New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-16
WASHINGTON SKETCHES.
TlNIllNG.
MIR. WILSON'S RII-TUE BILL NOW BEFORE THE
SENATE-TuE BANNERS AND BROKERS.


MIR. WILSON'S BILI.-TUE BILL NOW BEFORE THE |
sLNATE-TuE BANKERS AND BROKERS.
WASHINGTON, March I'm the discussion, IN |
the Senate, everybody assumed that out Of the three
branches Of the funding measure, which seycraly pro
pose per cent. q per cent and per cent loan two
will certainly come TO nothing. II is not believed we are
going 20 borrow money at or Il cent in any event.
for long time to come and certainly not after starting
out with per cent proposition The scheme is thus
at the to be fragment ragged blanket
Of legislation which VIA not cover third Of the subject
it proposes 10 treat There is interest, however
which is protected and will be- into whatever inhntes
NAL Dimensions the measure may be contracted THIS Is
the banker and broker interest The commissions Of this
worthy class nestle in its folds, however circumvented
they may be- like the eggs Of couuror bag, which bag.
though turned inside out 40 times in succession and beat
until the dust flies has the inevitable egg always
Sound eusconced in the cornerofi it, Our amiaOe friends
the bankers and brokers' to have their one per cent
whether the loan produces 500 or A0OoOJVVO Even
Senator Wilson, trcnchant he's on the economical SIDE
could not find it 10 his heart to consent TO slice them
down below per cent
The truth is these agencies are not entitled to rac-
ton. Their services not needed The time has gone
10y when they could be useful They have had their day.
md they have had their pay well and Herewith they
ought TO be content At any they would have TO be
~ the legislation Of the country guided by that high
intelligence and that scTupulOus economy which Is the
demand Of the hour Let them leave the precincts OF
the Treasury and cnnfue themselves to their legitimate
sphere am not nseusiOe TO the fact that there is
certain degree Of mpernence in thus sharply canvass
ing measure Of such distinguished paternity as the one
under notice. But cannot help feeling like the rustic
who in a casual augmentation IN stage coach, dealt
some homely strokes at his more cultivated antagonist
lie was quietly nudeod TO restrain his supeatves, by
being Informed that he was talking to an attorney
general "Egad." replied he 81 never should have
imagined it from his arguments"
When one reflects upon the magnificent manner in
which this great people have gone forward even to the
verge Of audaciy in incorporating the fundamental
law the logical results Of the war, showing political
clan OF the whole community unsurpassed at period,
TO be justified in reproachng our fnarcial
feehlcness and tmdty. II we showed half the bravery
aud half the majesty in treating the economic side OF
our affairs that have shown in dealing with the
political problems OF the day, should not be shutting
and sculirc along the way. are infr1n and para
lyc performing the parts Of paupers and bankrupts In
the presence Of the scOfng sovency OF all the great
nations and peoples OF the world But should have man
fully used our resources pay overdue debts and
valautly faced and overcome the perils which beset
our present situation. Instead OF this
dcmoraized on the money question, and declare
uy our actions that we not POOR but too IN
capable TO manage pecunary affairs. This very bill
assumes that the Treasury needs to be bolsered and sus-
tanned by the money changers and that we are afraid TO
trust ourselves in the market unless first subsldze
them 70 lend US their aid Our financial guides cling to
the traditions Of the and fail wholly TO see how
great the change which has taken place. They fail TO
recognize the contrast exhibited between these United
and Reconstructed States, with their freshly developing
resources their strides in material prosperity their
restored and rapidly mounting credit and the torn and
weakened and sormossed dsunited States Of the war
Then needed to employ and pay enterpusing and In
6omabe agets to scoIr the the country and even In
wade other nations for the snews OF But now these
necessities have ceased. The Treasury is now great
enough strong enough command the markets OF the
world by simply announcing its wants At whatever
rate credit Of the country is able to command money
anywhere at home or abroad by through any banking
or brokerage agency at just that rate the Treasury
command at its counter without the aid Of
intermediates whatever. And the daily transactions of
the Treasury in buying Government bonds and selling
u coin. demonstrate the facts beyond controversy
III not to bring these things mind and TO beg
The attention OF financial managers to tho proprety
aud necessity Of pnttng Treasury in this high and
unsupported attitude and Kidding it Of al actual sup
posed smutty attachments TO bankers and brokers'
their allies might be disposed TO confess 10 an idle
sulcr11ty Of criticism thus treating subject that it
Should might with great proprety be left to It's
Natural guardians But when the best argument in favor
o m proposed Of the Treasury thatit is the
followed during the then itappears not only proper
l. erdabe 20 advance suggestions tending TO lift
subject up into clearer and better Light than that IN
V.I.b our managers appear to view it.
j. 60 Doc observed that these remarks 20 beyond the
l passed by Tic senate and apply 10 the general policy
ItIc Treasury dictated TO be sure by Congress part
az lca,u not paying debts tia, are due and appropr
atm, mUyalcc.cJ resources 10 discharge those which
are due and which belong posterity to share II
10y wholly tory. Imay say that these views held |
ly best faalcer both in and out Of Congress, and
that The desire fast growing imperative that Congress
shall shake Itself free from the banking and broker
axe agencies which nestle in the Treasury branches and
have fed themselves ft upon them for so long period
Tut Ike the competed insect yrad that sometimes IN
feet our fruit and shade trees il is doubtful anything
less potent than i,e VIII di-lodge them. J.s.P.