New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-02-10
FTNDJNG THE DEBT.

At last-much later than we had hoped-the
| Secretary of the Treasury gives notice that ne
will attempt to fund the bulk of the National
Debt in bonds bearing lower rates of interest
so as to reduce the burden of that Debt. Ii
Fifteen Hundred Millions of the FVe-Twen-
ties can he funded even at fire per cent, the
Debt will be lessenod by the sum Of Fifteen
Millions per annum; if all the bonds adver-
tised by tho Secre tary should be taken at par
on his terms, tiie saving to the American
PeoDle would be rather more than Twenty-Five
Millions per annum. Let us all do our best,
therefore. to promote and secure tie funding
Of the Debt
Other governments, as well as many COM
panies, seek to borrow money in excess Of
their present liabilities not so the Government
of the United States. 1t seeks to borrow the
means OF paying what it now owes, and for
no other purpose If the Fifteen Hundred
Millions it wants should all be subscribed
forthwith, there would not be one dollar more
of its promises afOat thereafter than there are
now. Every dollar subscribed to these new
! loans will cancel and extinguish a dollar III
| outstanding debt. The money market whether
of this country or Of the world will be nowisc
| disturbed or straitcned by tie success of these
| loans.
| On the 9Th Of March, when the books for
subscription are to be opened, it is hoped that
peace between Germany and France will Lave
been restored. The cloud of war which hung
over the Black Sea will have been etlectually
dispclled. The misunderstanding between our
country and Great Britain seem OH the evc OF
settlement. We see no reason, therefore, to
doubt that the 9th of next month viii be n
favorable time to attempt the funding of the
Debt
Should the effort result in failure, the sole
cause of that failure will be the dilapidated
condition Of our Currency. The Secretary ex-
acts payment for his new bonds either in out
standing bonds of the Government or in coin.
We apprchcnd that this pTeclude5 subscrip-
tons from the great body Of the American
People. We would gladly appeal to those who
have a few hundreds or thousands in Savings
Bank TO withdraw it and invest it in the new
bonds; but they would receive it in Green
backs or National Bank notes, which they
would have to sell at 10 or IL per cent. dis
count in order to procure Specie wherewith to
pay their subscriptions; and this, we judge,
most of them viii hesitate to do. Ii the effort
to fund fails, the disparity between Coin and
Currency must bear the blame. And then we
must all work the harder to appreciate our
Greenbacks to par with Gold.
The rates of interest offered by the Govern
ment are sufficient. To an unprcjudiced judg-
ment, these bonds are better investment
than were those issued during the War, when
it was doubtful that the Union would be re-
stored. Those who then lent their means to
euctain fhe Government have ever since hcpn
the objectssof COpperhead envy and hate, be-
cause their venture proved success. Now
let those, without distinction of party,
who want a safe and good investment, sub
scribe to the new loans. If the rates of in
forest seem moderate, remember the complete
exemption from Federal, State, and local tax
alton bear in mind that you can borrow on
these securities as you can on no other and
resolve to have one security that is safe be-
yOnd contingency.