New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-04-05
Comments by The Tribune.

fOH1NlCNfS W iHc Iffp"F'
/. There ,cas " financial distress" "stOppage
"of manufactures" &c, in 1StO-but how
caused? We had no National Debt, no Fede-
raj internal taxes, and Tariff very consider
ably reduced by the act of 1892 and the gradual
reductions under the Compromise Tariif OF
1893. IT, under such auspices, we had-as The
Sun truly asserts" stagnatiOn of business,
and the throwing out of employment of
"myriads of laboring men, why should we
expect opposite effects from like causes nowf
ii. The National Debt must be paid at some
time. But for the payments Of the last two
years, it would now call upon us Gf we in
cIude the Pension List, which is in truth
part of our War Debt,) for more than One
Hundred and Fifty Millions per annum. The
paving policy has already sensibly reduced
this heavy burden. Resolutely, vigorously
persisted in, it will soon wipe ont the last
yestige of it. It seems to us that this is the
more excellent way. Who would nurse a tooth
ache to all eternity
ILL., The bulk Of our National Debt is already
due that is to say, the five years are out
which were to elapse before the option TO pay off
the Five-Twenties matured. Suppose we were
to stop paying till the twenty years ran out at
the expiration of which we must pay How
could we then payl And is it likely that we
could borrow SO vast sum even ut Six per
cent. Z 1t is the resolute and persistent reducer
of his liabilities that borrOws on his own terms
". We owe some Fifteen Hundred Millions,
on which we are paying six per cent, though we
have the accrued right to cash the bonds at
par. We are trying hard to reduce the rate Of
interest on this great SUN. Even one per cent.
reduction saves us $4,000, 900 per aDnum. Had
We steadily bought up and Cancelled Ten Mil
lions per month of these bonds ever since the
War closed, we might ere this have funded the
balance almost on our own terms. Nothing so
stil1ens o nations credit as an obvious resolve
to get speedily out of debt. Bonds monthly
growing more and more scarce are sure to APP
preciate. 1t seems to us palpable economy to
keep on paying and paying at least till we
shall have funded the residue of our Five
Twenties at the lowest possible rate.
V. We pledged our faith, when we laid the
| foundations of our gigantic borrowing for the
late War, that we would pay off at least one
per cent. annually of the principal OF our
| Debt That pledge seems to us absolutely to
| require the reduction OF our Debt some
Twenty odd Millions per annum. Would The
sam fulfill that pledge or mott
VI In 1866, we paid far more and heavier
taxes than we now do. Each of the two last
Congresses remittedimany taxes and reduced
others. The last swept away the greater num-
Der of our internal taxes and considerably re-
duced those on Imports. Yet the poor u
were not ground into ilextrcable poverty
"and wretchedness," even in 1866, when oul
Federal taxes were far higher than they now
arc. Tho Industry and business of the
country" did not begin to suffer then al
they did after the close of the Revolutionary
Struggle or after that Of 1912. Business men
were not wiped OUT 40 sweepingly as they
were in l7s3.7 or in 1920. The Sun deiies
history.
| VII. whether 16S S.s Of TUE TRIatSE il