New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-08

trusts its finances TO Il Congress That Is rap"-
bic of such a debate a. that OF IhuiS''ay'
Judge Kelley not in!rtqrcnty allows h''
heart TO sneak for his head, ana thrre WIS
more prejudice than reason III bis reverence W
the supposed desire of banking syh"lca'es W
mortgage the lands and la0Or and enterprise
of the American people, The merits Oh TIE
matter are not affected by the desires Oh
bankers on either side, but the Truth Is that
nire-t,nths of those who are interested Ill
banking want refundng defeated, because
thrv hold five and SIX per cent bonds on when
thew d. not want their interest stopped. In
u,giny that &G37. 100000 OF debt en- be PAID
within the next ten years judge h"iey on'y
pnsi cs liitlr further the suggestion hild' ny
Secretary Sherman, but there are lew Pracu-
cal men vino will net r'G.rt the pan ol the
secretary as The more reasonable OF the iW"'
7 ere is a limit II the amount oil Sl"i'-l'rh
noes that can be sold at pr; possibly IA
much rs the $500 OOO. 900 winch Mr. Sherman
uronosed to unt!lorzr might bc sold, bat his
plan would no hive failed If the amount tlkFn
should have been as small Il i'2jo,OJO,0Oo. On
the Of cr hand. 1t wOud have protected TIE
| country from loss or dlscIe,it II period 81
dIsavtcr should IntCry ne before the payment
o. $3.50. 900 900 yc"Ily tor Ten years should
he finished. Judge X Hey does MT seem TO
thnk it ncccs ,ary 10 make any provision
against n period of commercial dl5t>tcr or
uorn.Jr indisrositiOn t. buy three per cent
IoYuS for short time Il n llr;' amounts.
Mr.. Caitt ,ndcu did not strengthen his iro-
posed amendment. for such House as he has
to deal with. by adding u provision regarding
silver c,inagc. Nor is it Likely that the House
viii ss.nt to the repeal OF as large part of
the Lank taxes rs he pIoio."S 10 repeal. 1t
is the mission of true Craftsmanship to get
good things DONE ard not IN rely to propose
sill better but impla,t iclbc things. Perhaps
he might have gained the support OF the
House. if h, had confined himself TO Il dem
onstraton that rcui,dirg AT three per cent,
without abltrm nj Of tn * Oh bank Grcn-
Ia ion, would iail. and involve the GoVcrr-
III, MT in los, while rcfuId.lg AT thrrc pcr
cent, with abatement at the tax on circIl.A-
ion would succeed, and say. mnlois for 'h"
G. Y rrmcut and the people.
Ag.i.st these ecuiciu-n. who were partly
in the right. were arrayrd such men
~ Mcs-r-. Weaver, Springer, lonnshcry,
Mills and Phillips. Mr. Weaver wanted the
bon!, paid IN silver doiar>-a short and ~
J WAY OF hcahIng the public credit. Mr..
| Springer thought il not rXtrNagan' 10 cricu-
| Ia that the GOvrinmrat CpI.d pay oil
| 81 ,OOO.O0 900 oi the debt VI Inn ten years,
and WAS anxIous TO guard aglin1, tie pay
"mcnt of double interest and other adyal-
TAGS TO Syndica,-s ami capitalists. Int
! failed u show thJt the Government l"saS any
! thing bv offering 10 Ctpd lists sufficient IN
| duccmcntS 10 secure "A reduction 90 two rcr
| cent in the interest on 5000. OoO.OuO of it,
debt in a single year. Mr.. Mills GO >ldrrcd
the issue of long-tcrm bonds un-Amcr.cIn
aud un-Dcmo RATE" He consId r. it Amcli-
can and Democratic to borrow at high rates
of interest. in .tcad of at low rates. appI-
r,n'Iy. Nh. Phillips proposcd To issue three
per cent Treasury notes. Icdccmabc at the
pleasure of the Government At any time after
one year. and thought 5000, 900, 900 OF thc>r
short notes could be sod n par. The rest Of
the rcdccmablc debt hc would pay oil 10y "a
hausting the reserve in the Treasury. AId. III
order 20 make the collapse of The prHlic
credit more sue. he would have the bond
holders paid half in SILVER.
Is 1t strange tat Il public creditor. after
listening 10 such a DAYS debate IA this, on
the mort important proposition that can com"
before Coz grcs, this year. goes away with
the profound conviction that a British ) per
per cent c0nsOl j. worth decidedly more than
any 9 Der cent bond that the United States
| is now likely to offer When the best and
most patriotic members have 50 little faruIty
of submitting propositions that are az once
wise and pIacticablc. and when the apparent
majority inclnes 40 strongly tn propositions
| which are in the las, degree unwlSc and mis-
| chicvolIs, what good result can the busncs,
man expect II the country were "a fOrtu-
nate in wisdom Of government as il is i'll
richness and abundance of resources, It's
Congress would waste no time in deciding:
! |. That il IS folly to pay or per cent OH
| $500, OOO, 900 n single year longer, when any
| Secretary OF the Treasury can certainly Dor
| row at / PEI cent or less, and Will he anxious
| to borrow at as low a rate IA possible.
| II. That Government cin sell bonds bearing
| a low rate Of interest, if they run for n long
term, or bonds for a short term if they bear
a higher rate of interest. but cannot :" eat itS
cake and have it too"
III. That any step which creditors may re-
! card as in bad faith-such ~ forced payment
in silver or papcr-wIll raise the rate of inter
est which must bo paid i'll order to borrow at
all.
| ". That sharp contraction of bank circu-
lati0n, at Il time when bonds arc offered for
sale, will surely arrest their sale, and that
such contraction will result from any measure
which dcprivcs the banks OF & and , per
cent bonds now on deposit, without any abatc-
| mcnt OF the tax on circulation.
| DIhOT1 rs 4 STATE
| Dakota has sufficient population to demand
| Ia fol. .r