The daily gazette., 1881-03-03
THE FUNDING BILL Passed

history OF the United states. The
rise from the position in which the
country found itself at the close of the
war burdened with debt of over
three thousand millions to the present
attitude in financial credit may well be
. surprise to the world. 1t is no less
. surprise to our own people.
One Of the most singular things in
the history Of this legislation is the
opposition which has been made to it
during the past weeks by large and
respectable body of Republicans. The
Bill passed the House alter long and
searching debate by substantial ma
jority and was carefully considered in
the Senate under the leadership OF
Senator Bayard and amended in sew
eral particulars, but an attempt to In
crease the rate of interest to 8 l-2 per
cent. failed; only receiving ~ votes.
The Bill then passed the Senate by
the heavy vote of 4S ayes to 90 nays.
Both the Delaware Senators voting
for it. Senator salisbury differing
with his colleague on one or two
points in the bill, made an able
speech in its favor with decided pre-
ference for the 'lowest rate" Of utter
eat, per cent.
During all this time the bill was
well discussed in the newspaper
The Democratic papers genera ly ia
voring it and many of the best Repub
hcan papers also. But most of the
Republican journals concurriug in the
views of Secretary Sherman demanded
Ahigher ratelof inter est. The Bill should
not have been made a partisan nea-
sure by the Republicans in The House
under the leadership of Mr.. Conger.
This man would no doubt have de
featsd the bill if he could by tlibus-
tering, had not a number of Republic
cans openly denounced his course and
declared they would no longer sub
= oso be led to join in such an out
rSgeous and sc3udalous course IL
which they frequently left the House
without quorum. After causing all
the delay and embarrassment fut a
week, to the detrlment of all other ne
eessary legislation the Republicans
v,r,TfFaI p ~. oh 1.
separate Senate amendment and were
able to defeat none of tlem. The OPP
ponents then lost courage aud fearing
to vote against it the Funding Bill
passed by vote of las ayes TO II
nays.
How much more creditable II would
have been and pleasant to every true
American to have witnessed the pass
age of this really patriotic bill by a
unanimous vote. 1t places the gov.
srnment Of The United States on fnan.
cial equality with the most favored,
influential and wealthy nations of the
world. The Republic in which all
claim to be proud citizens of to-
day has credit that every Empire
may well envy.
Truly the Democratic party which
came into the control of The Congress
of the nation when it's credit was baC
would not permit paper dollar bear
ing its impress as a legal tender I,
command one hundred cents, ma
well be proud of he condition to Whicl
they have restored the impaired cred
it. Now paper dollars cOmman
premium in gold in strange govern
ments; and circulate as currency eve
in England. Truly no men were NOR
furiously abused and with outrageou
epi,hets than the Congressman in bot
Houses who introduced and sustaine
the present circulating medium, G
gold and silver,
Their detractors called them ''knavt
and fools, and declared that the coil
age of silver would ruin the finauc,
of the country and cause the credit
the country TO be SO impaired that d
the bonds in Europe would be retur
ed and that Germany and Fran
would food the country with chez
silver until ruin would befall L
Were ever men Of Intelligence 50 bin
ed by mad theorists? We doubt it..
How d -fereut has ben the resu
Instead of cheap silver being Sc
here, gold almost alone has CON
Instead of injuring our credit I
silver dollar joined with the gold dc
lar makes our credit greater than
could be Nitheut its use. Instead
begging auce, Germany and 9th
countries to join in commission
fix the value II the silver as to 90
France now petitions Us to do 50 a
favors taking our sta ndard of 4
grains, or Is. to as the rate. Sur
the Democracy have cause to rejo1c
The Senate judiciary Commit
held special meeting yesterday,
took no action upon the Stan