The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-12-07

sumption OF specie payments-As 4 me aaure by
itself II Ii not dlficulf-hut the problem 10, TO
resume under such clrcumstanoes that the po-
sition csl We maintained, not only in times OF
Tranquility, but also In periods Of exoitement
and peril Our course, Il seems to me, 10 plain.
Every measure uf the Government bearing
upon the subject sh ould tend to appreciate the
value OF our paper currency. tits probable
that some decrease 10 the volume q paper
respectfully suggest that the Secretary OF the
Treasury be clothed with authority to reduce
the circulation Of United States notes In an
amount not exceeding two million OF dollars
In any one month Thus will the country be
brought, gradually II may be, aud yetwithout
disaster, into a condition When the resump-
Ayoidabic.
Ga the list OF December, 1900, the principal
OF the public debt OF the United States, not de-
ducting bonds and cash on hand, amounted to
t2,0o5, 2s6,7sp So. or this amount, the sum OF
s3Sg,l Ia ass, so Is represented by United States
notes not bearing interest. The larger part
OF this 10 needed for circulation, but the amount
can be reduced, from the ordinary revenue Of
the country, ~ Congress shall consider N ex.
The fractional currency ia circaiation WAS
s,sS5, 56i 0s, aud there Il no occasion for any
legislation in reference to this item OF the
public debt. There were OUTSTANDING, also,
certificates for gold deposited In the Treasury
to the am )unt Of t35,sd2, 9i0. These certificates
are eemsble on presentation. These three
Items amount 10 the aggregate to t4]l, sdl,-
TG3 IS, and In making provision for the public
dent they arc not necessarily to be cons lere
or the loan Of January /, 1881, the sum OF
81 O22, 900 Ia outstanding and payable on the al
OF January, 1871. The lo,n OF 1858 Of go 900 900
10 payable In 1873. The bonds known as ten
forty bonds, amounting to tlgI, sol, 800, are not
payable until 1874. The six prr cent, bonds,
PAYABLE In 1881, amount to ASA 5iT 600, As the
bonds known az elshty-one's and teu- iortyis,
Amounting In the aggregate to ans "a 900 are
not due and cannot he paid previous TO 1874
and lsSl IL Ia unnecesssry ID eonsid.t them
Ia IN liking provision tor = new loan. The 1--we
ii ,OO2 81 100, are either due or will soon be.
come due, aud il Ia 10 this class Of the public
debt, aud TO this class alone, that attention
should he directed
or this amount the sum of t7s,IT7, 500 has
been purchssed since March isst. and The
bonds are now held. by the Government,
Before any measure for fundlng the dve-
twenty bonds can be consumm ,te1 the Gov.
eTnment will be ablo TO purchase at least
US 100000 more. There viii then remain, on
the lat of July next about Al $50 900 900 of the
ave-twenty bonds in The hsads Of lie public
creditors or the entire indebtednes, Of the
United States only the unImportsnt sum OF
t77 900 900 will be due and payable previous to
isTI
Under these circumst ances, IL does not seem
to me to be wise to authorize the funding Of
the whole amount Of the hve.twenty bonds,
ing on the ist Of July next but In 1850 600 900
Nleast should be suffered TO remain either for
purchase or redemption previous TO 1874.
Should the sum OF $3.50, 900, 900 be left for that
purpose, the entire pubIic debt would be In A
condition to he easily redeemed. Between
1874 and 1881 the ten.fofty bonds could be paid,
and p-oyiAlon also IN ade Tor tho edemptIon OF
the bonds which will become due in lie wear
1881. II may be wise to reduce the proposed
loan to ii, O15 900, 900, which would then leave
for payment previous to issl the sum OF abo ut
4jTO,Oj1 OyO or hardly more than AGO. 900 900 a
year Assuming that the proposed loan will
he for an amount not exceeding Al 200 O0o, 900.
recommend tn At II he offered In three classes OF
iiJj 900, 90 each The irst class OF 100 900 900
to be pay,bIp in fifteen years and 10 he n Aid
in twenty years. The second class of 400, 900 :.
90 to be p,ysble In twenty ye,rA and TO be
paid In twenty Ave years. The third class Of
400 900 OOJ 20 be p,yable 10 TWENTY-FIVE years
and TO be paid In thirty years
The essential conditions OF the new loan
appear TO me to be these
ist. That the principal and interest shall be
IN ,dr payable 10 coin
al That the bonds known AZ the fye-tyenty
b1nl, shall be received IN exchange for M
new bonds.
al That tho princin,l be payabIe in thi,
ennn,ry' and The i1teres, o,ysbie cItbcr n
the Intel states or in Europe a. the ,ub
sofibers 10 the loan NAV desIre
9TH, That The rate Of IntefeAt shall NOT ex
coed four and , half per cent nor ,nnums
5th. That the subscrIbefs In Europe ali ali
r.reivo thclr interest at I,onion Pal. R.r
liz ~, rsanL taIt a. ,hsv M. oI.,t "''' D''
6,h, That The bonds. both 1rincin,l and In
tetest an ali he free from ali taxes ieduotIona
or sb ,tements OF any sort, uniess il snail be
thought WAC 10 subject citizen, of The Tnited
states To such tax upou iucomc from ths
bonds as 10 Imposed BY the laws OF the United
state upon income derived from other money
Investments
There are two rea.ons. and each seem, 1,
nc 10 be a Controlling reason, why the bond
nf the United States should be exempt iTou
state and local taxes II not so exempt, IN,
anotint Of tho taxes inposel by the Local an,
thorities will be added 10 the inteTeat III,
Government will be re1ulred 10 nav, and thu
tho N,Iion.l Government will he ,omneIie,
| 10 proyide for taxes imno,ei by the Inesl an
| thorities
| Secondly. Inasmuch as the ability to borrow
money msy, undcr some eircumstsnces, b,
| c,srniini 10 the reseryatIon of the Goyern
| meat, tho power should not, even In times q
| uc,cs and prosperIty be uu aiiteL nv any con
cession TO The States OF The right 10 lay III
| mans nv which the National Goyernment i
| m ,int,i1eI. The right to use its lawful power
| free OF any condition, iestrictIon. or claim q
another, Is an essential condition OF soyer
| ciynty aud the Nntional Goyernment shnnI
| neyef surrender or quality lis nower in mi
| n,rticuiaf,
In offering the new loan, citizens and sub
| iecta Of q her GoyeTnme n IA should reeeIve IN
stronTest assurance th.t the iuterest an
| pTIneIn,l are 10 he maid in eoIp nncoTLing /,
| the terms of the bonds Issuei' without An,
| deduction or Abatement whatsoeyer
In order to avoidthe necessity Of smpIoylu;
| agents for the NEGOTIATION of the loan. [ re-
| specially recommend that a liberal commits
sion Se allowed 70 subscribers, and thai tho,
| rI.s, Of bonds in which Their subserintian
,esne,tiveIy ali ali no made fnrtbeS Isrnm
| nnnI IN -nn noctInn ,vIth tho ,,.ana..I IL. a
th.t "a a. 49,, 49,. hiishh. ~ p.op1V, ~, -
| nrovidc a n.tinn,I cnr.en.sw ~ ,.a-.S !,
| snbstItu,, ths hnnI. III m ~, ha ,..n. - -.
IN. nronnseJ Loan 81 To- ,hn na,. aa.ts
a. .ss.vrI,y To- Tho r,bcnm,Jon ~ az III
| Shnnid an h.,n h. nnwIliinH -, .snnr, ~
| nav cn,si;,on nrov,sion shnis,J 1917 ~, ",
! So suasaagnr ~ a. sh.a.o " nahe ~
| W" " " h enaier, anu huthotitl
snnniv tbo t"1 49, ,n 'r u. uS" o'"A' u
'"tpy s,U LIZ n,';, nus ., e,vN'eu.
,ramossI nn,n .n y. ~ W ,mv suou ., ~
p,opos,,a new ioHn - ahe sonnnuanee OF IN
p,b esn, ~, ,e ,.son,, f Vhie' means y
$500 ~ ha Innusn1 80 s,, y, sne
o"mts o'" DC inuueIn 70 sutIsnuef mem, AM
..teN1 U"ta w" 'onser .lht auu ~ y iowe
~, I've ~ 1890, y tn' ee,t'ntJ iurhisheu .
! IL " ~ I"s W va. n'iohi iosemuc Una
, Oo,,'1 ~ soou w. os ieugeineu. W mus
oS p tep,,,a 1Hnsi 'mIn VIZ hternatlve eithe
| u, n.svPt'nE ,ie ~" "vhu ~ a ioweI IAle
,nuten, o' Pb uIna o' me ptinGipaIoI tne eS
shsnnS un t.cn suos ,ne ,n'tnweny pohu
=, az, ~, n1, W ,n, nN, 49, W .he auouhl
ft'So',VVoy'O ., stiIyo'Vvo,V'y, the isyehues ca
" Ieduu t y, naIe,'rtS, Nnl yet sumoleht sum
W " ,a,seu y" "ieet 'ne htuiny espehses OF "
~. % ~ " ry .oe ana nnp y, ~ ~ w ~ ny
W , IT, n'J w p} s-'''''''' W e'o'o''oVV
'"S p'anhSI'pa ~, auny.
| ohoui" oui success ~ hesotiauns new los
| pe eHuh'V my tNpeoth'iohs, Ohseu upon N
iaet thhs vhe hp,ity anu u!sposIioh oil IN
bepp'u y, ~ Im',eu Stats 70 pay inc pu3Il
| ~. IT, suSt " IusiI5 Us ~ ahumlh
Ihat 'h nc oohIs o. .he uhiteu STATES VIII CON
,n,.il ~, .nai Sra 10 ~ s"V ,n, ne.1 oi N
WI, w t 'n ~ w ~ eVnuition 10 ehte
49, 80 = - a., " N'ti ~, ~ tH