The Conservative. (M'connelsville, Ohio) 1866-1871, 1868-10-01
rhe Ennlinr mlm InInnIlN


The Funding RSiII Iniquity.
The funding bill passed ut the
last session, (though it failed to be.
come a law by both Houses of Con.
gross, ls entitled AN act providing
for the national debt, and for the
reduction Of the rate Of interest
thereon It does not in reality
provide Tor the paymo"t Of the ma
tional debt, but only changes the
form of the bonded debt. and sad
dies it upon succeeding generations.
Il NORMALLY reduces tho rate Of
interest, but richly compensates the
boudholdcr for this, by making the
principal Of the bonds now payable
in legal tenders or greenbocks, pay
able IN gold, thus increasing that
principal Gom forty to fifty per
cent, aud %burdonIng the country
with an increase OF the public debt
Of six or seven millions
Az Senator Sherman, Of ono.
and other prominent leaders of tho
Radical party have assured The
people that this bill viii be passed.
Into Il law at the next session Of Con.
gress. by n two'third majority II
necessary 10 overcome the Presid-
ents vcto,we give he first section
Of the bill as il vas passed at the
last session, thissection contains all
that relates 10 the funding Of the
fvc-twonty bonds, and is as FOIL
ows:
BE j., enacted Sc, That the Seer
rtgry Of the Treasury is hereby
authorized 10 issued coupon or rcgi.
stored bords OF the United States
in such form Us he may ]prescrlbe
and Of denomination VI 500 ~
any multiple ofthat sum reGccmphle
in com ut the pleasure OF tho Uni
ted States after thirty or forty yc-
ars. respectively, and bearing the
following rates OF yearly interest,
payable scm;.aunully IN com that
il to say. the issue of bonds failing
due ~ thirty y'us shall bear inlc-
rest nj iour and q half per cent and
bond- falling due IN forty years
shal, bear lr,rrc-. 40 four per cent
which said boui Is and ihc interest
thereon hall he exempt from tho
payment ~ al fa>'- "r duties go
the Ju.I Nutt.,p.r,c than such
income ruS ~, may 10 assessed ON
other incomes us we, as from taxa
ton IN any CORN by or under State
municipal or local authority These
new bonds are 10 be tho securities
Tor an uutaXod and ~un!axablc umo-
nat ofabuut sixteen hundred wilUo-
ms ut present which, by ;he time
the funding dill is passed and the
new bonds ready for delivery, may
amount 90 two hundred millions
more by the operation of changing
aon-intcrest payable IN grccnhacks
into fvc-twcutics with interest pay
able IN gold. The bore operation Of
exchanging sixteen hundred milf
ons OF hyc-,wentics INTO the new
bonds with the principal payable in
gold, will increase the public debt
AK hundred millions, and make -
bonded debt Of TWEEN y-two hundred
million in our present currency
For this sum the young men and
the labor Of the country are to be
pcrpctually mortgagcd 10 the bond
holders. and taxed from. year TO year
TO pay them their accruing god
interest which, IN every twenty
years will amount to n greater sum
Than the principal itself. II is to be
noted. ~ an evidence Of the iuiqu-
ity about to be practiccd by the
Radical Congress IN the passage
Of this funding bill, thatlt docs not
provide as in other coscs. that the
new bonds shall be made payable
within q limited time, bnt only tha,
they shall be "rcdecmable in cour
at the pleasure OF :hc United States
after thirty or forty yeaas
respectively" The object is plain
enough 10 put the debt IN sucn n sh-
ape that tho holders Of the bondi
cun eve demand payment nor the
people over get rid of the incubus
Tie mortgage is to be perpetual.