New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-14
TIE NATIONS CREDITORS.
The World says:

al n In.
Greeley would effect precisely the exchange by an
offered greenbacks nor the offered gold accepted.
the final result OF both propositions would be precisely
aSe paee in refSRSSg the debt win be the direct
change Of the fvetweniies for the more desrsos oh
bonds The difference between an unaccepted oner OF
greenbacks and an unaccepted ofier OF gold he new
9eg s peds and sta to man who decides to
make his journey on horseback"
THE TRIBUNE proposes to say to every
holder of United States bond, ave will pay
"you in coin the stipulated interest till your
"bond is DUE and then we will pay you the
principal also in coin, as we agreed to do.
" But, should you prefer to take instead of
"your principal a new bond having thirty or
" forty years TO run, untaxable, and payable in
" gold, both the principal and four per cent
interest we will give you that instead. Take
"your chocen And we further propose to
tIeat the bondholders so fairly and justly
throughout that the new four per cent. bond
will be worth in the market trife more than
par, so that nearly every holder will prefer
the new bond to his cash. If there be any
who do not-as there probably will be some
we propose to count them out the hard dollars
we promised them, and sell the new bonds
allotted them to others who will stand ready
to take them.
Mr.. Ewing proposes, on the other hand, to
say to the bOndholders, "Take our new four
"per cents in exchange for your six per cents, or
take the amount of your bonds in Greenbacks.
! "of which we have printed Fourteen Hundred
Million new ones ON purpose to pay you
with" If any man don't know that neither
the Greenbacks, SO printed, nor the new
bonds, so rendered, would be worth anything
like their face in gold, he must have a very
slight knowledge of human nature.
For Good Faith is of the essence Of Public
Credit; and a Government that palters with
its creditors must not expect to retain the con-
fidence of capitalists. If our Government should
ever attempt or threaten to make its bond
holders take Greenbacks for their bonds it
would never be trusted again. It's promises
would thencefOrth take rank with those of
Spain or Mexico, which moneyed men shun as
they would pestence. But we are not going
that road. The present Congress has already
voted by moro than two to one, that the bonds
are payable in gold, and it will not turn its
back on itself. a., ..
But The World has another dodge. It COM
plains that Mr. Boutwell, is repudiating! Hear
Hear! .....
"THE TRIBUNE justides, nay applauds, Mr. Boutwell,
for buying up bonds at appreciated value and thus
evading their payment gold If the Obligation to pay
gold dollar for dollar sacred and involable how IL IL
Consistent with the honor OF the Government reduce
the debt by redeemng 1t with greenbacksf 1t Will be
phed that the holders OF the bonds consent But IL
private debtors compromise their debts in this manner
1t Is commonly thought they are bound In honor 70 make
up the difference II they ever become able. Does THE
TRIBUNE hold that the Government Is bound TO pursue
the same coursef ..
4nswer.-THE TRIBUNE holds that our Gov
eminent is bound to pay every U. S. bond in
coin at par tChen due--nOt before Mr.. Bout
well does so pay. But we owe vast amount
not yet due, while we have considerable sums
in the Treasury for which there is no present
call. Mr. Boutwell, advertises that he is ready
to buy bonds not yet due, and solcits pro-
posals. Holders of bonds offer to sell him at
such and such rates; and he accepts part of
these offers. Why not? Who is wronged
The bOndholder is not; for the value of his
bonds Is enhanced by the operation, and he
need not sell them unless he chooses
If any private citizen owed debt due five
to fifteen years hence, on which he was pune
tually paying the interest, and ayowing himself
able and willing to pay the principal at matu-
rity, and if bis creditor should advertise for
proposals to sell him portion of that debt.
nobody would call this reputation or Com
"promisen On the contrary, solvent i upripbt
men do frequently buy their unmatured obliga-
tons at discount, and no objects or talks of
this as compromise" The creditor is nowise
injured by it: he wishes all his debtors would
profier him like opportunity. The World if
a creditor, would do likewise. q.
-------
In the falling out of the Democratic factions
in this city perhaps honest men after all may
pnt thoir Iuou ~ L,