New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-05-17

ton ii persisted n will hasten the redemption Of the
bonded debit but during ITS continuance the taxpayers
paid 81 Account 81 ihe debt viii remain Unchanged
Xd fR5s pS PHGan'iTfp
needs financial poev that shall confer immediate bene
tit upon embarrassed trade ana industry IL eaS LOT
reduced taxation we'll revision OF tne system on
which taxes are imposed But the method adopted by
Mr.. Boutwell, implies undiminished burden vi .Aes
the Government, but that shall yield surplus APP
plcabe to the purchase Of bonds II allowed Dy oon
for the purpose Of paying OF debt before Is due Inc
plan is an excellent one for those who hoId the s
class Of securities which the Secretary mas seleeLeu o
redemption but it presents sorry prospect 10 'no P'O
Comments by The Tribune
The TimeS's real quarrel here is not with
Secretary Boutwell, but with the law OF the
land, whereof Mr. Boutwell, is a servant. lie
has established no sinking fund-that wrong, IL
wrong it be, was done by the law of Feb. 20,
1862 which stands unrepealed on the statute
book, and binding on every branch of the
Government. When Congress decided that a
temporary departure from the general standard
of value had been rendered necessary by the
enormous demands of a trying exigency it
provided for our return to that standard after
the exgency should have passed. To this
end, it enacted that the interest on our
collected at the Custom-H Houses for the pur-
pose, and that one per centum OF the principal
of our entire Debt should likewise be pur-
chased up with said coin and held as sinking
fund in the manner to which The Times now
objects. These provisions were then essential to
the support of the National credit. They en-
abled us to borrow the enormous sums without
which the Union must have been lost. Hav-
ing saved the country by our pledges shall
we now cOOlly repudate them2 Suppose it
were expedient (Which we deny, would it be
right to do this We submit to the judgment
of the honest and faith-keeping.
We protest against transmitting the burden
of this vast Debt to future generations. Let
us resume paying it, and keep on paying till
the last farthing is wiped out We have already
repealed very largo proportion of our War
Taxes. If the Revenue can be honestly col
lected, we can soon abolish or reduce others.
But let us in no case fail to proceed with the
regular systematic reduction of our Debt
We are still paying six per cent. interest on
the bulk of our Debt. 1t is an exorbitant rate
to be paid by Government so strong as ours,
in time of profound peace, with an ample
Revenue and a large surplus in the Treasury.
Much Of that Debt is now within our reach,
though The Times talks Of it as having still
fifteen years to run. We protest against the
assumption that, after it has run five years, we
are to go on paying six per cent. on 1t for the
next fifteen years The "Fiye-Twenties' were
made such expressly that they might be funded
at n lower rate after five years. The option
on large part of them has matured; we should
l., oil TN off i'm gl n
long -Four per cent so fast as they come with
in reach. That we do not, is proof of inca
pacity or cowardce somcwhere-we rejoice in
the faith that it is no longer at the head OF
the Treasury.
Says The Times:
THE TRInuSE would make the failure TO provide a
sinking fund hitherto rrccNt for going Wholesale into
tho buying business nov the eneet 81 when would DO
practically to disregard the rule laid down by the law
aud 10 convert the Secretary iuto bull operator Tor the
benefit Of the bOndHoidoTn'
THE TRIBUNE would have the law obeyed.
There stands the law on the statute-book so
plain that any one can understand it. Where
il the Sinking Fund that it calls for9 In the
name of Public Faith, we demand that what
was promised shall be made good. We have
the cash in the Treasury which the law
required to be collected IN coin expressly that
Sinking Fund be created. Now we demand
the Fund j just what the law promised,
no less, no more. Mr.. Boutwell, has 10
dispensing power-he is appointed ard paid
expressly to enforce the laws, not TO de-
eide which shall be executed and which dis
obeyed. We do not say how large the Sinking
Fund should now be; we do insist that it shall,
so far rs the Secretary has means, be made
just what the law prescribes When the Sec
rotary has no more money, his power to buy
will have been exhausted, and, until Congress
provides more funds. he is free from response
bility. Not in behalf of the bondholders, but
of the great body of our people who are taxed
to pay six per cent. on debts that should ere
this have been funded Mt least rs low as five,
we demand implicit obedience 10 the law
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