Baton Rouge tri-weekly gazette & comet. [volume] (Baton Rouge, La.) 1865-18??, 1866-04-19

much discussed in financial circles
and by the commercial press particu-
larly of the large northern cities.
As there may be many in this
vicinity who have not had an oppor-
tunity of seeing the bill, and are
unacquainted as yet with its details,
o brief outline of its features may
serve to give them some idea of the
important bearings it ia destined to
have upon the financial interests of
the country. The bill authorizes the
Secretary Of the United States Urea.
sury to receive any treasury notes or
other obligations whether bearing in
terest or not, in exchange for any
description of bonds, and also to dis
pose of any description Of bonds au-
thorized by law either in the United
States or elsewhere, to such an amount
in such q manner, and at such a rate
as he may think advisable for lawful
money of the United States, or any
treasury notes, certificates of deposit,
or other representatives of value,
issued under any act OF Congress,
the proceeds thereof to be used only
for retiring treasury notes or other
obligations issued under any act Of
Congress but nothing herein con-
tanned shall be construed to authorize
any increase of the public debt ;
provided, That of the United States
notes, not more than ten millions of
dollars may be retired and cancelled
within six months from the passage
of this act, and thereafter not more
than four millions of dollars in any
month. In recommending the pas
sage Of such a law, the Secretary
said in regard to the authority which
he solicited, to withdraw United
States notes
II consider it to be of vast import
ance to the business of the country,
the welfare of the people and the
credit of the nation, that such
policy should be adopted by this
Congress as will prepare the way for
return to specie payment. When
this can be brought about will depend
upon the condition of national indus
try aud the trade relations between
the United States and foreign ma
tions. 1t is not desirable that specie
payment should be restored until
that restoration can be made perma-
nent by increased industry and a
proper adjustment of the trade with
Europe. The tendencies now are all
in the right direction, and if they
shall be adjusted by judicious legis-
lation shall be hopeful that the cur
rency of the country may be brought
up to the specie standard without a
large reduction of it. The apprehen-
sion which exists that if power is
given to the Secretary to retire
United States notes, the circulation
of the country will be ruinously con
tracted, is without any substantial
foundation. IF no reliance can be |
placed upon the discretion and care
fulness of the Secretary, the very
condition of the country will prevent
such reduction of the currency, or
will make either tight money mar
ket or depress business. Authority |
to reduce the currency will 60 very
far to prevent the necessity for a
reduction, and the battle will be more
than half fought when the govern
meht shall adopt healthy healthy financial
policy"
The national debt is set down by |
the Secretary in round numbers at
$2,800,00O,O00, of which $1,10O,.
consists of long bonds, and
$1,7o0,o0o,ooo of obligations either
payable on demand, or within the
next two years. This $1,70o,ooo,-
600 must be provided for. To do
this is the object of the bill; and it
is contended by its friends that the
power to negotiate loans in Europe |
relieves the people of this country to
the amount Of such loans. The
whole subject of finance is under
discussion in connection with the |