New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-24

system was an experiment amor tionment the
ssscs we're entitled s1sS go
anan yUsaOp Of vd r W 1ssS a more than their
portionment Il would require toOoocoo to eGaa,sse
distrS1tiOn on hs Oas; Of the oct S NJ ts
S %daa the now s''T require still twenty million,
6 %Srs system %.' and w1sSed to relieve IT this
blemlsh and its monopoly features which render IL an
ion had been confused with depreciation To initiate
tho currency "a TO Increase the amount whether IN nei
or the de%anHs s Sl by tho accident
| OF war, It produces arrangement Where ~
in obedience to the demands OF ous,n am talk
Of Initiating with cotton mills because Their heir
rency by free banking Great improvements have been
made In paper money and our curresGy ,i 40 :. Wild
cat banks gold coin I, to the IRON money o. sparsi
From old forms OF money most OF the arguments agss'
ing, With bills secured by bonds Of unqaos.
toned value. was great step i forward: -, O "a
Years a. the steam-engine When becomes
convertible is made subeo to the perturba0ns OF eoa
" short crop at home, or large crop abroad, would
make transfer of gold necessary, aud would d,surp
Which " other nations have larger supply II places
home industry foundation they msy withdraw.
resumption until the country is fully prepared Tao
ereenbacks the most popular currency we ever had
VAR IL never Occurred 70 the people that they were
forced loan. They took them without force ana woula
them would be glad to see them substituted for National
bank notes TO bring them to par IN tws u
rise In whisky or sugar would bring pront 10 er-
chants having them in stock Hence there Is class io'
Whether we are in condition for specie payments is
practical question The Director OF the mint estimates
that there are about tiOOOO0 In gold in the country
of which S8oOOOCo are in the Treasury 6eGagns tm1
shall 1t DO increased3 The mines produce only toooo
annually The export OF COIN and bnon roG soh onas
exchanged abroad for skies held there put coa1
not DO sold for gold to bring back d9e nanS
Even the Of the Geneva award had TO I've taken
In bonds held there. They would not speI goia 10 go
deemed and retired or again put In eircuaton the
Government must be continually prepared 70 fe Ree
will be abolished, speculation IN gold having
ceased and those wanting 70 sena go,d aproa wch viii
make continual drain for gold. Ihen panic aoroau
Will lead TO the suspension OF pshKS SeG sr,ued
that the people OF West and south were losers by tho
for them let the East have them an ms was teilns
| them in effect that they did not know what was
E TSrsos aof ,oana6e funds, the 20 banks in
Missouri out side of st. Louis, had capital OF s2SbOo
taion but go wherever the trade take them
Currency issued by banks IN loans is localized ike
| be there borrowed again. An increase of currency
just keeping pace with the Srodcs anu an u
healthy increase OF prices The whole bust
OF the country IS upon level Tit6 the Ire cur s
justed to each other perfectly IA If 1t was coin III.
stead of paper Tue conversion OF currency prices OF
exports into gold prices easy as converting dollars
into POUNDS sering from tho export you deduct pre-
MUM to the import yon add it. 49,, $780,.
speeches OF the senator from Indiana tMr. Mortonl:
snece naynens and the impracticabity OF free bank
ing without specie payments He (Air Schur sain Tue
financial discussion had already attracted the attention
of the foreign press and such propositions for expan
sion should become law, as had been made mere, Wo
would become the laughing stock Of the whole world
He q III. a
VI the legality Of the 81 100000 reserve
Mr.. MORTON SAID there had been some doubt upon
the subject but in his opinion, tho Secretary had
authority. AS the law stood, 70 issue It,
from Indiana mr. Morton). and said that the senator
time ago had charged MIN In sonqr1 Win know
having been Doru in foreign country lie Cdr. Schurzl
two or three Years ago he oppressed similar views
Mr.. MORTON said that the Senator from Missouri ap
peared TO be very familiar with his record and he (Mr.
norton had been struck the similarity of the ideas
of the Sc with those experienced by mn some years
out where the Senator got his IDEAS namely from old
speeches which he pIr. Morton, had delivered,
emily. lie did not OBJECT. however, rs he thought
If his friend wanted to ma, make ,S speech Gl
Mortons) old speeches Tue Senator had accused him
OF changing his opinions; true, he had changed his
| op,nlOns ON important questions. Senator Schurz 1t
seemed, had changed his opinion. too on some Qnes-
Not long he was S accord WIZ 6d hs he 10
could to break up. He had perfect rght TO do 80
MIR sCHURz-But the Senator from Indiana always
changes his Opinions for the worse Ii he changed
for the better would have nothing to say. Laughter
Mr. MORTON said he remembered that the gentleman
Air. Schurzl had changed In another INSTANCE one
time when he was in tho service OF Andrew Johnson,
and was South inquire INTO the condition OF al
fairs he entertained views very different from those he
Mr. sCHURZ said that the fundamental principles of
the Republican platform were specie payment ana Cyl
Service Reform, and he was in favor OF both.
Mr. BAYARD Dem., Dell spoke Of the action Of the
Secretary Treasury issuing part of the 100000
reserve said il fragrant violation OF the law.
lie did not tank there was lawyer or layman VINO
would that the reserve was issued In accordance
Mr.. WRIGHT Oaep. Iowa. defended the action Of the
Mr.. CoNKIING rep. N. " said he had been sitting
here and mad heard the action O the present ana former
Secretary of the Treasury commented on IN Issuing
that reserve until he felt that his silence longer would
when the Bill to retire the s4OOOOOO discussed. ana
said the Senate refused to incorporate an express pro-
issued again The Secretary not to blame In constru
ing the law enable him TO issue thai in OF
emergency He thought nothing short OF the provision
which the Senate refused TO engraft upon the bill would
close the door upon the issue OF the reserve
The charge that the Secretary had been guilty of usup
alton Of authority, was unjust aud un"arranted espeei
ally the body which had refused to incorporate the
amendment which would have prevented any issue Of
W" Mr. suERMAN rep Ohio) said tho reason that tho
| amendment was not adopted that the Senate
thought the bill perfect without it, and II was not
deemed advisable to send it back TO the House after
much time had been consumed. He sorry now that
the amendment had not been adopted and thereby al
ator from Connecticut (Mr. Buckineham would with
draw his motion recOmt the bull 10 equaze the dis
trbution OF currency and he mr. Sherman) would then
offer the bill reported by HIM to-day as substitute for
the original bill Tue matter would then be directly be-
fore the Senate. -
The CHAIR suggested to the Chairman OF the Finance
Committee that more simple way would DO TO intro,
duce the bill this evening and have 1t made special
order for tomorrow. 80,
Mr. SHERMAN said. in order to test the sense OF the
Senate he would postpOSe indefinitely the Dill
10 e0uaize distribution OF the currency and take up
the bin reported BY him this morning from the Finance
Committee. -,
Mr.. FERRY QIep. Mich) said so much time had been
In discussion that now upOn tue eve OF
taking the vote, 1t would hardly be just indefinitely TO
posi- the for the purpose OF taxing up
one.