The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-03-23
Tho seven.rhIrtIes.
From Die cincinnnn Carrie.

The New York Commercial aud FL
4 ndncidL. CRrOnicle thinks that neither
| of the two loan bills now before Con-
\ gress fully meets the exigencies of the
| situation, and that what Congress
4 should do is TO lay down u definite pol
icy without indefinite powers, and
that this policy should provide for
the payment of the mischievous and
useless call lonns now in the treasury,
and for the gradual withdrawal OF II
certain prescribed monthly amount OF
the greenbaCk circulation by the only
Safe method, which experience has
proved-the converting of them into
compound interest notes. Upon that
it says: - is-f' =
sIftheSe two points are settled, 1t is the
opinion of well informed financial anthori
ties that Congress may safely leave the 7-30S
| and the other Obligations OF the Treasury to
take care Of themselves until the next ses-
sion The large receipts from internal rev.
| enue and the improving credit OF the Gov
eTnnenL ut home and abroad. constitute a
sufficient pledge and guaranty that we shall
! due, than needleSsly TO incommOle the
country by an attempt. to pay them before
| they mature. .la+a 80. il-H
Our financial managers are exceed
ingly dissatisfied with well enough,
and inclinedto precipitate calamities to
relieve their nervous apprehenSions.
| We have no donbt that Congress may
safely leave the 7-30's and compound
| interest notes to take care eofthemSelves
till the next session, nor that the zoos
will take care of themselves till the
EGovernment can pay them. And we
renark that theywill take care of them
selves Just as we'll without the contra
diction of the greenbacks which the
Chronicle advocates.
| On this point we notice the reasoning
! of Mr.. Darling in his speech in the House
advocating the loan bill. He says:
/ To my mind the most portant work of all
! is the Inndlngof the $50 notes, which mature
| within thirty months. This is the first work
| to be done and to the accomplishment ofthat
| object all the efforts and energies OF the sec
4 retary should at once and continuously be
given, until the whole amount OF SSSOoJO,OvO
! is funded. Now, IL is obvious that IN order to
induce the holders to part with an investment
| SO lucrative and convenient, and which IT
| must be borne III mind is payable IN legal
| tender notes, that we must offer them another
| Investment in exchange equally, If not more
| desirable Are The 90 bonds, with interest
! VtStment? ] Ianswer, yes, AT this time, and 1t
should be our policy, as believe tC is the in-
| poIiderance n-fRvor of the $50 bonds, or
what, in my judgment, would be still better,
70 create bond hayins thirty years to IInii
\ and interest, IN coin, any time afler thirty
| years, atthe option OF the Government. This
\ 7-SO loan and such oIher short loans as II
might he necessary to provide for.
This changes the relation of things.
! and represents the eGovernmentas nnX-
| ious to induce the holders of the I-5Os
| to part with them; and to do this 1t
must offer them more desirable in
| vestment. Six per cent. gold bonds are
! a more desirable investment with gold
4 at over q. When it declines below
that, the T-3Qs will be the most lucra-
4 tive.
Mr.. Darling says it is heintention of
| the Secretary to preserve the prepond-
! erance in favor of the 5-20s. That is, he
is going to keep the price of gold some
| where above I'D, in order TO change
these $50 millions of 7-30s which are
placed in this country, and are con-
\ stantly becoming more distributed
among the people, into long gold bonds
| go Abroud and to be paid in a curren-
l cy twice as dear as the currency
I now is in which they are payable
i Mr., Darling's reasoning was In favor
4 of funding the 7-30s into long gold
| bonds, but does 1t not show that these
| bonds will stay out till the Govern
( ment forces them in, and that the fund
/ ing of them would be our own 1ollyE
What could more forcibly illustrate
4 the eunreasonableneSs of the arbitrary
\ power, the Secretary demands oyer
4 the values of the country, than tnlS
representation of him as regulating tue
price of gold, putting It down 70 o.iI,i ini
l crease the foreign demand for our Solo
| bonds, and checking it lest the curfen-
4 cy bonds held at home shall appreciate
so that the holders will not exchange
| them for gold bonds 70 go abroad! zen
orally the advocates of the loan bill in
/ the House were so deluded by this
manipulation of gold, that they believe
specie payments can be brought in on
this vast expansion of the currency,
and for this they urged the giving OF
him absolute power over the values OF
all the properly in the country-n pow
sr which omnipotence never exercised.