New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-07
WASHINGTON.
pOp THE TNFLATLONISTS


PASSAGE or SENATOR MERRlMoNs suBsrirol i FOE
-,,, v,y.vcy cov,urrrE's BIIL-vAIN RESIST
.xcv ~, ,,,, uoNKY MEN-AN INITIATION
MAJORITY or FIVE.
Try rRLrsEAPH TO THR TRiRuNEi
w,eu,NoroS ApriL 6.-Tho long agony in the
son.,o 10 over and the triumph of the iniationists
"a oomnlete The last hours of the debate whch
has acc,,;od the tune of the Senate for the past tour
,rorths ware fnll IF interest for although the hght
which the bard-money men made was hopeless
ono ,hav never wavcrcd for an instant but forced
.ho Infatuated majority TO record some votes that
S .ha ordinary course Of events they can
not fail 10 regret at an early day.
Tbs hill. "a amended in Committee of the Whole,
o,d nending in the Senate when the debate opened
todsy. was printed in full in THE TRIBUNE this
warming 1t consisted of four sections and provided
for S4O0OO0OOO each If legal tenders and bank
circulation besides requiring each National bank to
etau as part OF its reserve One-ourth of the coin
received interest its bonds deposited as security
for its circulation. forbiddng the banks to keep
moro than One-ouTth of Their reserves in cities OF
redemption, and the payment Of interest on such re-
serves and declaring that nothing in the act should
authorize any increase of the principle of the public
debt
Tho last two sections were dstasteful to the infa
@ionists The third contained, in the requirement
that the banks should retain little gold inithelr
vaults Just the feebloSt suggestion that some time
IN the dim future specie payments might be re-
cumed and the Last, If the revenues of the Treasury
were equal TO tbs expenditures of the Government,
might prevent the immediate issue Of the $S0O0O00
Of new groenbaCks. Not wishing to take the odum
of directly striking out these two sections, they at
tempted 70 accomplish the same thing by indirec
hon and Mr. Mormon offered the first two sections
as substitute for The whole bill.
The debate on this substitute began with cOnsid-
.rable spirit and threatened to continue during the
remainder of the day. but was cut shOr. by agree
ment suggested by Mr. Scott to allow the third
ton to stand. The intlJtiOnsts little shaken
when they saw that to strike it out would be to de-
clare that the National banks might keep their
serves in NewYork nj interest, there to be used in
stock speculatiOns instead of at home where in the
event of panic thev would be available for the
OF legitimate business. In regard TO the fourth
aectOn of the BILL that forbid Ling any increase of the
pnnOipal of thepubc debt the case was different In
vain did Messrs. Sherman and Conkling and, Others
warn the Senate that leave that out of the bill
would be a departure from the uniform custom of
Congress since the Gloss of the war, and that it
would greatly impair the pablo credit. Were those
who wanted and wore determined to have more
PAPER money 60 be deferred by any such patry con-
alterations as thrsef What if the public debt is
increased by the Issue of moro groenbacks Won't
fhe country have more money TO pay it with 7 And
40 the Senate by vote of q Yeas to p Nays refused
u put this section back.
After this vote was taken Mr. Sherman made his
fsnk movement which IL hoped, would draw
of one or two votes from the ranks of the Initiation
ISIS and turn the tide. The amendment he offered
as substitute the same in form the original
bill Ire reported from the Committee with the fol-
lowing changes:
In Che first section he proposed 10 fix the amount Of
eeenbscks at $oOO))OOJ instead OF 600 In the
second section proposed 10 postpone the time for re-
sumption in bonds from 1876 1871 In the fourth
secu no proposed to withdraw greenhacks amounting
per Of the bank issued instead Of 20 per
cent.
This movement was total failure, for it received
rot a single infdtunists vote. When it became
sient that a vote to be taken this evening,
era Senators made short speeches protesting against
this whole business. and Messrs. Coukling and Sar-
gent especially limited very broadly that the Pres-
dent might yet override the action of Congress The
final vote the passage of the bill % Yeas to "a
N,ys