New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-02-22

away without any previous sign IndV ne M"e
suffering in mind or body. AT all events,
until some tangible evidence is adduced to
support the theory of suicide, it is more just
to refuse to accept it-both to the dead man
and to those who survive him.
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THE PRESIDENT AND THE FUNDING BILL
At ~ o'clock yesterday, as the so-called
Funding bill had not been presented TO the
President, it became impossible for that bill to
become q law unless he afXes to 1t his sigma
ture For the Constitution gives the President
ten days, Sundays excepted, in which to con-
slider a bill presented to him, and if, within that
time, an adjournment of Congress takes place,
it provides that the bill shall not be law"
unless he approves and signs it. But the term
of the present Congress will expire at II o'clock
noon, March 4, nine days from this noon, sun
DAYS excepted. Thus the responsibility Is
placed upon President Hayes alone. Either
he will sign the BILL and thus, by his individual
act, give particularly dangerous measure all
the mower of law, or he will refuse TO sign, or
will veto it. Everyone knows that the bill
could not be passed over his veto. The Repub-
lican members of the two houses ate so nearly
united in opposition to this MEASURE that, even
if every Democratic vote could lie obtained to
overcome the veto, the requisite twO-thirds
would still be lacking. On the other hand, if
the President does nothing, but merely declines
by his positive approval to invest the pending
measure with incaCulable power for mischief, 1t
will die by the provisions of the Constitution
1t is easy to understand that the President
may be unwilling to sign this bill, in its present
form. and without other legislation TO prevent |
possible mischief, and yet may be disinclned 70
veto it as long as there is possibility that the
needful protective legislation may be adopted. |
The bill to remove part OF tho war taxes from
banking property, for example, would go far to
make refunding a success. Fer it would make
some compensation to the banks for the threat
ened withdrawal of power to increase or reduce
their circulation at pleasure, and for the threat
ened reduction of 2 or per cent in the interest |
on bonds deposited for circulation. Had the |
majority in Congress been ruled by common !
sense, and not by partisanship or passion, |
provision of this sort would have been embodied |
in the Funding bill, perhaps SO framed as to
apply TO National banks in proportion to their
holdings of three per cent bonds. In any case,
the removal of taxation might then have been |
made conditional upon the passage or the Three |
Per Cent BILL and the compensatory feature would |
have been of some just effect in recommending |
the measure to approval. But Congress Obsti- |
nately persisted in passing the Three Per Cent |
bill in its worst and most dangerous form, and !
now it rests with the President to say whether
he will approve it in the absence of any other
enactment to modify its injustice and to guard
against the dangerous and violent contraction
which it threatens The sooner he makes his
decision known the better for the country and
for all legitimate business interests. i
There can be no doubt as to the Judgment of
the business men of the country in respect to
this measure. Formal memorials, from such
financial and commercial bodies as the Clear
ing-House of Cleveland, will inform the Presi-
dent Of the opinion of those who are best able
10 Judge OF the consequences. But even such
memorials, however numerous or weighty, must
be slow-fOoted and ineffective as evidences OF
the Judgment of business men, in comparison
with the swift Geographic dispatches which
give formal notice of surrender OF circulation.
1t is not necessary for the President to act in
the dark. He can learn what this bill means by
asking the Treasurer of the United States how
much circulation has been surrendered since
Friday noon.
Yesterday, the deposits at New-York alone,
Tie VI uIlOuutbu u
about $3,60O,O00. In addition, at least one
deposit of 100000 was made in Boston, and
the New-YOrk deposit included $500 900 |
known to be on account of Boston bank |
Telegraphic dispatches indicate clearly that the
movement has not been confined to these cities |
Yet the mischievOus bill has not yet gone to the
President and there is still chance that dis |
agreement between the two houses may delay |
or even defeat it. If circulation amounting TO
100000 is surrendered within two days in |
only two cities, before the bill has been sent to |
the President is there not the best OF reason to
urge him, as speedily as he properly can, to |
make it known that the bill in its present form |
will not have his apprOvaf few straightfor- |
ward and candid words from the President |
would end all apprehension and arrest the dis |
turbance which threatens TO increase with each |
day of delay and uncertainty. II he has ex- |
amined the bill, in its present form, sufficiently |
to have become convinced that it is an unjust |
and dangerous one, which he ought not to |
clothe with vitality by his positive approval, |
there can he no improperly in his making the |
fact known in the most public manner. Pos |
sibly such an expression Of his conviction might
do great good, by inducing Congress to act more |
speedily upon other measures OF a protective or
modifying character, which are now awaiting !
its consideration. II the object of Congress is to
reduce the interest on the public debt and not |
merely to prevent retundinG, it viii not hesitate
TO nut an end TO O contraction which, of itself,