The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-25
THE FINANCIAL FUTURE.

The Languid Discussion i'm the Senate
Personal and Sectional Vfews-The
Duty OF Congress to Adopt Definite
Measures to Redeem It's Pledges at n
Fixed Time-Dangcrs OF Prolonging
the Period OF Deprecated Currency.
WASHINGTON, March "a. 1874.
The Senate to-day resumed the consideration OF
the financial question, and MIR. SHERMAN frep.)
moved the pending bill to equalize the distribution
of the national bank currency be laid aside in
formally and that the Senate take up the bill to
provide for the redemption and reissue Of United
States notes and for free banking reported y him
from the Finance Committee yesterday. Agreed to.
MIR. SHERMAN then explained the provisions Of
the bill at length, and said from the beginning Of
the session the new Finance Committee had been
hard at work to perfect bill. over sixty proposi-
tions in the shape OF bills and petitions, before
the committee, and it was difficult matter TO agree
upon general plan covering all the propositions.
1t was not until a lew days ago that such q bill had
been agreed upon. Another difficulty was
perienced by the committee finding itself divided
in opinion just as the Senate and the country Is
divided on the subject. First, there were those
who favored return to specie pay ment immedi-
atey; second, those who favored an expansion Of
the currency, and third, those who desired to see
some increase in the currency meet the demands.
taken toward return to specie payment The
Finance Committee to obtain the sense Of the
Senate, had brought forward a resolution de-
clarng IL to be the dpty OF Congress at the present
session to adopt definite measures 10 redeem the
pledge made in the act or March 10, 1869, for
THE EARLIEST PRACTICAL REDEMPTION
OF United states notes IN coin, upon which a
equalze the distribution OF the currency was re-
ported and the discussion prolonged. The bill
reported yesterday, and just taken up, was not
sat lSfdctOrV one. as II was IN the a
promise, and while 1t had the strength of a com.
promise 1t also had the weakness or such meas
ure. There was necessity for those each side
to yield their views to some extent TO others, and
unless they should so yield no bill could be passed.
There must be some middle ground agreed upon
to make the bill satisfactory to all. 1t only re-
fair compromise; whether 1t would improve our
currency and give the relief demanded.
lie then had the bill read by sections and ex.
planned the provisions OF each section.
A DEPRECATED CURRENCY.
He said .he United states notes at this
moment are uncomfortable. irredeemable and de.
preciated at the rate OF twelve per cent They had
deprecated ever since their issue, at one time
being worth only forty cents IN gold, and were now
worth only ninety cents The committee had re-
States notes at $685. 900 that being the amount
practicable to get back TO the 1885, OOO, 900, ana
recover the ground lost by the panic. The
$685., 0OO. 900 had been fixed upon, not because 1t
was the best amount, but because II was the
amount now in circulation. The time must
come when these notes must be redeemed
in coin, and something must be done look
OF precious metals In this country, the coinage, &c
and SAID ne was not prepared TO say that any day
fGad oe upon n cor S the Spa 81
when some action should be taken to give these
notes specie standard. One plan suggested for
this was to allow them to be
RECEIVED FOR CUSTOMS DUTIES
and another to allow them to be converted into
bonds. He thought 1t would be good plan TO al