The New York herald., 1869-01-11


e % me ans
that the Secretary OF the Treasury be directed 70
prepare and hold ready for delivery slooo COZ, 700 In
any time after the expiration Of forty years, bearing
an annual ,nteres. OF lour per cent payable semi
~ H0 a. ana r r n iss
duties aud pied their proceeds for the payment OF
interest on the bonds until they be puid anu re-
srod-and by present act appropriate the proceeds
tnse duties to the payment Of such interest during
the cohnncance OF the bondA aud autaQylze add
Teqnire the sesse.aIy o. tne Treasury without any
It shall accrue-and exempt the bonds from taxation
by tho United States and I'll Batss and Territories.
rit0ry or district within the United States.
would make the pledge OF the customs and ap-
r Toud ada be- 70 pay the
should be = fnaiiy All paid paid and MD resiredso that there
house 10 pass or Of the Presldent 70 sgn an appro-
priaton BILL and no active repudiation unless the
cur n making t6emssIves parties 70 the national
dishOnOr-a dearAdatiOn which we may safely
pronounce impossible. the semiannual pay
mont or the interest would thus be made 0b9O-
lutely certnn until the nrincipal shOud be paid and
the more re remote That day tne more valuable would
curitiss n t6s marRets of the word1saier and ex
posed 10 fewer rlsks than the British consOls and
better by their one per cent excess Of interest
TO retain or issue the requisite amount Of legal
tender notes give notice that he is ready to redeem
the whole issue or 1862 at the Treasury the lst
OF MAY 1862 in legal tender notes or In four per
cent forty year bonds, secured above at the 0p-
tion OF the creditor, and to exchange at some con-
venient business points In Europe the forty
year bonds for the fve-twenties. whether
the latter be payable or not making al
lOWance for the excess OF interest on the
nve-tWenties where they are not yet payable and
leave the bonds which become payable at future
day and which are not thus exchanged TO be author
tatively dealt with BY future Congress.
Avoid the absurity OF q sinking fund-rhe wild
nnreasoned scheme OF an ingenious visionary,
which always has resulted and always will result In
nothing. II there be at any time surplus in the
Treasury after paving Interest on the debt and meet
ing the wants OF government y can pe made TO sink
In bonds as the spare fund will buy; and the interest
thus saved IL guile as available as the interest that
and generally It would be- in better hands. Iwould
make the loan long, Tor II will add greatly to
the value Of the bonds, making them de.
sirable as permanent Investments, and II
at any time In the spring tide OF our prosperity we
wish to pay part or the principal, we can, as
But that state or things will NOT arise. The present
generation has enough OF burden TO keep down the
Interest, and leave It to our chieren and grand.
children, who will be much richer than we to pay
the principal.
In the arrangement proposed, law Fastening the
resumption OF specie payment would indeed be "a
disturbing eenentn 1t would probably render sue
impossible by at once raising the market value
Of the nyetwsntles above me value sa o. the bonds
could not command the means, In gold, to
retro them witaOut borrowing at heavy
sacrifice. would let the law OF trade regulate this
for the present. as 1t is much more likely TO be well
course OF things 1t VIII gradually reduce the DIFFER
ence between currency and gOld 80 that specie pay
ment will resume Itself without violent revulsOn.
You cannot make our legal tender notes equivalent
TO gold by merely enacng that they shall be SO,
that gold shall be given II exchange for them. You
This you cannot do at present at less than six per
cent on long bonds, SO low Is our credit, owing TO
our unsettled financial condition.
1t IL vainly supposed that II you pass law for the
immediate payment in gold OF our legal tender notes.
the commercial world will At once consider them as
good as gold, and that tney Will continue to clrcu-
late, without being offered for redemption. 1t GER
is possible that the holders Of notes may not have
full confidence In the continuing ability or the Trea-
sury and that large holders VIII hasten to present
their notes. each anxious lest the stock OF gold be
exhausted before his notes reach tue treasury. II
such should prove 10 pe the case ana thlnk Will.
express trains Will bring them IN very rapidly.
No one ought TO be surprised an hundred mil
the bill becomes law In 1915 Great Britain, throngh
her bank Of England, after TWENTY-FIVE years. sus-
pension. being fush in gold, tried the experiment in
the ike vain nope and with mucn more favorable
prospects bus the run LOT god was 80 suouen anu so
heavy that Parliament had W lnterere nastlly, ana,
notes. On this occasion Mr. Pee VINO nad advocated
the resumption, nau the nanilness 10 acKnowledge
MS error anu Drin2 Ia Tue Dill wnlcn Ioroade tne
nank 70 make payment anu winch neiu J.
suspended Tor the next SIX years until the law OF
trade, more potent IMAM law OI farnament or
OF Congress, interposed ana commanded resump-
uon. ,..