The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-19

emanasec has drawn attention to n md its uitinais
ia'e regarded with interest," especially By those who
are large holders OF government securities. aIr Csco
says
lie committee propose to fund the debt over again,
Tue usos WIN the exception OF a small am0ans ~ a.
ready funded. mostly ia nyo twsuty bonds BY the ar,
W next august almost ali oft will be funded ia and
~ sa ossep aat par OF hs aso which
has been Toe Two 10 carry out tho
process 2. sI h1as snd II Il now nearly CON-
pet0 just before ~ complete the commIsSD
propose TO do tors work all over a2ar Gao ses no
possible good to result IRON hs say one, except -
those who 10 make commissions out az ana -
of old bouds for ones. Papmen. Of nons ~ az
fve,wenty bonds can b. demanded OF tue po,ernmsns
for fifteen years to coma appears TO me- th,rrfors
that no further funding process Is uecessary sct 49,
that part OF the subject Is better left alone There was
time when. with great advantage to the credit NE
Treasury, the seven thirty notes aud other ob,,ra
lions might have been funded into something ess tbsn
gold bearing bonds, bus this opportunity has loA
The clause In tho Senate bill providing that tho rrsa-
surer OF tho United States shall deduct from the sem
annual interest payments the bonds onssx,h Of The
amount for distribution among the States cousider-
ton II their being entirely exempted from all stss
national taxation. 10 unwss and upon this point no
marks
The proposal exempt the holders or The now bonds
from the income tar TO the esncrar governments, 70
Which ell bondholders are now subject, am aware
makes tho new bonds ttlc better than tive per ceut
security, 20 FAR as our own citizens concerned but
doubt the wisdom Of such exemption The Jealousy
button OF money among tho State governmental I
doubt also the wisdom OF making the State govern-
ments IN any way pensioners upon the Treasury.
With respect TO the provision tho bill makes Tor for
sign Ioas, with the interest and principal payable abroad
in foreign coir, be very properly Observes
II ssems 70 quite useless these days or steamers
aud electric tehsraph, 20 make any special separate
provision for such Of our bonds may be- held abroad
The quantity held abroad o shifting, hxed aua otL
~ Every stsauer akea bonds out, and every steamer
brings some back IL you mako better provision tor
Ilrnn Than fArt hAiA ks~Na
will DO sent abroad TO be converted you make worse
provision for them bonds hold abroad will be sens
sold here just wei bonds registered hero can be
sold in Europei 80 hat the provision to avoid drain
upon our market by the sale OF securities here IN
case OF o. panic, world amount to nothing A New
Yorker Will buy bond the interest of which Is payable
ID London Of Frankfort II u Is cheap ns as readily
resident Of Europe viii buy bond the interest OF
which Is payable hers. There is danger from
our government bonds coming back from Europe Ihaa
from Erie Railroad bonds or other private securities
coming back Both be sent hther ana sold for
gold. The Erie Railroad bonds viii not como back 90
long as tho holders OF them believe them TO be good
our government bonds will not come back unless W.
mako the people Europe believe they not going
to be paid We need neither a funding process nor
foreign loan. We need Improvement OF the credit Of
the government and this regret to say the report
OF the COMMITTEES does not tend: nor will their bill II
passed INTO law 10 improve the credit OF ths govern
ment It needs wise wei-dehned and comprehonsive
financial pocyone which the world will see Is wise.
and which 1t VIII zee surc to lead, sooner later, 70
complete restoration OF payment OF all governments
debts OF every kind in coin That the government
had such policy since the war closed Is proved ny
the fact that our credit il improved Tue present
condition of business and Industry H. in my Judgment
due in great Degree TO the absence for nearly three
FeaTs past Of any csar weidsfnsd policy In tho gov.
ernment finances.
At meeting of tho directors OF the Importers snd
Traders Bank held on the 10th inst James Buell. vas
elected President and Russell Sage re-sloctsd
Vice President
The transactions for tho week st the Custom Houss
aud SUBJ Treasury In this city have oeen as follows;