The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-11-11
tho "Dead Point" in the Proposed
Funding Bcheme-FOuF Fer
Cents for Six Per Cents-
Who Will Take Them?
From The Financial Column ef the PHILADELPHIA
Ledger,

Ledger,
The question OF reduction OF the
rate OF interest on the public debt very
naturally accompanies the fact OF the
reduction Of the principal OF that debt.
Attention has been more seriously at.
trActed 10 the subject by intlmations In
the newspaper correspondence from
Washington within q few days, that
the Presidents forthcoming message TO
Congress, and the annual report Of the
Secretary OF the Treasury will give 10
the country something very explicit q 8
10 what may bO done In this regard.
The Secretary, In his speech before the
election, In this city, intimaled that
our present debt could be placed at par
at 4 per cent. The Avowal OF similar
sentiments have, In substance, been
aBoribed TO tbe President, Several
prominent members Of Congress talk
somewhat authorltatlvely In the same
way; and In this connection we
have o second or third letter on the
subject from Mr.. Charles Bowles, ad.
dressed TO the Secretory Of the Treas.
ury. Mr.. BoWles ls Paris banker,
now In this country, and has taken up
the question OF restoration OF our
national credit con dmore, and argues
the point In the zeal Of a new love.
But Mr.. Bowles leaves out OF the dis
cusslon the main point involved in It,
as have thus far the President, his Sec.
retary, and all their coadjutors. It
needs no ghost 10 come from the grave
t0 tell us that the Government or the
United States ought 10 be able 10 b0r-
row all the money II may require at
per cent; that the vast resources OF
this country should give the Govern
ment credit to borrow In any part OF
the world money on untaxed gold. bear
Ing bonds at that rate, and that II this
were accomplished, that the Govern
ment ought to call In its U per cent.
bonds, replacing them with bonds at
lower rates. IT'S q oonsumnation de-
voutly desired by all. Its economy
and advantage are facts conceded by
every taxpayer, and all acquiesCe In the
force OF the argument that the thing
accomplished, would furnish graft
Tying evidence OF improved national
credit. But Mr.. Bowles, In zsalously,
and even eloqusntly, presenting our
wealth OF resources and our growing
greatness as nation, leaves out entire.
ly all alluslou 10 my plan as to how
capitalists at home or abroad are to be
Induced to lend US money at per cent,
seeing as they do, our per cent. gold
bearing bonds selling In Europe nj
about S4-l6per cent. below par. Ifhe,
or any Of those who insist that our
credit Is good enough to borrow at 4
per cent. per annum, will show us how
1t may be practically carried out, then
will they have removed most insns
perable difficulty. OF course this re.
duclion OF the rate Of interest Is to come
legally and equitably. 1t Is not
to be supposed that. this desirable
end Is to be accomplished arbitra-
rily and In violation of law and
good faith, for though Mr.. Bowles as
sumes that the United States Govern.
ment has the power to dictate terms 60
Its creditors. and to flx the rates Of In.
tereSt that 1t laDt0 pay, 1t is not 10 be
presumed that anything o that oharaC-
ter 10 10 be attempted, for, besides the
dishonor, which could not be washed
out, nothing could more certainly
bring dlscredIt and inability to borrow
on any terms. Indeed, nothing could
more certainly cut US of from the sym.
pathy and respect OF all honest men
than reputation In any form of con-
tracts involving the payment OF money.
What the Secretary OF the Treasury, to |
whom MIR. BOwleA specially addresses
himself, and the whole public would
liketo learn 10, how the holders of the
taxed per cent gold. bearing bonds |
can be induced 10 exchange them FOR
non-taxable 4 per cent. Gold-bearing
bonds at par.