New-York tribune., 1869-05-19

KNOW MS precise pllHs anu IluSO HO W.
governed entirely by considerations OF puDhc
interest in deciding to buy this bond to-day
and that Tomorrow Put the gold where the
gamblers for rise in the premium will have 10
carry One Hundred Millions of it instead OF len'
reducing the Debt Seventy Millions with SlXty
Millions of idle, useless coin, and we ask no
more.
The Times asserts that we for season
staggered under an apprehension that tho
provision rfor a Sinking Fund.- of 1862 was
"nullifed by the Public Credit act OF last
session" We have repeatedly asked Ihe
Times not thus to attribute opinions to us
without quoting our language IN when IL
claims that we expressed them. We make the
request in this instance, and beg that IL DC
understood rs a standing one. quote our
words fairly, and, if they prove change Oh
postion ON our part, we will admit 1t. At
nresent. we are not conscious of ever having
staggered in the manner above asserted
Most certainly, we deny the right OF Congress
to withdraw after incurring heavy deOt,
the pledges and guarantees on the strength Oh
which the loans were negotiated
Tile Times quotes Chicago paper to the
effect that all Sinking Funds are humbugs.
We think them otherwise; but that question is
not now in order Congress did establish
Sinking Fund, without Gas we remember) pro-
voking protest from either The N. I. I'meS
or The Chicago Tribune. We have borrowed
Two Billions on the strength OF 1t. Now we
submit that it would hardly do to withdraw q
guaranty given to our creditors seven years
ago, because our contemporaries have poor
opinion of it, For, humbug though 1t be, 1t Is
of decided value to those most directly inter
ested. Government bonds will bring more $50
The Times asscrts) if such a Sinking Fund rs
the act of '62 requires should now he created
Such being the fact, we submit that 1T would
be n wrong to the National creditors and
damaging breach of public faith not to create
il. If we were in error yesterday, let US make
haste to be right to-day.
The idea of Sinking Fund is this; Our
country owes, say Twenty-Five Hundred Mil
lions. The Interest and our Pension List are
heavy burdens; so that we only feel able to
nav Twenty-Five Millions of the principal this
year Very WE'LL we can certainly pay as
much next year rs this when we had to pay
the interest on these Twenty-Five Millions. So
instead of burning these Twenty five Millions
We stamp them rs belonging to the Sinking
Fund, and go on raising the same amount by
tax as last year, and paying interest Onto the
Sinking Fund, of course) on these Twenty
five Millions as on the rest Of our Debt. Next
wear, without any increase of taxes. we have
more money to go into the Sinking Fund; the
next still more; and so on. Thus. beginning
with the payment of barely a Million year
II. TO, 90. md in
come, we are soon rapidly reducing our Debt
and will pay it all on within fifty years. We
do MT attribute any extrayagant value To tins
device; bat we do believe in paying of the
Debt, and want to have the country take a
steady pull at il, with an cquablc effort and =
constant increase of muscular power. Hence,
we incline to holding on to the Sinking Fund
If this is a humbug, it is nevertheless superior
to some vcTitics.
-1he Times tries to tall, of buying mp our
bonds fifteen years before they are due and
paying fifteen per cent. premium for them; but
il can hardly keep its cOuntcuance. The bond,
were made Fiye-Twcntics' expressly that
they might be paid of, or funded in new bonds
drawing less interest at cn early day the
Legal Tender act, which is Ie cornerstone OF
our present system of Filmce, provided for
the collection OF Duties in & s,I expressly that
we might have the coin whcrcwIth to buy up
or pay off one per cent. Of 'be principal IN
each fiscal year after 1862. Had that act been
implicitly obeyed, we should now have about
One Hundred Millions of our bonds in a Sink
ing Fund instead of Seventy to Eighty Mil
lions of coin in the Treasury. We wish it had
been so Orlcrcd-Or rather. we wish the order
contained in the law had been obeyed by Sec
rctary McCulloch AZ we trust it will be 10y
Secretary Boutwell,.
We owe coin VIC are paying interest in coin;
we have collected coin whercwth to pay; we
can pay Seventy Millions Of our Debt with
Sixty Millions Of coin yet this, The Times says,
would be buying up our debt at fifteen per
cent. premum We really can 7 answer such
logic.
B t, having objected to buying because we
shoul have to pay too much for our bonds,
TIE III aes objects still more strenuously against
buying that we should pay too little-in fact,
be guilty Of reputation Read and wonder!
"The Obligation of the Government, most OF
admit is TO pay the bonds IN coin By me plan pursued
however the Government while openly bdin0 tho bonds,
itself party TO their depreciation IL redeems It's
bonds at about eighyhye cents the dollar instead OF
at par, and so oblterates tho disnction OF prncpo
Wllch heretofore
atOs For, II is proper 10 take up million OF bonds
which Government promised 10 pay IN coin, with tSOO
gold 10 Is manifest that the line drawn between the Pen
detOnans and THE TRIBUNE Of degree merely not
OF principle"
The Government owes a capitalist 81 900 900,
which it is bound to pay in gold fifteen to
twenty years hence. The owner bought the
bonds with grcenbacks when they were greatly
deprecated, and he has been receiving six per
cent interest in gold ever since. Now he comes
to the Treasury saying, Il will sell you your
1000 bonds, which cost me $500 to 800
"each in gold, for $3.50 EACH" "No, no." an
swers The Times, eve mustn't buy of you this
IL 4 TnI