New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-13

world,
inconyertibo paper This should not be permitted Ion.
ger With ali these resources there must be way even
If we not taught that will always finds way.
The refunding OF existing loan implies Two distinct
and independent transactiOns first the extinction Dy
payment in form OF tho existing loan, ana secondly
the negotiation Of anew loan TO an amount equal 10 th
extingushed. 80. ...,..o A.,
prcmpt extinguishment OF the hvetwenes OF 1862 But
would have this important work entered upon until
the Government fully prepared TO say tha AFTER GER
tain period of notice. say six months In order that dis
holders Europe may be advised interest en- the
vetwenes Of 1862 shall cease ard the bonds be forth
with redeemed coin Believing that such five per cent
bonds Will be regarded by investors as preferable to CON-
tunty to subscribe for the Such as elect coin will
make for others ready to give coin In exchange Tor
If we lock at tho practical consequences we shall be
encouraged in this course me renpdng OF the SKIES
thorzed by the first section OF the BILL oontemplates
the payment IRON present. I9hG a. OF Lille S 'Ih
$4,000 600 provided for The annual reduction OF inter
est on that loan viii be $8ss96 The substitution OF
vdcd IN the bill will operate further saving OF $4,000
OOO making total Of Sll SJ276 or nearly S2oOOOO
There will then remain but $l2943S00 subject 10 re-
dempton, being fve-twentes OF 1854
During the year 1870 the further Of 1886 be
ing FIve-Twentes OF 1865 will fall within the control OF
the Government when as 1t seems TO me- and according
to the contemplation Of the BILL the credit of the Govern
will be at such pitch, that five hundred millions
be refunded In fouTandahaf per cents, with the
inns insuring further annual reduction OF or
total annual saving of 81 OF which about Twelve
the present we stop Our housekeeping debt be
further amehoratcd before 1872 when three hundred and
seventy-nine millions, being Fve-rwenues Of 1857 VIII
become Tedeemable and then in 1879 when forty-two
millions being FeenTwentie OF 1868. and constituting
the balance Of our optional Skies Will become redeema
be all Of which gladly believe may be refunded III the
four per provided by the present BILL to be followed
in 1874 by reduction OF the original TenFores into
similar bonds.
with the whole dsposabe national debt. The amounts
which have given will be found IN the Treasury tables
of jan last and are irrespective Of the Sinking furd
In this operation the initial point the national credit
With this starting point all is easy Our Elves VIII at
ascend above par, while market is Opened loT
per cents. The stigma OF Reputation, whether
breathed in doubt or hurled in taunt will be sienced
There are other fields OF glory imam IN war anu suUn
triumph will be among the most important In tho annals
of finance But to this end there must be no hesitation
world assurance of our determination The answer VIII
be as prompt as the offer: Bonds and not com"
In the process of financial reconstruction We cannot
forget tho National Banks which have already done so
throughout the country commends them 70 our care.
Two things must be done for the National Banks; hst
be reduced in interest and, secondly the system must
be extended, 10 supply muchneeded facilities es
The EXTENSION Of bank notes from s3OoOOO0Oo 10 $780,
100000 which propose will extend the banking system
where IL Is now needed. This alone IL much How long
the Senate debated this question at the last session with
out any practical result cannot be forgotten mat ae
bate certhes the necessity OF this extension The
proposition offer shows how 1t may be accomplished
and made especially benehcent me requirement ron u,
500 for $50 OF notes issued aud 10 be issued WOud ABSORB
SC25OOOOOO OF the National Debt mo iCnr per cons
tona dollar Of notes would 90 far TO eXtngush the out
standing greenbacks, thus quietly and without any APP
precabe contraction removing impeachment TO specie
nayments Naturally by process OF CESSATION, viii
this birth be accomplished. II Will come ana nobody
In presenting this series OF am penetrated
by the conviction that II adopted they cannot ran 10
then specie payments will be resumed without effort
onr honds viii he among tho most popular in the
Ret No longer below par they Will continue 70 advance
while the national credit lifts It's head unimpeaehed
unimpeachable Under this influence the remainder OF
rtstaO debt
AT four and half per cent not in al Tour
per cent There VIII then De Do and me
whole debt including the Tredeemable SKIES OF ISL at
an average of less than ve per cent while all will be
within our control five years earlier than in the maxi
mum period proposed by the Secretary OF the treasury
he the relief OF the people from eighty to ore hundred
millions Of taxation, while there wOuld remain surplus
revenue of two millions month applicable to the reduc
tton of the debt being than enough to qudae the
whole prior to the maturity OF the new oDhSauChs IL
were thought advisable to complete the liquidation at so
BeTer have doubted cannot doubt, the ease with
which the transition to specie payments can be accom-
ns6ed especially as compared with the omnous fears
which this simple proposition seems 10 e&eile IN oelsa
quarters We grayely warned against ~ as ptLlol
of crisis do not believe IN viii be any tmnS 10 whch
this term can reasonably applied Like every measure
of essential justice 1t will at once harmonic win Ie ne
of the community. and people Will be ast0nshed al the
long posponement of an act go truly Oenecen IN an us
eonsenis With the business interests Of the country
TIE g ADMIssIoS OF e VIEoi INA tho cors,,er,.
ton Of the amendment offered by MT Drake tSep MO-
|
| teenth Amendment by Virginia, was resumed. u,,
| Mr.. CONKLING Q!ep., \. " enumerated the condi-
tious imosed upon Virginia preparatory to her resOra
ton ali Of which in minute details had been com,
Piled with The first allegation was tnat the members o.,
this requirement had not been imposed in the case OF
Louisiana, South Carolina or any oher stae ana no Cd
Senators had been admitted from states IN whch ne
Legislatures had directly refused 70 ahe tEo so
| we're informed from WashingtOn-the former by the
49,, General Of fine Army and the latter by the
f.qu
Tie objections that the officers OF the virginia cgsa
fure were not into Office that the late election was
unfar and that the persons disqualified by the Four
teentn Amendment occupied seats II the Legislature,
were alike unsusained by the facts Congress Coud not
consistently discriminate between Virginia and the other
States that had before her. ana that 70 postpone
| her admission would be violation or gooa ialth. A.
MIR POMEROY Nsep, Kansas said the records OF the
virginia Legislature did show that the officers had
ever been sworn consequently the Legislature had not
been regularly organized, and the Fifteenth Amendment
| never legally ratified by the state.
Mr. SCOTT Qep, Pal said that II Congress had reason
10 apprehend fahlessness the part OF Virginia which
was Implied in the amendment OF Mr. Drake, the state
should not be admitted at ALL II such spirit really ex,
listed there 1t might manifest itself in the attempted
repeal OF the States action upon other 10
Importance. He opposed the amendment because OF It's
Implication that Congress had no faith IN virginia.
fidelity TO the covenant into which she entered as salo
Mr.. THURMAN Dem, Ohio offered amendment
which caused merTiment, excluding the States or
York, Ohio, aud NewJersey from representation IN
Congress- in consequence OF the former having &c
Others their ratification of the Fourteenth Amendment.
| The amendment afterwards Withdrawn.
Mr. WILSON rep. Mass) offered TO amend by substi-
tuting Mr. brakes amendment the bill reported yes
| terday by the Reconstruction Committee.
| Mr. THURMAN QDem., Ohio submitted an amendment
which oceasioned general neTriment, excluding the
States OF New York, Ohio, and NewJersey from repre-
senaOn in Congress because the ratification Of the Fiji
teenth Amendment had been rescinded by the former
and that OF the Fourteenth Amendment by the Others
| MIR DRAKE Rep., MOI said be would like the mover
OF amendment TO vouchsafe to the Senate some re-
marks IN support Of his proposition which Mr. Thurman
declined TO do Temarkng that the Senator from Missouri
had for some time been inviting him to throw brick OF
| him and he had complied with the invitation
| Mr. DRAKE said the silence Of Senators was only