Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1866-03-21
THE LOAN BIII.

To every citizen of this country who Is
needlessly paying fictitious prices for the
necessities Of life, as well as every one whose
patriotism desired that tho promise to pay
recorded on the face of our currency, should
no longer represent national falsehood, 4"
the defeat Of the Loan Bill in the lower
House, few days since, was cause of sim
cere regret.
We saw with satisfaction that the recon.
sideration Of the vote adverse to the bill was
carried at the succeeding legislative day,
and the matter recommitted to the very in.
telligeut Committee of Ways and Means,
which will practically report back the same
bill.
The earliest possible return to hard
money basis is the great controlling over
shadowing want and necessity of the present
time. That Is something which concerns
every person In America. 1t is of more i'm.
mediate consequence than constitutional
amendments, reconstruction schemes, French
expeditions, or suffrage utopas. The cloth.
ing We wear on our backs the food we put
into our mouths, the tool with which the me.
chanic earns his daily stipend, the imple.
ments with which the farmer tills the soil,
the unnumbered articles for which we are
called upon to pay in the experience Of
everyday life, clamor for the good time
coming when a greenback shall procure as
much as gold dollar. For months we have
been waiting to have Congress assist the
financial Chief of the country in his humane
and desirable purpose.
The loan bill proposed to make Mr. Nc.
CULLoCH absolute master of tho financial
situation, by giving him authority to borrow
money where he pleased, and retire either
currency or notes, interest. bearing, at his
option. The authority to go into European
markets for the purpose of funding has been
stricken from the bill, and to this we do not
object. We prefer to have European capital
come after our securities rather than for us
to go in search of their money.
From what We learn of the temper of the
House, it will restrict the Secretary Of the
Treasury in the matter of withdrawal, COM
polling him to call in the interest. bearing
notes before contracting the currency. As
the Secretary would in all likelihood do this
even If he had discretionary power, it will
not In reality affect his policy. although we
should have preferred him to command the
entire position.
Tee final action of Congress will be mainly
with the Secretary in his intention to muke
our currency worth n hundred cents on the
dollar, and that is what the people desire.
The reasons urged in the discussion of this
bill, in opposition to resumption of the specie
standard, ore worth moments notice. 1t
was argued by many that ruin and bank.
ruptcy would ensue from such a course This
comes principally from the holders of goods
bought at inflated prices, which they must
sell at high rates or lose, and from the banks
holding the paper of the spectators, and
merchants who have invested In merchandise
with gold above 80 per cent, and must suffer
severely as gold goes down. That it would
temporarily affect such persons and in.
stitutiOns cannot be denied but it is an
event that must come sooner or later, aud
We think the sooner the better Some
Of the members opposed the measure
on the ground that it was part oil
the Presidential policy, but such antAgonisH
was too Insignificant in numbers and toe
mean In spirit to receive any more consider
alton than o mere mention Of the fact