, as Mr. BscOm urges, the Government should pay in
greenbacks, what is greenback but promise To pay
doarl and II 5VOOOOO of greenbacks should be issued
pay the yetwentes, must We not aferward pay then
and, II So in what but goldf Such an Issue OF paper
money every thinking man knows would totally nnsottie
and indefinitely remove tho resumption or specie
payment. But the other hand without any increase
OF currency, In a reasonable time specie payment VIII be
resumed gold and eenbaeks Will be IN equal value, and
10 pay the bonds Ia gold will be no hardship.
Without entering into any ab0red argument 10 meet
Mr. Balcoms reasons for taxing bonds II is enough TO
say answer TO the idea bOndhOdng aristOcracy
that u is In the power OF any man 10 become bond
holder by purchase in tbe!maTket, II he regard the eA
emVtiOn from taxation sufficient lnducement 10 sell
taxable property and invest the proceeds III bond
holders are n 'fayOrte class" man possessing any
property excluded from that class except 0f his own
choice aud such idea be made justification for
violation by the Government OF contract which at the
time IL madb Indispensable 10 the supply OF the
Treasury. -,
generally known how large proportion OF the
securities of the United States held by people OF
moderate nr the investment Of their savings We
havenot hand the precise figures OF the denominations
I'm which the several series OF FveIWentcs were Issued
but the following shows the number OF notes
each denomination embraced In the issue OF the Seven
Thirty Treasury notes. which being converted
by the Treasury into FvoTwcnty bonds In these con
versions the Treasury has never been able to supply
anghsm mail hand la "A the demand: