New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-05-02
UUdT ARE GOOD TIliES'

Co lono ~ the barOmeters of the GOld-EO0m
ond Stock Board indicated, by the steadily
diminishing disparity between Com ana Legal
"Tender," that we were daily approaching that
condition of National sovency wherein dollar
means one thing and not two, VIC were treated
with daily Jeremiads whereof the burden
was "Iard Times" "NO Business" "Dul
"Traden &c, &c. And no wonder. For, as the
dollar of the market daily Appropriated the
true standard, all property was naturally de-
prcciated in money price, though not ncccssari-
" in essential rd'ac. a property worth Sl4,oOo
with gold at 14O, was worth but Sll,OOo when
gold had fallen to no. and the many who can
not see beyond the tips of their noses rushed
to the conclusion that they were growing
poorer, when in fact they were worth as much,
though not so many dollars, as in the pallhiest
days of IMITATION and currency debasement.
The Funding project SO earnestly and so
properly pressed by the Secretary of the Treas
ury was the pivot of the new position. Every
one understood that the Secretary, with the
Presidents hearty cooperation, was intent on
funding the bulk of our National Debt In long
bonds at lower rate of interest, so as to fur-
nish solid basis for considerable reduction
of the National burdens. As yet, the interest
on our Debt is over One Hundred and Twenty
Millions, our Pension List calls for at least
Thirty Millions per annum, making together
One Hundred and Fifty Millions annual charge
on account of our late Civil War. Add Fifty
Millions per annum for reducing the princi-
pal of our Debt, and we have Two Hundred
Millions to be raised by taxation beyond the
current cost of maintaining our Government
IL a.. ll,1.
average rate of four and a half per cent and
there is a net saving of Thirty Millions, which
NAV fairly be applied to the reduction of our
multiform Taxes. And this is the right end to
take hold of. Reduce the Revenue first, and
we cannot proceed TO reduce the Interest; for
the power to fund at a lover rate hinges on
the ability of the Secretary of the Treasury
TO increase the market value of our bonds by
purchases which steadily diminish their amount.
Were it settled Gas we would have iD that not
less than S1OOOOO,00O of principal should be
paid Oft annually until the last dollar of our
Debt was wiped out, we could fund every
dime of the Five-Twenties at ~ within the
current year. Nobody presses the debtor whom
every one knows to be rapidly getting out of
debt.
"tcring tale" which VS. not Coz udcd on
"fact." "The United STAGES ~ pay Five
Dollars" clearly implies t'at &c. III pay in
something and at some tpe. Tt,n why not
do itq
The Senate's Funding bin provides that any
holder of Greenbacks may at pleasure convert
them into an equal amount of four per cent.
gold bonds, untaxable, and payable at the end
of forty years. This may not be all that
should be done; but it is far better than doing
nothing. Such bonds could hardly he worth
less than 90 in gold at any time; hence,
should the premium on gold ever rise
above 10 or 70, that rise would be coun-
teractcd aud checked by rapid CONVEX
sion of Greenbacks into Bonds. In point of
fact, such conversion would rarely or never
take place but the right to make it could not
fail to give steadiness to our Currency anu
battle conspiracies to "bull" gold up to 90, 30,
40 per cent. premium, after the similitude of
the memorable "Black Friday" The power
to fund would beneficently operate as regu-
lator so long as Specie Payments may be de-
ferred. Accordingly, the premium on Gold
settled to ten per cent, while Speculation Ian
guished and Gambling fell to zero.
But hist a whisper runs around the inner
circle of the priesthood of Mammon. owe
"havo fixed the House! Boutwels game is
blocked! No Funding bill can pass-at least,
" none that will work-none that will prevent
Z" our putting up and putting down the price of
"Gold at will." At once, all is buoyant and
hopeful; the premium on Gold begins to rise;
orders for Stocks pour III; street-cOrncr
brokers, who hobbled down to Wall street on
foot, ride home behind fine tuIn-outs, and
Dizziness of Trade is heard OF no more.
So we have prosperity and tlnift-as tie
drunkard has who, feeling miserable from the
effect of last nights debauch, takes his morn
ing bitters and feels like new man. Property
sells for more dollars, because dollars are less
valuable than they were, and sells more readily
than it did, because buyers look for a further
advance in price through a further dcbasement
of the Currency.
"Why, what can they hope to gain by buy
"ing7 Do MT they know that property is not
"inoroascd in value by a dobascmcnt Of the
Currency"
Perfectly, Sir! They thoroughly compre-
bend that our present cent is our old half-cent
with new name They see through that, and
beyond it. The man who bnys 100000 worth
of real cs, ate, pays $4,000 down, and gives his
bond and mortgage for the odd saSSGG,Gv00, knows
lie says, "Let Gold go up again to 40, and |
" VIII sell out this property for $4,000, pay off
"my bond and mort gage, and have $4,000 in
my pocket Instead Of my $4,000" And the |