Year: 1866

The Loan Bill-Progress Of Correct Viewl


ON the Questions OF Currency and Ma


tional Finance.


| We publish to-day, in another part of ths


HERALD, extracts from prominent journals il


the country on the subject of tho Loan bill


and on the questions of currency and national


finance The newspapers from which we quote


represent all parties, and do not look upon the


matter In q partisan point Of view. They are


published, too, for the most part, in the great


interior cities and industrial and commercial


centres Of the country, and therefore the views


they express are entitled to considerst tion.
A short time ago these questions were little


understood, and consequently not much was


said about them. The opinions expressed wero


very crude, were approached timidly, and gen.


orally were in favor Of largely contracting the


currency. The writer's jumped at conclusions
without reason and without understanding the
subject. But time and common sense have pro-
duced change. The press begins to. see the
truth of what we have asserted all along:
that any sudden and large contraction
Of the currency would produce widespread
disaster to the whole community and paralyze
the finances of the government Some of the
opinions and arguments of the journals re.
ferred to ore not altogether sound, but the
general tenor Of them shows that light is break
| progress has been made within a few months
| toward correct views.


| People will not fail to notice that while


nearly all the press in this city advocates i'm


mediate resumption of specie payments and
| the most visionary theories about the currency


and national finances, that of the great COM


mercial and industrial centres of the country,


and particularly of the West, begins to see the


danger of such a policy. The reason of this


course on the part Of the press here and of a
different course on the part of the country


press is plain. This is the centre Of stock.


jobbing, of the bondholders and of all those


who expect to be benefited by forcing specie
payments. They look only to rapid nppre-
| citation of the bonds they hold. If they could
| suddenly contract the currency, and thus bring
their securities to par in gold, they would i'm


medately be twenty-five TO thirty per
cent richer than they are now. The
| people would be so much poorer, and
| the burden of the government increased, il is
| true; but what is that to them? This is the
| secret of the course which the organs Of the
bondholders here are pursuing. The news
| papers Of such cities as Chicago and Cincin-
| natl represent different interests. They look
more to the welfare OF the farmers, the manu-
| foo xha 1al ,a ,,,,
trial pursuits OF The country. In fact, they
begin to see that the struggle now commencing
upon the questions Of currency and national
finance is between the bondholders on one
hand and the industry OF the country on the
other.


From present appearances the amended Loan
bill of the House will pass the Senate in its
present form, or with immaterial alterations
probably as it is. In that case the people will
be satisfied. They will feel safe as long as
they know 1t will not be in the power Of the
Secretary Of the Treasury, or anybody else, to
disarrange present values and the operations


Of trade. With this guarantee Of security we


shall 20 on In our career OF develop


ment and prosperity; the currency will


continue to approximate, as 1t has been
approximating, gold standard and by the
time Congress will meet again next December
we shall gain a fund Of useful experience and
information to guide us in the future. We all
want to return to specie payments; but we
must not plunge the country into bankruptcy


and the government into financial embnrrass-


mcnts by doing this suddenly. This, In truth,
would only delay specie payments. The only
wise course Is TO let the laws OF trade aud
nature operate as they are operating to bring
about this desirable object The expression of
| public opinion through the press will have
wei ight, doubtless, with the Senate; and as the


Loan bill is in no respect party measure, We


may expect to see it passed in its prcseni form,
or, at least, with but little alteration.


| SUPPRESSION OF THE SLAVE TRADE ny SPAls.-
/ A r.. Lna ;,.r aaI .,,n