The New York herald., 1866-04-11
Tho Loan Bill Passed Both Houses o.
Congress.

The Loan Bill Passed Both Houses OF
Congress.
This important bill, to enable the Secretary
Of the Treasury to meet the obligations Of the
government about to become due, passed the
Senate on Monday in the same form as it passed
the House. There was good deal Of discussion
upon the bill, those opposed to it arguing
chiefly that too much power was placed in the
hands of the Secretary, especially with regard
to contracting the currency. Mr.. Sherman OBJ
jecled to 1t on this ground. He thought II gave
the Secretary too much power to contract the
currency, which might put an unnecessary
strain upon the commercial world, and that no
man ought to have this power. He maintained,
too, that every citizen ought to know how
much currency is in circulation at any
time. The objections of Mr.. Sherman and
those who went with him are good in principle,
and had forcible application to the bill as
originally reported to the House; but the
amended bill, as now passed. is relieved al
most entirely of these objections. The Secre-
tary has not the power of retiring more than
eighteen millions of greenbacks before Con-
gress will meet and can take further action
upon the subject next winter. This small
amount, should he even Withdraw it, would
scarcely be felt His power, therefore, in this
respect, is very limited. On the whole, we
think the bill is safe one, and is not likely TO
cause any disturbance in the business of the
country. The careful legislation Of Congress
on the important matter of our finances and
currency must be gratifying to the country. If
that body would only be as prudent and con-
scrvative on strictly political questions our Sec
tional troubles would soon end. We hope 1t
will make tho same progress. toward correct,
statesmanlike views in that respect rs it is
making on tho question of national Gnancs and
the currency.
In connection with this subject we notice,
too. thai NJ. introduced 4 bill in the 4
Senate on Monday to cgualz,, tho distribution
Of the national bank currency, and to limit
the whole amount to the original three hundred
miliiors-that Is, instead of increasing this
description Of currency to supply the demand
of the Southern States or new States and Terri
tories, TO take from the States tina! have an
undue proportion and give it to those that have
none or q less proportionate amount. This is
another step in the right direction. Mr.. sher-
man secs The necessity Of limiting the amount
of paper money, and especially Of this
national bank issue; nj the same time
he opposes such a contraction US may disturb
the business and values Of The country II
would be better to supcrscda this so-cAllod
national bank currency by legal tender green
backs, or by bona .fle national currency
issued solely in tie name of the govcrnm
and on its credit, for in that way the govern
mcnt, and not private monopolios, would get
the benefit of the circulation; bat il /, some
progress in tho right direction to limit this
national bank currency, and it is but fair 10
equalize tho distribution OF 1t. The bill was
referred TO the Committee on Finance, and we
have some reason to expect it viii be favor
ably considered.