The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-06-06

THE CURRENCY CONFERENCE.

THE CURRENCY CONFERENCE.
The currency conference committee met this
afternoon and had full consultation They
argued upon 374 per cent. as the proportion OF
greepbacks to be retired, and the abolition OF
reserves on circulation, and upon January, 1873
AZ the time for the resumption of specie pay
ment.l These changes in what had been sub
stantaly agreed upon by the members in their
previous informal meetings were to meet what
are known to be the Presidents preferences, as
far as possible, Both of these notifications
were conceded by Western and Southern men,
bers of the committee reluctantly, and they an
nounced the determination that if there shall
be no final settlement of this currency que stion
before adjournment, it shall not be their fault.
The report of the conference committee will
probably be completed and submitted to-mor-
row morning. The expectation is that it will
be acceptable to a majority in either branch.
What the President will do is quite another
matter. Messrs. Logan and Farwell, on the
part of the expansonists, had long confer
ence with the President with the hope of ascer
tanning his views upon the point at issue be-
tween the two houses He dwelt upon the i'm
propriety of his committing himself in advance
of legislation. He, however, talked gener-
ally upon tuo uuduCidi quCoeiOu, pus uOI III
a strain that gave much satisfaction to his
hearers There is no longer reason for doubt
that if he were to consult his own wishes, he
would have the legal tender feature of the
greenback currency repealed; the repeal to take
effect in july 1875, and would have the entire
volume of greenbacks retired by July, 1876, so
that specie payments might be resumed within
the period of his present term He would also
be glad to have the national banking law so
amended that no national bank note below the
.1o,> v,,fG II Ash ha Ha hoc
expressed the opinion unreservedly that if no
bank note below the denomination of $40 had
heed issued later than 1858, and if no greenback
of less denomination that $40 had been issued,
there would have been no necessity for the sus-
pension os specie payments during or since,
the war Notwithstanding these personal
views of the President the leading Republicans
are hopeful that he viii sign the present cur
rency bill should it pass, but time will show.
NO CHANCE FGR RECIPROCITY.
The preliminary arrangements for the forma-
ton of a reciprocity treaty with the Dominion
of Canada have all been made 1t is doubtful,
however, whether the terms submitted will be
acceptable either to the Canadian or our gov
eminent. There is a strong feeling of oppo-
stion to to such treaty upon the part of a
large number of Senators, and this is supple
mented by the fact that careful estimate
made by prominent officers of the Treasury
Department as to the effect of the proposed
treaty. goes to show that the United States,
instead of being gamer by such an arrange
ment, would lose to the extent OF $4,000, 900 or
81 ,OOO, 900 annually. The proposition origi-
nally came from the Canadian government, and
is strongly pressed by certain parties there, es-
pecaly members of the present administration
who are anxious to revive the trade of that
country, which, it is said, has fallen off very
materially since the abrogation of the last re-
ciprocity treaty. A number of congressman
from the West and New England were warm
advocates of renewal of the old reciprocity
treaty, but it is understood that the Canadians
want something more advantageous to their
country. The present indications are that no
action will be taken on the subject this ses-
sion.
PRESIDENT GRANT FIRM IN HIS POSITION ON
FINANCE.
President Grant is very firm on the financial
question, and unhesitatingly declares that he
will not sign any bill that is not within the
bounds laid down by him in his veto message.
He regards the present conference committee
project as more Objectionable than the Senate
bill which he might have been willing to &C
ceptcd as a compromise. Well informed per-
sons express the opinion that there will not be
any legislation on finance during the present
session.
THE CIVIL RIGHTS BILL DEAD.
The friends of the civil rights bill regard it
as dead for the present session, as they are I'M
willing to relinquish the school section.