New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-15

|
| 0634.6o9s8 %
Less balance on hand 166.i14783 ~
Total debt. o. 4e8.i9so7s
The per cent 1876 and earlier maturing bonds oan be
promptly met by resources aocruing before The
per will not press for conversion even when
redeemabe their OF interest Is not oppressive
and they, too, be converted when expedient The
currency and other debt while it remains thus limited
be controlled with comparative ease and diminished
II advisable, from accrung resources. There remains
then, 100000 Of $685. with which We have alone 20
deal OF this amount Of 900 10 absorbed By
the National Banks and can be converted at Will by Con
gress into the bonds bearing per cent interest
further amount Of may be provided for from
the and sinking fund by the time shall DO
ready for the conversion This would be at the expense
OF the application OF above noted but could Do
afforded.
Thus arrive at residue of 81 100000 at most for
which Government has TO into the money markets
Of the world including That this reduced su
will be readily found the lowest terms should not on
be trust but conviction for personal conyi
tion Is perhaps alone necessary TO Its supply.
THE QUESTION OF FOREIGN CAPITAL.
Regarding the rate Of interest already dwelt upon
points demand u further consideration. The
ment Of interest rate shade or tre higher than
Is just proportonae to that paid by Govern
ment would not only lower national position anA
credit but would react all our future transactions
and commercial necessities.
Is useless and foolish TO sentlmentaze about our
having ample and being independent OF the ress
OF the world We invite foreign labor and do all We can
to get st. and capital Is the counterpart or sequence OF
labor.
In the great soutl and West We need and money
labor and capital must look to Europe and Asia
to supply both
But they must not cost us too dear and must realize
that In fixing the rate of interest which our Govern
ment shall pay establishing precedent stand
i
OF coming foodtime will be gagged We must fully
realize that In fixing the rate and term Of national
gagement to which every Of party act
ing for whole generation and lives IL not for tho
future To necessary for those unacquainted
with foreign countries and capital, TO understand
great and radical difference In the relative position,
VIZ that while People the controlling power ana
the their subject and instrument in other
countries the the case tho governments
control while the People subject and separate.
The present great and center OF capital is In Eu
rope less directly controlled By
the particular under which Its interests lie
and upon which they depend for Protection The mere
powerful arbitrary Governments thus naturally
obtain money upon easier terms than while all money
influenced In greater or less degree by their
Government standard. Every mill OF interest then. psid
in excess by Government would subject prvass
interests and money seeking public enterprises 70
responding overtax compared with theirs This would
not only clog In all competition with them but In turn
affect the general Of interest here and flor time
least whole community OF labor would be unduly
taxed by capital II is impossible to overrate tho TN
portanee OF such TO estimate the Ioss
the check to natural growth which might ensue In
time from the payment Of just seemingly unmporant
half per cent per snnum too much.
As individuals may pay Europe all she asks do
tates but nation, II borrow her money IL muss
be only fair rate fixed by In view Of Its future
bearings upon peoples else must we supply our Ma
tiona wants among ourselves have 10 borrow
In turn for own more temporary wants.
TERMS THE NEW LOAN.
Let Congress authorize the Issue OF o. Of
per gold bonds guaranteed In the bond free from all
taxation and payable at the option 1.-the Government In
less than 40 than 10 years. from Jan 1870
This optional term would harmonic the various
those who advocate abort long term and OF those
who do not think the debt could or should be sooner paid
and would leave these disputed points to sottis the
selves In the future.
particulars that one bond would replace another any
This uniformity is almost indispensable In order
to avoid the complications OF supply, &C.. and the con-
fusion Of differing quotations. .La Fr -.
To obtain this uniformity. and still have the faculty %
partial payments 1t would be well TO subdvide the issucs
into series OF 500 EACH with the right Of payment
BY SERIES II more convenient when duo
The century will thus ind position control.
II not TO pay off, our debt III full: for would then be
easy IL necessary. to mako loan upon at least 40
good. II not upon even better. terms.
It's however. argued with cause that with present
yearly surplus Of t0o may have to buy up
bonds before maturity st premium as has already
happened TO US.
Our taxation viii doubtless DO reduced but redus.
ton or wiser distribution OF tsxes viii necessarily
abate our income.
The steady increase Of population and Of taxasls
property; the development OF the West the recovering
prosperity Of the South largely increased eyen by free
labor and Chinese immigration to four cotton the
continuance OF peace aud OF our enormous orops ala
seem to Insure the maintenance not tho increase. OF
our present revenues, even with reduced taxation.
Indeed, one by no means email difficulty In forming
any financial plan for OF the debt s hs oonvio
tion which forces itself upon who studies our
sources carefully that the Debt will be covered before
wish or become aware Of It,
HOW To PoPULARfzE THE LOAN.
Such position Is is here shown forth within few
years from the ending Of costly and stupendous
should, oftse insure the taking Of the new loan Bus
We must not trust solely to tho srensth Of cur cause
The new bonds should DO made payable In the thros
standard curronoios Of tho world
Each bond would then represent s face In dollars 90
their equivalent In france serlaggod for gold ID
the rates fixed BY mint and expressed apou tho
fthe bond Government agons should thsnbs appointed
from among our own citisens In the capitals money
oenters OF ali countries TO cash the their face
without oss or deduction OF any kind Tns can dons
WthQuE dlfiCulty tina fcr