New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-03-04
nn1NcS OF CONGRESS-.

DOLNGS or CONGRESS-.
Except for its action on the Tariff, we nave
little fault to find with Congress ior It's action
in these last few days OF its Session. Ii has
enacted the Bankrupt law after close anu
hard struggle 1t kept on the tax on COttOn,
into half a cent pound after a powerful
effort to destroy it altogether. IL
rot rid Of the initiation policy OF the
House on as good terms perhaps as were TO DC
expected, after the showing on that question.
The Bankrupt law, after great opposition
in the Senate, finally received the support Oh
decisive majority in number OF that Dooy' Oh
all shades in politics, and still greater ma
iority in weight After these many years Oh
effort to settle this question, 1t is to be hopeo
we have finally touched bottom, ana
that the principle Of Bankrupt law ls 10 De
considered hereafter as accepted, even il all Its
details shall not be approved. Such law was
in tho contemplation of the founders Oh the
Government, and it is hardly creditaDie 10
their successors that statute when Wo'uu
beor the fest of time had never been enacted
OF all countries in the world, it would seem
that the United States is the one when
has most needed and the most neeos,
such law. In no country do peo-
nile rise and fall in trade as in this.
Nearly all our most successful merchants nave
failed, or been within an hour OF talllhg, at
some time in the course Of their career Inc
inst liberality of creditors, always the highest
wisdom, has been exemplified in the manner
in which, without the intervention OF the
clemency of legislation, men unfortunate III
business have, almost uniformly, been able
TO compound their obligations and start anew.
The fact that insolvency Ill this country
leaves no stan such as it does in the Old World
| is testimony both to the good sense Oh the
| people and to its frequent occurrence; ana
shows a bankrupt law to be greater necessity
here than anywhere else, or IL not greater
necessity, at least q greater proprlety. FOR
il affords the sanctions Of legislation to the
habits, the tone of thought, and the practices
of the people. And it removes the ability OF
exceptional ShylOcks to put chains ana letters
upop the sangune and enterprising citizen VINO
sometimes falls into their hands. We welcome
the Bankrupt bill, then, in the interest OF that
clcmency which is becoming all people, and as
testimony TO the growth Of a spirit OF just
! progress among us toward social amelioration.
As regards the disposition of the House propo-
| SlIlOn DOI 10 COulIuNtJ but iNpp'J W AN
currency, we shall try to be content, IL the hope
| that the administration of the treasury DC
partment will try to so manage It's W
| inflict no mischief by means or these my
millions of three per cents as partlal substitute
| for the compounds. 1t is plain to be seen thaI
firm hand must be kept on our finances
| if we are ever to reach the lana from
our present heaving sea OF paper money
| The countryside Western country especlaliy
is filled with the most idle dreams
| in regard 10 the paper circulation, anu
! a Legislature does not vote, nor Chamber OIL
Commerce act upon the subject, without dis
closing the most lamentable want OF just ana
enlightened views. Every man in the country
has suddenly turned financer, i'll view OF the
fact that times are getting duh, business slack
ening, and prices falling, in consequence OF ON
transtiosf from state of war to state oil
peace. And instead of every man looking into
his own affairs, and setting his own house IL
order. contracting or discharging his Obhga-
| tion-, diminishing his expenses where lie flnds
| them outrlmuing his income, and III general
reducing his affairs within his ability 70 manage
he is looking to Congress or the Treasury for
some impossible panacca fOrills which are wholly
inculable los any process, except the exercise OF
prudence, industry. and economy.
! There is no escape from our financial DIS
orders except by an intlexiblc adherence TO the
plain open road that leads to specie payments
Dallyiug 10y the way, turning aside, and above
all turning back, is nothing but cruelty instead
of kindness. We want above all things, anC
more than all things, TO get our money ant
business concerns out of the hands of Congress
which NEEDLES with them only to make mis-
chief, and this never Can be done while Con
gress has it in its discretion to give votes on tho
| subject of the amount of paper money the
country requires. 1t is a mercy to Congress to
put it where it will not be badgered by its con-
stituents on this subject.
AS to the third and important matter of the
cotton tax which Congress has reduced half a
cent pound, we have heretofore expressed our
views. We see no reason for the reduction, and
can only rejoice that, as that body got mag
got in its head on the subject, the revenue
escapes with so small loss.
| - -
! THE CUSTOM-H0USE Fra UDS.