The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-22
McCuNgch's Loan Bill and Mr.. stevens
Substitute.

"'a1'n'' 1' :..: s", ..a Mr. stevens
The financial thinkers in and out of Con-
gress are greatly exercised about the Loan
bill, and desperate effort is being made
to secure the passage Of that measure in the
form reported by the Ways and Means Com
mittee some time since to the House. The cry
is made for immediate specie payments, as If
they were determined to force the business in
terests into bankruptcy to carry out a simple
idea. The power conferred by that bill upon
the Secretary of the Treasury will, if 1t be-
comes q law, open wide the doors of specula-
ton and cause as great fluctuations In securi-
ties as took place during the war. 1t viii fur
nish the bulls and bears Of Wall street tho OPP
portunity to operate upon the fears of the peo-
pie, and place all business interests at their
mercy, assisted, as they will be, by the Secre-
tary of the Treasury in spite OF himself The
power is in every way dangerous at this time,
and will prove, if the bill becomes law,
serious calamity to the country, even if no
effort is made TO exercise it by the Secretary.
But the action of the House of Represen-
tatiyes on Monday, and its refusal to pass the
McCuiloch Loan bill, indicate that there is yet
some prospect of this danger being averted.
That body refused to endorse the measure, but
Gent it back to the committee for modification.
Let that committee report Mr.. Stevens substi-
tute and there will be no objection. That will
give the Secretary of the Treasury all
the power necessary to carry on his de-
partment, and full as much power as it will
be for the interest of the country for him
to have in this emergency. The Secretary
should not be vested with authority to fund
any Of the legal tender non.interest bearing
notes. There is no reason why this CLASS Oh
government debt, which is so popular with the
people, the best currency that we ever had,
should be withdrawn. and the public COM
PEELED to pay some twenty-seven millions an
nually, in the shape of taxes, for the privilege
of doing without the greenbacks. II there is
any class of currency to be withdrawn let it
be that of the national banks. This can be
done without requiring any additional tax
from the people, and will only affect the profits
Of the stockholders Of those banking institu-
lions. If we are to have contraction suff-
cient to restore specie payments Immediately,
then by all means retire the bank currency,
and let the burden fall the heaviest upon those
concerns, instead Of upon the people.
We are in flvor of specie payment, bat
we desire to see it brought about by the
natural laws of trade, and not by forced
legislation. Nor do we desire TO see the
financial interests Of the country placed
at the mercy Of any one man, we care not
how careful or prudent he may be. There is
too much at stake to be subjected to the within of
| single individual. We have no idea that Mr..
McCulsoch would In the least abuse the power,
but there is not the slightest necessity of placing
| that temptation before him. Specie payment
will come along of ITSELF II Congress will only
permit the country to be restored and let the
| finances alone. 1t took rs four years to get our
| present volume Of currency. Very near that
| period elapsed before thepremium on gold ran
| up to ity highest pitch. II is less than one
| year since the rebellion, was pnt down, yet
| the price of gold has run down from two
| hundred and fifty to one hundred and
| twenty-seven. Surely Is not this rapid
enough. Why should we disturb the natu.
raj laws which have brought about this
result in 80 short a period? If we mus
have Legislation for a resumption Of specie pay
ment then let il be based on the law Of trade
and so framed that all classes will know wha
TO expect. In this way all branches of business
can be easily adapted to 1t, all danger OF .
panic avcrted, and one class Of securities will
| not be benefited TO the detriment Of oil Others
Any other system will surely bring disaster
and strew its path with the wrecks Of business
and industrial interests.
The CosNEcrIcUr EIEcrIos.-The politica
campaign in Connecticut, in view of the ap
preaching State election cd Of ApriD, Is becom
ing animated and exciting. There is every in