New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-15
FINANCIAL PROJECTS.


who has not yet matured plan for paying OFT
the National Debt, resuming Specie Payments,
reducing the Taxes, &C., &C.; but we are not
able to give his name. Perhaps his plan, when
propounded, will be found preferable to any OF
its rivals Who can say3
We have little faith in nOstrums, even though
our own. If any one wants to improve his
credit or his circumstances, we advise HIM to
retrench his expenses, increase or posslole) his
income. and keep steadily reducing his debts
Having found this plan to work well In our
own experience and that of several friends, we
confidently recommend it to the country. 1t
isn't worth much there is no patent on any
part of it; we don't want to sell it, whether
for large or small sum; we don't expect that
any one will be dazzled by it; but we are sure
it will do to tie to. There are schemes not
half so valuable that their authors want to sell
to the Secretary of the Treasury for Two to
Five Millions We advise him not to buy.
Without making special allusion to any one
of tho projects now before the country, we
would respectfully suggest that these points
be kept steadily in view in establishing sys-
tenn Of National Finance adapted to state OF
peace:
/. Let no week pass without buying up, re-
deeming and canceling some part OF the Ma
tional Debt. The rapidity of such payment is
open to arguments we think it should never
be less than 81 900 900 per week or Fifty Mil
lions per annum. We should much prefer to
make it One Hundred Millions.
III. Our bonds must appreciate, as they hare
appreciated, under policy of rapid payment.
We made no substantial progress toward Specie
Payment or funding our Debt while We for
the last year or more of JohnsOn's rule, paid
little or nothing of our Debt, and had no sys-
fem of paving. Since Mr.. Boutwell, began
buying and putting away bonds, at the rate of
Eight Millions per month, the case Is brayely
altered.
Ill. We believe in Free Banking-that is, in
establishing general laws under which the bust
ness of Banking shall be as free to one as to
another. What Congress should do, in our
Judgment, is-tO require ample, unquestiOnable
security for all Bank issues. and then let Banks,
like grist-mills or furnaces, be established
wherever they may be.
". Congress should not authorize an Ameri-
can Consol without using all proper means to
insure its being taken. To this end, it should
require all currency in circulation or issued
after a certain date to be based on t9e new
Consol. Let every bank dispose of its present
securities as it shall see fit; but let every dol
lar not based on the new COnsol be, after a
specified day, no longer receivable in payments
to the Treasury.
V. Give the new Consol thirty years abso-
lutely TO run. but make it redeemabe at the
pleasure of the Government within the next
twenty years; make this ConsOl, and nothing
else, the basis of our National Currency; re-
quire at least 500 in Consos to stand behind
every $50 Of Currency, and let Banking be Free,
aud we firmly believe that Consol would range
at and above par even though it drew but one
per cent. interest quarterly, or four per cent.
per annum. OF course, this bond will be I'M
taxable, and payable expressly in coin. And
we doubt whether the Debt can be funded
even at five per cent. unless we keep paying it.
VI. Specie payments will come of themselves
if we persevere in vigorously paying our Debt.
Let us get the new Consol fairly launched and
in eager demand, and the Secretary of the
Treasury may safely offer to fund the Green
backs in that loan. Probably few would come
in but, all would rise to par with Specie forth
with.