The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-07-14

the bitter hostility Of Senator Fenton, who,
during the twenty years that he has been
working up to his present position, has de-
veloped rare tact and vigor as a political
strategist, and who now has an influential
body of supporters in the Republican party
of New York.
If Senator Fenton, after this scathing re-
buke and stunning blow from the administra-
tion, shall continue to act with the Republi-
can party, we wholly mistake his character
if he does not make his hostility to the re-
nomination of General Grant very effective,
and at the precise moments and places when
it will be inconvenient and perhaps impossi-
BILE for the President to encounter it.
Another course lies open to both Governor
Fenton and General Merritt and that is to
gradually break off their connection with the
Republican party and slide back into the
ranks of the Democracy--the political organi-
zation which they left, in company with
large body of their fellow Barn burners, in
1S54-5, to aid in the formation of the Repub-
lican party The Democrats need recruits to
elect the next House of Representatives, and
to carry the next President; and though they
have been wont to roundly abuse Governor
Fenton, they must not be too fastidious in
regard to the antecedents of the allies who are
to aid them in restoring the ancient prestige
and power of their party.
THE FUNDING BILL IN NEW FORM.
From the N. Y. Tribune.
There has been no mismanagement in Con-
gress during the present session more glaring
than that of the finances. The Appropriation
Committee has done much better than for
many Congresses past, but it has not re-
deemed the brilliant and encouraging pro-
misses of the early days of the session. The
Banking and Currency Committee has Sc
cured, as its principal work, bill which we
could well have dispensed with, and which is
no sooner adopted than it develops a strong
opposition to more needful measures. The
Ways and Means Committee in the House
has failed absolutely in it's tax and tariff. mea-
sures, reducing those duties and taxes which
| were Just and equitable, and imposing those
| which were unjust and odious. We fear we
must now add to its other faults the sacrifice
| of the most important measure of the session
| the Funding bill. In brilliant contrast
| with these repeated failures of the Congress
sional financiers how far wiser and more
economical appears the straightforward, sim
| pie, and positive policy of the Executive, by
| which the national debt has been reduced at
the rate of more than ST., 1000, 900 a month
When the Funding bill reached the House,
| though admitted to be a measure which
the whole people demanded and every in
| dustrial and commercial interest required,
action upon it was deferred several weeks in
order that the income tax, which the entire
| nation execrated, might first be forced
through. 1t was believed that when that
object was attained the Funding bill would
be adopted, but if we are to judge by the
latest action of the House, it was q hope to
be blighted In the last days of the session,
with half dozen other measures to be acted
upon, a conference committee on the Fund
ing bill has proposed an entirely new mea-
sure and the House has rejected the report
| nj rafar fhal 10, kha
The new bill itself is perhaps better than the
originals of House and Senate, for in the COM
promise the best features of the rejected Sc
nate bill were restored. Its provisions were
for larger amount than that named
in the first bill-ffteen hundred millions, in
stead of one thousand millions of dollars,
being the aggregate amount of bonds to be
issued. There were to be only $500, 900, 900
of the high-priced, short-timed bonds, while
$1,000, GEO, 900 of four per cents, to run thirty
years, were suggested. The rates of interest,
5, Al, and per cent, were retained. The
clause which authorized the payment of inte-
rest on gold deposits in the Treasury was
restored in modified form. commission
for advertising and selling the bonds was
allowed, and the new banks to be organized
under the Currency bill lately passed were to
be required to deposit as security the low
priced bonds. This last provision seems to
have aroused the opposition of the whole
West and South, in which the new banks are
to be located, and the absolute failure of the
Funding bill in consequence of this antago.
nism is threatened.
The bill has been returned to the committee
which introduced the bank clause, and will
doubtless be Immediately reported again. Al
least we sincerely hope so. The measure is
too important to be sacrificed. We believe
that either of the bills proposed by House
or Senate would, if adopted, at once enable
the Secretary to fund at least half the debt,
and one or the other ought to be adopted.
We do not believe that the bank clause, how
ever commendable in itself, is absolutely
necessary to the success of the funding
scheme, and it ought not to longer endaAger
the passage of the bill. There is little hope
of reconciling the Western and Southern
members to its adoption, and for that reason
we hope it will be dropped by the committee
But if we have the bill in some shape, we car
trust the Secretary of the Treasury to do al
the rest that is possible.
TWADDLE BY TELEGRAPH.