Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-02-21

has shaken sham Democracy to its
foundations.
z-...--
The New Funding Bill.
The New York Tribune has in the
shape Of a Washington letter the fol-
lowing good common sense in reference
to Senator sherman's scheme for fund
ing the debt.
Though Mr.. Sherman is confident of
the success of his funding bill, others
entertain very different views.
The objections TO it are radical; and
they blow upon 1t from exactly opposite
points of the compass. They come on
one side from those who would not
have even a breath Of suspicion stain
the National credit, and on the other
from those who VIII be content with no
bill that does not meet the demand for
municipal taxation upon the bonds.
The bill as it stands, nominally pro-
poses that the holders of the 5-20s shall
exchange them, at their option, for the
new 1910 i've per CENTS dollar for dol
lar. But it does not say what is under
stood by the advocates Of the measure.
That is, if the holders of the $40 bonds
decline the exchange, they are to be
paid OF in greenbacks. Without this
meaning attaches, the bill really has no
significance whatever. For what is the
use of enacting that the holders of $50
six per cent bonds, worth in the mar
ket 10 TO 112, may, sat their option, !"
exchange them for 1910 i've per cent
bonds, worth 102 to IO4. OF course the
holders, viii do no such thing, TOlunta-
rIly. The plan OF the funding scheme
therefore, is to threaten the bond hold
ers with pay in 4E6en backs, gently in
terms, but none the less really in fact
in order to induce them cat their Op-
ton" to exchange their 6 per cents for
3 per cents. Now, to this suggestion of
partial repudiation, those who enter
tain a just sense of financial integrity
viii not hearlzen for a moment: and
there are such even in Congress. They
are fortified by vet another class, who
are wise enough to know that honesty
is the best policy, who believe that the
cheapest and easiest way to carry our
debt is TO raise no question about pay
ing either principal or interest, but to
90 right on IN the straight, narrow path
and discharge everV obligation, actual
and implied, according to the highest
tests of mercantile honor. Those who
entertain these views will oppose Mr..
Sherman's bill and every other bill
which looks to varying one iota from
the spirit of the contract under which
the bonds were issued.
But we are constrained to confess that
the greatest 8BE9ngEn OF opposition
which Mr.. ShermOn's bill is likely 60
encounter viii be from the class whom
It is framed to conciliate. It will be
most strongly resisted by those who
hold that, instead ofits repudiating too
much, i6 repudiates too little. The
great crowd want to get at the bonds to
tax them, as all other property is taxed
in this country, 3, orr per cent. 9th
ers desire to force the interest down to
30 or 4 per cent, and yet others are
anxious to pay them off in a fresh
issue of rag money.
In undertaking to navigate his bill
past these VariOusly besetting obstFuo-
lions, Mr.. Sherman has a task which
will try all his skill, his patience, and
his good nature. And we do not see
how he is to succeed. And if he sue
ceeds we cannot see that he settles the
great agitabing and disturbing element
upon which the national bondsare more
and mOre5s every year tossed about; and
this is the question Of municipal taxa
ton. Let Mr. Sherman pass his bill
and establish the rate Of Government
interest at 3 per cent. and the same
taxed bOndhOIders, will still exist in
every city and village of the country.
And it is an uneasiness which will not
be cured while the loan endures.
What good sense demands is, that all
the questions arising out of this whole
policy which shall meet this demand. We
hold that the existing situation of the
National loan. IS just as good as it need
be for this purpose. The 5-20s are rapid
iy maturing What we have need to do
is to pay them off just as fast as we can
negotiate new loans, bjeet to the same
taxation as all other personal property.
But in order to do this to the best ad-
vantage as to rate, and to dispose of ev-
cry question in regard to what our
bonds ought to be paid in as well as
all others, we must first resume .specfe
payments. Our way then will be per-
fectlY clear. All our tricks and eontri-
-vances will avail us nothing in escap-
ing from the demand which this one
great oVershadoWing necessity imposes,
1t is plain sailing toward this end. The
sea may be rough and the winds strong,
but the waters are deep and broad, and,
once round the Cape, we shall anchor
and rest securely in our great financial
Pacific. Everything short of this is but
a makeshifG to avoid the inevitable 1t
is running from one shallow to ground
on another; it is to dodge from one OBJ
stacIe to be confronted by a series in
endless succession. 1t is said there is
no royal road to learning there is cer-
bainly none to paying debts. Tt is an
earnest, serious, selfdenying task and
it is task which every man, even
short as human life is, finds his account
in cheerfully embracing when the ne
cessity is upon him. How much more
Important that a nation-whose hold
on existence is through the ages, whose
financial honor is a necessity of its
growth and power; nay whose very
existence may in some unexpected
emergency depend upon it-shOuld pre-
serve that honor unspOtted and unfair
nished Let the nation, then, rise to a
full conception of the demand now
made upon its financial integrity, its
yet unstained honor, and declare that it
will make the small sacrifice requisite
to restore its credit and position to a
level with the other great nations of the
world. Let Us not stand dawdling over
this miserable business of shaving our
own notes, and striving to skin the
holders by exciting their distrust and
apprehension. 1t is a mean business,
a dirty business, unworthy the spolzes-
men of a great nation, and il viii be
destitute of reward, for it will be a los
ing business. LISP.