New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-05
FINANCE As A SCIENCE.

FINANCE as n SCIENCE.
OF all its possessions, Nations honor is the
most essential, most precious, most easily
squandered most difficult of recovery. Free
People, being at once party and final judge in
a dispute as to the true scope and meaning OF
it's pecuniary obligations, labors under
temptation to bend the requirements OF
Justice to suit its own convenience from
which other judges are mercifully
shielded All iniquity is sweet in the
mouth though so bitter ever after; and
twenty realize that to cheat the National
creditors would justify an immediate reduction
of taxes where one comprehends that the re-
sultng loss Of credit, of prestige, of honor, of
power to command money in perilOus emer-
gencies calling for vast outlay, would immensely
outweigh this advantage, rendering Repudia-
ton the worst speculation5that ever rascality
prompted. Were the United States now to
save One thousand Millions of Dollars by
paying off their Debt in Greenbacks, the result
ing loss would so enormously outweigh the
gain that History would marvel that credit was
ever extended TO a community OF knayes who
were such inconceivable fools.
| We do not fear the outright, unqualified re-
| pudator. His intentions are bad enough, and
he may do great temporary harm; but the
country will no more tolerate downright Re
pudation than Murder because it cannot af-
| ford to do so.
But how infinite, how ingenious are the de-
vices of those who would lead our people
blndfold into the abyss We have just Stun
bled on a scheme artfuly-that is, skulkingly
-propounded, to reach the end by debasins
our coinage to the level of our Greonbacks, by
enacting that 200 grains of silver shall consti-
tute a dollar instead of 2Sj, which is the
present legal standard. This, it is urged,
would enable us to resume ut
once; whereas, it would only remove
the obstacle to Resumption interposed by those
who are in debt and want TO pay as chcaply
as may be. The coin wherewith to redeem
our outstanding demand-paper. whether Bond
or Greenback, would not be provided by this
debasement of the standard; on the contrary,
months if not years would be required to pro-
duce it. The dodge would simply amount to
a reputation of two-sevenths of the face of
all private debts that fall due or are paid
after Resumption. But the pressure to treat
public creditors the same as private
would be intense and formidable; and
those who know how q dollar became
equivalent to six shillngs in New England,
seven and sixpence in Pennsylvania, eight shil
lings in NewY &C., &C., might plausibly
apprehend its success. Indeed. the "pound ster-
"ling'-which was originally pound weight
(Troy) of silver, but has been gradually re-
duced to less than fourth of that amount,
by the practices Of bankrupt or linavish rulers
might well warn us to beware of the downhll
4 Il Il, 10, ,.oIE nfn
But there are those who profess to condemn
and even execrate Reputation who deprecate
the purchase of Bonds with the surplus funds
in the Treasury. If they would condescend to
tell us what they you'd have done that the
laws do not forbid, we might better compre-
bend them. The Treasury is not at liberty
to cancel and burn Greenbacks; while the
Legal Tender act expressly commands
the purchase or payment of one
"per centumn of the entire Public Debt
annually. SO much is beyond the right
full power of Congress, being embodied in
a pledge made to the National creditors as an
nducement to trust their country. Until that
pledge has been made good to the last iota,
we insist that the Government has no lawful
dscretiOn--it must purchase bonds with the
coin collected for Duties on Imports If Con-
gress had not forbidden it to contract the Cur
rency by canceling and destroying Greenbacks,
it might have done that ; as it is, it can do just
one thing, and that is, convert the surplus
Gold into Bonds and thus stop the payment of
interest This it has been doing ever since
Mr.. Boutwell, became Secretary ; this we trust
it will do, to the extent of One Hundred Mil
lions per annum, so long as Gen. Grant re-
mains President. Should he be once reelected
he will thus have wiped out full third of
the Debt during his eight years. service rs
President and, having done this, he might
well afford to rest his fame as civilian
on that single fact. History could not fail to
do him justice, while Posterity would rise up
to call him blessed.