The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-01-25

S!sles in lieu thereof; provided that no
bond upon which interest has ceased
shall be accepted or shall Be continued on
deposit as security for circulate u or for safe
keeping oipublic money ana in case bonds
50 deposited shall not be withdrawn, as pro-
vidsd by law, within thirty days After interest
c5ased thereon, tho banking association Dc
posting tbs same snail be subject 10 The
liabilities and proceedings on the part OF The
comptroller provided for in section 8, 234 Of
tho revised statutes of the United States:
And provided further, That section of the
act Of June 20, 1874, entitled ian act fixing
tho amount of United States notes, providing
for redistribution Of national bank cur.
rency, and for other purposes" be, and the
samois hereby repealed, and section 5, 1859 and
5,le0 of the revised statutes of he United
States be, and tho same are hereby, re-
enacted
Section s, That thisact shall be known as
"the funding ret OF 1881" and all acts and
parts Of acts inconsistent with this act are
hereby repealed.
There is little chance 10 the bilin ite present
shape 10 pass Tho senate The bulk Of the
republicans in congress ppose per cent
bond, claiming that 81 per cent. bond is
tho lowest thu. can bo hoated, and it seems
ths. the moneyoi power Of the north is
backing them ia this declaration. We be-
Ii vo that 3 per cent bond can be placed
readily atpsr, but OF course if capitalists can
brnfga pressure 70 bear to secure funding
bond st higher rate Of interest they will
not hesitate to do So II was vehemently
urged in mOneyed circles that the 4 per cent.
bond could not DO sold, but wo sec that
1t was sold, and faster than tho secretary
cared foV. So will it be with
Q per cent. bond in our opinion. Tho
securities of the government everybody
knows are sure and an investment that is
perfectly safe, Is "A good one for the large
capitalist at per cent. We hardly
think this bond ought to DO redeemabe in
less than ten years, nor payable absolutely in
loss than twenty-five years. While i! is true
that our country ia remarkably prosperous
nov, and the revenues Of tho goyerpmelt OK
coed tho expenses by some 100000, 900, ye.
q season of short crops and business embar-
Fassments might come upon as snd our pros
perily cease for time and general stagna-
ton follow. In that event, tho government
receipts Of revenue would not exceed tho
expenses, and it would DO incOnvanien, TO -,
redeem these bonds, or if they had, |
to pay them Oft. Making them re-
deemable by tho government in Eve years is
not sh Objectionable for il is possible that at
The end of that time the treasury department
could begin to take them up, but suppose !
That they mature in ten years, and at that
lime by reason Of hard times in the country
md financial panics the government is short
In its revenues and cannot take them IN,
then what' Tho republicans in tho senate,
it seems, from expressions made by them in
caucus, the ether day, will only favor 81
per cent. bond for ten and fifty |
years, and there is no doubt but that there
will DO democrats enough with the same
views to send tho bill so amended back to
tho house. Tais congress must pass some |
sort of funding bill, else called session will !
BIO necessary.