The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-23

penses OF the national loan other than the rrespon-
sibe system now In vogue. Notwithstanding the
strenuous opposition OF the Secretary the commit
tee will report bill requiring . regular estimate
OF the amount required. and specific appropria-
ton win be made, the same as for any other ex-
penditure. They will also require statement OF
items. This Will put an end to clerical pleasure
excursions and other Illegal uses Of the peoples
money.
Policies OF Expansion and C0ntrac-
tiOn-The Innationises Hard Pressed.
The more important actions OF the senate dur.
ing the morning hour were the presentation Of a
bill by Mr.. Anthony, from the Committee on Print
ing, prohibiting hereafter the publication Of any
speech in the Congressional Record not actually
delivered In either house OF congress, and reso-
lutiOn from Mr. Sherman instructing the Com
mlttee on Public Buildings and Grounds to In
quire into the expediency OF suspending the ap-
preparations for oil public works not actually COM
menced and Of turning the Same into the Treasury,
which was passed. The unfinished business on the
subject OF the finances was then called up, when
Mr.. Boutwellirose to discuss the question. As ne
had been Secretary Of the Treasury for four years
and had experienced many of the trying
hours OF the department in the adjustment of
financial matters, Senators ana the country atur-
ally looked forward TO the occasion when this
cnleL distinguished as well in the management OF
financial as political dificulties would take his
place to give the country the benent OF his ex-
perience and aid IN assisting to extricate It's
affairs from the Illuminating dilemma INTO which
they have fallen. But sufce II to say that so far
as a well prepared, finished and thorough handling
OF the financial question was concerned, which
might 60 on record as an example Of lofty CON-
prehensve and scientific financial disquisition,
either OWING to the want OF prepar alton or u
modest disregard Of the opportunity to distinguish
himself on this important occasion, truth
demands that 1t be said OF him that
in general estimation he fell far short
Of what was expected OF him, He showed o full
knowledge OF the events which had transpired in
the Treasury Department; yet in the minds of the
financial savans ne did not write himself down
to-day as a political economist. OF course, he
ploughed through opposing considerations with
the Prov OF a Boston clipper, and after retorting
upon Schurz for his accusation Of "the do-nothing
policy" while be denied II and in measure argued
1t away, stu the burden OF his song showed that
he barely avoided the reasonable ground for the
soft impeachment. He did not want any new
policy tried. He thought the oid way Of working
finances good enough; was opposed to inna-
ton and contraction; went through the
history Of the New York stock market
and the SPECTATORS generally, blaming them
for everything, and pointed to New York as the
pivotal centre Of the panic and the headquarters
Of financial imitation. He glanced at all the plans
proposed for relief IN discursive way and gave a
full financial history OF the workings Of panics
from his standpoint. He referred to the influence
of panics on workingmen, who were the persons
really deserving Of sympathy; said there were
three classes the debtor, the Ore0itor, and the
simultaneously debtor and creditor-classes all Of
whose rights were to be respected; and no egisla-
ton having for its object either innation or ex-
panson could be had without injury to them IN the
changing OF values He sustained Secretary
Richardson's action in regard to the use OF the
$4400O.00O reserve, saying he did in regard
to It what the Bank Of England
had done for the British people. He passed such
eulogy on the British Empire that one would sup
pose he had forgotten the Boston Harbor tea fight,
and his mental perception seemed TO have been
badly affected by looking out on Boston Common
through those large panes OF English glass which
adorn the double windows OF Beacon street. Per-
haps he forgot his ancestors and took other than
Yankee views OF British greatness. At the close
Of Mr.. Boutwell's speech. for w. "a he was con-
graduated by many Senators, notably Morton, the
Senate adjourned. The expanstonlsts are Of good
cheer. though some Of their number are exposed
to heavy fire. To morrow viii probably end the
present part OF the contest
Propositions by Secretary Richardson
for the Better Regulation OF the Gus.
toms Service.
The Secretary Of the Treasury has written let
ter to senator Chandler, chairman Of the Senate
Committee on Commerce, stating, by invitation of
that committee, his views on the subjects covered
by Senator Fenton's bill to regulate the customs
service, and the disposition OF fines, penalties and
forfeitures. Secretary Richardson goes into an
tenoed discussion Of these collateral subjects,
and recommends the following measures
First-A revision and consolidation OF the Tariff
acts.
Second-The substitution, as far as practicable
OF spscc ~ eS 81 az VaO tea o9es .vste
with one exception, to wit:-"That
where ATTEMPTS at smuggling are detected, or
the goods are afterwards seized, the seizng ofcer
or officers and the informer or tnfOrmers, II any,
pc eae be- no sS o. se
ing officer be entitled to the whole OF such one
tenth"
fund, to be applied. under suitable restrictions to
the compensation OF private persons anordinR in
formation, which shall enable the government to
enue other than those involved in actual or at
tempted smuggling.
FJth--That the law authorizing the seizure Of
books and papers be so amended as to AFFORD due
protection to the rights OF private parties.
no rom v o. any me penalty
cation or Customs Revenue laws shall be lawful
until after judicial investigation OF the facts.
.SeUeNth-That the compensation OF customs Of
1cers be graded in accordance with the import
ance and responsibility OF the respective posi-
ttone.
MIR. Ferry's Bill for Free Banking, Ex-
pansion and Redemption Of Fractional
Currency With silver.
The original resolution 10 relieve the monetary
strngency, introduced in the Senate by Mr.. Ferry,
of Michigan provides for free banking, increasing
the circulation to $780, 100000 exclusive OF rac-
tional currency; providing for the issue Of bonds
bearing interest at the rate Of asS per cent;
the subtitution Of United States currency for ma
tional currency; the reissue Of the whole forty
four million reserve, and the withdrawal Of the
fractional currency by redeeming it with silver
coin Mr.. Ferry for the purpose of obtaining