Savannah morning news. [volume] (Savannah) 1868-1887, 1881-03-29
No Funding Bill at Present.


aud June next, in bonds of lower rate
of interest for some time to come. In
other words. the people viii have to pay,
for certainly some months yet, at the
rate of, at least, $14, 900, 900 per annum,
in the way of taxes to meet the interest
on the national debt, more than they
would have done had Hayes not yielded
to the demands of the national banks,
and vetoed the refunding bill passed by
the 46th Congress at its last session.
This bulldozing of the de factO Execu-
tive by the banks is not to be passed
by quietly, however. Senator VOORHEES,,
of Indiana, has, as our readers have al
ready seen, introduced in the Senate
resolution declaring, in effect, that the
action of the banks was ''hostile to the
refundiHg of the national debt at low
rate of interest, and an attempt to die
tate the legislation of Congress calcu-
lated to excite the alarm of the people.
The Republicans opposed the consid-
Grafton of this resolution on the ground
that the present session of the Senate
was for the express purpose of consider
ing nominations, and not for any general
legislation whatever. This was natural.
The Republicans in Congress, according
to their custom, steadily opposed the
legislation for the many people and
against the few favored bondholders and
capitalists, which was the main object of
this bill, and a Republican Executive
prevented the saving to the masses of
millions of dollars, and the cutting
down of the revenues of the bondholders
in proportion as provided for in the
bill. OF course, therefore, the
Republicans opposed, as they
always will oppose, the keeping
this subject before the PEOPLE
by discussion. Nevertheless it is a sub
ject which cannot be kept down. Mr.
Voorhees, will certainly press his resolu-
ton at the earliest opportunity; and the
discussion which must eventually ensue
thereon will tend very effectuslly to
open the eyes of the people to the true
spirit manifested by the banks in their
course, and to the dangerous power
which they can exert when they see fit
to combine. 1t is needless to say that
such discussion will not be to the ad-
vantsge of those institutions.
The press, especially of the West, is
already devoting much attention to this
subject. Our st. Louis contemporary,
the Republican, in nearly every issue,
expresses itself very emphaticallY and
forcibly thereon. 1t thinks that it is
well enough to have this matter debated,
and that the action of the New York
banks ought not to be permitted TO pass
without an expression of Congressional
opinion upon it. 1t well says: "What
they did once they will do again. Ad-
hitting that the national banking system
possesses all the merits claimed for it,
the public cannot avoid a feeling of
uneasiuess at the extraordinary exhibit
ton of power over the national legisla-
ton which their action in February pre-
sents, and no thoughtful friend of the
system can but regret that audacious
challenge TO Congress and the country,
at time when the country was willing
to let the banks alone. The banks did
not like the refunding bill; but this did
not authorize them to defeat it. Many
laws are enacted by Congress which are
distasteful to large bodies of citizens and
corporations, but they have to be sub
mitted to. The banks are crea-
lures of the very Congress whose
legislation they attempted, in this
case too successfully, to thwart
The bill, so offensive to them, had
passed both houses of the national
legislature, and ought to have been
beyond their reach; but by an exercise
of a reserved power which they had
never put forth before, they managed to
extort from a weak Executive the veto
which defeated it, and left an important
and pressing subject of national concern
unprovided for. If this action of the
banks was legitimate and proper, let
their champions defend it before the
country; if it was not, Congress will
have to decide what measures are neces-
sary to prevent its repetition"
1t will be also seen by reference to our
Washington letter, elsewhere published,
that this subject is attracting attention
IN Washington and the East as well as
in the West. Our correspondent states
that the banks have not gained friends
by their action, and many judicious
persons, heretofore friendly to the
banks, are convinced that the
law which gives them power to contract
the currency at pleasure is fraught with
danger and should be repealed. This
sentiment will doubtless grow with ra-
pidity. and by the time Congress meets
again, popular pressure will be so great
for material contraction Of the powers
of these institutions that even Repub-
lican majority cannot afford to disre-
gard it.