The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1871-08-29
gremiitg State Soitrnat.
TUESDAY EVENING. AUG. %, 1871.


Mr.. Boutwell, is fortunate in his enemies
There is not an unchanged enemy of tho
Unlon-not one who wishes Gettysb,lrp
and Vicksburg and Appomattox had gone
the other way--who does not improve
every opportunity to disparagc and belittle
his achievements. /" What if he has paid
off over Two Hundred Millions of the Ma
tional Debt? the money came into the
Treasury, and he couldn't help paying debt
with it." Why, gentlemen, money has
come into other treasures, vet no debts
have been paid with it unless it be the pri-
vate debts of the financicrs. Ii is some
thing that Mr.. Boutwell, has yieiIantlv
guarded the Federal Treasury, and applied
every dime of receipts, first, to the paving
of current expenses next to the liouidation
of the National Debt.
Having reduced the principal largely and
steadily, Mr.. Boutwell, is trying hard to re-
duce the interest on what remains unpaid
by funding the five-twenties, now redeem.
able and drawing six per cent. interest. in
new bonds drawing lesser rates of interest.
Suppose he could succeed in this, and re-
duce the average rate of interest barely one
per cent.--the amount thus saved would
pay off the entire principal of the debt in
less than half century. Ought not every
patriot to wish him well not merely. but to
render him all possible support in his ardu-
GUS undertaking? Every dime he thus
saves inures to the benefit of the whole
American people.
Mr.. Boutwell, has practically effected tbe
conversion of two hundred millions of onr
five-twenty skies into ten-year tyes--an
operation which reduces the burden of the
national debt by two millions of dollers ner
annum. He does this at time when
France is borrowing all she can Get on fives
at heavy discount; her loans of coursr
coming right in the way of ours. There
are not three governments in Europe that
could sell two hundred millions of ten.vcar
fives at par. And remember that our ma
tional debt is still considerably over two
thousand millions, and that we have great
party in the country which, through a re-
solve OF its last national convention. stands
pledged to swindle our bondholders out of
at least half their honest due. Mr.. Bout,
well has succeeded in funding his first two
hundred millions, in spite of Tory hostil- /
ity in Europe and Copperhead malig-
nifty at home. And now, if he will |
withdraw all the loans at present authorized |
except the four per cent. and obtain from |
Congress power to sell one thousand to fie |
teen hundred millions of that, having thirty.
forty, or fifty years to run, at not more
than six per cent. below par, we are conf
dent that he may save enough in interest to
pay off the entire debt, including the dis
count on his bonds, within the next forty
years. Let him stipulate that the two per
cent. thus saved in interest shall be sacred
ly devoted to buying up and canceling the
principal of this loan provided it can be
bought at or below par; let the interest be
paid quarterly, and in London, Amsterdam,
or Frankfort if desired, without tax or de-
duction of any kind, and we are confident
that some great banking house would take
the entire loan at 90, and that it would rise
to par within five years and within two per
cent. of it within one year after it had been
placed: We can thus pay the last dime of
our debt within forty years, yet take off
fifty millions of taxes next winter and fifty
more within three years thereafter,
Such is the modified plan of funding the
debt which we hope to see adopted soon.
But, whether it shall or shall not be, we
shall give hearty support to Secretary
efforts to reduce both principal
and interest of the debt, for we know that
he is honestly and earnestly doing his very
best.-N. 7. Tribune.