New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-08-17

less of interest per annum than we now do.
And we shall have given the remaining holders
of our Five-Twenties fair notice that we mean
to redeem and cancel their bonds soon, anu
that they may wisely make haste TO convert
them before the option to do 80 Is Withdrawn.
The conversion of the first Two Hundred
Millions of Five-Twenties into ten-year FlVes
is fixed fact. And Gov. Boutwell, thereupon
gives notice that he withdraws from the mar
kot the Four and -a-Half and Four per cent
bonds or loans that he was authorized by Con
gress to offer.
This is very right, 80 far as it goes. we
trust it forecasts the withdrawal OF the 4is
and remaining IS absolutely and forever. we
hope to hear that the Government will issue
no new bonds beyond tho Two Hundred NIL
lions already taken but an American Consoi'
having, 90 80, or 40 years to run, non-taxaDie'
and drawing interest at the rate OF tour per
cent per annum, payable quarterly. And INTO
this Consol We would fund every dime OF the
National Debt so fast as the right of redemp-
ton shall have occurred.
-"But you can U sell a four per cent Con-
SOL.
Possibly not at par, though that is by no
means certain Our new Elves have dragged
because they had so few years to run. That
such four per cent. as we have suggested
would sell at par if it were irredeemable Tor
fifty years, we are confident. And, II we
should at any time wish to reduce its amount,
that could be effected by purchase in open
market. But we propose that the Govern
ment should make one four per cent. Consol,
in place of the 4, al, and 6s now authorized,
and sell this at whatever discount Ut any
shall be found necessary. Go into the market
with it, and say to all bankers and capitalists,
"We want to borrow Fifteen Hundred Mil
" lions at four per cent.-the prlnclpal
payable after so many years, with
conc per cent. interest quarterly-and
eve shall borrow no more than this
"at any rate. and no more at any time at
"higher rate than this. We solicit bids for the
"whole loan, and WILL at our own time, ac-
"cept that which best suits us, paying mean
slime interest on the deposits of all bidders
" from the hour of their reception to that OF
"their return"-we do not say that said loan
would be taken at par, though we hope even
for that; but we do say that, even though 1t
should be taken at o., or six per cent. below
par, we could easily pay off our whole debt
within the next half-century, mainly by the
saving of interest thus achieved. And we say
that the combination or Syndicate" of bank
ers and capitalists who should take that Con-
sol at five per cent. discount would have no
difficulty in placing it 80 as to insure
them a handsome profit on the opera
ton. For every Million paid in on their con-
tract would at once be used to cancel Mil
lion of Five-Twenties; and most of our
creditors thus paid off would turn around and
invest the proceeds in the new ConsOl. And
we shall especially rejoice to see our Ma
tional Banks that have refused to subscribe to
the five per cents constrained to purchase the
Consols at par, and right glad to save their
circulation even thus.
Gov Boutwell, is an upright and safe finan-
cier, and has many excellent qualifications for
a Secretary Of the Treasury. If he could but
supplement them with moderate and reasonable
audacity, he might achieve a high place on the
roll of ilustrious men who have eminently
served his and our country.