, 1863-02-13
OUR WASHINGTON LETTER.

Especial Correspondence Of the Chicsgo Tribunc.]
~ WASHINGTON, Feb. S. 1868.
THE WAITS AND MEANS B1LL--F1SAscE COM
MITTEE's AMENDMENTS.
Tomorrow the Senate will probably take
up The Ways and Means bill, which has been
reported from the Finance Committee NATE
rally amended. Of its provisions as passed
by the House, your correspondent, II. W.
has given go thorough M analysis, that I
need only to mole briefly the changes made by
the Committee.
MORE DISCRETIONARY POWER GIVEN TIE SEC
NEUTRALITY-SUSPICIOUS. TDEARrSaNoTEs.
The nine hundred millions in bonds, author
lied in The first Fection arc nnde payable at
such periods as the Secretary Of the Treasury
may determine, not less than five nor more
forty years, Instead Of twenty years, MS fixed
by the House. In this respect more discrc-
tion Is left to the Secretary Of the Treasury,
and it is feared that he may prefer q shorter
to longer bond-:l dangerous experiment In
the present state Of things, since the CONNER
cial world looks more at certainty than at ra-
pidity Of payment.
4 similar extension Of discretionary power
is given the Secretary in the second section
authorizing the emission Of four hundred
millions III interest bearing notes. Instead
of being made payable Sat any time after three
years from date,'' they are to be "payable at
such time or times not ercealiHg three years as
the Secretary may dctermine''-anothers straw
Indicating 4 preference for shorter rather
than a longer term. The interest is to be paid
in grecnbacks- coin, as the House had it.
and the notes are made 4 legal tender at their
face value, excluding Interest; but in pay
ncnts for lands, hereafter negotiated they
shall be accepted ut their par value, comp1-
ting accrued interest as part thereof
GREESEACKs ND FRACTIONAL CURRENCY
Tie additional amount in grecnbacks M
t1orizcd is cut down from three hundred
millions TO one hundred and fifty millions,
that is fifty millions beside those covered by
the army and navy bill, 1t being intended, OF
course, that the deficit shall be supplied by
the three hundred millions authorized in the
grand " Uniform Currency" bill. The lfmi-
tatfon of the issues Of fractional currency to
fifty millions is stricken out.
MIsculEvoUs Provisions sTR1cKES OUT.
The section permitting coupons due within
thirty days on bonds and notes to be receisa-
bic for customs rs coin, is wisely stricken out.
| sub-treasury law. and enabling the Secretary
| Of the Treasury to deposit "any rnoney OBJ
| taincd from loans or iutcrnal revenue in SOL
| vent banks.' Another judic1ous amendment
is the cxcision Of the sliding scale Of taxation
| upon bank issues, which arc all made subject
to duty Of two per cunt: upon the average
| amount Of notes or bills Issued and out
standing.
| LYING ASD An 1EJCDIcIoUs AMENDMENT
| Il,
| added, Of which one Is open to criticism on
the score Of yeracity, and the other, on tho
score Of sound policy. The former repcals so
much of the act Of February 225, and Of the
act Of July II, 1862 {known as the supple
ncntary act) ''as restricts the negotiation Of
| bonds to market ya1ue." It is bad enough to
endorse the exploded fallacy Of Nr. Chase rs
regards the me;tning Of 'smarket value;'' but
to endorse, in the same breath, is ignorance
| or prcrarication-to cali it by no harsher
na,l.c-with respect to the supplementary act,
j. unworthy Of the committee which fathers
it. The supplementary act, as was shown in
the House, does not use the term market ralue
| 1t at all, or refer to its use in the previous
act; but authorizes the Secretary to *sscil on
such terms as he shall think most beneficial to
| the Treasury
The other added provision rcpeals after the
first Of next July existing laws authorizing
the conversion OF ''grcenbaclzs'' at par, into
bonds, at the will Of the holder That is to
say. destroys the one means by which the in
| 1latiou Of the currency can be restrained, The
one cord By which the kite Of paper
money is held to the solid rock oi
specie. So long as .grccnbaeks are
which is payable in coin, 1t is not strictly true
that Government issucs m irrcdeemable pa
per currency. Take that roundabout method
Of redemption away and we founder in an
ocean Of paper. "But," am told, "AIr
Chase has experienced great Inconvenience
seilin. his bonds above par'' Say, rather,
has furnished him with plausible reason for
not SO selling them. And If this were true,
as stated, who can doubt which is the greater
evil: We're all the grcenbacks to be funded
at par to day, would not the Government bc
so much better off that it could afford to sell
Its bonds below pars Docs not every conn.
try seek TO fund Its dcbts The evil Of de.
Ircciatc1 md deprcciating paper currency is
the great-eriI.
GEN. DC1LER-IsSuE BETwEES HIN AND THE
| PRESIDENT
Gen Butler is still here. It is not known
whether he has decided 10 comply with the
wishes Of tile President, and return to the
Department from which he WAS SO untinlely
reft. He has larger views now-thinks that
he may be more useful III command Of some
Northern Department., where he may be q
convenient instrument to throttle Cop
| pcfl1cau1SnIt II IL Sl.slt uaEe-as ne 1ppFelcE1s
it rnay do-to raise its head ont Of The grass
in which 1T now Kisses, and boldly seek las il
now threatens to do-to sting the nation tc
death. His friends, also, talk Of his fitness tt
take the portfolio Of Secretary Of War.
Tho President insists, Us il is understood
tlsat Lis place is ut New Orleans, and urge.
him to return thither without delay. But hs
does not oAcrthc means, without v hich, But
Ter thinks it impossible to accomplish the &C
suits expected Of him. He docs not propose
either 10 lcaYc him the troops which Gen
Banks led South, or to send him others ii
their stead. The former arc to be sent undc'
"thc Iron Man''-who has latterly boon ablt
clcycrly to conceal What iron nature he MAJ
possess, under the silkiest doublct Of a proc
lanatlon-to Texas, after the reduction o
Port Hudson, II not before. After their depart
usc, ard the expiration Of tho nina months
and two years terms Of enlistment. Battle