New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-17
THE DEVOCR1TS AND REFUNDING.

whenever final action on the Funding bill
may be taken. Fine words and soft phrases
ought not to blind single member to the
real nature OF this combination. Seventy
Democrats have voted to subject the bonds OF
the United States to taxation, regardless of
pledges of the public faith. Others have
voted to force public creditors to take dcpre-
ciated silver or paper in payment OF bonds,
and others still. to pay out and scatter the
fund now held in accordance with a
solemn pledge of the public faith, for
the redemption of notes on demand. 1t
is waste of time to search for any
euphOriOus phrase to fit these men; they
not only are repudiatOrs, but appear to be
proud of it. Besides these, there is another
class of members who have purely speculative
ends to serve. The world does not know,
nor does it greatly care, whether they have
corrupt share in the speculatODs which they
serve, so long rs they act precisely as they
would if every vote and speech were dictated
by the "bull y pool of stock and bond opera
tors in Wall Street. Day after day, for weeks,
personal assurances from Mr.. Wood, or Mr.. Ran
dali, or other Democratic leaders in the House,
that the Three Per Cent bill would be passed
passed about in Wall Street to encourage ii G
spectators for an advance, and have had the
desired effect. If the members of Congress
who are lOudest in denOuncing " the money
power" are not its conscious and willing
agents, they ought at once to bring actions
against themselves for defamation of char
acter.
These two classes are kept together by
Democratic partsan necessities. In order to
make false pretense of anxiety to fund the
debt at the lowest possible rate of interest,
the Democratic Speaker and Chairman of the
Committee of Ways and Means take the lead
in resisting every amendment by which actual
refunding of the debt might DE rendered pos
sible. Some bankers who hold five and ak
per cent bonds, on which they want the in
terest to continue, applaud heartily. Some
great spectators, who care not a brass
farthing for the honor or welfare of the cOun-
try, provided they can unload a large lot of
securities at high prices, also applaud heartily.
DislOyaists and regulators, whose main de-
sire is to break the public credit, chuckle at
the prospect that loan will be offered which
capital will not touch and that the United States
will be left with no provision for the bonds of
1881.
On Saturday another minor feature Of great
importance to those who want refunding to
fail was adopted by the majority. 1t allows
only one quarter of 1 per cent for all the ex-
penses of manufacturing and otherwise pre-
pairing, issuing, advertising and selling the
bonds and certificates. 1t was shown, before
the vote was taken, that the mere mechanical
work would cost more than the rate allowed,
so that the Treasury would be left entirely
without means for bringing the bonds to the
notice of the people, or for inducing any per-
sons to act as its agents in the sale.
Any member who wanted refunding to
succeed would naturally have voted for a
higher allowance. The majority did not want
refunding to succeed, and therefore naturally
voted for the inadequate allowance named.
The bank clause was then reached. Mr..
Hutchins, whose recent associations as a
Democratic member have not entirely incapaci-
tated him for seeing or speaking tho truth,
showed that there was great danger of q sharp
and disastrous contraction of the currency
if the bill should be passed the House was
playing around powder magazine with
" matches" But Mr. Wood at once appealed
to cOmmunistic and partisan prejudices, and
appeared to have enough Democratic sup
porters to prevail.
The speculative end of the combination
would be as we'll suited, or even better. if the
bill could be passed with provisions to save
the banks from harmful effect. But the
repudiating and bank hating end of the COM
bination would not vote for the bill, If 1t
should be 80 amended, aud its defeat in the
ha ha
common excuse now given for supporting this
measure, with all its mischievous features, is
that the Senate may cut its claws and draw
it's teeth. But that Is no reason for disturbing
the public credit no reason for inficting
upon the country weeks of apprehension
before final action in the Senate can be reached.
The passage of q dangerous measure by the
House, after 1t had been treated SO conspicu-
ousiy AZ party measure, would create
natural and strong presumption that the
Senate, being controlled by the same party,
would substantially concur. That impression
would be produced abroad as we'll as at home.
Wherever there are sensible business men. II
would 10 seen that disastrous monetary
disturbance might follow the passage Of
such o bill. The immediate effect upon
ell new undertakings and investments in
American enterprises or securities, would
be likely to be very unfavorable.
Largo sales of bonds and stocks 10
this market by foreign holders have, In
TACT begun already. In part because dis
Is feared, and in part because pres
eut prices invite realizahons. But a selling
might DO 90 accelerated, and be-
come 40 enormous, az to bring about exhaus-