New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-13

projectors who have bored us with plans for
paying off the National Debt without cost OF
inconvenience to anybody, we cannot remem-
Der one who could have paid % per cent. OF
his own debts with or without inconvenience,
nor one who would not have beens glad to Dor
row the means of paying his next weeks
board. In our conception, debt Is only 10
be paid by working, earning, and saving-a
National Debt the same as any other.
As our National Debt is too large to be paid
off directly, the first point to be achieved Is
the reduction of its annual burden of interest,
by funding the bulk of it at lower rates than
we are now paying; and to the success of
such funding an ample Revenue and a full
Treasury are important if not indispensable.
So long as the Secretary of the Treasury is
buying I'D Five to Ten Millions of bonds
monthly, and canceling or holding them firmly
out of market, with the means on hand to buy
more, he is master of the situation, and may
fairly hope to sell new bonds drawing five per
cent or less in order that he may redeem with
the proceeds bonds now drawing six per cent.
But it is urged that we cannot sell even
new Five per cents at par so long as our
present Five per cents range below par.
to take into account the element of time. Our
Six per cents, which have ~ or 10 years to
run before the Government will be at liberty
to pay them Off are to-day worth considerably
more than the Five-Twenties, which are SIX
per cents, payable whenever the Government
shall see fit within the next 10 or ID years.
SO, new Five percent. having considerable
term to run before the right to pay 1t off
would accrue might and probably would, bear
considerably higher price than one liable to
be paid off within the next few years.
1t seems clear to us that Congress has pur-
sued a short sighted policy in wiping out our
surplus Revenue, while the arduous and diff
cult task of funding our Debt at q lower rate
of interest remains not merely unaccomplished,
but not vet well begun. The slight relief af-
forded to the taxpayers in the present will
cost them several dollars for one i'll the not
distant future.
The engineers of this national mischief style
themselves "Revenue RefOnmers,n being afraid
or ashamed to appear in their true character
of Free Traders What they meant by their
clamor for the reduction of taxes was to eff
feet the overthrow of the Protective policy
and this aim has been utterly defeated.
The Revenue is cut down to the lowest di-
mansions compatible with the maintenance of
our public faith, but the noble fabric of Pro-
lection to Home Industry stands mistaken.
Their next assault upon it will have to be
made in moro open, direct, manly attitude.
The Democrats vote steadily for every propo-
sition to reduce or repeal taxes. If they were
in power, and not too much in dread of re-
action which would throw them out, they
would repudiate the National Debt by the
simple and easy process of taking of tax after
tax until nothing should remain in the Treas
ury wherewith to pay either principal or in
terest. They steadily vote down taxes, because
they would rejoice to see the fulfllment of
their multiform prophecies that the Debt never
would nor could be paid.
Our Republican friends who so eagerly vie
with them in taking off taxes, hoping thus to
commend themselves to popular favor, are sure
to be beaten in the race. We think they will
realize, at last, that they might better not have
entered upon contest in which they cannot
nossihlv win