The Montana post. [volume] (Virginia City, Montana Territory [i.e. Mont.]) 1864-1869, 1868-06-19
THE NEXT WORK.

chair does not intend that stigma shall
rest upon his name Mr.. Groesbeck is
like slrs. Toodles' watch boxes, handy
thing to have about the house, and so
the Buckeye lawyer is to jump from
local obscurity into the possession of the
keys of the Treasury, and Mr.. McCulloch
will be retired. Coming as this news
does with the prososition to impose a
national tax on bonds, and the improv-
ing prospects of Mr. Pendleton for
Democratic nomination, IL is not i'm
probable that the finances will be some
what shaken up, and the bulls and bears
in turn, put money in their purses. Mr..
MsCulloch has had his adherents
and enemies. the infationists and con-
tractionists; his views may not have
been the best on all questions, but they
have been probably, as a whole, the
most practicable and expedient that
could be adopted under the circum-
stances, and has very materially reduced
thapnblic Indebtedness. No better evi-
dence is wanting of the stable basis of
his system than that with gold in the
neighborhood of forty per cent. premium,
the Quotations of the currency during
the excitement attendant on the i'm
parchment was only two o. three cents.
Since the decision of that issue, Con-
gress has manifested becoming earnest
ness and industry in taking the financial
bull by the horns and is making rapid
progress with the immense business that
had accumulated. The deficiency bills
have been passed and the tax bill is re-
ceiving it's finishing touches. The pri-
mary Importance of dispOsing of the
public debt in some manner that will
render IL secure from "all forms of repu-
diation," so emphatically demanded
by The Chicago Convention, will doubt
less give it precedence and constitute
the great work during the remainder of
the session. With all Andrew John
sons faults, he has not yet shown his
hand for reputation, and should Con-
gress devise Il method of solution tor
the vexed question, IL is not likely to be
destroyed or delayed by the great Veto
list. The probability that Pendleton,
who declared in Congress in '62 that the
greenbacks of the United States were
irredeemable and who now favors the
conversion of the bonds of the govern
ment into the said irredeemable paper,
will be nominated and his adherents
incite the basest passions of the masses
to national dishonor, is an urgent reason
for Immediate legislation that will re-
move the finance question beyond the
reach OF those who would make the
country's ruin the stepping stone TO OBJ
tain the object of their ambition-con-
troll of the government. The proposition
to levy a United States tax upon bonds
equal TO that collected by State and mu-
nicipal authorities is contrary to the
established usage of nations and the his
tory of every loan taken by this govern
ment since the first twelve million loan
of 1890. Besides, in the acts authoriz-
ing the loans, the last four, covering 81
600 900, within four hundred millions of
the entire debt of the country are espe-
cially exempted from State or municipal
taxation ANY act that would violate
contract which the bondholders have
complied with as required would be a
manifest fraud. Conversion, at the op-
ton of the holder, or redemption at the
option of the government after maturi-
ty, is the natural and plain road from
the bond labarynth. a consolidation of
the debts ard general landing bill has
long obtained and retains favor. The
pressure for return to specie payments
has also developed theory in regard to
the currency, received with favor and
ably advocated by General Garfield in
the House. He believes the currency
issued sufficient for the business
of the country, and an undue expan-
sion of it would be rs ruin
Gus as to put on one thousand
steamers where one hundred were amply
sufficient for the transportation. He
proposes on the 1st of December,
1868, to begin redeeming legal tenders
at the rate of one dollar in gold to one
olIar and thirty cents in paper .reduci ng
the premium one cent each month until
| legal tenders are at par. 1t is estimated
there are 81 ,OO0L of gold coin in
the country, and S700,O00OO0 in cur
rency There are $100,O00,0O0 in gold
in the Treasury, and the receipts from
customs are nearly half million per
day, rendering the plan practicable and
easy. The resumption of specie pay
ments in England was on this system,
and the approval given il by the press
renders il probable that it will receive
favorable consideration in Congress.