Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1870-07-28

Congress proved itself unequal to 1.-The
situation" il now conceded BY it, own best
friends. a. We shall show before we con-
eirde. The things it ought to have done.
but failed to do. we shall dismiss for the
present Here follows a fair resume of
the important things it did do.
1. passed Funding Bill. This meas
urc provides for the conversion Of $780,
0O0. 900. or about half of the public debt,
now bearing 6 per cent interest, into new
bonds. to bear an average Of per cent
in.erest-that is. 5000. 900. 900 is to be
funded at 5 per cent. for the benefit Of the
National Banks-$3O0. 900. 900 at a
per cent. for certain other favorites, and
Sl00. 0or ,H0c. at 4 per cent. for gene
raj circulation. For the balance Of the
debt. say $1,000. 600. 900. 6 per cent.
interest will have to be paid, or nearly
double wha. any European Government
pays The bill authorizes commission
Of u per sent. for negotiating the new
bonds. This will yield the modest little
pi.sanes Of g. 500. 900. Where is Jay
Cooke h Co?
On the currency question. the two Houses
"a plague on both your Houses were
long divided. the Senate being for contrac-
ton and the Lower House for infiation.-
A conference committee was ultimately
convened which doctored up compro-
mise. This compromise authorizes an in
aasion to the extent Of $4,000, 900 and
Redistribution Of the currency, and also
oeers the benefits claimed to be anticipa-
ted from contraction BY sanctioning free
banking but on gold basis.
On the Tariff Question. also. there were
vide Differences ofopinion among the elect.
which. like the differences on the currency
question. were bridgcd over BY . compro-
misc compromise agreed upon to pro-
ioce political harmony rather than any
particular good to the country. The Tar
IL ID reduced in an estimated total Of $780,
600. 900. This il very good. the reader
viii say. Excellent We admit, but unfor-
tanasciy. the duties in the main are taken
Cd luxuries and left upon necessaries.
The duty is raised on wool. FAX. pig iron.
steel bars. Bessemar steel, wire, marble,
hair-cloth. nickel. lnseed oil, cotton yarn,
etc.. and continued at old rates on salt,
leather. beet. timber. lead. copper. blank
s6. voolens. etc. Indeed. the prosec-
tiou;sts have secured all they could ask
for. and the great body Of consumers in
The country have obtained no relief what
ever. With regard to the tax bill (the
income tax has not been touched) the in
ssrest Of the wealthy classes appear to
have been mainly consulted. Certain it
u. the Tariff mongers are ahsolved from
paying taxes on the gross receipts Of their
mills. factories and corporation enterpri-
go.
We have already spoken Of the new
Naturalization Law. Whether 90 inten-
dsd or not. j. win discourage immigration.
Il Il does no other harm, but this Of itself
u sufscisnt. IN the present condition ofour
labor system. 10 consign il 10 condem-
maiden BY the agricultural interest
The Amneesy business amounts to this.
tAas whore political offenders would az
prsss sonsriticn for past contamacy and
yroniss 70 turn radical. they were amnes-
sis4 end where tAsy wouldn't. they wore
Ia Ga in he cold.
sWiiA ssch record. II the vulnerable
psisas q which " have only glancsd, IL
. - vsadsr that he radical prss draw .
lsag trssth = the adjournment and CRY
co i sxaltasion q. the relief. Greeley
s.ys tAaa ''no Congress Of late ysars has
isns more Idle talking than tAas which
- jne csossd." The fsmss benoans the
Gssss aassnt Il work which remains IN
ssssng61ksd. Tie Hra'd 49, The
esssiaa - Assa Married y series of
l1n1ss.. II Bosom Nmssays. ..NssA-
~ - ~ dpns tAroeeA which IL -
- iAnsSh q IL cssntry are 10 - bsa-
- A.a lii i n episone Il IL
saisusal spinisa-