The New York herald., 1868-03-23

the exemption Of the bonds from State and local
taxation, are either ignorant Of the truth
OF the matter, or were afraid, during the
yestmsnt in public stocks They have no confidence
IN the bonds and hate the loyal holders OF them as
ars wiz @ss sto to the fact & in
real estate made ct the commencement OF the war,
have In many localities advanced In value from one
hundred to three hundred per cent. Especiaily -
this 20 In Cities towns and villages Investments 10
real estate at the commencement OF the war nave
bonds. Yet this clam0r for the taxation OF NE
bonds for local purposes mostly comes rrom me cSs
vances In the value Of real estate.
PENDING FUNDING SCHEME.
The present Funding bill. as introduced hg the
contains some very Objectionable provisions, the
chief OF which is that legisatng for the compulsory
may be provided. No greater hindrance than this
could be placed In the way OF the speedy Conversion
Of this loan into the proposed consolidated aens; ana
such provisions I share with Mr.. Sherman In
regrettng that the bill introduced two years ago
was not successfully pressed to q passage. His
own words are:-aMy own conviction is that two
years ago this question ought TO have been settled"
Sr nronpv e aonea 9 e portion Of our indebt
edness would have been by this time funded into 9
five per cent loan and the Treasury and banks would
have resumed specie payments by the LIST OF July,
MISTAKES OF THE PAST.
There can be question that the above happy re-
| suits would have followed the prompt passage and
execution Of such an act and also that the present
propositions to tax the bonds TO pay them
OF. Many beneficial results would have followed the
adoption OF the original bill two years since
| per annum, the wider dissemination OF the
loan among the masses and the removal Of the debt
from It's present injurious competition with railroad,
mercantile, mining, manufacturing and Gil the other
vital interests OF the country for when specie pay
ments had once been resumed and the i've per cent
interest received by the bondholder was worth no
more than the five per cent interest received from
mortgage or other sources Of income, is manifest
that there would be better opportunities for our
| struggling railroads and manufacturing and other
interests to borrow money from the banks and cap
tasts. For these reasons urged the necessity Of
the prompt funding Of the debt and return to specie
payments and now deeply regret that at the risk OF
further attacks upon my personal motives did not
these plans.
EFFORTS AT FUNDING.
loch to present to him in writing my views on the
funding of the public debt the resumption Of specie
payment, &C., DC. did 80. and at the same time
submitted these views to Senators Fessenden, Sher-
man and others. Mr.. McCulloch had many and able
advisers but his views In the main conceded with
mine, and when the time for action arrived Senator
Sherman prepared and introduced bill satisfactory
to the Secretary. This bill was opposed from unex-
pected quarters and the Senator after modifying It
greatly, deemed It best to postpone it, owing TO the
| increasing excitement in political matters.
have no doubt that the people, the masses, are
i0n will always be held by banks and another por-
| tion abroad, but even the eight or nine hundred
people OF our growing and prosperous land II they
had the option to take it. believe also that the rate
Of 1--WE per cent free from taxation would be per-
fectly satisfactory; but ut present, and within the
next ten years. lower rate ofnterest than this will
fix the loan permanently In the hands OF that class Of
people who ought to hold It, as 1t would be the most
safe and legitimate investment for widows, or
phans trusts, estates, mechanics, farmers, saving
| finds, &c. Being guaranteed by us all, the rate
would be fair return, and much better for this class
Of investors than large rate derived from greater
| risks, which latter ought only to be taken by the
" nj QRf m
GOLD AND SILVER IN THE COUNTRY.
From the best sources of information have the
$3.50, 900 900 more gold and silver coin and bullion
than we had at the beginning OF 1891, and believe
snmntion after the comnleton Of HE fnndn@ of the
.seven-thirties, is to fix the day.
RESUMPTION OF SPECIE PAYMENTS.
II thought more prudent to provide for contingent
ces by arranging for temporary foreign loan, or by
authorizing the Treasury to pay interests deposits
Of gold either Of these plans would provide all that
would be required. The question Of resuming specie
payments Ia to my mind very simple, and than the
presen. t1ere L. no more r v0raDio time ,or axlng e
this desirable object shall be accomplished the pay
| ment in gold Of the original fve-twenty loan can
a new consolidated ave per Cent funding loan all
shat may be needed. It win not be necessary to
was issued in series Of about $lo0 900 each called
first, second, third, fourth SERIES DC The holders
The i Chances s are % that few % 5oers
desire payment but that all or nearly all would vol.
bonds This would especially be the case sh Il s Se new
loan should be 80 popularized that there would be
competition for It, a new class Of purchasers
taking all that was not promptly absorbed by
the holders Of the old loan. / believe that not
| $50 900 Of gold would he called for In making
the whole payment and exchange of the $514 OOO
The same process could be applied to the other
issues OF 1ve-twcnties as fast as the government
~ sSe aSW sad then hen IN View Of the very
prominent men all over the country should endeavOr
to make political question Of 1t, and saddest OF oil
fhntnr ~ h<RS
country and upheld it5 credit during the dark years
OF the rebellion should give the weight OF their
position and character TO any OF these 'greenbackn
schemes.
At the close of the first hvetwenty loan ventured
to predict that no other SIX per cent gold loan would
be offered at par by the govern nent. Up - "a
| hour the prediction has been verified and / am
would be involved by the payment OF the avetwenty
loan In grsenbacks will ever occur
l BAD ADVISERS.
| I regard the agitation, originally OF this urO-
position az the work OF those who opposed the
| war and all measures for the preservation OF
proach Of a Presidential election, they have for
| want OF better and more patriotic capital avaled
tions OF the country to stir up an Ignorant opposi
tion to the public credit Perhaps the country must
submit, through the pending canvass, 70 postpone
tive that the Presidential election IL over
this que esai0n will no longer be postponed but plans
will be naugurated that will not only fully aintaa
the national faith and credit, but greatly reduce the
present burden Of the debt.
/ RETRACING THEIR STEPS.
am dad to observe unmistakabe signs OF the
| abandonment by both parties OF any intention to
press this 'greenback" question, the recent political
| conventions In various States having avoided any
explicit declaration OF opinion on this subject. The
recent Republican state Convention in PHILADELPHIA
more particularly nobly reasserted the nviOlabiity
OF all contracts between the government and bond
holders and Governor Seymour before the New York
| Democratic Convention, Enthusiastically maintained
| and insisted upon the payment OF the Gve-twenty
| bonds principal and interest, in coin.
| MR.. COOKIES POSITION.
| make no apology for thus once more infrudinv
upon public notice. do not wish my position mis-
understood. naturally ieel great responsibility
and my fellow citizens deem it right that should
not hesitate to express my views In the matter have
done
| MISTAKES or BUTLER AND PENDi.ErOv
Before closing l wish to correct mis-tatement
originally made by General Butler and repeated by
Mr. Pendleton In his Milwaukee speech. Both gentle
men assert that advertised az general aren't tho