Year: 1870

The Financial Policy of the Presidents


aud Congress.


Last Friday morning the administration
members Of the Committee Of Ways and
Means--seven in number--called at the White
House, where they had an hour and half's
interview with the President, mainly in rela-
ton to the Funding bill. The call was made
in compliance with the express invitation Of
the President. The result Of this important
interview cannot now be stated with precision.
By what right these servants of the people
presume to keep their employers ignorant Of
the progress Of the work they are well paid
to perform we will not now stop TO inquire.
II is very clear, however, what course they
ought to have determined upon. There arc
three parties interested In the Funding bill :
First, the taxpayers, who pay both principal
and interest; second, the capitalists, who have
loaned their money to the government; third,
the brokers, who stand between the two first
named and make little something from each.
The Funding bill that passed the Senate on
the lth inst, and was made the subject of the
White House conference on Friday last, is
wholly in the interest Of the brokers or middle
men. The interests Of the taxpayers and
bondholders were certainly not regarded by
the trainers as worthy Of any consideration
whatever; for, while the bill reduces the rate
Of interest paid to the latter, it adds vastly to
the burdens of the former in fact, 1t is
arranged so that the middlemen can stand
between the two and prey upon each.


As is usual in bills OF the kind, the most ne
farious portion is smuggled into the very last
section, which provides for an increase Of four
hundred million dollars to the bonded interest
bearing debt of our country and about forty
one million dollars per annum additional sub
sidy to the national banks. Under its provi-
sions national banking associations may absorb
the four hundred million dollars Of greenbacks
now outstanding, and, by deposting them in
the national Treasury to be cancelled receive
in return therefor seven hundred and twenty
million dollars in gold-bearing bonds and cur
rency--four hundred millions of the former
and three hundred and twenty millions OF the
latter, the one bringing four per cent gold from
the peoples Treasury, and the other whatever
interest the rapacity of national bankers may
please to extort-not less than eight per cent
on an average. In short. section nine of the
Funding bill is worth, If it becomes law,
about forty million dollars per annum to
the national banks that will certainly organize
under its ample provisions. 1t is difficult to
find language to properly characterize such
proposition. We are confident it will never
pass the House. Instead Of adding to the ma
tional banks those already in existence should
be legislated out. Let the section be reversed
or struck out entirely.


The object OF Funding bill is to fund the debt
at a'lower rate Of interest and decrease the
taxpayers burden. The object Of the bill now
before the CoIpmittee of Ways and Means is to
decrease the interest on the public debt, in
crease the taxpayers burden and fill the pockets
of the middlemen and Golfers Of the national
banks. The duty of The committee is plain. They
should prepare ah entirely new bill, disencum-
bered of all national bank complications-a
simple, plain Funding bill. Let agents be APP
pointed at fixed salaries by the Treasury De-
partment to take charge Of and superintend
the whole business, without the Intervention
of any general agent, with ten million dollar
commission for the whole job. The Depart
ment should do its own work. Let them add
a section making agents remit to the Treasury
Department the proceeds Of bonds whenever
they amount to twenty thousand dollars, and
10 cities where there is an assistant treasurer
they should deposit the proceeds of sales with
him daily. The practice of letting agents
have the free use Of several million dollars Of
unadjusted balances month after month we
have had to say the least, quite enough of.


When the time arrives that funding is prac-
ticahle let agents be appointed in the principal
cities of England, France aud Germany to
change the existing bonds for new ones; but if
we tender payment to our creditors let such
payments be made only in New York and
Washington---at our commercial or political
metropolis The Treasury Department can
notify each series Of the 6ve-twenty bonds
separately and offer the holders their money in
New York. the interest to cease at fixed day,
or give them new bonds at the different cou-
yenieni agencies in Europe. Whenever the
new bonds can be sold at par The changing Of
tbe old fo,1 The new ones Ia Europe will be an
easy matter.


THE CHERoKEE NATION. as an independent
nraia1ta ooa ~ ha tyrannorS