The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1871-09-14
Success of the New FunIing Scheme.
From the New York Tribune

From the New York Tribune
Mr. Boutwell, is fortunate ir his enc
mies. There is not an unchanged enemy
or the Unlon-not one who wishes Get
tysburg and Vicksburg and Appoma-
tox had gone the other way-who does
not improve every Opportunity to dispar-
age and belittle his achievements. "Wbat
II he has paid off over two hundred mil
hons OF the national debt? the money
came into the Treasury, and he eouIdn't +
help. paying the debt with it Whv.
gentlemen, money has come into other
treasures, yet no debts have been paid
with 1t unless it be the private debts of
the tnanciers. 1t Is something thar Mr.
Boutwell, has vigilantiy guarded the Pea
erai treasury, and applied o~ory dime of
receipts, first to the payment of current
expenses; next to the liquidation Of the
national debt.
Having reduced the principal largely
and steadily, MIR. Boutwell, is trying hard
to reduce the interest on what remains
unpaid, by funding the tive-twenties, now
reoeemable and drawing six per cent. III
terest IN new bonds drawing lesser rates
OF Interest Suppose he could succeed
in this, and reduce the average rates of
interest barely one per cent-the amount
thus saved would pay off the entire debt
in less than half a century. Ought not
every patiot to wish him well not merely,
but to render him all possible support in
his arduous undertaking Every dime
he thus saves inures to the benefit of the
whole American people.
MIR. Boutwell, has practically effected
the conversion of two hundred millions of
our five twenty SKIES into ten year fves-l
an operation which reduces the burden of
the national debt by two millions of dol
lars per annum. He does this at time
when France is borrowing all she can get
on fves at heavy discount, her loans of
course coming right in the way of ours
There are not three governments in Eu-
rope that could sell two hundred millions
OF ter year tves at par. And remember
thaC our national debt is still considerably
over two thousand millions, and that we
have great party in the country which,
through resolve of it's last national con-
stands pledged to swindle our
out of at least half their due.
Mr.. Boutwell, has succeeded ih funding
his first two hunered millions, in spite of
Tory hostility in Europe and Copperhead
at home. And now, if he will
withdraw all the loans at present au-
thorzed except the four per cent. and
obtain from Congress power to sell one
thousand to fifteen hundred million of
that, having thirty, forty, or fifty years
TO run, at not more than six per cent. be-
low par, we are confident that he may
save enough interest to pay off he entire
debt, including the discount on his bonds.
within the next forty years. Let him
stipulate that the two per cent thus
saved in interest shall be sacredly devoted |
to buying up and cancclling the principal
of this loan provided it can be bought at
OF below par let the interest be paid
quarterly, and in London, Amsterdam, or
Frankfort if desired, without tax or re-
duction Of any kind, and we are confident
that some great banking house would
take the entire loan at 95, and that it
would rise to par within five years and
with two Der cent. of it within one year
after it had been placed We can thus
pay the last dime of our debt within for
ty years, yet take off $4,000, 600 of tax
es next Winter and $4,000, 900 more
within three years thereafter.
Such is the modified plan of funding
the debt, which we hope 20 see adopted
soon. But whether it shall or shall not
be. we shall give hearty support to
Secretary Boutwell's efforts to reduce
both principal and interest of the debt =;
or we know that he is honestly and
doing his very best.