The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-16
The Financial Legislation Of Congress.


We shall probably get through the present
Congress with less foolish and damaging legis
lation on the subject of the finances than there
has been reason to fear. There is no lilleli-
hood now of the introduction of any new
measures of importance and most of the
measures that have been proposed with the
object of changing the present course of things
will get the go-by. There is certainly reason
to congratulate the country in this respect
for when we observe the countless variety of
contradictory opinions that prevail among
members, and when we consider the selfish in
terests that would be promoted by the success
of some of the schemes, and When at the
same time, we reflect upon the necessity OF
something like fiXedness in our financial policy,
we are compelled to consider it as fortunate, on
the whole, that things have been let alone,
though by this means some valuable reforms
may have been postponed. t
When we have mentioned Mr.. RandalPs
scheme for the abolition of the National Bank
currency, Mr.. Grinnell's scheme to prohibit
contraction by the retiring of four millions per
month Of legal tenders, the scheme to compel
the public sale of Treasury gold, and the
! scheme to provide for the substitution of loan
/ certificates in place of the compound interest
notes, we have collated all the projects that
really come to anything and all but one Of
I
! Anti-Bank Currency bill was not the least
! pernicious of these projects and though it
! was urged for some time with great noise and
show, and though it had many plausible rea-
sons in its favor, yet its damaging effects
upon the business of the country and upon
the stability of financial arrangements were
too palpable and immediate to permit the bill
to acquire any strength beyond that which
was lost in its birth. The Gold bill went SO
far as to pass the House, but it was imme-
diately buried in the Senate, from which il
gives no sign of resurrection; and we suspect
that none but the spectators feel any grief at
its loss. The ant-contraction resolution, which
passed the House, and which, in its terms
only looked to prohibiting any reduction Of
the outstanding greenbacks "during the cur
rent year, " has in like manner sunk to obi
Won in the Senate. The action of the House
ON this question during the present session i.
one of the most curious things in fnancia
legislation, and is enough to justify the plea
sure we have expressed that so few of tn,
fuctuating fancies of members have passed
through Congress and been enacted into laws
J For the resolution prohibiting Secretary
= McCullOch from Withdrawing any part of tn
9 legal-tender currency which passed the Hous
: ON the 4th of February by majority OF tl0enty
was essentially the same resolution which tn
, wisdom of the same body rejected ON the l7tl
= of December by majority of thirty, The fol
. lowing is the resolution introduced on Decem
!, Der II, and which was tabled on motion of Mi
y Morrill, j-l.l tl1 .1J
> "ReSolUed, That the Committee on BanlSin
and Currency be instructed To report o bill pre-
q venting, for some temporary period, the tur
d ther withdrawal OF flegal-tender currency"
y And the following are the resolutions on tn
Q same point adopted ON the 5th instant, thong
i Mr.. Morrill,, in like manner, moved that the
o also be tabled
IS "Resolred, That the public interest demand
v that there shall not during the current year b
y any reduction OF the amount of outstandin
. United States, commonly called green backs.
4 'ReSoLved. That the COMMITTEES on Ways an
a Means be instructed TO report such bill as ma
IS be necessary TO effect this object" E,i
IT Was there anything in the financial state
o tbe Government, in the condition of the coul
S try, or in the requirements Of business,
/ produce this marvellous change in the actio
% of the House in such very short space