The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-20

the investigating committee. II had adjourned
when hi9 virtuous Indignation had reached the
eferyescing point but II he lives till Monday an OPP
portunity Will again arise.
Criticisms Morion's Financial Bill.
The bill submitted by Senator Morton for the re-
demption OF the currency and the resumption OF
specie payments Is undergoing more than the usual
allowance OF criticism, which is regarded by ex-
perenced 1nanciers an evidence that 1t contains
something more than was expected from any one OF |
the multitude OF plans that have been prepared. |
The objections to its provisions are, in general not
very well TAKEN and bear evidences OF having been
strained in order to discover faults. 1t has been
objected to his plan that the national bank currency
having year TO run after the govern
ment has resumed specie payments before
1t will be redeemable will undergo
rapid depreciation in value, and would soon
drop out OF circulation, which would De equivalent
TO q contraction OF about $500, 900. That II Will
be impossible for the government TO hoard up coin
enough by July, 1871 to redeem $4o0,0oo,0Oo OF
greenbacks. Again. 1t Ia urged that the fall in the
price OF gold Will bring our bonds home from Europe
and cause greatly increased sums OF gold to now
thither. Most OF those who have had large hnan
cia experience speak very highly OF Senator Moron's
bill, and think that with little Improvement II viii
meet the necessities OF the country. General SPIN
ner Treasurer OF the United States approves OF the
These defects having been rectiied by amend
ments he believes the plan would be unobjectonabe
The first of these defects the Treasurer thinks Is the
clause providing that the national banks shall re-
sumo the payment OF specie six months or a year
after the day on which the government resumes.
They should be required to commence the redemp-
ton OF their notes simultaneously with the govern
The second defect, in his opinion, Is the pro-
vision requiring the banks TO reserve the interest on
their bonds from July, 1870 in order TO be prepared
to redeem their outstanding notes in July, 1872. Mr.
Spinner thinks that the interest should not be paid
to the banks at ALTO be left in their custody-but
should be retained by the government until the time
shall arrive when the gold reserves will be needed
for redemption Of national bank currency. The
General also thinks that the bin should contain
provision for the funding OF the debt.
The Postal Telegraph Proposition.
The officers Of the Western Union Telegraph Com
pany, who were here last week for the purpose OF
defeating Washburne's bill for the construction OF
government telegraph, under the direction Of the
Post Office Department, between New York and
Washington, are to return again after the holiday
recess. They affect to treat the whole project Of
washburne with contempt. Last session they sue
ceeded SO well in frightening the Committee Post
Offices and Post Roads that they have commenced
the same tactics this winter. The ''father of the
House" is not to be put OFF in this way,
nor will he allow the committee to put
his bill quietly to sleep simply because
Mr.. william orion asserts that should 1t become
law it would entail useless expense upon the gov
eminent. orion seems to have come to the conclu-
that Washburne is now in earnest and that it
Will require considerable effort to postpone action
the part of the committee this is what he hopes
to do. Besides Senator Ramsey's bill to incorporate
the United States Postal Telegraph Company and to
establish postal telegraph system, which in
troduced last July, Is now pending in the Senate
Committee Post Ofices and Post Roads, Ram
sey, who is chairman OF the committee, proposes
to report this bill to the Senate at an early
day and TO endeavor to push IL through OF course.
This, like Washburne's bill, is in opposition to the
Western Union monopoly, and the officers OF that
concern will have their attention occupied at both
ends of the Capitol. When orion was here last
week he had with him the printed proof sheets OF
long argument purportng to show that it would be
impossible for the government to carry out the pro-
visions of the Washburne bill, even IL it should be-
come law. This he read before the House Com
mittee on Post OfDces and Post Roads.
1t Is his purpose to return again after
the holiday recess with printed copies or
this argument for distribution among the
members OF Congress. Orton claims that a majority
OF the House committee against Washburne's
bill, and he hopes to strangle II in committee. n it
that it VIII go through, because there disposition
among members to encourage competition in tcle-
graphing as well as In railroads. Orion has orga-
nized q small lobby here which, like the telegraph
company Is close corporation intended to operate
mainly on the committee; but IL 1t IL found neces-
sary it will be enlarged and extended. What effect
this will have upon the committee remains to be
1t is the intention OF f. b. Washburne, how
ever to give the matter close attention, and any
that gentleman.
Proposed Reconciliation Of the Customs
Branch.
Among the numerous subjects on which 1t is pro-
posed to invite legislation during the present
sion, the question OF reOrganizing the customs
branch OF the Treasury Is receiving o good deal OF
attention. bill is now In course OF preparation
having for its object the rearranging OF the salaries
Of customs officers. The amount Of compensation
is to be regulated by the extent OF the collection
business done at each port, and collectors, survey
ors, inspectors, &C., are to be arranged in classes
according to the importance Of the ports at which
they stationed. AS certain ports in the country
do comparatively small business in the way of col
lection, but at which the duties in connection with
the service for the prevention OF smuggling are
quite onerous the collectors OF these ports will he
classed along with the more remuneratve grades.
II is said that bill viii be introduced TO sepa-
rate St Louis, NO., from the collection district OF
New Orleans, and constitute it porS OF entry.
The Case Of the steamer Meteor.
W. H. Aspinwal A. A. Low & Brothers, L. w.
Jerome and other prominent merchants OF New
Ycrkt who subscribed funds for building tho swift
and powerful steamer Meteor, during the late war,
with view to rendering her 10 the government for
the pursuit OF the Alabama and other pirates and
blockade runners, have pettioned Congress for re-
dress from certain grievances which they say they
suffered at the hands OF the government II will be
remembered that the Meteor was completed just az
the war closed, when Of course she could be OF no
service to the government From her peculiar
construction she was OF little value except
for sale to foreign bellieerent. She was
accordingly fitted for sea with the intention OF
aeliinn her abroad Sha waa hnuauar seixed hu