The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-30
The President on the Financial
Need Of the People.
A STABLE CURRENCY.
The Question Of Restoring High
Tariff on Imports.
HISTORICAL SCENE IN THE HOUSE.
A Colored Statesman in the Chair
OF the Speaker.

WASHINGTON, April %. 1874.
The President ON the Measure OF Finan.
cial Relief Needed and Desired by tho
People-More Stability ON the BASIS OF
Gold and silver-Thirty Millions OF
Idle Currency at the Command OF the
West and South.
Letters from business men. merchants and
others ale daily received by the President, thank
ing him In the most ardent manner for the veto Of
the Senate Finance bill. They are not limited 10
sections, the South and West pouring their graft
tude upon the President for his action as well a.
the Eastern and Middle States. the President
says that 1t is very pleasing to him to
get these assurances Of the good viii OF the
country, confirming the wisdom OF his action. lie
did not hesitate In doing what he did, when he
had carefully considered the subject and now
hoped more stability would come to our financial
credit than ever before. Aiusion was made to
compromise measure which would be acceptable
to both sides. He did not know what force was
intended to apply to the term compro-
mise, unless 1t was an agreement to carry
out the pledges Of the country. That
might be considered compromise by those who
originally defeated every proposition offered dur
ing the discussion In Congress, and, by SO agree
ing, have reason to believe such legislation would
meet with his approval. 1t has been said ne
promised in his last annual message to heartily
support any measure Congress might decide upon.
He did not intend any such construction to be put
upon his language. What he did say then,
and had repeatedly said in other messages,
and now repeated even in the very language OF
that portion OF the message referred to was, .The
resumption OF specie payments is an object de-
vouty to be wished for by ALL and by none more
earnestly than the class OF people most directly
interested. those who earn their bread by the
sweat OF their brow. The decisions OF Congress on
this subject viii have the hearty support of the
Executive" II he had not made himself under
stood IN those words, more recent message
would clear up anything like ambiguity. The one
thing he had endeavOred to make plain during his
administration had been that he was for carrying
out the solemn pledges OF the government at the
earliest day possible, and q specie basis, the
establishment OF our currency on gold and silver,
had been uppermost in his mind whenever
he sent to Congress his annual messages. He had
not said what kind Of bill he would
approve, and did not think it necessary to repeat
his views on the subject Of finance at this time.
What had been convictions OF duty before were
now made clearer by the light Of criticism from all
parts OF the country, and he could with truth re-
peat sentiment now, expressed when he first
addressed the people as their Chief Magistrate
as against the will OF the people.
He vetoed the bill to pay DR.. J. Milton Best
for loss Of property during the war, because
he thought it would establish o precedent
1raught with danger, and not because the
case was not meritorious. 1t was his earnest
hope shat congress would dispose OF the
question. The redistribution Of $25,Ooo,0OO OF
banking currency, with IS, coo OF notes belong
ing 10 broken banks and banks in liquidation, In
the South and West, ought to furnish for the
present all that was asked for, and he had been
assured since the veto OF the Finance bill that the
New England Banks were anxious to reduce their
circulation, tnasmuch az the bonds now held for
circulation would be released and furnish them
with larger currency capital for loan than they
now had While our securities were worth in legal
tenders sixteen and seventeen cents above par and
national banking notes were bound to be secured
under the existing law at SO much sacrifice to the
banking capitalist he did not wonder the New
England banks were anxious to cancel their notes
and get their bonds. In fact this suggestion came
TO hum early last fall during the stringency in the
money market and he thought 1t worth calling the
attention OF Congress to IN his last message Since
then he had heard nothing to change his opinion
on this point.
Liberated Slave In the Speakers
Chair-The First Negro Presiding Over
the House of Representativcs-Mem
able Scenes.
The hall Of the House OF Representatives during
this session has been the scene of events OF more
than ordinary historical interest At the begin
ming OF the session there came the wierd,
attenuated form OF the Vice President Of
the Southern Conlederacy, the cynosure Of
all eyes. With grace as delicate as
It was maenanimous the House accorded
sho urtvi mi IN
selecting his Seat, without the usual form OF draw.
ing by lot; again when he spoke Tor the first tine
the House massed itself about;him. eager to hear
every word from the inlrm veteran, and gave him
such attention as has seldom been equalled
in our Congressional halls. A few days
ago the eulogy pronounced by l.. Q. G. Lamar,
OF Mississippi on Charles Sumner transnxed,
as It were, every one present in the House. The
speaker sat with folded arms ana gaze intent
throughout its delivery, wnN o silence unbroKen
pervaded the chamber. AL this was con-
stdered eminently proper. But to-day the
other scene, the emancipated negro sitting
in the Speakers chair, presiding over the
House Of Representatives while Judge Parker,
/, Of Missouri was making an eloquent appeal in be-
bali OF civilizing the Indian and elevating him to
citizensbip-tnat IL the scene which win make the
history Of the session memorable in American an
nhlS. Tic uOuOi VI plcSluIuB OfeI thc nOuSo
was accorded to q colored representative for the
first time in the person of Joseph H. Rainey,
the Representative OF the First South Carolina dts
trict, who was born slave in Georgetown In 1882
During the war he was forced 10 work on the for
tifcatlons OF tho confederates In Charleston, from
whence he escaped to the West Indies, returning
10 his native town at the close OF the war. He has
been q member OF Congress several times and
is highly respected by the members OF this
House. II was to THIS member that the late James
Brooks went at the close OF the Credit Mobiher
matter and thanked him for the friendship he had
shown MIN during the discussion, and other EVIL
dences OF his esteem, remarking that his conduct
challenged his admiration. and as debt o! graft
tude thencelortb he would be the friend Of the
colored race.
The Question or Restoring the Ten
Per Cent TariN ON Imporfn tfons-A
Large Addition TO the Revenue Thus
Obtafnablc.