The National tribune. [volume] (Washington, D.C.) 1877-1917, 1883-12-06

vide themselves, when the opportunity
offered, with 4 and a per cent bonds-due
respectively in 1891 and 1907-to Sc
cure their circulation, so that in the
the event Of the calling in and payment of
the 3 per cents. they would be forced to go
into the market and buy, at heavy pre-
MUM, and AZ per cent. bonds sufficient
to replace the SIS called in, and this, OF
course, they could not do without financial
loss, although it is their own fault that
they are placed in such dilemma. The
Government gave them the option of ex-
charging their 6 per cents. for the new
As, but, thinking the latter would fell
below their par value in the market, they
declined to avail themselves of the offer
The per cents. are now quoted at 100, at
which price the banks would be compelled
to buy them should the 3s be paid off. and
in 1891 the AS be called in.
The banks, therefore, are interested, as we
have said, in procuring the passage by Con-
gress of some measure which viii either d.
vert the surplus in the Treasury from the
payment of the Governments bonded obliga-
tions, or, through the reduction of taxation
wipe out that surplus entirely. Some of the
high tariff men are In favor of such legisia-
ton, providing it can be accomplished with
out reduction of the tariff, and for that
resson they are IN favor of the absolute repeal
of the internal revenue taxes. Some Of the
free traders, too, are in favor Of it; but they
prefer that the reduction should be made in
customs duties rather than in the internal
revenue taxes alone.
Orr soldiers will see therefore, that there
are great interests arrayed against their own.
Should this surplus bediverted, as Mr. Blaine
suggests, or should the internal revenue
taxes be abolished, as is also proposed, there
would be left in the Treasury no means for
the payment of any OF our soldiers claims.
Yet, as a matter of fact, there is no way of
disposing of this surplus SO adyantageously to
the country at large as that which would be
provided by the enactment Of any of the
pension or bounty measures which are now
pending before Congress. Nothing is more
susceptible of proof than that the disburse-
ment of money resulting from the arrears
of pension act was benefit not only to
such of our ez-soldiefs as received arrears Of
pension under it, but to the country at large.
Its effect was to stimulate business in
every section Of the country, and, as a
matter Of fact it prevented what must
have proved a dangerous contraction Of
| the currency. The passage of bill ex-
tending the provisions of the arrears of
pension act, or that to equalize bounties, or
that to pension ex-pTisoners, or, indeed, any
legislation of that description, would have
the same effect now. 1t would secure the
redistribution of fair proportion of the
surplus IN the Treasury among the people
in the most benefcent equitable, and
practical way, and it would not only coun-
teract the evils which the boarding of
money by the Government might be ex-
pected to create, but in q perfectly legitimate
way revive and stimulate the business of
the whole country.
And this ought to be done. not simply
on these grounds, but because that part
Of the debt to the soldier which re-
mains unpaid by the Government is just
as sacred as that part of the debt to
the bondholder. the obligation on the part
of the Government to pay which has
not yet fully matured. The Govern
Inent cannot afford to repudiate the debt
TO the soldier any more then that to the
bondhelder, and since that debt exists, and
It's validity is not questioned by any well.
informed citizen, it seems to us that portion
of the surplus now in the Treasury should
be devoted to its cancellation rather than Il
any other purpose. II, therefore, our ex.
soldiers are determined to enforce the ray.
ment of that debt, they should hasten tx
express, in tbs most positive manner, then
condemnation of all attempts either TO re
duee internal revenue taxation, or diver
the surplus now in the Treasury from it.
legitimate purposes, and they should Elk
press this opinion boldly not simply il
public meetings and assenlblages Of thei
own--but in personal letters to their repre-
sentatives in Congress The danger is ia
mediate and they should lose 10 time il
taking action. They are sufficiently numer
GUS and sufficiently powerful to compe
Congress to heed their demands, if they vii
but properly exercise the influence which
they possess, and they cannot exercise thi
more directly, or more potentially than b,
personally addressing. as we have said, thei
Representatives and Senators in Congress
protesting against any reduction Of the in
ternal revenue taxes, and demanding til
devotion of at least part of the surplus il
the Treasury to the payment Of the debt t
y