The Portland daily press., 1881-03-26
About Refunding,

The Union Chronicle equotes-incorrectly
by the way,-an editorial article in the
PRESS and comments upon it. The article
as it appeared in the PRESS is as follows:
Washington correspondents are confident
that an extra session of Congress will be
called, and say that the call will be issued
Immediately. The object of the meeting is
the consideration of the refunding bill. The
necessity OF providing for the discharge OF
the fast-maturing debt is generally recog-
nized. Some of the debt can be paid. Most
of it must be continued. We have promised
TO pay many hundreds of millions of dollars
this year. We can pay some millions. Fol
the rest we can only renew our notes. The
business of Congress if it meets in extra ses-
sion will be to make the best terms possible
with present and prospective creditors. II
we can pay off the old debt which bears six
and five per cent. interest by negotiating a
new loan at three or three and a half pei
cent. interest we shall make a con-
siderable saving. A loan at the
higher rate can be easily managed. One So
licited at the lower rate will be an expert
meMnt-perhaps worth trying. The experiment
will probably be made; but our creditors
should not be subjected to duress. They
should be left free to accept or reject the
settlement we propose. There should be no
sealing of the debt without their con-
sent. If we cannot meet our notes we may
make the best terms possible with the hold
ers OF them; but it is not just to go on the
Rob Roy plan and because we have the pow
er compel the men we owe to accept less
than their rightful due.
The following are the Chronicle COM
ments:
Why should ''most of the debt be con-
tinued?" Why should we ssreneW our
notes?" Has the country come to this,
that we are forced to make such terms with
the banks, as they may see fit to demand.
Can't this government pay it's bonds when
it sees fit? Have we no right to pay the
old bonds and sell new ones to whoever
chooses to take them; what duress would
there be in this. The banks have done
their share of scaling down poor mems
deposits and they have "scaled" down
property and enhanced the value of their
bonds. Have we now no right to pay those
bonds by selling new bonds to other par
ties at lower rates? Shall the 1000 ''Rob
Roys," called banks, still continue to rob
the people and dictate terms to govern
ments. Why are the bankers now in Wash
ington lobbying with the Executive? When
have the laboring men sent their lobby to
Washington? Have not the banks more than
their rightful due? Why, then, this compass
sion on the part of the PRESS for class OF
concerns that recently throttled the busi-
ness of the country and forced the govern
ment to adopt their financial policy? No
one asks the banks to take the new bonds.
These accursed institutions can close up
business, they are unconstitutional, and the
editor OF the PRESS is rebel to his country
IT he dares defend them now. We propose
a mil ND
the banks don't like it let them continue to
contract the currency and we will supply its
place with greenbacks. The three per cent.
bonds can be taken without the aid of these
banking business smashers.
The debt should be continued because we
cannot pay it. We must either renew our
notes or repudiate them. We haven't the
money to meet them. We certainly should
take up the old bonds bearing high rate OF
interest if we can negotiate new loan bear.
ing low rate of interest; for thereby we
make considerable saving. That is what
the Republican party proposes to do. But
it does not propose to compel the creditors
of the nation to take the new loan in dis
charge of the old debt They should be at
liberty to do as they please about that.
We are glad that the Union Chronicle
takes our view, protests against the Carlisle
amendment to the Wood refunding bill. and
objects to compelling the banks to take the
new bonds. The Republicans in Congress
voted against the Wood bill because it Co
creed the banks. They are happy in having
won the approval of the Chronicle. I'm
doubtedly that paper will hold to the opin
ion expressed this week, and, in the event
of an extra session, oppose any attempt tc
force the national banks to take part Of
the new loan.