The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-16
OUR NATIONAL DEBT.
Treasurer spinner's Letter In Reply to Q Pro-
posed Plan Of Liquidsting It-His Refu-
tation Of the Argument in Favor
Of Sinking Fund-The
Fallacy Of tho Plan.

just been made public:-
TREASURY OF THE UNIFIED STATES
@ Jos on hs @ An wq
r. 1usss would De published your then mex,
@ sa Sc s and Of sas
to hss ss4 hsTs De.s
SSss sss
the which, aS wss out w M E
from and there, without coherence and without
Witch Intended as an answer It made me sppess
Mr.; Riddle political economist Of considerable
sroash ns
W onT s Of
Of millions Of dollars and Tor which discovery and its
hs1s to be fss Of rs sosY
sum-: sna to aI% s g.. . son pa Or
any other sm%%! E could os The
least expense Under the eireamstsnees am very glad
sst aa not 81 aa % % tie
Of shs Shyc-twcntv bonds, and am entirely satisfied
Owed for as placing the now loan. correct
70 be redeemed II ns.lmenss q ss1oSSSe each year.
way for ths Of such plan The which
S ne + @ no Every E "a b
S s'ss q H. tbs os
70 Med os na q %
cury TO purchasers and to sellers as we'll this would
high
% ssn Of
70 s to Is as
s ee in The ." & Of 70
cuisr case rule is to sure reyerssd but proves
value Of All stocks suffer thereby.
scrpton the contemplated stock payable in legal
REDUCE THE PAPER CURRENCY OF THE COUNTRY
about thirteen per cent an amount Withdrawn in 80
about tse both dssirs-he speedy resumption
tina. such an operation would bring
that o into
greater than the amount OF currency withdrswa Even
hTs part Of
M r.
into win s
s Pe reSis~.as Your Tour pSosositi9n. you will
nss aS eFf s GS nt
that would require time and that the
prsssa! Plan no corresponding Ssnes would
But from the whole tenor Of you. letter. is inferred
that your object not muchto devise the best to
interest but to Bring ABOUT Jul 'O-A' '0' rue 0
sirs
9s
cS
sS s.
about the much result '' ''e" p'''o''0 % 0''"s
ssr'hss Of ne sS a SnSs %
S CONTINUES 10 az 10
but certainly until time xed for resumption the
Continue
m sound hys
s return rnn TO specie BY insisting that the only
aps& f
OF sef s yn o ana mt for hs
lower should be deferred until AFTER that event This
as re y or rs mai. ss s
!as s wss ana qe o
paid than loan on which interest whatever paid
THE REAL OPPONENTS OF THE MEASURE PER Sc.
6ns amGnE these !; n the debtor e8; which in this
tatns this majority desire pay their debts with chcap
learned that the Suspension ncreasss their proccon
aga IT, ossn s%.uh
wGch Ssnt dus SSesG Then the
sSsd % Them noss irssem. duty
IN inc so1 FSsps are of their
combine with those named ali acting In the firm belief
ne o%T spS Ses c1
large majority Of the mem6srs
consiituences Thus resamption has been and think
when the balance OF trade shall be III favor" when
that time arrives resumption viii be easy; in TRUTH IL
will from that cause come of its accord
But, really can't for the life of me how the fact
OF how we conduct our commercial relations at homc
whether our domestic exchanges of commodities are
made through paper or metallic medium, can affect
tho value OF our national securities abroad. 1t Is ex
prey stipulated tia. the interest on our loans shall be
paid III coin and in the case OF the new five per cents
~. gin &c 10 csd IL !;cridso OF both the principal
ami the interest Is to be Of the full intrinsic value As cx
pressed in dollars OF tho present gold coin OF the united
States.
The conversion OF government stocks from higher to
4 mo-
as the present available force OF the Treasury Depart
me mt can comfortably manage It, and the prospect OF its
continuance seems To be pretty certainly assured ,
y is now question with the secretary whether he
will continue the exchange for fve per cent stock or
walt until he can place the new stock At four and half
or even at four per cent
Thanking YOU in behalf Of our government and people
for your expressions oigood VIII and for your .ndy
offers Of assistance, nave the honor to be- very
+. E. SrrNNBR,
Treasurer OF the United States
H. osrrRsrEs Editor, d., German-Amertan Economist
Frankfort, A. NJ, &C. many.