Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1874-06-11
The Currency Agreement OF the
Conference Committee Views Of the 7resi-
| dent &c.


WASHINGTON, June, A. 1.-THE confer
ence committee on the currency bill
held another long session to day, and
before adjourning |: its deliberations
agreed to recommend q greenback re-
tirement of 371 per cent, redemption
Of legal tenders in coin after January,
1878, and the abolition of reserves in
circulation. The committee now ex-
pect that they will be able to finish
their report tomorrow. These who
are classed as expansionists say that
this is as far as they can be expected
to go in the way of a compromise, and
If 1t does not meet the views of the
President and those who think with
him they cannot help it.
Those who ale anxious for the adop-
ton of some; financial measure during
the present session, and who represent
the different shades of imitation opinion,
have sought frequent consultations with
the President On the subject, in the
hope of eliciting from him some en-
couragelnentlooking to compromise.
Representative Farwell, of Illinois, mod
crate indationist, and who is member
Of the conference comnlitte, to day CALI
ed upon the President and had a
lengthy interview,in which he reviewed
the action of the two houses of Con
gress on the finance measures of the
session, and stated what, III hisopinion,
would be the ultimatunr a compromi-
Sc on the part of the inhationlsts. Mr.
Farweil, before the conclusion of his
somewhat pressing observations, dis
covered that the President, was more
firmly convinced of the strength Of his
position on the finances, as assumed in
his veto message than even before he
wrote it.-Subsequently the President,
in conversation, abiding to the efforts
at a compromise between the two par.
ties in Congress on the finances, obser-
we'd that the proposition of thirty seven
and e-half OF even forty per cent, Of
retirement of legal tenders, would be
the first place, the Senate committee
on finance reported a bill which he
would have accepted as a compromise,
but in the Senate it was so materially
changed i'll the interests of initiation that
it was most Objectionable. In this shape
it went to the, House and in the mean
time the latter body passed a bill which
was more Objectionable than that which
had emanated from the Senate, as it
had no feature Of redemption nor of
retirement, though it did provide for
free banking. The practical effect of
the latter bill, he said, was the repeal of
the provisions of the Senate bill, except
i'll few lines. -
This bill, he remarked, went to the
Senate, and in the committee Of finance
a substitute was reported, in which
were provisions for the retirement of
legal tenders, to begin in ST., and that
in proportion as the national bank cur
rency was being issued there should lie
retirement Of fifty per cent, 81 that
amount Of legal tenders outstanding
circulation was reduced to three hun,
dred millions. This, he said, was again
acceptable as compromise, but that
When this was reported to the Senate
that body struck out fifty PEI cent, and
inserted twenty-five per cent, extend
ed the time Of retirement. to 1873, and
made legal tenders redeemahle in four
and one halt per cent. bonds instead Of
five per cent. In this shape, he said, it
reached the House, and there. failing
to receive satisfactory action. went to
thn on
The action of that committee does
not promise solution which the Presi.
dent would be willing to accept. 1t is
not expected that the inAationists will
recede from the position they have now
taken, and the President expr essed
himself determined not to give his APP
proyal to any financial measure except
within the bounds already stated by
MIN in his message. The President
observed that as far as the executive
was concerned there would be no use
in passing a bill such as has been indi
Gated by the majority opinion of the
Houses. 1t may be concluded, there
fore, that even if the conference report
as above is adopted by the two Houses,
it will not obtain the Presidents signa~
ture. ..:-.s.
The House, committee on foreign
affairs has decided adversely onthe claim
of the widow Of JAS l.. Orr of South
Carolina, for extra allowance to him
as minister to st. Petersburg. Mr. Orr
did not leave for his post until the sec
ond week in February, 1878, and died
on the 9Th of May, so that he actually
did not serve as minister more than
two months. He received in all from
the government $9,273, which the
committee think was very ample allow
ance for the service pertormed.-Balt.