The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-11

always convertible aud free from taxation. Indeed,
an Investment N government stocks, bearing small
interest, IL paymen. In advance for freedom
from taxation. SO 1t would be consiierd By
the States and all intelligent people. l. Is stock bear
ing large acresr, larger than Is -tccived on notes
and mortgage, that strikes the public mind unusy
exempt whom all the private bus ness 81 the coan;ry,
spsrt ns SINKING fnna Il IS On no very face a !. an
absurdiy II borrowed By wise MAJ, the Earl OF
Shaihan from visionary, dreamer and troubled the
heads OIL hnancers in England fs ABOUT ATTY years 10
ioiy = now admitted aud II ths feveaae IN Great Bril-
tan 10 any year the expenditures the Chancellor
o. me E.ehequer applies II ~ oace 70 tho deb instead
OF placing u "A snkiss fund. whsro Is IN constant
danger o! being sung. With as II IL be advisable a.
erce 70 ley lax 70 reagso <ebs It San 10 better
done without than With q surssa Or Heard for tho
special purpose s-t do as, tAixt ii ~. Make the
interest debt light as W. can i Is burden enough
tho present eeneraos All thai i raia for tho nsxs
ten years or nora the Eorta vav tesides ueing
sufoeaed with hsavy expense IL maintaining govern
nents IN the South and saving n from a.a.oly and
starvation Certainly after the pas. ysar's eyoorlencs
ana IN View o. what : nsw before rs man cam
hope that th0 Xcxt years st1ley noy in
process o. reconstruction esztribute guy,hing 10
intorSss OF principal Of se public debt lie day q re.
our eonrtry wr b. again prosperous able u con-
tribute s porsion to the q. ins 4enL which
am not wiling TO the peIs Of uss North buzioned
with taxes beyend what they wen lear to reduce
the debt untii all port ons or .as 5aoa can pay their
part. Besides, by the more great n aud increasing
wealth oil ths nat!cn the turson OF tie deb, will be
duced enc. nal in events wears
The four Per cent forty year bends which propose
viii, have no Geub. be worth in ,narsss more than
tho ivetwonty SKIES when it Is esrsiHy known that
these last will be paid Ia ssrrsseY " their ea.les.
maturity. The British coassls, lA..s per csuts, are
seldom bo,oy niDey per csst IN tae rsarket-of0n
ninctvthree or pney.our Oar tear nor seps VIII ~
worth much more than these; eaa ss.r exchange
lve-twcntles will DC facilitated ssief .aat Tho pay
eat IN currency will increase the cirss alien, rase the
pr. OF gold, and consequently Lessen Lac Of tho
currency by which The value Of the hTs wert.es when
due measured AZ fast bends efsvsgy crptioa
became payable in currency wsuia dsal with them
ia iac samo manner and ~ Is 'es 20 thsn al! TO one
funded debt, uhich should have kiown nance, and
wei defined and pcsiye charac.er, itse from all mclm
branco and agnbis uity.
Four per cent upon a funded deb having long tmc
to run is a. much as solvent goves.ns n. ought 70
pay, and i gives sufficiently large tho
OF money whc,e the repayment certain Gompr uEd
tho n,eros, b. constant Investment ard lt than
doubles twice in forty years. In afy.iour years Il
doubles three times. making every hsadgsa OF tho ogi
nal investment Yield IN rousd amaers eight huadFed.
sta.ea interest of tlan four per cent
daY after IL becomes PAYABLE
The proposition to pay the States for emitting to
tax the bonds is, in my opinion quite madness be-
The states have no right &, tax, i Is nat fpf ihetr
interest 70 lax nor is u tor their interest thai the
United States should levy saxcsci heir peopie 10 pay
over 70 them The states cai, as conceal fuie,
manage Their own finances bsi,er than Congress can
money ia the Treasury, aan no paDiIc use 10 which
could DC applied, u nas deemed proper 10 divide II
The states, but II was not collected 10 be
dSidoi. u came from The people, waa DOL wanlei,
AMI war therefore, retained to them II we sll.w
ne ,lagos 10. lax the bonds NO mast add rate OF
interest equivalent the tax ~kich wccd 90 taxing
OF nc United States by the STATES, and cnmpeli-g
lie Taitcl staes 10 levy lax On tho psapis Of ihs
States 10 ray this TAX tho States las Laned States
would thus become pro taa,o the essctor o. taxes Ter
the sa.cs All tns absurd COMP cation would require
cfccs, and involve r.s4 and expsEsc and Would tAXo
much from tho vaoe oil the bonds.
10 TIC proposed payment Of tho honda pagaose "a
currcacY vhclcver and us fast rs NAY 81 ONE opNcna
il Is objected Dat + would threw s4cSssive aai0int
Or currsnc; cirenllon raise srssv the value 81
golu and stur5 tho business u tao county lhlS
eacc il produced at ali, would be 10 limited extent
| only The Boilers Of hsetweniis; woiis know the'r
osn weii enough prefer onrtslsics 10 gree n
bacs except where they have present nee OF CURRENCY
and where exists tho dagger o. o.css y oDvatan
IN rnrkci but eye them only IN ex Rso ortone otnof
form of tbs pubic debt There ID 40 pe%ipie tsnsSf
OF doing inju tce TO hondhoders by such arr'n eueh
for probable coudo OF thnSd tns icga tenue!s
or the fuur-icry bonds would be WORTH more IL Qoia
pad in gold for the iyotwsni,ss ny tho bond
/ holders =.
Our peopla have been averse To long Icons and with
rsasor uhea paid large interest, wn Gu brought cur
bands IA quiet much above par, edt this oblcuon
vi 10 removed tho interest DO Modtrat~ IL we want
t. any portion al our debt hearg IN intcres OF
fur per cent before IA das, NO caa purchase oar
| bonds in market a. par. Or Mt sRAli pre- aiuEi.
earnestly hope that the nds vii no. % u o. more
| taan four per seat Add per GEN. making II hve,
| ami you add 20 annual burden mere than twenty
m loas. making in forty years $500 VIZ We without
mucn Increased This should be saved, as it can %
! without officially and without .rJ1s,iea
These IN brief M views gu ths present npancil'
ronGi. OIL Itis ubjcct which have thought mucn,
bat IL is difficult and c0mplicatsd. do rot process 10
have mastered ii: but such as have arrived
a. present. In Tho fu belief laat II er,ifay cor eel
IA themselves they may aid "A the correct solution Of
pfoblcm important 70 tho prosperity aad we.,sing
OF the caon y EUiSu-
WAsuHGrcS, Jan. 0, 1888.