, 1866-03-19
Qblfngo ~Qrlbnne.
DAILY. Tn1.WEEELY AND WEEKLY,
MONDAY, MARCH 10. 1866.

H,IS.3fT
~ 1,.v Arc give rpur pressat and future Addzrss.
srAddrcA ~CulCAuO TEthuNE-" Chicako. III
MONDAY, MARCH 10. 1866.
TIE DEFEATED LOAN BILL.
Aficr p7otTacted and animated discussion
III the House OF Representatives On Friday ths
Lem Iii! was defeated by Two majority. The
7:co,lc will llail It's defeat as proper acslou
on the rart OF tho House. The main features
Of the bill were as follows:
l,pcoyidcs that tbt aci Of March 3d. 1885, ehall be
extended and construed to authorize The Secretary
oi tc Treasury. at bis discretion. to rcceIve any
frf7eurg Eot5 tieGa1 tenderx). other obligations
issued under any act of Congress, whether bearing
tpteres, Or not IN en.harp< Jor any description or
IoHt.s authorized by the act to which this IL an
amendment, and ALEC 70 dlspose Of any description
o. brrcs authorized by taid act, s1kser u TIE o. s
or i~ afrv to such an Gfao4nf IN svch A,ana<r epd
a s4e6 1alts as he may think adoisaxs for iav1m
nc, ci Of the United sutcs, or for any treasury
certificates Of indebtedness, certificates Of
4c;ests Or other representatives OF value, which
baye tc.r OF which msy be 1sEucd under aet Of Con-
c.c.s The proceeds thereof only be uted Sor .or
iuc ,fcssrz Eoiet ohf1 obligations iesucd un5er
a:y ret o: Congress, bnt nothing herein contained
RI be construed 10 authorize increase Of public
deL. provided that the ac 10 which lhls IL m amend
1orn1 ssal continue iuA iosce IN I'LL it provisions
except rs modified by thus net.
We believe that the people are almost
unanimously opposed to authorizing the Sec
rrtery Of the Treasury to retire grecnbacks
from circulation and issue $40 or 80 bonds
in lieu thereof. They are opposed TO increas-
iu- the Interest on the national debt by ST.
e1slao per annum in order 10 get nd OF their
legal tenders no" last appreciating TO the
gold standard. Tn the contrary, If they had
tlicir way, they would retire nil the State
bank notes from circulation and replace them
With grrcnbacks. The masses Of the people
a:e 1cndly attached TO the lesnl tenders; they
Lave great faith In them. They believe that
a:ter another harvest and cotton crop, na-
ti"nal currency will be on par with gold.
]; isa G1cd end unaltcrablc notion among the
people that II is cheaper and better all round
10 lave -four oF SIX hundred millions Of legal
tender afoat. free Of interest doing the work
u, nloncyy, than to fund them into bonds, pay
slS ler cent gold Interest on them, and allow
Capitalists 10 take those same bonds, and
Issue five or six hundred millions of bank
nctcs thereon at ten per cent interest. Wheth-
CT the people arc right or wrong in this opln-
ion, nevertheless that ii their solemn belief
and conviction. And it wonld be: well for
Congressman to bear In mind that cousidcra.
lie Of the 1axcs are paid by those people and
that they olcn most OF the real md personal
property in the United States. ..
Another serious objection to the bill il the
clansc authorizing the Secretary 10 sell our
Londs in Europe. 1t Is not believed that auy
good would come Of the ntte1npt. urbopds
arc being sold In Eurore fast enough nov.
There ere five or six hundred millions Of them
in that country st this time md they are going
over by "cords " In erery steamer to pay for
European manufactures which ought 10 be
made in our OWN country. 1t is generally BE-
leyed that an attempt on the part of our
Government TO "place" B loan in Europe
would have the effect Of knocking
down tho value Of bonds both there
and here. Besides there Is no ne.
eessity for making the experiment.
The Government Is receiving all the money
Il needs from taxation. Its receipts are far In
excess Of It's expenses. Debt is being paid oil
every day. The floating liabilities are being
liquidnted. Tue National credit Is steadlly
improving. F1ve-twenties, which year aco
orth but Is cents on the dollar. were quoted
iu Frankfort ut 74c 10 coin, three weeks ago,
aud arc doubtless now quotcd at q to SOC.
But il Is said thai sixteen hundred ,n1113ona of
o,7r oot,o,o1 de,t viii f.1t dne ,,.h,,, +l,an.~t
-e 80
Gu ., nnu AnS aee"4'' - .sAee, ~" u
~ Oc 1'ala Al may pe fepAeo, not by con-
veFtinE grccnbackh Into co1i interest bonds
not by hawking our securities among the
banks OF Europe in search of totcre
Sct.l,e, af .1use rnc4,,o.s Mi, s,,r, H., asa,'
1a,, "AN' Nv paw
a.,
A o'net Fo"ei Lne sec1etary OF Inc
treasury al1caoy possesses The thing for
Lie Govclnmcn1 to do Is simply to renew It's