The New York herald., 1870-01-13

uOub, lOT whom, Us well AZ LOT ourselves, 10 W3b
incurred: The practical value Of the first Is appa-
rent on the simple statement The second may be
less APPARENT as IL opens question OF policy on
botn sides or which much has Deen already said.
Nobody doubts the brllliancy OF the move
ment TO pay or the national debt-calling to
riding into the jaws Of deasa SO tna the oe6older
exclaimed in memorable words, 1T Is beautiful;
but u Is not war" In other words 1t was feat OF
nardihood and tmmolatton, abnormal. eccentric and
beyond even the terrible requirements OF battle. In
similar spirit might beh0der, witnessing the pre-
debt 50 large part e'y Of which justly belongs to pos
terity, excaim, ut is beautiful; but is Is not
l,.ua business UnquestlonabY business requires
cording to their letter and spirit; bur 1t does
NOT require payment IN advance, nor payment
Of obligations resting upon others. To do this
ness. President Lincoln, In one Of his ear
lIest propositions OF emancipation, before he
contemplated compensation to slave masters,
ana IN order to commend this large expenditure
u would DC II proportoned upon the giant shoulders
by y the existing generation he proceeded to
exnlDit the growing capacity OF the c0un-
try how from the beginning there had been
decennlal increase IN population OF 34.00
years tho ratio had never been two per cent below
or two per cent above this average thus attesting
the infexibhity OF tins law OF increase. Assuming
Its continuance, he proceeded to show that In 1870
our population would be A. 32a, ,34l 1880 it would
be 5e,s67,2lo in 1890 1t would De 76,o7y.s72 and III
l5UV ~ WOuIu Wllle In 1880 lt
would amount to 5l,ssO,els. Nobody has i'm.
peached these estimates. Taere they stand in that
Presidential message as colossal milestones Of the
republic. The increase In material resources ID
beyond that OF population. The most recent cal
cuiat0n, founded on the last census shows that
for the previous decade 1t was at the rate OF
eighty per cent, although other calculations have
placed IL as high as one hundred and twenty-six per
cent Whether one or the other the rate Of increase
Is enormous, ana unless arrested In some way not
now foreseen IT must carry our national resources
to a fabulous extent. What Is burden now win be
scarcely feathers weight IN the early decades Of
the next century, when . population counted BY
hundreds OF millions viii WELD resources counted
by thousands OF millions On this head details are
superhuous. All must see nj once the irresistible
conclusion IL Is much In this discussion when we
have ascertained how easy It win pe TOR posterity to
ened when it Is considered that the war was for
the life Of the republic, SO that throughout al ime
80 long as the republic endures, all who enjoy its
transcendent citizenship Will share the benefits.
Should they not contribute to the unparalleled cost
Recent estimates, deemed TO be moderate and rea-
sonabe, show an aggregate destruction OF wealth
United States since 1891 approxlmating nine thou
sand millions OF dollars, being the cost or the war,
or In other words. the cost OF the destruction OF
slavery. If from this estimate be dropped the
item lor expenditures ana loss Of property in
the rebel States amounting to s27Oo, 600 600,
we shall have $4,000 O00, 900 rs the sum total
OF cost TO the loyal people, Of which the existing
national debt represents less than half. Thus, be-
sides precious blood beyond any calculation Of arth-
meLc, the present generation has already contrl-
Duted immensely 10 that result In which succeeding
generations nave SLikc even greater tnal theirs.
Assuming, then that there Is TO be considerable
taxation for the immediate payment of the debt we
have one. economy. If to this be added another
economy from the reduction OF the interest," we Shall
be able TO relieve materially all the business interests
OF the country. Two such economies VIII be OF inf
mite value to the people, whose riches VIII be propor
tlonally Increased. In tile development OF wealth
next to making money l3 saving money. Bearing
these things IN mind financial reconstruction is re.
leved OF iGs difficulties IL only remains TO find tne
proper machinery or process. And mere we en-
counter the propositions OF the Secretary OF the
Treasury In his annual report, which are three
fold
Frst-To fund twelve hundred millions OF six per
cent hve.twenty bonds into four and half per cent
nfteen-twcnties. twenty twenty-Aves ana twenty
Secoad-To make our exports equal in value with
our imports and to restore our commercial marIne
Thtrd--To do these before any attempt 10 reduce
taxation or to resume specie payments.
Considering these propOstions with the best az
tenti0n could give to them, have b.en Impressed
by their inadcquacy as system at the present
ment. cannot easily consent TO the postponement
winch they imply. They hand over to the future
what wish to see accomplished at once and what
l cannot doubt with f1rm Will can be accomplished
at an early day. But beyond this capital defect ap
parent on the face do not find in the system pro-
work9 l doubt. Here ! wish to be under.
stood as expressing myself with proper eau
tlon; ana WI Wsn iui further to declare my anxiety
rate of interest, and also my conviction that within
q snort time. at some slight present cost, this may
be accomplished. Looking at this question IN the
light OF business am driven to the conclusion that
twelve hundred millions OF six per cents cannot be
refunded either now hereafter in four or four
and-a-half per cents without Offering compensation
IN an additional running period OF the bonds which
IS not found In the hfteen-twentles nor in the
twenty -nve-tnlrtie3 proposed by the Secretary.
With such bonds there would be practical DIM.
Guilty IN the way OF any such refundlng 70 any
siderable amount from the Inability TO command
q sufficient amount OF coin under the 'opti0n OF
coin" which must accompany the Ofrer Is there
any fund applicable to the purchase OF In open
market, were such course desirable. Obviously
to induce the voluntary REIMBURSEMENT OF bonds aJ
high rate or Interest for other bonds a less rate
the holders must be offered something preferable to
the coin rendered as an alternative. The time mas
passed when holders can be menaced with payment
In greenDacks. Whatever we do must De In coin or
in bonds which Will be taken rather than COIN
The attempt at too low rate OF interest would
the coin TO be taken rather tnan the bond II we
had the article at command, ana would end in a
deluge OF com, sweeping away The premium on god.
return 10 specie payments thus preciptated,
would be OF doubtful value If not idsiye, without
other and sustaining measures.
In the suggestion that our exports must be aug.
mented ana our commercial marine restored SYM
pathze cordially; but do not see how this can be
accomplished 80 long as the present taxation Is
maintained exercising such depressing influence
all industry making the necessares or lie dearer
adding TO the cost Of raw material, and generally
enhancing the price Of our products as to pre-
vent them IRON competing In foreign markets
with the products OF other nations The proposition
TO make the interest ION the new bonds paya ut
various points in Europe, OF the option OF the holder
seems unnecessary, while 1t Is open TO objections.
Such agencies would be onerOus ana cumbersome
AT London Paris, Frankfort, Berlin and Vienna
there must be machinery, with constant complica.
tons continuing through the lifetime OF the bonds 70
secure the transfers from point to point and the
obligatory remttances In gold nor am sure that
In TINS way foreign Powers might not obtain
certain jurisdiction over our monetary transac-
tions. But I confess tnat the ruling objec-
ton with me Is Of dinerent character. New
York Is our commercial centre, designated
by Providence and confirmed by man. Already 1t
has made a great advance, but 1t s not yet quoted
abroad rs one OF the clearing points OF the world
At New York quotations are obtained daily on Lon
don and Paris; but in these places no such Iecog-
nized quotations can be now obtained on New York.
That the agencies proposed VIII tend TO postpone
this condition Is sufficient objection.
have made these remarks with hesitation, bnt
In order to prepare the way for the bill
which | have Introduced. 1t was my duty
to show why the propositions OF the Secre-
tary were not sur1clent for the occasion ana this
l have tried to do simply and frankly. II Is long
since avowed my conviction that specie payments
should be resumed, and l should now do less than
my duty II l did not at least attempt to show the
WayWhicn seems to me go natural and easy. While
the present system continues we are poor. The pay
ment OF the national debt and the accumulation OF
national wealth, but financial condition Is not
in harmony with these signs the latest figures
from the Treasury are such as no other nation can
exhibit. From THESE 1t appears that TIC .s,nunt nf
alnpa Margn fnptl