New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-28
STIERMAN's FUNDING BILL.

WASHINGTON, Feb 2G.-The Funding bill before
the Senate is pretty generally understood to be
Bankers bill 1t is stigmatzcd in some quarters in
the severest terms. The 100000 il appropriates
to pay for the expenses of converting the 5Os into
A. and per cents is considered preposterOus sum,
utterly out of proportion to the value of the service
to be performed.
Do You know what it cost Mr. Chase to set in mo-.
ton the Jay Cooke agency, with all its immense ram
Gcati0ns and unprecedented efforts in enghtening
the public mind and turning public attention TO the
Government loansi Why it was just 5-lOths of one
per cent while the bill before the Senate proposes
full one per cent. And what to do Why, merely to
exchange one loan for another The service now to
be performed in comparison with what had to be
done originally bears about the same proportion as
the running of train over an existing railway does
TO building the road in the first instance and then
running IT, Nobody now needs to be Odone either side
of the Atlantic what Government loan is, or how
to get it, And if now Government wants to SHIFT It's
loans from 6 per cent. $40 with 1t scontlngent
disabilities for positive per cent gold loan IL mas
only to put paragraph on the wires any nlght' ana
threc-ouarters of the existing bondholders Will know
il next day. and begin at to canvass the propo-
Stion,
What nroportion of twelve millions is needed for
fins telepraphc operaiony But ii is replied, the bill
nroposes TO have our new loans payable IN floilnS,
Francs. and Pounds Sterling. And Bankers and
Rrokers will DO needed at all points in Europe to
nloce these bastard securities Aud how Will you
avoid such expense Our answer is plain and sharp
do MI issue them; we want nothing but dollar
bonds: and il will be unbecOming III the nation to
issue any others And the place TO make our ex-
changes is not Frankfort is not Amsterdam, is not
London nor Paris, butts Washington, and New-lOrk,
and all the various branches and agencies of the
United States Treasury throughout the country.
And the means of eiiecting such exchange is simple
public advertisement. Let every holder of now
due J2O bond be told that long five per cent. awaits
him at the Government counters which he can have
on application on the plan OF first come first served
And when the five per cents gone, he will be
offered A. per cent In this way, shall get nd of
the army of brokerage agencies among whom II Is
proposed to divide up tins Il millions
The stimulus to this exchange is probably suff-
cient already If IT is not now it will be. lnila
ton votes and payment in greenback theories, and
the growing uneasneSs in business and political cir
cles, will at no distant day do the business.
All that 1t is incumbent the Republican party to
do now is to remove the uncertainty that hangs over
the ultimate payment of the national debt in gold
They can do this eifectually by the proposition re-
ferred TO- 1t will place every holder upon An impreg-
nable foundation. In Offering this iootnold, the Re
publicans will have done all that is now in their
power TO do.
II the pnbc creditor elects to hold his present
security in preference TO the new backed AS 1t VIII
be this time by unquestionable pledges of coin pay
ment, SO be it, He cannot hereafter complain. If the
yicsstudes of opinion IN the future which no party