New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-15

ING ELL.
As we apprehendcd, three diverse factions
threaten to resist the passage by the House of
the Scnatos bill to fund Onr National Debt at
lower rates of intcrcst-classes represented
respectively by The " \. Times, The Herdd,
and The World The former being pro-
fesSed supporter of the Administration and the
Marty which stand behind this bill, is the most
bitter and wholesale in its opposition, not
scrupling to misreprcsent the provisions of the
bill. 1t asserts that said bill would entail an
annual charge for principal and interest lot
" the National Debit calculated to defeat or
indefinitely postpone all hope Of tighten
b" Ing the burden OF taxation Now the
annual appropriation made by this bill,
for paying the interest and reducing the
principal of the Debt, is $1j0000,0OO,
whereof over $12O,OOOOOO is required for
interest leaving less than S3OO0O,OGO TO
be applied to the reduction of the prin-
cipal. TO be sure, the annual burden of
interest will be reduced by the funding of
the principals but, to balance that, the Green
backs must somehow be met; and whether
they are funded directly or gradually absorbed
in receipts for internal taxes and cancelled, the
nit them to live and lie forever; we must
somehow provide for their redemption; and,
as payments from the $1jO,OOOO0O per annum
are not restricted to the interest bearing Debt,
the canceling of Grcenbacks will aid in salts
flying this requirement of the bill. Unless,
therefore, The Times insists that the Green
backs shall remain not exactly "a JOY forever
but lie forever, its objection to this clause is
gTOundlcss.
We Judge that The Times means, in its OBJ
liquc way, to object to this clause that, by
requiring the S15O,OOO,OOO per annum to be paid
from the Customs revenue, it prccudes re-
ducton of the Tariff. But The Times and its
school are perpetually objecting to Protective
Duties that they diminish revenue from In
ports, and tend to destroy it; and there are
unquestiOnably many imposts now levied which
could be reduced without diminishing the
Revenue-those on Pig Iron, Blankets, Plain
CottOns, and Prints, among them. If, then, a
Free Trade Congress shall ever be chosen. it
may reduce materially the duties on those ar
ticles without directly diminishing the Revenue
SO the struggle for Protection or Free Trade
NAV 90 on under this bill with as fair a field
as is now afforded.
But the true way to "lighten the burden of
taxation lies through reduction of the an
nual cost of maintaining the Government, not
through the reputation of the pledge embodied
in the Legal Tender act that at least one per
cent of the principal of the National Debt
shall be paid off in each fiscal year thereafter.
The Funding bill recognizes and gives effect 10
this pledge-The Times, in effect, ignores and
would disregard it, This bill continues the
Sinking Fund established by that act, but in an
improved shape, for which we heartily thank
the Senate. The faith of the country was
pledged to the steady reduction of our Debt;
that pledge is of the essence of our compact
with the public creditors, since every one knows
that the reduction Of debt tends to appreciate
credit. We are now trying TO borrow at lower
rates the money wheTewth to pay loans now
running at six per cent; and the debtor who
seeks thus TO use his credit must be careful to
do nothing calculated to impair it. Honesty and
policy are thus seen to be in complete accord.
The Herald objects that the object Of the
bill is to call in and cancel the Greenbacks,
supplying their place with additional issues
from the National Banks, and that those Banks
VIII then be omnipOtent; for IF it should not
"be their interest to come TO specie payments,
" or TO remain on specie basis, the people
will be compelled to submit to a Paper Cur
"rency."
How sol A. b. has $1,000 in National Bank
notes, and presents them for redemption. In
whatY The Greenbacks are extinct. They
promise to pay dollars and there are now no
dollars known to the law but coin dollars.
How can they avoid paying in coinY
The Herald asserts that this measure has
been worked up for the special benefit of
the National Banks, aud that the apparent