New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-10
NATIONAL FINANcE-MR SHERMAN'S YEU

fund the bulk OF the DeOJ Oh INC Ihlt'u
States in a new American COnsol at re-
duced rate of interest AS the subject is of the
gravest and most urgent consequence, we call
attention to the text of this measure. 1t is as
follows:
BE il e,acied etc., That the Secretary Of the Treasury
is hereby authorized to issue registered or coupon bonds
Of the United States, In such form ana OF such Iehom!
tiOns nc may prescribe. payable. principal ana eco
i'm COIN and bearing interest AT The rate OF per centum
per annum payable semiannually, and bearing date so
ms 10 require the payment OF equal amount OF the IN
terest quarterly; bonds 10 be payable In 40 years
from date and 10 be redeemabe in coin at the pleasure
of the United States after ten years from date 10 DC Is
sued to amount sufficient TO cover all outstanding or
existing obligations of the United states, other tnah me
existing per centum bonds. and to be exchange Tor
such obligations disposed OF In such manner ana on
such terms not less than par as the secretary Oh INC
Treasury may deem most conducive 10 the interests o.
tbc Governments and the said bonds and the proceeds
thereof shall be exclusively used for the redemption or
exchange for. the existing securities OF the lh'eu
SEC . That the bonds issued under the first section OF
this shall he known as the Consolidated D.Dt Oh .e
alton in any form Ivy or under state municipal OF loca
authority; and the same ana the interest he,eon any
the income thercfom shall be exempt from the payment
of all taxes or duties TO the United States other than
and III consideration of the reduction o1 me rate OF
est provided for by this act there Il hereby appropriated
out OF the proceeds of the duties on Imported goods u
ally amount equal 10 one per sehinn OH INC Io d
issued under This act which sum shall DE reserved ana
annually applied to the purchase or payment OF Tue Id"
SEC g. That in addition the necessary TO pay
debt Of the United states thcle Is heien{ apPIola,e
out OF the money in the Treasury not otherwise aplro
priated which, including the said interest ana ma
turing debt ana the one per ecntum iesI ,o S nm
said shall amount To Sl3j,OO0OO annually when sum
during each fiscal year. after the current hsch yearta
be applied TO the reduction OF the pubic uept i'll SUI. s
manner as may be determined by the secretary oi lhs
reduction shall lie in lieu OF the sinking fund conem-
plated 10y the fifth section OF the act ehuueI M O' ~
authorize the issue OF United states notes ana iof ne
dcmpon funding thereof and for funding the hoaths
debt of the United states approved Feb ~ ~ CO...
bearing interest M the rate of six per centu per hl
and redeemablo at the pleasure OF the United stHIcs
after five wears from their date. commonly known
AS the Fvetwenty bonds, shall after the expiration
Of five years from their date at the option OF inc
holder thereof be exchanged for the bonds auihor-
zed by act and such are now Iedeeuahle sha DC
presented for exchange on or before the rst da{ OF
venber next and thereafter and the residue 20 De
presented within sX months ailcf thc expiration :" ~
years from their date, ANA not thereafter anu s,
change shall be made nj such places aud under sch rules
aud regulations the Secretary Of the lreasu! ma!
Sc s. That the holder Of any lawful money OF the
United states TO the amount of tl'0n or any muupni
amount authorized by the hrst section OF tls acl
under such rules and regulations as te Se,Ieisy VI
the Treasury may pescribei ana any hOiueI vi an5
bonds provided for in the first section OF ts act may
present the same TO the Treasurer OF Tue Steu r.
and demand lawful money Of the United states Tor inc
principal and accruing interest thereon ana te
shall redeem the same in lawful money Of the United
States unless the amount Of United states bon1- thsn
standing shall be equal soooeoo aud such bonds shan
moi be 30 redeemabe after the United States nave Ic-
suincd the pay mcnt OF coin for their notes.
SEC. g. That any contract hereafter made specncally
forced according 10 its terms anything in the several
acts relating 10 United states hotcs 70 the contrary NOT
witlsandng
Comments Jy the Tribune.
The Government of Great Britain owes a
larger debt than ours, which, paying but three
per cent interest, sells at from five to ten per
cent discount That Government could UNI
doubtedly borrow large additional amount on
four per cent. at par. If, then, our Government
shall be obliged to fund its debt at fire per cent,
we shall thenceforth be paying Twenty to Thirty
Millions per annum moro than we need or should
pay if the capitalists of the world were sure
of our integrity. There is no doubt at all OF our
solvency; we can pay every dime that we owe;
but the favor shown by many of our politicians
to the suggestion that our Debt be paid off in
Grecnbacks has alarmed capital and we must
pay for our possible rascality. Were we all
agreed TO pay our Debt according to the pledges
and assurances made by our agents, who con-
tracted it, we might at once reduce the interest
thereon below S1OO,00O,OO0 per annum but our
threatened r0gucry will compel us to pay at
least $l2j,000,OOO per annum.
Now there is not on earth one disnterested
authority on Finance who does not unhcsi
tatingly pronounce the dodge of paying the
Debt in Greenbacks (Which is a contradiction in
terms an mequivocal and dastardly cheat.
There is no division, no hesitation, on the
subject. There are many ways to defraud
but only one way to be honest-and that is to
pay our Debt as we unanimously permitted our
creditors to be assured that we woud pay
them when we badly needed the money and
employed agents to get it for us.
Rufr ON was flpn
"greatly deprecated" Part of the time it
was; part of the time it was not. Many of
the Five-Twenties were issued when our Cur
rcncy was far less deprecated than it now is.
And in every case its depreciation measured
the current faith in our ability to put down
the Rebellion. If we sold a part of our bonds
at low figures, it was because no one could be
found to give more for them, fearing that the
Union would have to give place to the Confed-
eracy. For the notion Of divided country was
idle. If the Rebellion had triumphed, and
compelled a recognition of its Confedcracy,
every Democrat in the North would have been
in favor of joining that Confederacy the next
hour. The beaten, PROSTATE Republicans would
have been crushed out, and the exulting Dem
ocrats would have carried State after State
over to the Confederacy, until none would
have been left to pay the.Debt. Our creditors
took great risks, on perfectly well understood
terms If we cheat them now, we can never
expect to be trusted again.
Now we should prefer the leading features
of Mr.. Henderson's to those of Mr. Sherman's
bill if we believed the Debt could be consol-
idated on Mr.. IIendersons plan; but we fear
it cannot while the peril of Reputation inn
ponds. The Greenback dodge is Reputation
-sneaking Reputation at that. And we are
in favor of funding the Debt on the best pos
sible terms-funding it surely and promptly