New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-10
THO WAYS TO REDUCE INTEREST AND
FIND DEBTS

THO WAYS TO REDUCE INTEREST AND
FUND DEBTS.
Wbv is it that a Democrat of the modern
stamp must act and talk knayishly? Why
should adherence to any political school involve
a resort to trick, and garblinG, and dishonest
paltering with words aud propositOnsf
The World says:
cit seems to be at length pretty well agreed on all
sides, that colossal National DeOt ~ It's pIese Io,
greenbacks and that the heavy burden it imposes can
not be much longer endured IN MS present snap ne
half of and in about two years more ~ VIII nave en
wy the Government reserved the option Of paying them
I'm five years is that the rate OF interest was iet az he
time to he eXorant and although the necessities oI
great war required it be paid temporarily the Govern
ment expected and intended to reduce the rate OF
naTmeSt Of the bonds at the end of years
or even at the end Of twenty. could not have oee IN 9
contemplation of the Government Ihere Is Hoe eO goa
coin enough the world to pay adeOt OF TWO poh, anu
half and the idea OF issuing s oy nr aU
teal expectation which any sane man can ehtItan ~
! form; that are to Influence or compel the puDhc
creditors give up their present bonds II excnaEe lor
of payment for the FveTwenty bonds is TO be other
bonds of such character as the Government may thnA
IL equitable to issue for that purpose.
"Its the opinion of TIE TRIBUNE expressed Yesterday
that four per interest is fair and equitable rate
for the bonds which TO be given in exchange for
the Five TweDties; and the same rate Is advocated by
Thomas Ewing in his late able letter OIL public questions
| line BlSU Oh MT. EWIUS pIOJtCJ COIillltHuCu
| above is set forth by him as follows:
would direct Secretary OF the Treasury TO retain
issue the requisite amount Of toi tnde' GesTiys
notice that he is ready to redeem the whole issue OF 6?
1853 the Treasury the LIST OF May 1870 ia tega
tender notes or IN four cent fortyyear bonds secured
above, at the option of the creditor"
In other words Mr.. Ewing would say to
the holders of our Five-Twenty six per cents,
Surrender your bonds and take new ones
drawing but twO-thirds as much interest, or
take your pay in greenbacks, whereof we
{" have just printed Fourteen Hundred Millions
on purpose for you. If you take neither, we
"will stop paying interest on your bonds, and
"refuse to pay the principal except as afore
said" If this be not naked, villainous Repu-
diation, then we cannot imagine what would be.
THE TRIBUNE's financial policy is the exact
opposite of this. Instead of promising, with
The World, that our Debt will never be paid
Gin gold" we insist that it can or ,CiH be paid
in gold or an equivalent equally acceptable to
the holder; that "the heavy burden it i'm
"pOses" can and WU be borne exactly as we
agreed to bear it-dre bearing it and we mean
to borrow at lower rate the means of redeem
ing our Skies, not by pleading poverty and
evincing rascality, but by insisting and show
ing that we are abundantly able to pay to the
uttermost, and scorn the thought of Repuda-
ton in any form. Such is the well-k known po-
sitiOn early taken and steadfastly maintained
by THE TRIBUNE. While we should have de-
plored the fOrcible disruption of our Union as
a downfall, we should deprecate the repudia-
ton of our National Debt, whether wholly or
III part, as an unspeakably greater calamity just
as we deem it preferable to be helpless pau
per rather than rascaly felon.
Two men owe banker, and want a reduc-
ton of the rate of interest on their respective
debts One says, 81 am so poor that l can't pay
"yOu as | agreed; you must abate." The other
says, "You can have your money to day, ex-
"actly as l cOvenanted to pay you; | will keep
" it another year, if you will let me have it for
two per cent. less interest; if You prefer not
I" to do this, know who will" Which of these
is most likely to obtain what he seeksY
Our general view Of this matter is happily
expressed in the National Platform of the Re-
publican party, framed by the Convention at
Chicago which nominated Grant and Colfax-
as follows:
" Sirh: That tho best policy to diminish burden OF
deDt Is to improve credit that capitalists will seek
10 loan us money at lower Of interest than we now
pay, and must continue to pay long reputation
partial or total open or covert, is threatened sus
pected." Wv
To fund our great Debt at 80 low a rate as
four per cent, we must Undue the capitalists
OF the civilized world with the fullest conf