, 1869-08-23
MONDAY, AUGUST %, 1869,
L CHASE AFTER Az ARTFuL nnneHH

L CHASE AFTER Az ARTFuL poDaER,
The 11mes continues to find fault with
SECRETARY Boutwell, for purchasing $50
bonds for the sinking fund at their market
pt7ce. What it would have him do We are
unable to understand from its curious med.
ley Of contradictions and qualifications, In
IN ita Last article on the subject il tries to
r1de two horses going in opposite directions.
For example, it flzst charges the Secretary
With shaviog the bonds, giving the oHners
less than their face value; and then tutns
round, in the sane sentence, and alleges
That 1.-THE people are swindled ont Of scme-
thing more than -ffth Of the amount of
TIC bonds purchased by hinl" He is pay
tng. it says, zone dollar ind twenty-five
cccts for bonds in currency, when he ought
hy Law 10 pay but one dollar, and at tho
the E e tino he is " ahaving the buadhold-
- ,+E u- twelve cents on tho dollar,
t&..rt, Cheating both the ta1-payeran and the
:asblic cttdito.f, which, if true, shows that
I;oatwen must ce surprisingly de1tcrous
Eccucier.
We confess il is somewhat difficult to
f:r.ne al argument - meet contradictions
absurd Wien tie Iimet argues that
tkn Lo2dholder is shaved ten or twelve
cents on the dollar, ,se reply TINT tho bonds
I., n,t dne for fou7< .r to twenty years,
I'D that tie gutcr.une- has right to buy
Acas al their u:arE,t E5. 70, and. cite the Inv
which distinctly +.r.hcrizes the Secretary to
Izrc,:ase bonds fuf tb, f.. King fund. The
1ir.ft admits that he is letting according to
law. bit alleges, while shaving the bonds, he
i. paying prr,l.it:a il currency for them,
tLa that he aAou]l rot give more than
81 l.1fp in notes for - 900 bond, notwitL-
nt2.diHg the 1car.ct i,rioa Of The bonds is
.n}-r cent shave tha. Of the notes.
". nplv hat j. i: only necessary to
re.to:s 10 the p"tes thei- original right Of
c.,1rrssion into bonds Ind then they will
,t s,ical 10 tlc :,-.ts IL value, md TINT the
tea,- 8: they nse rors.. 20 per cent less than
tie t~'uds is hec 4use they draw no interest,
Ar r.,,rrsnable at no fixed time, and have
t..: wsungfn'iy deprived Of theis convert
.:s'f power.
ThEs driven IN % close corner, The 7imts !
:-~o-s to aH1ll dodging 10 get out,
IA rttcrs the foolish statement that to
l.-alc the no.e convertible into bonds !
v=.!d lover The value Of the Latter to q
lc.u! with II, former, without increasing
t.v value Of tie greenbacls; which is q
Et~: nuasersitM assertion. The value Of
t. lucd is supp oyted by the credit Of the
+. VI -z,acnt and si1 per cent in gold
...:.r,-:, regularly paid. The value Of
hc crecabacl Is That of note
u .:!s III inter 81, Ind lo time set for its re-
.:.=.:.7,ioa, IN wLis :. rs already run seven
V, - without being redeemed. Make such
q t.otc Convertible into SIX per cent gold
1...,s=.t band, md Of course it instantly
r. = IL lcvt s.E the value OF the bond.
T!.r credit Il Eit government is not im-
I-,.ri there: y, be<ause the greenback is
~, Is auca part Of the debt rs is
l. ,:.l The rincipal Of the debt is not in
sd Ly z akint. tae notes convertible
i..:o 1,onls. But the Times argues that
c.:.7,:cy cu. traction would l>e the result,
TIL tl.c irtc- st on the debt would be in
e::--.t. We 4nswvr, Make tho bonds re-
cn:.t.st!blc into n ,eIbscls at the pleasu1e
L! II, Lo!dcr, nIa .hen there will always be
L., t....y Of taem in circulation as the busi-
l.,~s :rc,l5 0: :le country require; ard
s---4-, ~. wi ebn1s4zd9 he eer 1laies
u'',-Il lie wt ttL great deal moro thnn it
t. : L. Aad consequently would 20 farther
y: i:,s::'c tie expenses Of the government,
l:.r 7i:nes viii now hnve 70 try somo
{ s'!.": tex and inrent a new quibhle, or
s.: lit: subject BY tho way, What does
4; tax Ct the Worlds proposition to