New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-06-02
PAYMENT OF THE PUBLIC DEBT

GIN. SPINNER EXPOUNDs THE NATIONAL POLICY
PROMPT PAYMENT THE CHEAPEST PLAN-IM-
PROVED STATE or THE FINANCES.
WASHINGTON, June 1.-Gen. Spinner, United
states Treasurer addressed letter to Thomas Can
~ Riddle. esq, Geelong. Victoria, Australia, which
he Acknowledges the receipt OF certain communications
from that gentleman. These lwere intended to demon
stre by figures now saving OF hundreds of millions
-sr be made 20 this nation in the Of the pay
ent OF ts debt diff from the plan adopted by our
Scvernueus-" Gen. Spinner says In reply;
To my mind. the cheapest wav 10 pay a debt that is
sriec payment OF interest is 70 pay 70 20 the
s-rest d9y pos.ible AN individual with Insufficient
-aniaL engaged IN lucrative business nav hnd II TO
ls advantage -O defer the payment o. oeDt and con
nue the payment ~ interest on the same win adyan
tc 70 himself I'm suCh or iu The case Of nation
that che means 10 pay its debt 40 ouce' or m the
immediate future, the scheme of Nj. Riddle would no
loubt. work admirably. Not so, however, with %
wealthy aud prosperous people nation that pays MS
debt paws 10 the cheapest The longer payment
deferred and toe interest paid the deaIer 10
Dscomos ana the more 10 costs 10 pay IT, Or this seem
ibg Tusm our people have become convinced, anu are
deDt pld, ana the lower me rate OF interest
pad, or the unpaid part thereof ln the interim the
ess they viii have 20 pay in the aggre gate in its nna
e1tueushmeut. Acting On accordance with the DeeI I'D
PER cent 1--WE per stock this latter being the
at which 10 Is, at present able 10 place Us
tonds Agi now almost daily. pawn. every dollar
NJ s surplus redemption O It's six per cent
bllds; thus only reducing the principal OF the dcot
5-f otr flp eorse1upnt uvmepf OF interest thereon
only s0Sl 2DO W six per cent stock, which the Gov
wit have the option % pay 40 It's pleasure
and this amount N all mature on te first day or july
isl before time. on all those stocks, ON the
Government EsvnE three months notice OF rs readl
pay the prime Pal Interest thereon VIII cease
Uu-er Oper OF ts pOlcy the DEBT or the united
states has reduced last fiscal year ~ the sum
SO FROM the first uf Ma-cn, 1902 when the
present Aduluisi ration assumed tie mauag sment or
finances OF country % the close az the year 1872
.tr0d Oh three yuars and Two months, the uatOna
det has been reduced 500 GO; making anuuI
saving payments OF interest uI Sls.Ss5C65. Under
these tuces tnc proposition seems 20 be pialu
Government 90 debi, taat places ITS stocks at tine
luess Of interest pOant and mat Jas JAp con
option pay ana does pay ia addition % the lu-
terest any part the prucpa that has the means To
Day. pays 10 Cent the shortest and cheapest way pos
shle. AL tine calculations and nguIlug that eau be
maze done cannot uc ute 20 prove 10 my nina the
contrary. any more than could be made 10 cOmpre-
bend by figures. how mau may ht himself oy tue
WalstUauu Of ms Dretclcs. IL Is o'hcFeu
nat nIacnz an existing debt that cannot be paid 40
the lowest OF interest, ana ~ pay the pH-
e-gii as fast the Tor It's payment can De OD-
uluel best that md vldua OF nation can 10.
lac iest Investment OF surplus IS 10 Apply II ia pas
1rut 0f IeDf not only reducing the principal OF
e debit Interest OF tine sane. This course The
Government United states ls now pursuing Mr.
Jefferson laid 10 down as sound plncIe IA political
economy national debt should be pud Dy Tie gen
aauOu that created it. There Is now every prospect
that our people VIII follow this teaching 70 The let
ter Whenever any other nation shall SHOW Deller
results IN the payment or a national Cebt
aau tins people has accomplished, whether 10 ne by
yof by other scheme we VIII De happy % al lps
the latter plan In case your plan snOulu De auopLcd,
Iuavc doubt bus Congress would gladly award you
the i've DIR cent you Cm In the mot saving tnat might
for the pay meut Of our national debt " our Govern