New-York tribune., 1868-03-23

for~ar6 i'm ali parts of the Land and were gladly
welcomed. The small premium to when our &C FoaU a,y
have advanced is impediment III the way VI ~ ~
who really wish to obtain them ana e even NO; :; far
daily demand from this class OF lhNesVoI9 10 "
greater than that of any othei clls5 .bo+ tho man
What becomes then, of the assertion .iiAt s.'a.5
who holds Government bonds Is pftpHtDtu Pt1'YT.
Cannot any man who has horse, cow toMn atI TO-
few surplus bushels of corn or Wnet OF any Z" ny
81 avcbopose value or even his labor obtain these
bonds by simply parting with MS Soous' PioHuCc
Tonert or labor and with the proceeds thereof pur-
chase an interest in the public fundsf III he gfOaiS
under the taxation OF ms town l0is OF surplus lds
Let him sell them and invest the proceeds IN i tiS
Favored security The truth is, that large portion
of those who thus argue against the exemption Oi
the bonds from State and local taNatlOh' o 'lo
either ignorant of the truth of the matter or wEi0
afraid during the war, and are now oi i'v Tbnvv
their means by an investment IN pubic stoch%a NJ ,,o
have no confidence IN the bonds, ana nao III tbings
holders of them they hated the war anu az & f,ct
growing out of IT, We all are witnesses 10 La .or
that investments in real estate naue az at,ti HC ID
mencemen of the war, have III Inny io' TIsnrciailv
vanced in value from 100 to 800 per cent, ESICi'r Itt
Is this So ia cities, towns ana NlliageS - ~,
in real estate at the commencement oi 'GC rnb,cnt
paid much better than investments III w w ~, iJ
bonds Yet tis camOr for the taxation Oh the OonSs
for local purposes mostly comes from the cSs oi ,ne
community who have gained IdIseIS lioin ""'''
in the value of real estate. go -, - .Lo
Chairman of the Finance committee oI 1iG nen%u, ~
contains some very objectionable ProNlslOhsi tie
chief of winch is that legslatng Tor the compulsory
conversions Of hve.twenies INTO any ne" ion tiy h
may be provided. No greater hnderauce thah ths
could be placed in the way OF the speedy conversion
of this loan into the proposed consolidated ueol anu
iregret very much that the new oiiI contains - "nS @
such provisions. | share with Mr. Sherman III re-
CTetting that the bill introduced TWO years asO N
not successfully pressed to passage Hls own "V
are "My own conviction IS, that two years aFo tu,s
ctio9 ought 10 have been settled for II the plan
suggested at that time had been promptly 2Ioptcu'
the larger portion OF our @ Toi oop and
been by this time funded INTO per cent I9", a"
the Treasury and banks would nave reSumeu sPc0Io
payments by the 1St of July, 1901 -, ,.,
here can he question that the aooNe h"PP9
results wouid have followed the prompt passage ana
execution OF such act and alsO that lhe present
propositions To tax the Governmehl DoHuS, " & p"S
them oil in greeubacks. &c, would not have been
Thought of. Many beneficial results Womid nave lol-
lowed the adoption of the original bill two years
since, namely, tho saving OF ABOUT S@V,Vo,VOo of f
interest uer annum, the wider dissemination or
the loan among the masses. ana the lelhoNa! VI ol
the debt froA it's present injurious cohpe'l@tiOn @
with railroad, mercantile, mining, u. inuluIaC'"I nf
ing and al the other vital interests ol
the country; for, when specie payments hau one
Aeen resumed. and the perc cent interest IecSt" %
~ boudholler was worth no more thah the D per
cent interest received from mortgage OF QUIZ ~ n
sonrce of income, II is manifest that there W9u oG
better opportunities for our struggling laIoduS anu
manufacturing and other interests 10 b0IIOW money
from the banks and capitalists. For these reasons
urged the necessity OF the prompt IuhuIhS VI @ tn1
debt and return to specie payments; ana now
dcepy regret that at the risk of s' further atacAs
upon my personal motives did not then use greater
eXertion te secure the adoption of these plans =,
In October lS,,j was requested by Mr.. McCuiloch
To present to HIM IN writing my views on tue. IuIu-
ing of the public debt the resumption OF specie ay
,nent etc did so, and at the same time submitted
these views TO senators Fessenden, sherman, ana
others Mr. McCullOch had many and able advisers,
but his views in the main conceded with lnlhe ana
ILL., Tho time for action arrived Senator sherman
prepared and introduced blll SATISFACTORY 10 thg
Secretary. This bill was opposed from uneApeCteu
quarters ana the Senator after modifying gIeay'
deemed il best to postpone IT, owing 10 the lhcIcas-
ing excitement III political matters.
have no doubt that the people, the masses, are
fully able to absorb all debt. OF course portion
will always be held by banks, and another portion
abroad. but even the SSOOQO9O0 or SVOOSOoO tn,s
held would be quickly absorbed by the people OF ouI
growing and prosperous land, if they had the option
TO take it. believe, also that the rate OF per cent
free from taxation, would be perfectly satisfactory
but at present and within the next ten years, no
lower rate OF interest than this Will hX the loan per
manently iii the hands of that class OF people VINO
ought to hold il, it would he the most SAFE ana
legitimate investment for widows, orphans, uusIs'
estates, mechanics farmers, saving 1uhIs, &C, &c &C
Being guaranteed by us all the rate would be IAN
return and much better for this class Of investors
than larger rate derived from greater risks which
latter ought only 10 be taken by the capitalists and
active business men OF the country. . ,
From the best sources OF information nave tht
impression that our country contains at leasl
$1,000 OOOmore gold aud silver coin and bullion than
we had at the beginning of 1851 and believe all thai
is wanted now to insure speedy and safe resumption
after the completion OF the funding OF the 11cs, Is
fix the day.
If thought more prudent to provide for cOntingen
ces BY arranging for temporary foreign loan, OF b.
authorizing the Treasury to pay interests ol
deposits of gold either of these plans would pro
vide all that would be required. The question o
resuming specie, payments Is, TO my my mind mind
more favorable time for fixing the day, sa,
12or1smOnths ahead. When this desirable object shal
be accomplished the payment III gold OF the origna
$40 loan can be commenced by providing from tn
sales of consolidated five per cent funding lOa
all that may be needed. Ii will not be necessary &
provide for the whole $5l4,0OOO00 at once. The loai
was issued in series of about $lOOOOg each callet
first second third, fourth series, &c Ihe holders o.
the first series be first notified and paid or 1ht
chances are that very few holders wonld desire
payment, but that all or nearly al would
per cent bonds. This wOuld especially be the
case il the new loan should be so pOpularlzed that
purchasers taking all that was not promptly aD-
sorbed by the holders of the old loan believe that
not 100000 of gold would be called for IN making
the whole payment and exchange OF the $jl4OOOOOO.
The could be applied to the other issues
of 5-2Os as fast as the Government option matured
How sad then in view of the very simplicity Of the
all over the country should endeayOr 10 make pO-
litca question of IT, and saddes Ot ALL that any OF
those who sustained the cause OF the country and
upheld its credit during tho dark years Of the Rebel
lion should now give the weight of their position or
character TO any of these "grcenback schemes.
At the close of the first $40 loan ventured 20 pre-
dict that other per cent gold loan would be
offered at par by the Government. Up 10 this hour
the prediction has been verified, and am equally
confident that no such breach Of faith as would he
involved by the payment OF the go loan ia green
backs will ever occur.
IreQard the agitation originally. Of this PROPOSE
tiOn as the work of those who opposed the war and
all measures for the preservation Of the national
credit and existence. On the approach Of a Presi-
dental election they have for want of better and
more patriotic capital, availed themselves Of the
temporary embarEssments OF portions OF the country
stir up ignorant opposition TO the public credit
Perhaps the country must submit, through the pend
ing canvass TO postpone all attempts 10 remodel the
finances; but am positive that 50 soon as the Pres-
Dental election Is this question VIII no longer
be postponed but plans will he inaugurated that Will
aOt only fully maintain the national faith and credit
but greatly reduce the present burden of the debt.