New-York tribune., 1879-01-21
FJy4yCy4L .EIiLS ~ THE HOrSE

FINANCIAL BILLS ~ IHE HOUSE
The bill which passed The House on Wednes-
day. authorizing the issue Of certificates of de
post in aid of r.fundn&, though offered by the
Committee of Ways and Means. was passed
mainly by Mr.. Galiield's able advocacy, and
fortunately escaped amendments calculated to
make il harmful. 1t was recommended 10y the
Secretary of the Treasury, and provides Tor
the issue of ccI Itifcates Of deposit of the de-
nomination of SlO bearing interest at the rate
of 3 per cent, and convertible at any time
with accrued interest into four per cent bonds
The effect OF tins measure, If II passes
The Senate, Will be to make room in the Treas
ury vaults for many millions of unemployed
SAVINGS. chiefly in small amounts. Virtually
if viii withdraw large sums which the savings
banks now hold fol the working classes, and
which those banks have found il difficult and
in many cases impossible TO lend iudicIOuSy
and to place these sums in the Treasury for
the support OF the public credit Opinions
may differ az to the amount of $40 ccftiti-
Gates which may at any time be outstanding,
and ii does not seem quite clear that the interest
bearing OualitywIli prevent the certificates from
being employed as currency 10 considerable
extent. But it is singular that any one should
have supposed that the issue of such ccrtlii-
Gates in place Of legal-tendcr notes would in
volve initiation Of the currency. For every T10
certificate which goes out Of the Treasury
whether into circulation or into private boards.
so III lcgal-tcndcrs must go into the Treas
ury and there remain until it is employed iii
the redemption of six per cent bonds. AS the
latter process will not he pushed faster than
Il. f,u,
bonds. the operation will involve no
change in the volume Of currency in
usc, excepting dminution to the
extent that the certificates are boarded. The
contraction through this process can occasion
no Inconvenience because it would quickly be
arrested by the funding of certificates aud the
retirement OF six per cents.
Immediately after the passage of this usc-
full measure, Mr.. Wood offered bill To re-
quiIe the receipt of legal-tendcrs for customs
duties. The meaning of this bill may he
summed up in single sentence. Presumption
succeeds, the bill is meaningless and useless if
resumption should fail, the bill would involve
reputation of IL solemn pledge of the public
faith. We do not believe that resumption
VIII fail. But the bill passed IS the last effort
of spirit Of population, which still hopes
that resumption may fail, means To make 1t
iaIl if possible, and intends so to provide that
the failurc shall involve as great diShonOr as
possible 10 the country, and as great loss to
public creditors.
Il Is probable that the bill agreed upon by
the Committee on Banking and Currency
expresses most fully the present temper of the
majority in the House. This bill would de-
privc the Treasury of power to sell bonds for
the purpose of maintaining TcsumptiOn-a
power not needed now, because it's known TO be
possessed, but likely to become needed, as
General Ewing calculates if Congress gives
formal notice to the world that the pledges of
the Resumption Act have been broken by
withdrawal OF the powers therein conferred. The
provision that interest shall be paid on called