The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1881-02-25
The Funding Bill.

The Funding Bill, which has exercised the
attention of both Houses of Congress for
some time, was passed in the Senate by q
majority of eleven, substantially in the form
in which it came from the House. 1t appears
to have been carefully prepared, and its pro-
visions are based upon the solid condition of
our country with respect to prosperity. 1t
has the recommendation of men of expert
encc and of enlightened judgment in practi-
cal affairs. Upwards ofS600 100000 of bonds
bearing five and six per cent. interest, will
become due in few months, and it seems to
be admitted that the new bonds, which will
bear three per cent. interest, will be taken at
par 50 that the government Will be enabled
to liquidate the five and six per cent. bonds,
and thereby effect n saving of many millions
of dollars in interest alone, everg year.
The bill is at once a recognition that our
credit as nation is equal to that of any
other nation in the world There was
time when our credit ms people was at q
low, ebb. If during the last war we could
trust to popular intelligence to save the ma
tonal credit, we can certainly rely upon the
same elements in time of peace.
The opposition manifested against the pro-
visions of the bill during the long debate in
the House does not prove, of course, anything
against the principle of the Bill. The fra.
mers of the measure kept in sight the fact
that three per cent was better in the existing
condition of things than higher per cent.
under other circumstances. Senator Bayard
doubted the capacity of the country at this
particular time, but he finally voted for the
three per cent rate of interest There was
but little opposition to the bill in the coun-
try at large. Some of the corporations of
stock jobbers and spectators raised an out
cry over the matter, but such opposition
tended rather to make the bill acceptable to
the business men of the country in general.
Some of the nalional banks are making COM
plants and threatening to withdraw their cir
culation, if the bill becomes a law. They are
accordingly urging President Hayes to veto
it. There is not much probability of this,
however, since veto would react with ter
rife force against the Republican party. In
fact it seems to be impossible that any one
who understands the laws governing the
financial world can come to any other con.
clusion than that this country, with its mil
lions of inhabitants, with advantages of soil
and climate superior to almost any people of
the carth can doubt that the United States
is capable of doing what other less favored
nations have been and are doing.
Senator Mcdonald, in his speech on the
bill, plainly indicated that the Democratic
party as to its policy would make war upon
monopolies OF all kinds, upon these moneycd
corporations which are cndeavoring to con-
troll the government of the country. The
doctrine of free trade was especially advo-
Gated by him and he seemed to think that in
the future it should be one of the distinguish
ing features of that party. AS to the bill,
our debt must be paid at some time unless
we intend to rcpudiate. There has never
been more propitious time than the present.
Our crops have been all that we can wsh-
The people may be safely trusted to rescue
the credit of the government from dshonor
from whatever may threaten it. The Phila-
delphia Times estimates that the country will
save fifteen millions by the operations of the
BILL and if this be so it is enough to reconcile
any one to its provisions