New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-05-18
FUNDING THE DEBT.
TESTIMONY OF MR. CHARLES BOwLEs

been hastily and imperfecy made; but craving your
patient attention, will endeayor 10 give arguments
this important question % funding the Public Debt.
The facts that may be given have other aim than
show 70 the Committee all the Intelligence which wa
have able gather side OF the water 10
add to what have already gathered and To aid In tho
proper discussion and determination OF these vital issues.
have been than struck with the present OPP
perfumes your action since my arrival in Washing
ton having left the slower and more eycowng current
of European life but ten days ago There gathered
here to-day In this city, in this very building, before
its Committees, the representatives OF many 81
the great, II not the greatest, interests 81 any
civilization up TO the present hour. o. Mr.. Cyrus w.
Field, on behalf Of the completion OF the InterCon
mental Telegraph Circuit-the connecting and cOmplet
ing link OF worldwide which, adjusted, viii
make manifest our American international power and
control. o. The Postal Telegraph, a consequence ~
the whole. o. Mr. w. II. Webb, on behalf Of our
steam Marine a. The Inter Oceanic Railways. o. Tho
Funding bill, which, though last mentioned cal.s for
the initiation of system Of finance which shall, in
this respect, direct pioneer all these great
OF our days progress.
What wonderful and heartening significance has this
coincidental meeting OF such immense interests before
your Congressional Committees at the same hour a.
though without design knowledge OF each Others
presence. What does IL meant Il means that the
4th day Of july in the year 1876 the United States of
America Will have completed the 1OOth year Of
tional life, aud that the present seedtime IL that
Of which the crop will then appear, TO crown and
declare second independence far greater than
yet dared to hope for These questions are therefore,
the most mon.entous which submitted to any
body Of men for legislation. They require deep and
responsible consideration which knows when and how
set aside all personal party prejudice bias
the TRUTH and nothing but the TRUTH awed and humble
presence of the thus manifest workings OF an Almighty
Spirit of Good. In this solemn aspect OF the case
openly ayOw to you, gentlemen that would not dare
consciously allow my petty personal interests 10
warp my evidence my Judgment.
am here as a representative OF American commercial
interests am here with the especial purpose
Of adding if possible, your stock OF information IN
gard to the Funding bill and its practical operation.
The general views and wishes of those whom eprcseHt
upon the funding Of the debt have READY publicly
expressed, and may be known to YOU wish now
especially TO present the interests and claims Of our
citizens and friends abroad aud, FOR want of tine
to develop other points Of the fore.
view Of our interests, must cOntno ny
testimony chiefly to this which is the point least hkoy
TO Dc familiar, and most likely TO he undercstnaed
the present legislation Just emerging from time ~
great peril financial as well other, have not set
gotten that national selshness which Is ongcu-
dered by the natural instincts OF sefpreseyaton and
apt to view these subjects Of worldwide interest
from the limited interior OF shell The of
people do not yet realize that all danger is past and
that more than must drop tie defensive
policy of Insulation from the rest Of tie world, lately
neces5tdted by our struggle Win ClafS prejudice, ana
those Who sympatize with and support Il wherever it
exists has for nation TO assert it's
place the leading power of the world In the civilza
ton OF the present In frherance Of the ideas which
wish to present, will read letter which had tho
honor Of addressing President Grant time when
/ feared to be unable 10 and testify in persou'
NO l2 RUE DE IA PAX, PARIS, April 2, 1910
To His EJeeliency GEN. L. s GRANT Precedent Of no
Mr.. PREsDENT: As a citizen of the United states.
ask leave 10 submit to you some transatantc views az
which hardly be obtained tho
home standpoint, and which, even II familiar, may be
W m y! Ia tb ,I'c IancJ %birb
your administration has thus far effected, 10 believe 10
destined to overthrow longex,tlns prejudices which
have till now warped the judgment aud cogged the az
one Of these preldces is compcating not defeat
ing, the successful and much Ia be desired funding Of
S its foreign crcrlS"h This is the preindise aean
foreign cooperation and capital We seem Ia be growing
public opinion If We could be lndc .ndeu5
Of it, From reunited treSdes we are apt to look with
li 1,H o rtearats of a hos abr,aJ VII" :" hrai
OF the people Of other nations So directly inter
We so lately freed from foreign control
that go To an extreme in avoiding ii; we do not
see that Europe has not Only ceased t. lead
looking 10 be IN turn ted By as In this new, and
Ia saltine aspect they regard our eHciuslyencss
the and the maven Of the oppressed and that all
people are admitted 10 American citizenship without
dsnoti of race color class faith wealth. But
limitation he removed to complete our COS
mopOltauisil ana reveal NJ once our duS ana our dcs
tiuyptdce. Because citizen absent from home ho
not less citizen our country has no involuntary eA-
izc all who IN foreign countries desire Ia become
citizens. without the power 10 reach our land but III
the opposition of their Glasgow rnmeLs, aided by
shorts ghtedncss ia legislation, could not keep thcc
interests IRON joining and strengthening ours
But this latter merely touches on wide "a subject IL
It's bearings upon our national finances, and has Tor ts
object to ask your consideration OF the following saeIs
points:
1.-THE ADVANTAGES OF THE NATIONAL DEBT AT HOME.
Since we have such debt and While It lastS we must
avail of an its advantages the chief OF these II lts dis
seminaliOn IN as small amounts and consequently az
many channels rs possible. The bonds OF larger
bc held only 10y capitalists or speculaiors and arr,
therefore. liable 10 change hands, whereas bonds OF $50
and 500 are held aud boarded 10y the people. la place or
holder OF s,S0 or upward thereby interested IN
eUdity OF Government, twenty or more holders
small bonds, but each with an equal vote. should be
lI-IHE INFIUENoE OF THE DEBT CIRCULATION ABROAD.
Wherever a bond however small Is placed. II inseu-
Silly draws its holder toward II ignorant he becomes
Informed, fist upon our finances, then upon our
sources until he led 10 mm CRATE taxing his bond with
him; thus at eNtinguishng that portion of our
foreign Indebtedness and turning creditor into
cOntI butor and tax payer.
nI.-lHE MsfRUMENTALITY OF THE DEBT.
Al this epoch, after the late dsontiug of sectional
interests in own country and in view OF Imminent
political revolutions abroad. it Will while lasts,
dyerseat in or detached seeance
until they shall become fifty and permanently asso-
W-rHE OPPORTUNITY OF THE DEBT.
As occurring at time OF triumphant success, when
such Restraining influence is needed 10 remind
OF our accountability show our dependence upon
Others the just claims OF others upon TO teach
that independence IL never so great AZ when e
acknowledges its need and reeprocates tire aid OF It's
hulnblest friend or dependent
Hoping that these ideas which arise from daily contact
with our friends abroad may receive your favorable
sderaton remain Sir, with great respect your FRIEND
live In London, aud a holder of bonds, and !
know of thousands citizens OF various nationa
ties, who living abroad, not alwaysb by any means for
pleasure drawn by ties Of duty family
reside there, who also large holders OF bonds