New-York tribune., 1873-12-17
IMITATION CONDEMNED But EXPECTED.

MERCHANTS AND BANKERS HANDLE SECRETARY
RICHARDSON WITHOUT GLOVES - SOME WISH
BONDS ISSUED, OTHERS WANT TAXATION, But
ALL ExPrCT INSTEAD THAT INfIATION WILL
BE REsoRTED TO.
The financial dilemma in which the Secre-
tary of the Treasury has placed himself and is schemes
for relief. tho subject OF general discussion
among the prominent dnancers OF Nall't yester-
day, most OF whom somewhat roundy .bcIated the
puzzled Secretary. The President OF largo bank on
Broadway yesterday that the Secretary had gos
himself into u difficult situation, which was 10 be
expected from tho policy OF employing small lawyer 10
conduct great financial machine. Mr. Richardson had
evidently mistaken his vocation. The policy "ncn h"d
been pursued By all the Secretaries McCullOch.
had based upon the merely partisan project Of de-
luding the people by show OF paying the debt redeem
ing bonds and csseDng taxation. Tue result is seen III
the disastrous condition Of the finances Inc people hac
the monthly statements OF decrease In the pnphc
debt and had pleased themselves with The notion that
great war debt Of s?Oo)0rO)o beiDg quietly Oh
liberated at the rate VI s5,o)O0oO TO sOOoooO month
Then they saw taxes 10 tho amount Of tow millions
year taken Of AMI they OyeIpyed a the prospect
OF a reduction in She price Of all commodities, and q
return to the old haridoar values. And they
all Joined In Mr.. Dawes's cry that tins
was economical Government the face OF the
earth. Now II the Treasury Is depeteJ and yoa
the dirt at the bottom Of the casbbox. aud they
and need s2 100000 more than before to con
duet the departments. Their expenses put mp
Just that amount over the usual Estimates at TINS
moment, when the Treasury Is empty ard economy
ought be the rule and the s2oOcO il asked Of the
people who have hardly recovered from The lattering
prospect of havinga few millions taken of their lax
rates IL is piece OF "shinpastor nauGern." that
has not been exceeded since thc 'widcat days." and
has been completely demolished.
"Bnt wherein lies the remedy for all tins ~
ain borrOwins rather in the OF new bonds,
say fvetwenes. at per cent The Socre ,ary IN his
report up last June, shows that worth Of
these bonds have been bought up redeemed. and
seled. That part Of the great Of paying off
debt People did no. wan TO give up the bon ana
except that 1t made SHOW or paying OH
the debt for partisan purposes. the Govern
ment did not need 10 buy them up. The Issue
Of a hundred millions OF bonds would undoubtedly
tide the Treasury over its present trouble, and the
| people would gladly buy them here in our own
kets. Our bonds rule little higher than gold though
| do MT know that five per cent bond, would rule
| 80 high. But the eutiro hundred InillOu could
| be negotiated here In Wall-s and people
would take them eagerly. To be sure that IL specieI
OF borrowing, but 1t s what might be called borrowing
sound Investment. IL would leave us stll aheadon
bonds redeemed, OF nearJ hundred mliiobs Besides,
IL would give instant relief aud would not be obnoxious
| like taxation. or ruinOus Ike imitation"
| "How would the two last remedies operatc!"
"Infation Is simply disaster. merely makes a dollar
worth less money, and decreases its actual bu,ing
power. Tho Western men seem 10 pull hard IN favor Of
| imitation; but 1t will b. equivalent to returning
us TO hard times again another basis.
| As for taxation 1t il most Sdious
measure. especially when return 10 II after once
relieving ourselves Of H. II could relieve pros
dculy. because 1t cannot operate ut tho shortest,
until next Spring Summer and our need Is preseDt
one. We need TO be tidcd sndbar nc the bot
OF the snd for that purpose ready money Is
| needed"
"what to do for the payment OF or '5s bonds.
| due on the ist OF january"
| "There will he trouble about them. Our bank has
hundred thousand Of them. and DO not propose TO
present them for payment any sooner chan We must.
TIE interest continues and ~ long as that Is tho
very few bondholiers OF tho Uuted slatss will have
| their bonds c..shed voluntarily"
The head Of ono Of the largest banking firms IN the
country thought that imitation DO aud that
! the beat remedy would be TAXATION He thought that
borrowing would gvo only temporary relief and would
tend to depssctsss tho bona hold by creditors
and otherwise njurs cur credit. tax tea coffee,
aud wosld bs ~ generally dAirb1tea ssao opS