New-York tribune., 1869-05-07
OBEY TIE LAWl

The United States owe some Twentysix
Hundred Millions of Dollars, whereof Twenty
one Hundred Millions are drawing interest.
They have long held more than One Hundred
Millions in their Treasury, most of it in coin.
We ask that this cash on hand-nOt being
needed for the current expenses of the Govern
ment, which are more than met by the current
income-.shall be used TO pay off some part of
the Debt Is not this reasonable suggestion 7
What individual or firm owing heavy debt
and having an income adequate to meet all
current demands, interest included, il he had
also q good amount of cash in hand, would
not use that cash to reduce the principal of
his debit Would not snch use of his funds
seem required alike by his interest and his
duty7 -
The EUeninO Post dcmurs, saying:
"The gold In the Treasury Is generally and properly
0arded NE security for mat part or NE public DEBT
whieh payable dspaud Were there enough gold to
sums specie payments at once. without danger
70 itself Every dollar ., coin held there
every dollar paid ont weaicns that position on the
gold in the Treasury but on It's future revenues
and the general prosperity OF the country To take
be TO take from the currency an important part of
security and TO add little or nothing to the security OF
the debt In general"
Comments By The Tribune.
The assertion which We have placed in
Italics is an ostcntatious defiance of recorded
and notorious facts. When Treasury notes
were made legal tender by the act of Feb.
25, 1862, the payment of Duties on Imports in
Coin was nevertheless exacted expressly to
provide for the punctual payment of Govern
ment bonds in coin, while nothing was said Of
paying the Treasury Notes in coin at any time.
They were made receivable for loans, for in
ternal revenue and in all payments to the
Government except for Duties on Imports,
which were to be collected in coin expressly
for the following purposes:
"sEc. g. And b. II further enacted. That all duties on
imported goods shall he paid ~ COIN OF IN notes payable
receivable in payment OF public dues aud me coin so
paid shat be set apart a' special Jd and shall be ap
First: 10 me payment ia totn'or the interest on the
bonds and notes Of the United states.
" Second To no purchase payment Of one per cei,n
Of ne entire debt ~ he United NeI 70 be made within
each nsca year after the frat day Of july eighteen hnnd
red and siItytwo which is 10 be set apart as sinking
fund and tho interest OF which shall in Ike manner be
the Secretary OF the Treasury shall from time to time
Third The residue thereof TO be paid into the Treas
ury OF the United States"
Here are the express terms of tho act
Cersu8 the naked assertion of The Erening
Post. Choose which to believe! If any thing
can be proved by testimony, it is proved that
the exaction of coin in payment of Duties on
Imports was not intended to provide for the
redemption in specie of the Legal Tender notes
The Post has further reason for not doing
what the provision of law just quoted ex-
pressly says shall be done-that is, buy up
with coin one per cent per annum OF the
bonded Debt Hear it
tna gao hat Hart
OF the act authorizing $40 bonds which provides for
Sinking Fund, were undlsputed II would be bad policy 70
act to be Inconsistent with the spirit of the Public Credit
act OF March last and therefore impiiedy repealed by
chase one per cent OF the public debt every year Tor
chase three per cent Of that debt at one time"
Reply.-Coneress wanting to borrow heavily,
provided means for the payment in coin of the
interest and one per cent. of the principal of
the entire bonded Debt. We have borrowed
nearly or quite Two Billions Oh the strength
of that provision. To repeal it now would be
naked population. We have no more right to
withdraw or repeal the guarantees given seven
years ago to induce capitalists to lend us
money, than we have to refuse to pay the
bonds altogether. And Congress has never
attempted nor intended to do anything of the
sort. To talk of overthrOwing such pillars of
the Public Credit by dubious implication, is
to defy common sense while violating Public
Faith.
AS to purchasing three per cent. of the Pub
lie Debt "at one time" no one has proposed
it. We wOuld have the required purchases
made at the rate of Two to Ten Millions per
week, according to the state of the money
market, until the guarantee was made
good. The National faith is pledged that
one per cent per annum OF the q. 8.
bonded Debt shall be purchased and "set
"apart as Sinking Fund.- and if this
pledge has for years been disregarded, then it
ia naked justice that it shall now be made
good To do this, the Treasury must purchase
and "set apart as Sinking Fund" precisely
such amount Of the Public Debt as would