New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-14
THE FUNDING BILL.

With the prOfOundest regard for the liberty
of opinion, it has always seemed to us that
Members of Congress chosen expressly, ayOw-
eddy, as supporters Of an existing or incoming
Administration owed some Difference to the
wishes and efforts of that Administration, in
so far as these did not involve any dereliction
from principle. Hence, We did surely expect
that the strong Republican majority in either
House would have promptly, heartily con-
coded to President Grant and Secretary
Boutwell, the facilities which they officially
solicited with q view to the important end of
funding our great National Debt at n lower
rate of interest That funding the whole of
that Debt is at best work of time, we very
well understood; but that affords an excellent
reason for beginning at the earliest moment.
Suppose Mr.. Boutwell,, thus empowered, should
be able to fund Fifteen Hundred Millions at
Al per cent. within the years 1870 and III,
at net cost of one per cent, or
$15,000,000. the saving of interest thereby
effected would amount to 500, 100000 per
annam,-in effect. to reduction of the bur
den of the Debt by not less than 10000, 900.
Should we not all have been prOud-and justly
proud-of that achievement Would it not
have strengthened the Administration and its
friendsf Would it not have told powerfully
in our favor in the next Presidential canvass
Would not the very men who are now caballing
against Mr.. Boutwells plan have blazOned it
on the stump as cOgent reason for their own
reGlection7
Mr.. Boutwell-that is, President Grant
asked Congress to empower him to print some
of the new bonds in French and German, to
express the amounts in francs and forins, to
make them payable in European capitals, and
to expend not more than one per centum OF
the amounts negotiated to effect their negotia-
| ton In other words, if he could borrow at
| lower rate by calling the sum borrowed so
| many forms and paying the interest at Frank
fort or Berlin, he asked to be allowed to
| do so-and this the Senate has refused,
wo think unwisely. 1t was no question
of borrowing abroad or at home, as
blockheads will persist in representing it.
We hare borrowed abroad-that is to say, over
one-third of our Debt is now held there-and
we are not able to buy back the bonds forth
with. Nearly One Thousand Millions OF our
| Debt is held abroad, and must remain there
| for years and there are many fundholders who
would rather take Al per cent. interest," with
the amount expressed in the only currency
with which they are familiar and payable at
their doors, than to receive per cent. payable
in q currency which they do not com
prehend and upon remote con-
tjnent. Now, the difference TO us
between paying At and 8 per cent on n Billion
Of our Debt il Five Millions of Dollars per
apnum. Mr.. Boutwell, thought he could save
this difference, and asked Congress to let him
| TO aud tbe Senate, by % to 20, refuses him
the opportunity-we think ungenerouSly ana
| unwisely. We do not say that no might no.
have failed, but we believe he would not ana
we insist that no friend OF the Administration
should have voted to deny him opportunity
! 10 try. CT. ,
| But The bill has passed tho Senate and'