New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-10


the indispensable basis of success. II Cap'al
shalI he brought to distrust either our means OF
opr morals. we are beaten at the start. Mr' rem
dIoton and his followers have already cost us
Millions on Millions by inducing suspicion VI
our integrity; had they been inuorSeu ~ ~.
ratification of the swindling Tammany Ureeh
back Platform in the election Oh seymour ahu
Blair, our credit could never have surVi'cu 'no
shock. and the funding OF our Dept aI ~"
rate of interest would have been rehuefeu III
possible. ,, Tho
The burden of this Debt can be endured INC
nroof IA that we are enduring it, while reuucinS
Tho nrncipal at the rate OF nearly One Hunureu
Millions per annum. If we were Simply "
continue paying the same amount monthly ioi
nrincipal and interest of the Debt as we h"'o
maid since Gen. Grant became Preslueht, VIC
should wipe out the last vestlge OF thiS Doo'
within the next twenty years. Anu 'ii"' 10
ius+ What we should prefer to do. 1t is pOpu-
lar to compute how much richer we Sii"ii 10
thirty years hence than we are now; ou' WIZ
ever is deeply in debt should begin lor.n,
with TO pay, and keep on paying ul
he no longer owes. There is no safe RUE puC
this. The future will bring its own RESPONSE
hilities. perls, disasters: let Ills make inc pesC
nossible preparation for them by clearing OH
the burdens imposed by the past. we can
leen on having if we will and, If 1t were gene
rally believed that we should do so, bankers
and capitalists would be pushing and hustilhg
each other in their eagerness to lend us all we
couId he persuaded to take. A Government
having off its Debt at the rate of SlOO,OOOOoo
ner annum need never go begging for money
As to the insufliciency of gold CON- tiaV Is
| simply bosh. We are paying some part Oh our
Debt in gold and silver; but that circuni-
stance is casual and unimportant. we owed
| great Debt at the close OF our ReVOiullohaiy
| struggle. also of our last War Win Ureat
Britain and we paid off each, prnclpal anu
| interest, in gold and silver, though we Ihen
| produced neither to any extent, ana helu very
| little. We paid in the products OF our industry
AS we shall now pay in Cotton, Flour, Cheeso'
Petroleum. Tobacco, Public Lands, Lumber,
Sc. sc. We now export Edge Tools, Shoyels
and Shades, Sewing Machines, Mowers ana
Reoners. FIREARMS, &c. sc: be a little patient
4, with lis. let the Tariff alone, and we shall soon
he exporting Cotton and Wooden Fabrics,
Hardware, Cutlery, and even choice Iron ana
| Steel Give us time to develop the more IN
tellectual and difficult departments of our Ma
tional Industry, and we shall pay our Debt
without trouble. Money is but counter as
money; it is a larger volume of exports III
! nropOrton to our imports that IL needed 10 re-
duce our Debt now held abroad and tins we
are on the way TO achieve. Meantime, we are
rapidly reducing that part of our Debt held nj
home.
If we can place an American Consol at four
per cent, and keep it triic above par we
have simply 10 say to the holders of Five
Twentie5 "Tho Gold is ready TO redeem youi
"bonds. dollar for dollar but, we will exchange
"tbem at par for our new COnsOl, which ranges
"from TO II premium" and nearly every one
would clutch at the Consol, though only to
sell it the next moment If any preferred the
gold. other capitalists would gladly supply II
and take the Consos. To borrow, IN the midst
of great and perilous War, One Hundred
Millions per month for years was, hard JOB
10 find parties ready to lcud ia. in time OF
pcaee. money wherewith TO redeem and retire
the bonds we then issued Is quite another
matter. If we keep on paying debt, steadily
| and bountcou5ly, it cannot be dlihcuN. III VIZ
are required to pay batch OF bonds instead
of converting them into the new Consol, tho
money we pay is not annihilated; 1t must ilnd
some new investment and after passing
through several hands, it will probably bring
M I'm the Consols at last SO let us keep re
r deeming principal, at least until we shall have
funded our Five-Twentics, and so reduced th'
interest Oh our Debt.