The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-02-19
sHHaMAEs NEW HATCH1Ha.


TheI Funding bill, just reported, is
nearly3if not quite, as infamous q pro-
iect aslthe one John Sherman was last !
session the reputed author Of The
sections, trimmed of the superduities
whicht appear in all legal dooumests,
are assSoTOws:
Theifrst authorizes the Secretary of
the I'd easury to issue 400, 0OO. 900 five
per celh. bonds, interest and principal
payable, in coin, at any time after ten
years. to be disposed Of for their par
value n gold or for 6ve-twenty bonds
at ths' par value.
Thd second gives him power to issue
100000 900 Of 4 per cents. payable in
coin 4 Aer fifteen or within thirty years
theseito be disposed Of in exchange, al
par, Tor any United States securities
now outstanding, and which bear .
highfF rate of interest
By authority of the third section he
is to issue 94OO, oOO, 900, or more if he
deem it advisable, Of per cents, pay
able IN coin after twenty and within
fortyf years. These bonds may be
bought with United States notes or any
Othe4 United States obligations, at the
OPtida of. the Secretary, provided no
incrd ase in the aggregate debt ensues.
Sd,tion exempts them from all
taxation.
S9ction makes the interest of the
issuis pay lble in different parts Of Eu-
ropd in sterling money, francs or
thai rs."
SIction appropriates one per cent.
Of be issue (sl2, 900, oOO) to defray the
expi nses incident to the negotiation.
Sfction appropriates $3.50, 200, 900
ANNUALLY of the receipts from import
dut1es for the payment of the interest
and reduction Of the principal Of the
deb and provides for the cancellation
Of tie United States bonds now in the
sinh ing fund and in the treasury.
Shelton requires the National banks
to 1eplace the bonds now held by the
Government, as security for their circu-
latib Jpn, with bonds of the issue which
thit bill authorizes.
Sections 9 and 10, relating 10 the
Ma ional banks are unimportant, ex-
ceAting in so far as they increase the
privileges of the Blisters, by paving the
wa to an exclusive National bank cir
culation, by the gradual withdrawal of
thu United States legal-tenders.
There is absolutely nothing to recon-
md nd the passage Of this bill. Under
itfprovisions our whole debt mag be
mi de interest-bearing, and by the ad-
diIional burden thus imposed. together
WI h the expense Of negotiating the
ndw loan, and the bill contemplates
mEny jobs and a system of commits
slams, &c, which will no doubt be
g5evously expensive, the saving ex-
pdcted from the ostensible reduction in
tt L rate of interest will, in all proba.
baity, be entirely swallowed up. The
b listers oppose the section which re-
q fires them to do business on the
binds contemplated in the bill, because
IL would curtail their profits q triAe,
b 1t they are now acquiring such enor-
Nous gains that the bill practically
Il kes but very thin slice from their
1ry large loaf. Some affect to con-
strue the last section as a step towards
flee banking, but this claim is based
pOn the assumption that the Blisters
I I'LL resign their privileges because Of
qie trifing share taken off their profits,
md such procedure on their part is
q)o much desired to be expected.
Section z, which affects to provide
FPr the gradual extinguishment Of the
debt, practically appropriates about
100000 annually for that purpose
l-that being the difference between the
bmount we are now paying as inter-
Ist each year ($l2S,OOO,OOO) and the
el5O, 100000 the section sets aside.
But, aside from all these considers
lions, we are opposed to the bill, be-
tausc it makes the principal of the
lebt, as funded, payable in gold. Its
advocates are not at all anxious to re-
HUGE the rate of interest, but when in
doing SO they can exact a specific pro-
Emise that the principal shall be paid in
coin, they are paying themselves exor-
Ibitantly out Of our pockets for what
hhey tell us is a concession, when in |
reality it is an augmentation of the
burden we are now lettering under.
Labor should be~are of such crafty |
cOntrived snares
TgTT RTGHT1