New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-12

TBE PASSAGE or TIE FUNDING BILL
The Funding bill passed the Senate yester-
day by vote of 80 Yeas to 10 Nays. AS
adopted it is practically the same as when
first reported by the Committee, all its Inn
portant features, even that authorizing foreign
agencies lin modified form having been re-
tanned. On this result III the Senate
the country has occasion to congratu-
late itself The debate has been thorough,
and the action reasonably prompt. we
have the right to hope that this example
shall be followed in the House. The thorough
discussion of the measure in the Senate 10y
Government officials and in the public prints
leaves little to be said, and there Is neither
time nor disposition to tolerate ldie
talk. The bill is part OF hnanclM
policy so fully resolved on Dy inc
people that only the merest matters OIL de'ail
remain for discussion, and these must not
be dwelt on unnecessarily in body where tie
previous question can be ordered by members
recognizing the importance Of an early adop-
ton of the measure. During the debate on the
bill, gold, influenced by indications of its pas
sage, has dropped, dropped, dropped, until the
premium is comparatively insignificant. This
will be still further reduced by the
massage of the bill by the Senate, and Its I'M
hesitating adoption by tho House as it comes
in its mntured shape from the other body VIII
largely tend to the permanent establishment OF
GOLD at a low and reasonable premium, and
Tins nut an end to the speculatiOns which have
for long time past unsettled trade.
The bill is published in full as adopted in
another columns; but;ts provisions may be more
briefly stated. The bonds provided for amount to
twelve hundred millions of dollars, but the three
series of four hundred millions each bear diiter-
ent rates of interest and have different years to
run. The first series, and those destined perhaps
TO be the most popular, bear per cent interest
and the Government can redeem them at any
time after ten years, and must do so at the emu
of forty years. To give attraction 10 the
second series, which bear only AZ per cent IN
terest, the time at which they may be redeemed
is fixed at fifteen years; while in the case oil
the lower priced per cent Donds' Oh
which the Secretary is authorized to issue as
many AS he can sell. the time for optional re-
dcmption is fixed at twenty years, the time at
which they must be redeemed at forty. 10
nonularize these issues the authority is given
IN issue them in denominations as low as $50.
100000 600 of per cent 1910 bonds.
s4GOOOOOO of Al per cent l5-iO bonds
tiO0OOOOOO of per cent 20-4O bonds.
The negotiation of the bonds abroad Is pro-
vided for in the manner originally contem-
nlotcd. Int the percentage allowed to agents
was reduced from one to one-balt Oh one per
cent. We regret that the rate was not
left as originally proposed. The Secre-
tarv of the Treasury could have been
freely trusted not to spend more
than was absolutely necessary. The rate to
which he is now restricted may possibly prove
attractive enough to induce foreign bankers to
take hold of the loan with alacrity, but it may,
on the other hand, prevent that quick sale OF
the bonds so very desirable not only for the
sake of the saving in interest thereby effected
but essential to the Improvement of our credit
If the House is disposed to touch the details
of the bill at all, let us hope that it will re-
store the original section.
The failure of the effort to strike out the
clause requiring the National Banks to receive
the high priced bonds which they deposit as
security for their circulation in exchange for
the new funds, was signal. The protest of
one or two National Banks was not seriously
considered by the Senate, and the appearance of
the few bankers as lobbyists is not to be placed
to the discredit of National Bank stockholders
generally. With this clause the House will
have no excuse for tampering; and as there
will be little opportunity for debate, the bill
ought to become law in few days.