New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-25
XLIsr CONGRESS-2D SESSION.

NJ the Treasury 70 have examined the unfinished strue
known the Marine Hospital Bmng a. the same
and the substitution Of other hospital uceoinmo'"
Mr sAUIsBURY em Calling upon, the ., rrfi 70
"a copy any commission or of nisslssppi
and in the absence of such authority TO in0rn, vi,
under what authority he has acted is 1%.
Mr. WILLIAMS CRep, PAPER eurreney Of
osa Ia, add ts TO s mS: ., a, AID rsngT,
. s 1 1sf q q eel
ssScI q at" s;s ia he sps ~ senate the existing
Vo@e Of eSs .gs b. not e 20 be Without division
sECURiSG EQUAL RIGHTS. -, tho bU
STEWART Rep New mGy nSa IS sS of TT the laws
Mir CAsSERLY Dem. Cali opposed tue mo'1o"' ""'"
ngresa to by party sO M Mr. STEWART said 1t
would extend the operation Of The c,yii Rights oih 7"
an Mr. PoIERoY rep Kansas, inquired whether ths
hill proposed alter the law relating 10 tne Iii ~
property Of Foreigners or TO exiehu 10 'no" INV
Mr. STEWART replied that the bill had nothing 70 ao
will these thugs; it's sole object was the pIoteetoh
OF e o MI rs he laid aside in consequence of the eI
r,rom of The morning hour which brought mp tho mat
Ter Of the admission Of Mr. Reyels the oen~'or e'e''
''V" THE FUNDING BILL
Mr.. SHERMAN nsep.. OHIO suggested. IN order 10 NC
commodate the Senator from Now'forR or. fen'o"'
md the Senator from Newllampshire thr' fat'etsow
who desired to make speeches on the Fnnding b ou'
pepdur business should DO Informally passed over, aud
av., hours approprated TO those Senators. IL was
Than decided 10 adopt Mr. shorman's suggestion ana 10
consider the Funding bill before the body lnieIhaV
for special purpose
Mr. FEE ron Qsep, N. " then addressed the senate
as follows;
Mn. prrspgsr: Upon the soundest maxirqs OF finance
bill for the reundng OF the public debt wonld naturally
seem 10 follow instead Of precode the appreciation oil
the public credit Strictly speaking pubic ercdiI Is
more properly the than the effect II one OF 'ho
vital forces OF the State Great material resources arc
tie ret aud most obvious elements 81 strcngih uu ho
subtitle aud sensitive power Of public credit Is hardly less
essential In our modern system 1t cannot be over
estimated No nation be exempt from the necessity
OF borrowing. Tie trumphs Of modern skin ana mo
methods OF modern warfare require tho abiiy 10 COM
press vast efforts brief years. while distributing iIhe
compensatons extended periods whether az snVh
time the borrow may be tcst Of It's con-
tlnued existence
1Hr IMPORTANCE OF PRESERVING TIE StTioSAL CREDIT.
The importance OF preserving high drgree Of public
credit Ia written IN the Histories around u.s. Great Brit
Gin pays but three per cent interest because her cdi
untarnshed because she faithfully fults every oiga-
on The United States Government toward the eo'e OF
Mr. Buchanaus administration could hardly borrow az
"a per cent because It's credit greatly impaired AZ
ter the war OF Revolution the debt OF Mafsaonr
sold at I2I cents on tho dollar but the state hcaurly
discharged this debt IN full. and always having paid m
gold Il has long been able. until recently 70 borrow az
less than four per cent Now. mark the contrast We
to-day paying six per cent Interest on Tho greater
part Of our national debt n public credit we're
what ought be. II the faith Of tie world n our honor
and honesty were such may well desire 20 create
and Justify, there would remain no question
about tho immediate aud rapid conversion - our debt
into four four aud half per cent soCures. Public
credit depends aono upon the promise TO pay. but
alike upon general belief that the word T. good 40
IL tfs|I has
an Influence 40 lrss than their positive action. Mh"u
the old Confederation "f thirteen States vns converted
Union rapidly ndvauccd. within n Ycar ihe market
value otlls rcrprltlss rose h. Io Irt I'n ,e u 10y
true TINT the disposition g. pay f. ne Tee. essential than
the ability To pay. In our own casc the abIy 80 nay u
not QUESTIONED. The possessions q! ample r'a"iry3 u
apparent Tho gTowhg wealth oil tr country iia 'ast
districts 81 yet unsettled Territory, 10 ihrNhHusitln
mineral storrsina word the already augmented wealth
the dcht ard the iuccu"bc cnichipent a" The tniurr
establish the question 81 abihy h'l ond dOGbL Pnb'
lie credit and public faith arc thus intimately aud In
While therefor. tho renndng Of The don't upon tho
BoGt advantageous terms would follow ~ b. puusrireut
OF fuiding bil II lhey shan noe ihB l9o no, ,uns
rllsh nc res'iil' mny }ct pr9'n9e l9e condition 49,
~ place Oi the r~t ihte F,cons ~ the b before u-t
aud hope Il may be deemed Wise ~ Ia se.
tbiTHnnA viii The amendment prorUsc To Uher. 90,
taxable by Federal. State local nuihurty, payable
not vss than fOrty and running than y year..
The SUN Inay be QUO thousand twelve hundred nil
"uS nnd there WOMB remain III The nYc'tveneS. t,il
To- Ice provided for suhient margin for the absorption
OF the uftil their complete Gktugurh.
ment would enable "a TO cutter upon the payment Of the
toufortcs. Tho authority To fund tho United States
Secretary thus providing fr gradual contraction should
be adhered 10 US fundamental proposition, whatever
the mobilization Of the bill Ia other respects.
TIE BoSD sHoULD nj LONG oSK.
II cannot be properly urged against plan extend
tho FOR payment OF the new bond that nHy be 10
q situation pay In tho time and cOu1 only reach
this debt by into the market and
holders should demand. To such argument Il may be
| I'm fhc nil ffutt he min
regulated by the laws ~ value aud these could
forced, except for brief and exceptional periods
above their true relation TO trade aud exchanges.
Secondly even II could now fOfesce surh apptecn-
ton or rise IA the market, We ought rather TO regard
credit 81 the Government which desire 10 II
10 hardly too much to assume that the new loan Ia not
ordered IN point OF time aud rate OF interest
i1in;i TINS very purrose the national securities WIN
| Ing To improve the public confidence aud prolTact-
| Ing an Incidental evil which deserves In this
connection moments attention. Instead OF
serving the OF money, by passing nj current und
we'll regulated rates from Ia another securely held
permanent nve' pens. they will actually SEEK the
market !nopporuney aud contribute to the scarcity Of
money. They become the object OF speculation, witch
The complications arising Hom varying rates of Interest
and different periods Of payment serve TO encourage;
channels of legitimate Industry ana enterprise. Those
who complain OF the scarcity VI money not have
rites invite speculation by OF this instability.
contributes 10 tho very condition which they deplore
will dogbt follow In degree any loan having APP
poximate character In It's ripce rates of interest aud
time Of payment, aud far exceed any losses
GoyerunleDt which might possibly accrue from single
long bond OF n,ors uniform value upon tho tnppotcn
the Government desire TO anticipate to any extent the
| period OF payment.
| THE IMPORTANCE OF TIE MEASURE
The refnndng Of the debt at lower rate OF interest
| and It's adjustment upon secure basis, commanding
general confidence and DsurinG stcadness of value Is
therefore an object OF great and undoubted Importance
In all that the President and the Secretary of tho
Treasury urge Ia support OF lt ,ecessty fully concur