Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-03-07
From tho Springfield Rspuoheas'l
,n,ror,.ns Work in congress

Congress- did a heavy business on Sat
,rday' passing the new military govern
,srt and reconstruction bill for the South
,,yer ,bs Presidents veto, and settling the
j;E,sences of the two houses on the tariff
a.d currency bills by compromise IN
which the protectionists were successful
The Senate went back on the tarlh ques-
ton, and adopted the bill passed by the
House last summer, which it then rejected,
wh,rr Commissioner Wells revised and
repolr against, and which the Senate
lastly cry materially modified. As set
of 70 tins, the House yielded its bill TO
substitute ordinary legal tenders for the
compound interest notes, and both branch
as agreed TO replace them only to the ex-
tent of fifty millions with three per cent
loan certificates. Thus the effect will be
contraction, rather than imitation, and the
bill is the next best thing to paying OF the
compound interest notes, without any
substitution of new Indebtedness. Sena-
Tor Wilson's excellent proviso, which the
Senate first adopted, that the bank re-
serves shall be full and complete, and not
partially put on interest IN the cities,
where they serve as material and sumu-
lus for speculation and expansions seems
to have dropped ont. 1t Is so thoroughly
necessary, however, TO the honest and
healthy operation Of our national banking
system that it must, sooner or later, come
INTO force.
The tariff measure greatly enlarges the
present duties, particularly on wool and
woolens and iron and steel, and will give
at least temporary relief and new appar-
ent prosperity TO these interests. Con
nected with steady and sure contraction
Of the currency, and as bridge to helr
our imperiled industries over the chasm
to specie payments and specie prices, IT
NAV prove useful but it by no means
represents the settled policy of the coun'
try : nor can it hope to stand IN ITS pres
ent shape more than through 4 single
season. Mr.. Wells suggestions are IN
the line of our future tariff policy
though temporarily set aside under what
seems TO many of our legislators specla
exigency, the country is certain TO work
rapidly back to them in theory and prac
ice. We shall be surprised if the com
mercial aud political history of the next
twelve months do not sharply teach I'M
portant lessons in this regard, and work
a revolution IN public sentiment as to both
these questions of currency and tariff
Congress has also perfected national
bankrupt law, and so fulfilled long neg,
lected duty towards the business of the
whole country. Though limited too close
", perhaps, by giving to a majority Of
the creditors IN any given case, either II
amount or number, power to forbid It's op'
eratien, the measure is as whole wisely
practical. and will be an important means
IN clearing away the wrecks in the path
wav of trade and business freedom anC
life.
The tenure of office bill was promptly
passed over the veto; the tax bill and al
the appropriation bills were satisfactoril,
disposed of, though both branches had t
sit all Saturday night and meet agar
Sunday evening, to do it. There is thu
not likely to be much left for the ney
Congress to do at its specially ordere
session which opened yesterday, and tn
probability is that it will not sit for man
days now, nor more than half organic
The delicate matter of the appointment {
the standing committees is especially like
ly to be postponed to the regular sesslo
next winter.