Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1881-03-16
An Extra Session.

it, to provide for refunding s6s7 800 OF
five and six per cent bonds that become pay
able or redeemable during the current fiscal
year. OF the above amount Sl3,414, 900 six
per cent bonds became due December 81,
and were paid from accruing revenue, and
SILL 800 six per cents will mature July l,
and will be paid from the surplus revenue.
The sum of s203,573,750 in six per cents
becomes redeemable June 80, and $500, 651,-
$50 in five per cents, MAY l. The secretary
of the treasury is authorized by existing
laws to apply the surplus revenue, accru-
ing prior to July 1, estimated at about $780,
100000, to the purchase or payment Of the
above bonds, leaving $685., $4,000, to be pro-
vided for 1t is possible to refund these
bonds at rate that will save the govern
ment about twelve million dollars annually
in interest. The late congress provided for
refunding these bonds in part with FIVE
twenty three per cent bonds, and in part
with one-ten three per cent treasury notes.
Three per cent is lower rate than perma-
nent public loan has yet borne in this or for
eign countries, and many eminent financiers
believe it is lower rate than can be safely
undertaken yet, if three per cent bonds were
offered with long time to run, or if some
other compromising advantage like the re-
moval Of the tax on bank circulation were
given, others are of the opinion that three
per cent loan would succeed. The real OBJ
lection to the bill, its warfare on the ma
tional banks, has been clearly set forth in
these columns, and justly secured its defeat
at the hands of level-headed executive.
Its predecessor having failed to enact wise
refunding measure, the question whether
the forty-seventh congress shall be called
upon at once to provide against the contin-
ued payment of high rate of interest on
over six hundred million dollars is one of
practical Importance How would any bus
mess corporation treat question involving
the saving of twelve million dollarsp The
government may not be able to act in this
case with the expedition and economy of
company OF private individuals, but the
rule of action which would provide in the
latter is no less imperious in the former case.
If there were no other business to engage
the attention of congress, we believe the
question of refunding this Indebtedness of
the nation is alone an ample warrant for the
earliest possible convention OF congress in
extra session.
But other questions of vital Importance
b. III 4
can receive if the assembling of congress is
postponed till fall or early winter. The
passage of a Just apportionment bill is now
matter OF secondary Importance in its rela- |
tion to an extra session. Congress could |
not be convened or arrive at any action on |
this question before the adjournment of the |
state legislatures now in session, so that |
extra legislative sessions for the purpose of |
redistricting is already necessity in those |
states which hold biennial sessions and |
whose legislatures would not regularly meet |
again till after the congressional cleo
tons of 1882. Still, the apportionment of
congressional representatives among the
states for the next ten years would naturally
and legitimately become the work of the
extra session.
President Garfield in his inaugural ad-
dress spoke words Of significant weight in
relation to "the free enjoyment of equal
suffrage" He boldly outlined the serious
that the freedom of the ballot is
practically denied to negro citizens in many
and by implication charac-
terized it high treason to strangle the sover-
eign power and still the voice of free suffrage
in government like ours, where the ballot is
king. He declares with the utmost emphasis
that 81 this question Of suffrage will never
give repose or safety to the otatoO or to the
nation until each within its own jurisdiction
makes and keeps the ballot free and pure by
the strong sanction OF the law Allegations
OF fraud and violence in our elections that
could warrant the strong language the
president used in his inaugural should be
sustained by incontrovertible facts. The
vigorous tone OF the presidents words war
rants the presumption that he believes the
facts exist which called for his frank state
ment of the issues involved in the virtual
disfranchisement of the colored race or of
the peasant class of any race. 1t is currently
reported and generally believed that the
warrant for the presidents discussion Of the
suffrage issue will be found in the title to
their seats of certain representatives claim
ing election to the forty-seventh congress.
Those titles, 1t is claimed and believed, are
tainted by gross prostitution of the free
dom of the ballot. The proof of the truth
Of these changes must be the basis on which
the strong sanction of the law " that shall
keep the ballot pure and free, shall proceed.
The work of obtaining this proof preparatory
to purifying the membership of the house
Of representatives and guarding the violated
franchise by laws cannot be commenced too
soon nor pressed too vigorously. The work
Of instituting thorough-going investiga-
ton into the alleged election frauds in the
south should command the first attention of
congress in extra session. If this matter is
left till the regular session nearly year of
time will be lost and final and decisive &C.
lion delayed till the closing days of the pres
ent congress. If an extra session is called,
investigation may be organized at once,
and, proceeding during the fall, the report
Of the investigating committee can be
made and finally acted upon next winter at
the first regular session of this congress.
The financial interest of the country and
the vindication and protection of the suffrage
seem to render an extra session imperative,
and the new administration can hardly es-
cape the responsibility of calling one.
The MOrey Letter.
The forged Morey Chinese labor letter is
brought to the surface again by the follow