The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-16
STILL HARPING ON MY DAUGHTER.

''STILL HARPING ON MY DAUGHTER. "
From the NJ Y. World.
The 1a5buno fights shy of Mr.. Ewing's
scheme for refunding the public debt; and
instead of letting its readers see how literally
that ''rascally repudiator' proposes to deal
with the public creditors, it throws dust in
the eyes of the public by repeating, for the
ninety-seventh time, its stale arguments and
invective against paying the Five-twenty
SO persistently keep thrashing the old straw
Why avoid the new phase into which the con-
troversy has passed. as thing too hot for the
fingers Of the editor to touch /? The payabil-
ity of the bonds in greenbacls is question
on which the arguments, pro and con, were
long ago exhausted Nothing new has been
said on that subject for the last eighteen
months; nor is there anything remaining to
be said. The further prosecution of the dis
cussion on that basis is futile and unproft-
able; first because it can add nothing
to the public information nor assist
the public judgment, and secondly
because no intelligent man believes
that the Five-twenty bonds will be actually
paid in greenbacks OF actually paid in gold.
There is no financial sciolist so green, 20 fool
so far gone in folly, as to suppose that our
| colossal national debt is to be eXtinguished at
| the end of either five years or twenty. Green
| that, instead of paying the debt at or before
the maturity of the present bonds, all that it
| is either possible or desirable to do is to
| change its form-to replace thepresent bonds
| by others with longer period and lower IN
terest. The important practical question Is,
what kind of bonds would be an equitable
| substitute for the Five-twenties; and on this
point there is, happily, so little difference be-
| tween the gold and greenback theorists, that
| A. 10 ha I'm the
prospect of an early and satisfactory ADJUST
| ment of veXed controversy
| But such an adjustment does not suit the
| factious, frebrand disposition of the IF96HRe.
| 1t would deprive that journal of opportuni-
| ties to ply its chosen trade of denunclatlon
| and to vilify large portions of our country
| men as knaves and thieves. If the benevo-
lent editor of the Tribune could find nobody
TO denounce and libel, he would be profoundly
unhappy He therefore declines to recognize
the fact that the ablest champion of the green
! back theory proposes to substitute for the
Five-twenties precisely the same kind of
bonds as he has proposed himself, and to
! leave the bondholders just as well off in the
end as they would be if his own scheme were
adopted. The Tribune proposes that the
present debt shall be converted, at par, dol
| lar for dollar into another debt payable in
gold having thirty years to run, and bearing
four per cent interest. Mr.. Ewing proposes
that the present debt shall be converted, at
par, dollar for dollar, into another debt, pay
able in gold, having forty years to run, and
bearing four per cent. interest. The propo-
sitions are as alike as two peas, except that
Mr.. Ewings pea is the larger. Mr.. Ewing
would give quietus to the greenback con-
troversy by substituting new bonds ex-
pressly payable in gold; he would offer the
public creditors more valuable bonds than
the Tribune itself proposes in exchange for
the same debt.
The Tribune dares not let its readers see
the full liberality of this proposition because
itwould put its stale libels to shame. The
1ribune AYERS that the greenback men wish
to cheat the public creditors out OF the
principal of the debt; but Mr.. Ewing would
give them new bonds, perfectly guaranteed,
making every dollar of the principal ex-
pressly payable in gold The interest would,
to be sure, be at a lower rate; but the very
reason of making the bonds redeemable in
five years was to reduce the rate OF interest.
The Tribune itself proposes to reduce the in
terest, and to put it at precisely the same rate
as Mr. Ewing. Mr.. Ewing thinks the five.
twenties are not gold bonds; but he would
have the Government offer undoubted gold
bonds in their place, and make an even ex-
change. When the holders were finally paid