The New Orleans daily Democrat., 1878-11-28
FINANCE.
WHAT TEE FINANCIAL LEGISLATION
OF CONGRESS- rs LIKELY TO E3E.

"a
able-ThG BiaR Anthorlzang silver Ger
tifcates to be Passed-The Departments
Estimates Whitfield to q Fine Point
Resumption
Washington Post.1
The committee expect to have several of The
appropriation bills ready to report to the
House during the first week OF the session,
and after that they will bring them In as fast
as the House can dispose of them. The indi-
through smoothly and swiftly, and thus give
Congress time to act upon other important
measures. For the first time since
the Radical party came into power,
reasonable figures. The Observation-Disclosures
the fear OF an extra session before its eyes
directed all estimates for the next fiscal year
to be based upon the appropriations passed
last winter This will relieve the Democratic
House OF a great deal Of labor, and gives
promise OF quick legislation; but the Repub-
lican Senate, with its characteristic extrava-
gance, may load down the bills with useless
and costly amendments, and thus bring about
a contest between the two houses. There are
three bills on the calendar which the Banking
and Currency committees intend TO press if an
opportunity is offert d. The first and most
important Of the three is the silver certificate
bill, providing that silver bullion or coin may
be deposited with the government, and that
the depositor may receive q certificate which
shall have all the functions that the law gives
to gold certificates. The 'siver men" in
Congress contend that this bill is necessary
in order to put silver upon an equality with
gold under the law, and they intend to press
it vigorously. 1t is pretty well understood
that Mr.. Hayes will, in his forthcoming mes
sage, recommend some modification ofthe sill
yer law instead OF increasing the functions
Of that coin. He will either advise an in
crease in the amount Of silver to the dollar,
or q Limitation Of the coinage, but 1t is very
evidefft that no change will be made in that
direction: Chairman Buckner, Of the Bank
ing and Currency Committee who talked with
most OF the members nOwi in Washington, says
that If there is any legislation this session af-
fectiDg the silver dollar, it will be the passage
of tbs bill already mentioned, authorizing the
issuance Of silver certificates. "But, added
Mr. Buckner, there will certainly be no modi-
tication OF the law by this Congress, no mat
ter who recommends it,
Another bill to be urged by the Banking
and Currency Committee is he one TO retire
national bank notes and circulate greenbacks
therefor. The bill TO provide for government
bonds OF small denominations for the invest
ment OF savings is the other one, which the
committee hopes to get through the House,
It authorizes the issuance of bonds of $40, SO
and Sl0G and upward, and makes each money
order postofflc" q place Of deposit Fractional
currency of any denomination may be deposit
ed and when the amount reaches S5 the post
master is required to forward it 20 the Treas
ury, where it is properly entered TO the credit
of the creditor, and when the sum OF $40 is
thus forwarded bond, bearing 4per cent In
terest, shall be issued.
II an attempt is really made to repeal the
silver law it may create an Interesting, light
| but would, there can hardly be any doubt re-
| suit in failure. It IS quite probable too that
another effort will be made 10 repeal the re-
sumption act, and this may take precedence
over all other financial legislation. IT Sen.
ator voorhees, undertakes the matter he viii
| give the friends Of the law something to do.