The daily gazette., 1881-02-21

been sold at par bearing only per cent.
interest. / note here that excheQuer
bonds, fS,200,000, payable in 1880, in
various dates, were issued and sold at
par in 1879, bearing II per cent. inter-
est. note that in 1877, exchequer bills,
fl 800, payable in 1882, five years
after date-mark the time--were ne
gotiated a. ~ per cent. interest, at par,
and to-day they are from par TO four
shilllngs premium. note that in 1878,
f464 900, payable in 1882, four years,
bearing "A per cent. interest, sold in the
market at premium OF one shilling In
1879, 500, POO, bearing q per cent. in
terest and maturing in 1882, were issued
and sold not only at par but at pre-
MUM Of four shillings; and f26,00O in
1880; and they are all from par to TOUR
sbillings premium.
say there is no similarity whatever
between the British consols and tn.
bonds of the United States, and the
comparison which is made between the
consols or annuities of the British Gov
eminent and the bonds of the United
States is not just or proper one. What
is the difference? The consols are mere
annuities; they are never payable; they
are simply redeemable, and that Is mere
ly at the pleasure Of the British Govern
ment. I hc United States bonds, Oh the
contrary, are payable at fixed times;they
are redeerh sable. The policy of the
United States Government is to pay her
bonds; the policy of tue British Govern
ment is not TO pay her bonds. There
is another difference. The consols or
annuities OF the British Government are
increasing in amount every year. There
IS no assurance given that they ever will
be extingushed or paid off. On the
contrary, the bonds of the United States
are diminishing every year; and it is
certain, fixed established fact that inside
OF thirty gears every interest bearing
obligation Of this Government will be
totally extiuguished and paid. There is
another difference between them. The
Interest on the British consols is taxable;
II is taxed to-day, and it can be taxed
at the Will and pleasure of the British
government. There is no limitation |
upon the power of the British Govern
nent TO tax The income or interest upon |
us consots. On the contrary, in regard |
% the bonds of the United States, as | |
nave shown, those issued under the act
d July IA, 1870, and proposed to be
ssued under this refundlng bill, the
ard interest can never be
axed, either by the General Govern
nent or any local or municipal author
W. In the fourth place, the market for
ne British consols is confined almost
exclusively p England, while the bonds
u the United States are held and have a
eady market in almost every country Of
ne wored. without any .disparagement
ne mother country, l say to-day with
ride that tile credit, the stability, and
he prosperity of the United States are
ar superior to Great Britain, and her
1ture more splendid, promising, aud
lorious.
Therefore, 70 compare the British con-
ols Win the United Sta es bonds is I'M
lst' IL IS not legitimate. II is legitimate,
oWeVer, to compare the United States
ohGs redeemable after five years and
le treasury notes with the exchequer
ms, The table of which have just read.
hsiand to-day can negotiate p per
'Ht. treasury notes, precisely like this
e are proposI ing to negotiate at 81 per
4ht' she can negotiate 1t at ~ per
ent. and put premium upon IL. The
'cofu shows That. We can do better.