The New York herald., 1871-01-05

WASHINGTON, Jan. q, ISL
gentleman residing IN this city has today trans
mltted 10 the Secretary OF the Treasury thf follow.
sng plan for the payment OF the national de II within
period OF thirty years and for the real zation OF
several important advantages incidental nereto:-
NO. WASHINGTON ia, l. Q 1871
To the Hon. GEORGE S. BOUTWELL, Seer etary of the
your consideration OF the following plan for the
ilnldatlen aud extnguishment of tf national debt
asn,o 1siS, yoq state the annlai IL terest on the
plan I propose an annual appropriation of
sisG ooc oOSnwnich exceeds the present annual
he entre aebt in thirty years. ar d Under rs opera
oM noW ,e so lesn wn & 5e rs ducon Of thetaxes
but gradual resumption OF spe Gle payments; third
The rate of interest would De reduced genera,y 10
Treasury Of the Unlte States soon arr ater The onI
daron Of The public debt would be lender la Of
money instead OF a borrower .
In the first place the rate' Of interest on the public
aeor should pc reduced 70 and onehaif per cent
Der ahhuia; and thls ca1 be accomplished by
suhui,is we presen neo M OF tue proceeds OF the
cent per annum prnclp al ana Interest paya6le IN
goa AZ me Treasury and Sup-Treasuries OF the
great money centres o Europe. Al tie end OF each
series o. hve years tne date OF issue ef such
nohds there shal oe redeemed q number OF bonds
Maese aegTesas % ,; a opn. snail be made equal
Treasury during the preceding live years and the
oohds 30 10 be rede ,meG shall be selected by draw.
bntea among the : oiders OF The bonds which shall
by lot De selected to be paid an amount equal to
one man OF one ler centum the OF
bon bonds i paid paid Ihs premiums can be varied accord.
ing to the order ofthe number OF The bonds drawn.
Ioi ins.an.e, W the bond whose number shall be
graTn INST ne re shan be paid premium OF s50o 900
u I'm ~ oe Sio bond onehali Of that premium Il
sow oonu' az oneienth OF that premium If Sl00
Dong anu So on diminishing the premium until the
hSSsed sas ~ OF nTsmam i 70 be pad shan be ex
o3 eau 1us & cay !Iest my humble opinion that bonds
the present war.
To mees thei annual interest OF the bonds which
A. soo,oVu-VuJ there should be permanent appro-
prition VI tn amount fer period OF thirty years:
pIiation OF 900, gold annually-beine two
per centum on the total bonded debt-lor thirty
years, as sinking fund for the payment OF the
principal OF rhe debt from time to lime above
This s4o 600 900 shall be loaned by the secre
tary OF the treasury al the end Of each fiscal year
an IN interest OF five per centum per annum, and he
shai receA as security tor such loans bonds OF the
an1teo ~ ifes at the rate Of ninety cents on the
San se pd an u an such Loans IS shan han be made payable at
such loan shali have been made, In order that the
principal and interest Of this sinking fund shall be
inaaeav blsble FOR the payEent of the bonds drawn
al the e az Of each series OF i've years.
quence Of the redemption Of some Of the bonss.
there sil be dimnnion OF the interest pay
able nl the public debt. The balance of The
annua approximation OF 500 ooo 900 paying the
intere 81 shal be added to the sinking iund and in
veste, in similar manner and ior the pur
pose, and there shall not be lying in the treasury
sinS lg fund greater than $40, ,000,o 900.
read ~ made and the calculations herewith srh-
mtt I'd show that under this plan debt Of
So 10000 oco bearing interest at the rate Of four
and one-half OF per cent annually, wall be paid
prl icipai and interest within thirty years. and the
am ount drawn from the Treasury of the United
Staaes annually for such purpose will not exceed by
Treasury 70 pay interest alone
The calculations above referred to ere as fol-
lows
SINKING FUND.
flst aprrcpriaon Invested a. the end Of the frs,
year al I'VE per cent " ILL., at the end Of the 9TH ~ -
second appropds,ion, invested end Of the
Third appropriation, invested a, the end ci ihe
Fourth appropriation invested al the end OF the
fourth year, wiz produce 100000
Total interest o. four years' appropriations 2oooooao
Principal Of the appropriations for i've years
Makns .......... $780, ooo
Thus the sinking fund arising from the annual
appropriation of S400o0,00 Will to
200 at the end OF each series Of i've years.
REDEMPTION BONDS.
bss s e Is S 800 z ntere.. M r ssre' ts sacoao daS
Receem........ 2o5O0oOuo. Sinking fund 22oco,Ouo
ienian paid. l'ooa~Osalsnse sas Sinking "a %, ooo
,ond Redemption ~ Of
saianos Of Of SINKING fund Sla ooO' ' 'o,o OK,
Interest saved fer 45,Oo01
nas, To,aI sinking saPa I'd. aoa o s
sinsefett year l55Ss 100000. Interest. esaoooo
fnnd. S2T5o 1000
Third Retention ae End @ 0e Third Series q Fss Ysa5s
inleres saSea au far sss sS SSS
oeS as'a sinking $1,000 @ Interest;
Redeem aSCsVou,oaD
Premium Eaid.. i.75a00o Balance of sinking .,o %,
fund sssouE0
Fourth Redemption otae End q Q, Pears
Balance of stnkins fund ~ 259 og
Interest save fer 1seSo0O0
Total sinf7ac fund g., m ooa e2 3 SSo
:. .Redeem.-...~~ No0O0,oo =
$4,000 Ipss,ss. ss,sss. = :,at aoO0o
1' Ing fon6. ...... 2so.o1o
sss hss,r g. dG ae Tvs Ss,a Of Fis: az x,ss as
iniesat save saVe4 sS4 I'VE yes sSoSo
pest "".'ns .uss ssasg ssS,0osSc
S5ebt a. bceIa '''N''''
,ning of ssts Year s5oaoooGo nterest.... l575oGoa
,neuiur paid a2sOOoo Ing fund ssOoooce
MI Las heiepabz.o7l oJ Fse
Bss,nee ar ing sssocOoo
ine 81 81 sased foF i've years siSGOoo
ipinf'ns fund nd a 81; s s2cSep S
Redeen sjo,otO,ooO. .Redeened... S5J oOooOo
surplus q. end Of Soth year ...... s27s $4,000
Tnis surplus certainly VIII cover All the exp,nses
attending lbe loan. and the payment Of interest and
principal, and also such dehciencies as might be
caused by delays in making the loans provided or.
There Will be also large amount arising from I ne
inyesnnnt by the Secretary OF the Treasury Of 1le
interest saved annually, OF which no account As
taken IN iaess calculations.
rH CINCINNATI AND SOUTHERN RAILROAD
CIscIsSA1I Jan. 4, 1871.
Iu1pe TAFT, of the superior Court, delivered the