Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-04-07

ot number of other amendments pro-
posed to it. The most important decision
was that in which proposition TO sus.
pend the operation Of the Distribution
Act of the last session was negatiyed by
a majority Of twenty seven votes, being a
majority mucn larger than that by which
the Distribution Ac, was passed at the
last session in The House of Representa-
lives. Alter all which, the bill being re-
ported 20 the House, the Prerious Ques.
ton was moved, and the House adjourn.
ed. So that to-day the question on the
bill and amendments will be taken and
decided without further debate.
1t may be consided as beyond doubt,
after the Indications of yesterday, thai,
the policy Of the Land Bill will not be
disturbed by the present Congress.--Int.
WAsHINGToN, April, l, 1912.
THE LOAN BILL
has passed the House Of Representatives
and may be expected in few days to
pass the Senate, in shape which will, il
is presumed, ensure success in the accom-.
phshmen, Of its object. The effective
ness of the bill was jeoparded, for time,
yesterday, by the extreme reluctance of a
number Of our Wing friends TO pass bill
without peremptorv restriction as to the
terms upon which the stock which it is TO
create shall be sold. But, upon second
rally, the amendment Of Mr.. Fillmore pre-
vailed, and the bill was passed in its de.
sired form. II, however, that amend
ment had failed altogether in the House,
it seemed to be understood that the Sen.
ate would probably propose to insert it in
the bill, and that the House might then,
rather than lose the bill altogether, be in.
duced to assent TO ii.
From what we understand the nature
Of such transactions, aud from iniorma
ton upon which we rely more than upon
our own knowledge, we are satisfied that
with the restriction Of the sale OF the
stock to par, the Loan Act would have
been as worthless to the Treasury as so
much brown paper. Though our Secre-
tary Of the Treasury may, if the bill be-
comes a law in its present form, possibly
obtain his loan on terms even more ad-
vantsgeous than at par, we consider it as
The d.slred loan upon any terms at all il
he were sent into the stock market 10 dis
pose Of IL with his HANDS tied.
A part of the objection to leaving the
Executive Tree from restraint as to the
terms of the Loan arises probably from
an impression Of its being novel or un-
usual feature in a Loan Bill. Not at all.
l., 81
toned by precedent, and originally re-
sorted to alter dear-bought experience
of the error of an opposite party. The
Loan Ac, Of the year 1918, for example,
contained proviso (alter authorizing the
constitution and sale Of certificates of
s,ock) "that no certificate shall be sold
at rate less than eighty eight pei GEN.
tum, or eighty eight dollars in money for
one hundred dollars in stock" One
would suppose that this restriction left
latitude enough. But, even with The lib.
eral allowance OF twelve per cent. DO.
nus, the loan failed to such an extent, that,
when in March, 1914, the act was passed
authorizing loan to the amount oftwen-
ty-fve millions of dollars, Congress took
stric,ion whatever, inserting in place OF
the restriction a provision only requiring
of the Secretary of the Treasury to report
10 Congress at the next session an &c.
count of all the monies obtained by the
sale of the certificates of stock, together
with a statement of the rate at which the
, same may have been sold." So that the
, leaving without restriction the terms up
: on which the stock shall be sold latter in
viting competition for t) is sustained by
experience and by precedent, as well as
by the opinion of those financial men
3 whose Judgment IN such matters is most
I entitled 10 respect.-Int.
r WASHINGTON, April l, 1912.
, MR.. CLAY'S RETIREMENT FROM THE
ri SENATE.
9 Yesterday, in conformity to his letter Of
resignation, some time ago Transmitted to
the Legislature of Kentucky, Mr.. CLAY
. after a continuous service Of nearly thir.
ty.sx years in the public councils, lad
down his Senatorial office and withdrew
e from that body into private life. Previ
ousy to retiring, MIR. Clay made use o
r the occasion Of presenting the credentials
Y of his appointed successor to address t'
c the Senate some valedictory remarks, II
G which he touched briefly and successive
y on the high constitutional attributes
and character Of the Senate, on his lonl
5 service in that and other departments o
Z the public service, 10 the state of public
affairs, with same references personal Il
himself This address. delivered witt
unusual earnestness and depth OF lntona
lion, was received by the Senate and AT
immense concoursc of auditors with deeI
. silence and the most profound attention
Y As II was an event and moment calcu
Q lated to fill the veteran statesman will
emotion, IT was one which impaired ,
Q sympathetic interest TO the Public; and
Z IN the expectation and hope of hearing
u again, aud for the last time, the manly
D tones of that voice which had so otter
J thrilled every heart with delight and ad
. 'nIretion, the chamber and galleries ofth,
I Senate were early filled with an cage
! and anxious auditory OF both sexes. Sci