The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-29
COMMERCIAL AND FINANCIAL.
G0VERRMENT FINANCE.
From uLe Philadelphia Ledger.
Tho AmpFactIcAbilIty OF Funding
the 6SQla

Enc AmpfactlcADlAity OF Funding
the 6.2Os.
There is a report from New York
that Secretary Boutwell, has prepared q
bill for introduction In Congress-, pro.
vldlng for new Government loan,
the bonds TO be In three CLASSES, pAya. D..
BILE In fifteen, twenty and twenty-five
years, and due In twenty, twenty. i've
and thirty years respectively, interest
at AZ per cent, interest and principal
payable in gold, and 5>20S to be taken
In exchange for the new loan. This
exchange, we suppose means at par;
but, as yet, we really fall to see the In.
ducements OF holders OF @ per cent
bonds, payable, principal and interest
In coin, according 10 the tenor OF their
face. and the recent almost unanimous
avowal OF Congress 10 make that read
ing good), to exchange, even.up, for a
bond bearing AZ per cent interest In
the same medium, and having no other
advantage than longer postpone
ment OF the principal sum. II Ia
certain that the proposed exchange OF
bonds cannot be made now, or at any
time, unless brought to the same value
In the market. The price Of the pre-.
sent 6 per cent bonds must be dlBcf ed
tied and depreclated by some action
not yet apparent, or the new AZ per
cent bonds must be, by some means
not yet foreshadowed, appreciated 10
the present market value Of the per
cent gold bonds In the hands OF hold
ers. As the exchange proposed is TO be
optional with the holders OF the present
bonds, ls ls fair 10 be presumed that II
will not be made, nor the old bonds
surrendered, unless holders esteem II
more advantageous than 10 receive 9
gold payment for the principal OF the
bond. Considered In this light the de.
sired contamination Of funding the ma.
tiOnRl debt at lower rate OF interest Ia
not as near as could be hoped for.
Deliberations OF tho Senate Com.
miItee. ...
We learn from Washington that pre-.
vlous TO the adjournment of Congress
on Wednesday, the Finance Committee
Of the Senate had a meeting and con-
sidered various propositions, but ar.
rived at no conclusion on anything
Tho committee conversed at some
length on the resumption OF specie pay.
ments and the means TO effect that re,
suit. That portion OF the report Of the
Secretary Of the Treasury In regard tO
taking In the 3 per cent certificates
amounting TO some $4,000, 600, and to
issue an equal amount Of currency to
the Southern banks, was considered,
but no action taken. The work OF the
com mittPe is now In such a shape that
meetings will be held during the recess
Of Congress, and will be attended by
most OF the members, who will either
remain In Washington, or, II possible,
be there on committee days. ~
The Johbcrs and GFabbers in Congress
1t has already been discovered at
Washington that the jobbera and land
grabberR are not all dead yet, The
Railroad Committee OF the Senate has
had several meetings, at which this fact
was clearly demonstrated. A good
many, bills are before 1t, but little busi.
ness has yet been contaminated. II
any OF the nations large domain OF
land Is to be left for posterity 1t be.
hooves every honest man In Congress
TO watch closely the many swIndling
railroad projects that are known 70 be
In process OF incubation. The matter
OF government endorsement OF bonds Ia
Understood to be at an end, 10 that the
next best thing, or the thing neal eat
cash. Is land. II Representatives do
not keep sufficiently awake their con-
stItuents should nudge them and keep
nudging them until assured that they
are fully aroused. ty.r.r .".