New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-04-04
SECRETARY BOUTHELL.

HIS VISIT TO wALL-sT. YEsTERDAY-coNFER-
ENCE WITH LEADING BANKERs-HIs VIEWS
UPON THE NEW LOAN AND THE INCOME TAX.
The Secretary of the Treasury, who arrived
in town Sunday visited wall-st yesterday morning,
and waited upon by many leading bankers, at
the Treasury The subject Of the conference which
continued for several hours chiefly the advance
ment of the loan Among those who called at yarl-
GUS times we're the Messrs. Jay Cooke, Henry Clews.
Howes OF Howes & Macy, Morton Of Morton Bliss Co..
August Belmont, Jesse Segman, II. c. Fahnestock j.
Dabney Morgan, p c. Calhoun, and others. The Secre
tary returned TO the Fifth Avenue Hotel at late hour In
the afternoon and after joined party OF friends at
dinner given by Mr. L. r. Morton at his residence He
proposes to 40 to his home In Massachusetts, this
morning remaining there for three four days, and
returning thence to Washington without stopping In this
city.
The Secretary in conversation, states that the sub
scripons for the loan have, upon the whole met
his expectations and though thus far confined to the
banks anticipates that, when the subject Ia fully I'M
dersood by the public at large investments will be made
on private only In the United States Dut also
in Europe. The per cent bonds he regards as more
desirable than the existing bonds OF the United States
because as he says the interest payable quarterly an
advantage equal least 10 per cent OF the principal
OF the bonds and there never can arise
ouestion as to the obligation OF the Government to pay
the principal in coin Of the present standard
the United States The new bonds he further
urges, also exempt from muhclpai anu
State taxes and from taxation In any form
by the United States Government while the
present bonds ore liable to the Income Tax
and such other the exigences OF the country
might render necessary An additional recommendation
In favor the bonds in the opinion OF the secre-
tary consists in tho fact although they redeem
able in 10 years they not lkey to be paid until
several years after the expiration of that period The
per cent bonds issued in 1861 will be payable at the
same time and Mr. Boutwell, says that the resources Of
the country will be applied to the payment Of the per
cent bonds rather than to tine redemption OF the s
ner cents At the rate Of so0OoOOOO year, about six
years will be required for the payment OF the per cent
bonds becoming due in 1891 consequently 1t may be
safely assumed according this calculation, that the
reaemption of the per cent bonds offered will not
begin sooner than 1887 thus giving at least 10 years OF
time $500
The Secretary anticipates that very large additions
will be made TO the subscription during the present
month The Indications he says are that by the nrst OF
Nav when the new bonds will be ready for delivery par
ties will appear who will subscribe for whatever may re-
main OF the 500 100000 OF per cents now open TO SUD-
crbers After the 100000 shall have been taken, his
purpose is to hold the in combination with the
u per cent bonds ,
The Secretary seems to have adhered to the Income
tn. for the purpose he explains It, OF supporting the
nnbc credit until the new loan shall have been SUD
ed for TO such an extent render success certain
heevine that II the Government yielded TO the demand
for the repeal OF one tax public both OF this country
and of Europe might infer that whenever another dc
and should be made for repeal OF some other tax
IN. Government would again yield, and thus the nation
would be deprived OF the ability to pay OF any consider
able part OF the public debt