The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1866-02-02
From the Baltimore Sun.
The Finance Bill.

From the Baltimore Sun
The Finance Bill.
The influences which have in all the
while since the cessation of our great
war expenditures justified the Inaugural
ton of rapid contraction of the paper
currency initiation, shown themselves in
imical to that policy, appear to be as ac-
tive as ever. They are not only active,
but, we fear, more potent than they ought
to be. The accounts from Washington
generally concur in The statement that the
ways and means committee of Congress
have indefinitely postponed the particular
financial measure suggested by Secretary
Mccullough, in accordance with the gen.
eral views of his annual report, for fund
ing the government currency and short
loans. 1t is now stated that new meas
ure will take its place, which looks to
more gradual system Of funding at a rate
as it is expressed, not to exceed the posi-
tive requirements of the government
This phraseology has the sound of a
gracious condescenson from the resisting
speculative interest, from those who find
their profit in the maintenance of high
prices, and in postponing to the last ex-
tremity, and for ever if possible, the taking
of steps towards resumption, early or
remote of specie payments. A leading al
legation against Mr.. McCulloch's loan
bill has been that it gave too great power
to the Secretary of the Treasury. To
what extent this want ofconfidence in the
administrative capacities and purposes of
the Secretary is, or is not justifable, we
would not undertake to say but taking
his previous action and the soundness of
his expressed views Of finance as critic
rion for judgment, there can be little
doubt that the general direction of his
future movements would be of that whole
some character showing that business can
be done and the labor of the country be
better supported on gold basls-the
standard of the world-than ON paper
one. The argument is boldly made in
some quarters, now that gold certificates
are issued, that the time has passed for
using gold. No doctrine could be more
perncious, for while it is being preached,
the very preachers of it are having to buy
gold to pay duties on large imports of
costly Injuries, which the excessive pro.
fits of speculations on an inflated curren-
cy enable them to indulge. By this in
fated currency they secure the means to
monopolze home commodities, and keep
them off the market to such an extent as
they please-the banks having the privi-
lege OF the issue Of this irredeemable pa
per, lending with avidity for such purpo-
ses, in order 10 make profit and assist in
rolling up the monstrous dividends of
which we hear. Thus paper mongers
do business with their own people, here
at home, without gold; but as is evident
effect of decentralization which is lamenta-
BILE and injurious in the extreme.
1t may be that some of the features OF
Mr.. McCulloch's bill need modification
for some improvement could almost GER
tainly be made with careful consideration
upon almost any one scheme but the
objections seem generally to tend to the
direction of letting things remain as they
are. In effect it is held that in this Com
gress the work really TO be done is sim
pie, and in the present and prospective
state of our own and foreign money mar
kets, very much less ambitious and less
sweeping measures will answer every
purpose. This is the ground taken, and
with the success so far achieved the
New York Tribune reports the imitation
lists joyful. It says;
"rhey believe they have cornered re-
/ sumption in the House committee of ways
and means so that they can sell their
boarded -four, pork, coal, &C., at such
prices as their conscieuces ~ will allow
them to charge. So the premium on gold
begins to stifen, and every form of gam
bling with the life-blood of industry and
the bread Of The widow and the orphan
reckons with confidence on u high old
time.
The New York World also accords
with this view, and adds !;
'sThe committe of ways and means have
yielded to the pressure ofthe spectators,
and indefinitely postponed the further
consideration of Secretary McCulloch's
financial bill. The cliques or
spectators, can bring all sorts of influence
to bear OH the members of Congress, but
the great mass of the people have no other
voice than that uttered for them by their
faithful organs of the press"
Still another of the New York Journals
traces most of this influence to the nation
al banks, and says:
zone ofthe first things to be done is to .
take up the present system of national
banks. The principle ON which they are