The sun., 1870-03-21

Prospects Of thc TunGIng Bill
1t is by no means certain what the House
Is going to DO with the Funding ILL passcd
by the Senate. \ funding scheme of som,
sort IL likoly to become II law, because il is
DO very plain that we can reduce the interest
oil our public debt, that Congress viii lie re-.
gardcd ~ incxcusable by everybody if it
docs not make an effort to do it.
Yet the present attempt in that line is only
aportial one. Ollicious money changers from
Europe have been trying TO ioist themselves
npon the Treasury ms European agents OF
lhc Department, and as one means of doing
this, they have been plying the Secretary with
communications filed with lying rcprcsen.
tatons Of what they can do in Europe in The
way Of hiring money for our Government at
cheap rates. These intrudcrs will have
gained II principal Object of their efforts if
they can procure authority from tho Treas
ury to make the attempts they invite. When
they fail to do what they have undertaken
In placing our bonds at and Al per cent
they will cXtr cate themselves by saying that
their failure is owing to an adverse change
In the foreign money market for which they
arc not responsible.
1t il under the inspiration Of these persons
that the authority to refund the existing
debt is limited in the measure passed by the
Senate, SO that the Secretary can pay no
more than these reduced rates on wotlirds
OF the delt il IS proposed to refund. Four
hundred millions therefore, is as much as
can be negotiated under the pending bill.
This .s one objection TO the measure in it's
present form which the House will consider.
Another objection IT, that it looks TO the
withdrawal of the greenbacks, and the sub
stitutiOp Of bank notes therefor. Whether
this is a wise provision or not, it is neverihc-
less fact that there il great partiality in
the country for the greenLack over every
other kind of paper money. This preference is
fully shared by the House and whenever the
question comes fairly before the country df
1t ever shall Gomez between the greenback
and the bank note, the latter VIII surely 20
10 the wall. The leading consideration thai
goes to fortify this preference is tLc fact
that while the prcsept volrme of p;ccnbacks
IL In use the ipe-.Dn saves eighteen millions
c. dollar year interest money. This argu.
4 y>ent will be pushed hard against the bill in
the House. as it always has been in times
IGst.
Another Objectionable feature in the bill
IL the Appropriation of one hundred aud thirty
millions in coin annually to pay interest on
the public debt, and reduce ts principal
Now, if we fund the existing interest bear.
ing debt into five per cents, il will require
but one hundred millions to pay the inter, ST,
instead of q hundred and thirty millions
The bill therefore, substantially appropriatcs
thirty millions annually, in coin, toward rc.
ducing the principal of debt, none OF
which is 20 become due under ten years
The proposition to continue the burden.
some taxation necessary 10 do this will be
met in the House by restive and rcpugnant
spirit. II will be held that there is no ne.
cesst.y iur thus burdening the public that
the great resuts of the war for which the
debt was incurred really pertain as much to
the next as to the present generation that pos.
terity will be deeply indebted TO the present
",
ought to help, largely help in defraying the
expense OF doing it and that it is absurd and
preposterous fer this generation 10 continue
10 pile sncrlfce on sacrifice, and heap up
tax upon tax, for any whimsical OF scnti.
mental nsderaton, or for the weak and
Idle purpose OF being able to boast what a
great example we set To oother nations These
are some Of the obstacles the measure il dcs
lined 10 encounter in the House. and VIII ch
Ls they develop more or less strength in the
discussions in committee and in the body H.
self will ultimately determine the question
Uf III iiuol passage,
We think it would be a great improve
mont 10 the bill If part OF the thirty
millions which il dcvotcs to reducing the
principal Of the intrrest-Learing debt were
turned aside from this purpose and ap
proTuatcd 20 the reduction of our volume Of
paper money, or the accumulation Of coin 10
accomplish permanent resumption Of specie
payments. At present, nOtw thstandug the
fall in gold, we nre in no sense prepared ior
this event and if We attempt 10 accompl sh
IT without preparation, M proposed by Mr.
SUMNER, in January next or earlier as pro.
posed by others, the effort will result In sig
nal failure, entailing disastrous consequences
upon the country.
The English Railway Lawyer among us.
Mr. BJRr the English representative of
Ill" Eric stockholdcrs in London, has mado q
long argument before the Railroad Commit