New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-19
TILE REENNNING BILL.

THE REFUNUING DILL.
Yesterday the Senate rass"d tn bill to pre-
v,nt rounding. Tne obicc ions to TINS OIL
arc so serious, and the dangers which might
result from it are so great, that 1t ough' hM
to Income a law. 1t cannot become l'W
" rhOut the signature of President havtS, ana
there is no reason to dcdbt that Kepuohcdh
House if called together promptly, would pass
q very dilfercnt bill. The expense OF an extra
session would be insignificant compared Win
the sum which the Government won IL '"S'
before next JanuIy # rciundlng 'lhder thr
pcnd.ng bill shOulI fail. Ahd that loss IL IL
would he insignificant III comparison WIN tha'
of the peYple if this most ill-tmcd measure
should 90 into effect, and should ct'lSc serious
financial disturbance. The opinion of the
Presuept'S Fmanc al Secretary has been very
;orc,bly aud pl ,inly OK rc,sed. He does not
believe that refun ing can he accomplished at
three per cent, and has shown that TIE & W
errmrnt would lose more than $l,0O000O
Der month if the effort sh0uld fan
If NAV be doubted whether the President
will t; Ike the responsibility OF approving
mil under which such loss will probably re-
suit. Thus far his wis' conservatism on hhah-
c,aI MATTERS has been the strong buWirk %
the counry, against I'll the wild and DANGER
OILS schemes which have lIrc@H cd ITS pros
pe,ilv. l. may well be dGrbed whether H.
will consent a. one OF the last 1cis OF ~ adj
mmistration thus far 80 hunor bic, 10 sign
hill Which involves serious Ii'k Il mduslHai
and financial disasters.
From beginning to end Ibis bill has beer
Democratic partisan measure. Political mo-
ti>es OF the least cred able sort lave been thc
,.aiu cause OF its success tlij.s far. The WISE
and conservative advice o. four Democratic
Senators. among whom tbs state was CLAD to
see Mr. Kcrab, has not awaited to overcome
-bc wrong medicines Of Their party. In"
tour Republican S majors who voted fer the
vial feature OF The bill ID cOmm'ttce-MeS rs.
INGALLS,, Kellogg. S'undcrS and 1eIe'-cer-
tainly do not represent the best thought or
the highest wirdtIl of the part. WITH these
| excrntiops on the decisive vote in comml'ter.
the measure was support ID and passed by the
| d. mocl1tic party, aud opposed by the Rcpub-
Iicon ,,r,y. In the House, the division of
opinion was nearly the same. These iac'S
,bould not sway the judgment if the bill were
a safe or wise one in itself. But the strong
nartisan spirlt which has been openly invoked
| RI aid this mca>ure, and which Is sl own III the
/ action or mcuOtIb, HOCb i"I w v" l'i''N wv
| ;udo,oeot of the Senate or the House OF the
weight which it otherwise m,ctt have. Nor
will il escape the notice of the President or the
country that every malignant hater OF the
| nublic creditors, every embittcred and vene-
| mons representative of tie dISOyal spirit
every shomeless advocate OF reputation, every
known enemy of the public credit, voted fol
] this measure.
| Tho President will probably take time tC
consider his duiy carefully. Meanwhile, he
will have opportunity to hear from SOUND
business men, and from commercial organEa'
|, tons throughout the country, what they THINK
| of the probable consequences 1t this measure
should 60 into effect. No doubt, SOME differ
ence of opinion may appear. But We
think that an Over whelning majority OF
tbose who are best informed as to
the industrial, financial and commercial
interests of the country will urge the PreSI'
DENT TO arrest this bdI before it can do harm
| The country is dOing veil as matters stand
without taking any powerful financial drug Of
unknown properties. There Is no occasion tOi
| dpsnerate experiments, whi"h may help Oh
may kill. Refunding is certainly possible by
methods which are absolutely sale. Business
men will be SLOW 10 ADVISE, NJ euon VIhc'
doubtful and hazardous experiment.
II is not unlikely that an extra session may
he rendered necessary. Or highly desirable, by
tb4 failure OF Congress to perform rightly
miner in,portant duties. If such u session II
TO be held, The subject OF reluuding should by
all MEANS be held open, 80 that member
fresh fron the people can act upon it, mol
is 1t at AZ cl ar that, if no other occasion FOL
an extra session should exist, the President
might not feel that the exceeding Importance
of thi, business would justify tho calling O
an extra session on account of the Refundnl
bull alone. AS 1t stands. the bill passed cal
do no coed, and might do great hahn, If per
1 limited 10 30 into operation. measure whIcf
would surely do no harm, and would as surely
save the country many millions, and greatly
promote it's prosperity, might have beer
i passed, and can yet DC passed within a ven