New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-18
featuring; for her Government paper currency is at


ducing interest-that it were better for oil who
eschew speculation and try to live by honest industry
if we down on rock bottom this moment. l am
not warning upon those who hold and teach that
there might and should be Paper Currency devised
and adopted which should be irredeemsble in coin.
yet moro benefcent than any we have yet had
only insist that Paper Currency should express
its face its true cbaraCter-should declare precisely
where, when, and in what medium it is payable. or.
if not payable at ALL should make manifest that fact
am quite impressed with the arguments in favor Of
issuing $4,000 5000 81 GOO $500. and 500 bills
drawing interest at the rate of 65l00 per Tor
one cent per day on each 800: so that man who
travelled with $4,000 in his pocket or trunk. at an
average cost of s. per day might defray his expenses
from the interest of his cash in hand believe
We can and must ultimately devise the means of
making our National Debt more fluid than it is, and
that this would help to reduce the rate of interest
and thus render the burden far less serious.
am of that old fashioned school which can SEQ in
National Debt no National blessing, but the con-
trary, though some of its incidents may seem bene-
fcent We are paying about $l25, 100000 per annum
in gold as interest great National Debt-mOro
than Great Britain pays though the principal OF her
Debt is to 40 is 25 If could reduce the IN
terest of FveTwentes alone from six to four per
cent the saving the Federal Treasury would exceed
Thirty Millions per annum-a sum that, invested in
Sinking Fund would pay off the last dollar OF our
Debt within the next forty years In my view,
cardinal object of National policy should be tho
funding of our redeemable debt at low rate OF IN
terest at the earliest possible day.
To effect this we must have ample current Rev
enue 80 as to be constantly buying up and canceng
evidences of National Debt So long as we, in add
ton to paying our interest promptly and honestly.
II. of he
cipal Of our Debt its market value must continue to
appreciate, unless the holders be rendered appre-
hensve that Reputation is likely to gain the ssoen
dency in our Government and give effect to some
scheme for cheating the creditors of the Republic.
This peril being disspated or reduced to minimum.
our bonds should steadily appreciate, until we can
easily fund the Fiye-Twenties at far lower rate OF
interest than the six per cent. now pay and thus
sgnally reduce the weight of our Debt BY that
time the difference between our Greenbacks and
Coin should be wholly effaced so that the former
should be redeemed with coin when presented for
payment at the Treasury, and our Currency be uni
form in value Wi b the number of dollars expressed
on its face
But this involves lower prices for Produce and for
Goods, and will be strenuously resisted by multi
tudes, who find OF fancy that they profit by imitation.
Some Of these are deeply in debt; others have prop
erty which they wish to sell at higher prices many
are involved in speculations which require an easy
money market to insure an advantageous result BY
all these and by Others Resumption will be fought
step bv step: and shall be agreeaby disappointed
il Congress is not agitated at early period of tho
ensuing session, by strenuous effort to arrest the
purchases of Debt which Secretary Boutwell, has 50
successfully naugurated and return to the boarding
practice-t were to dignity it oyermuch to term 1t
| policy-of Secretary McCulloch.
| And one ready mode of assault on the National
Credit is afforded by an effort to cut down the Tariff
| TO what is called Rerenue standard. Though no
Tariff framed avowedly for Revenue ever yielded
nearly SO much money as we are now realizing from
a Tariff avowedy Protective, shall he told that
| we NAV obtain as large an income from low duties
on q few articles as from high duties on many, and
desperate struggle will be made to recast the Tariff
| on this assumption economic truth. This
will be backed by every avowed or secret
| champion of National dishonesty (; for, while
| there are many Free Traders who abhor re-
| pudiation, there are not dozen Regulators
| in the country who not vehement Free
| Traders Should this formidable combination
triumph, the payment of the principal of our Ma
tional Debt will he arrested the funding of the Five
Twenties at lower rate of interest with consequent
reduction of the public burden. will be rendered inn
possible the resumption of Specie Payments will be
doomed to founder in abyss of insolvency and
discredit. until an aroused and enlightened public
sentiment shall hur from power the authors of these
wanton. pervadng disasters
There is an opposite course, infinitely wiser and
safer. which trust will be taken OF persisted IN
whereof the outlines follows:
l. Sterniy resolve that we will persist in paying
our National Debt and every fraction of it, precisely
as we agreed to pay it-as we were understood to
spulate at the time of contracting it-and thus es
tablish our credit firmly that capitalists will be
eager to lend Ills the of redeeming at far
lower rate of interest the obligations or which we
are now paying six per cent, and on which the right
of redemption has already accrued or will soon be
UNREASONABLE.
Resolutely set apart and consecrate every dollar
we thus save TO be devoted 10 the payment or pur-
chase of principal of our National Debt in addition
70 the lone per cent. per annumP which we are
already pledged to pay by the Legal Tender act of
1862.
8 Make no changes in the essential provisions OF
our existing Tariff; correct from time 20 time any
discrepancies of detail that may be dscov-
cred but leave it that it will yield about the
amount of revenue we are now receiving from II.
and appropriate the surplus nfexibiy to paying IN
terest and principal of the Debt
e. Reduce our internal imposts or excise on Whisky.
Tobacco and other articles heavily charged whenever
it is proved that we may do so without loss Of rev.
| enue but retain them at a figure high enough to
lefray the current cost of supporting the Govern
ment after the Income Tax (which expires by nlita
ton next year, shall have ceased 10 be productive.
s. Maintain in prosperous activity all the industrial
pursuits already possess, and endeavor to extend
our production of Iron. Gold, Silver, Copper. and
| other Metals while encouraging and extending the
production on soil of Tea, Sugar. the Grape the