The New York herald., 1878-01-10
Efforts to Popularize the -Four
Per Cent Loan.
INVESTMENTS FOR Tile PEvPLA'S SAYINGS.
The Agitation of the Presi-
dentfal Question.
THE PURITAN AND ROUNDHEAD As ALLIES.
FROM OUR SPECIAL CORRESPONDENT.

WASHINGTON, Jan. g. 1878.
THE NATIONAL LEGISLATORS AGAIN coXCEN-
rRATINe-IMpoHTANr MEASURES TO BE IN
rRopucED-FRARs FOR THE STATUS OF THE
PARTY.
Congress reassembles Tomorrow, but II will hardly
get actual work before Monday, though the attend
auce promises to be full There Is a general i'm
preston that the session will be very exciting and
there is no doubt good deal OF smothered wrath
as we'll as desire the part OF many
partisans create and keep up any
amount OF excitement rather than suffer Congress
10 discuss calmly tho rcal questions affecting the
business and prosperity Of the country, which ought
10 engage its attention.
The .new questions" are terror TO most Of the
treme partisans OF both sides. They tear general
weakening Of party ties. They have already that
in the extra session neither party in either House
able to como to agreement In caucus
any question OF party public policy The
silver and anttresumption fanatics struck
heavy blows at party allegiance by tho manner IN
which they pushed their measures forward, and the
only question Oh which either party cast a solid vote
during the whole session the admission OF the
Southern Senator'S, That is TO say the extreme part
sans, democrats as we'll As republicans, wfth dis
may that If 'thc South escapes their clutches
they will bc Ut Moreover, the measures
which will be presently introduced are
all of kind extremely embarrassing TO many
Congressman now tariff BILL a. new internal rev.
enue bill, an income tax, message on civil service
reform, message asking legislation to popularize the
four per cent loan and enable the people to lend their
savings to tho government-ali these and
ures OF real imporo once, but which neither party
yet made up its mind. nl the average Congress-
man with terror and Indignation. 1t so much
easer TO talk about the war, the bl0odsta:ned ban
nor the noble republican party tho bloody shrt
or, on the other side about tho constitution, the
ruption in high places, the carpet-baagers aud the
tyranny and misrule In the South.
Tho Silver bill will havo the attention OF the Senate
at II It's supporters insist passing the Bland
pill pure and SIMPLE rejecting ali amendments, as Is
their present intention, that measure will be killed by
because cannot get two-thirds vote in both
houses 1t is thought that tho Ant,-resumption bill
pass the Senate, buti II should II also will be
vetoed.
The PoPULARIzINa OF THE FOUR PER CENT
LoAN-LEa1sLArIoN RKouIRED-pLAN FOR
MAKING THE GOVERNMENT THE DEposIrARY
FOR SAVINGS.
Tho determination Of the administration 10 popu-
larize the per cent loan introduces new ques.
tion OF importance the attention OF Congress
abou. to rcassemble The Secretary OF tho Treasury
Gun 90 ahead certain this matter without
further legislation, but 10 make the plan broadly
effective, as It ought 10 be- and to
touch the savings oi the country and bring
them, in such amount wonld be
beneficial the people, into the Treasury the great
and absolutely secure savings bank, IL Is necessary
that Congress should help with legislation. The Sec
rctary, however, doesenot intend TO for this 10
begin his operations but Will, II possible
prepare the forms, invite general subscription Tor
small we'll larger amounts to the four per cent
loan, and offer facilities to banks and bankers
all the country TO take part in the
work Of distribution. One difficulty with the
present law is that requires payment
for the bonds to be made In actual gold. Thus per-
desiring buy bond pay for 1t in green
backs at their market value; he must sell these for
gold and pay the gold The Secretary intends, how.
ever, to complete arrangements rapidly as possible
10 enable those desiring bonds to obtain gold for
greon without trouble at the regular deposi.
tories. Other banks also will be asked 10 help IN
this and II there should be demand they will per.
haps, see their way 10 do so.
The legislation needed and which will be asked for
perhaps special message, already recomm nded
in the Sccreary's report where suggests that Con-
gress shall by law authorize tho deposit OF small
with any postal money order Office In the United
States and The issue OF government certificates, con-
vertble at the demand OF the holder into TOUR per
cent bonds Of such character, description and amount
as will enable md induce prudent persons
to convert their earnings into pubic
security Of stable value 1t Is understood
that the Secretary would favor law allowing 651oo
per cent interest all certificates OF deposits At
postal money order Offices, ard making these certiH.
sxcbangeube for per con. bonds In sums Of
$50 apd multiples OF that sum.
The savings banks OF the country contained accord.
Ing to the latest reports, deposits TO the amount
Of $S43, 100000, and these deposits belonged
10 ., 300 900 persons The greater number Of these
are justly uneasy and alarmed TO tho security OF
their only by OF the great ber OF
failures in these banks and the fact the last
eighteen months the managers OF sound banks have
found II SO difficult to earn the interest expected by
depostors that many have voluntarily wound up and
abandoned tho business, but further, by reason Of
the silver agitation which threatens great loss to all
dspositors II the Bland bill should become
o law savings banks deposuo ors would 10 paid In the
dollar OF their daddies AZ loss on the total am cunt
they have on deposit Of not less than $4,000 ooa
Few savings banks pay their depositors moro than
four per cent Interest," which wnat tho gov or mcnt
would pay i.s bonds II they worehed by these de-
positors.
II Congress will help with proper legislation. the
government would be able TO draw 10 itself In time
the whole amount now deposited In savings banks and
not only would tne owners Of this SUN, numbe z
now 800 900 persons, be thus secure than hey
are At present or can be under the present system
but large amount Of the interest money due on our
bonds which is now pad abroad, would DO paid to
our own citizens, which, In spite Of some theorists
would be at least convenience 10 tho country.
nnVto a.f T..