New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-26
IF Observation-Disclosures

TELEGRAPH TO THE IhboNn-'
W,su1NGroN June 2J-The retirement OF MI
,,ra.s.u from the Post-Ofhce Department,
"a the anpointment of Mr.. Hale, has
o.s,onad uuch talk here. Ii is diihcut
90 tall which excites the most wonder-tne
sudden determination of the former 10 leave the
Cabinet OF the appointment of the latter 10 SO
nrprnipent position The manner in which MT,
Cressvep resigned is the subject OF much remark IL
was known that he had taken. during the session
inst closed the closest interest IN legislation aecF
ing his department, and up to the Ias' houi
he was about the Capitol lacking after 'ne
bns;,Ass oftbe Office. When the Presl-
dent called the Cabinet Together yesIer-
DIV morning. the members were amazed, when MI
Cr.sweu resignation was read TO them. No intima-
tom had been gwen to any OF them that
snch a step was impending, and 1t is
said that nobody except the President ana
Mr.. Creswell knew of it, II is reported,
however that the latter had decided on the course
now taken last Winter. and was urged by Gen.
Grant to withhold his resignation until adjourn
ment 1t is the general belief notwithsfand-
ing that the change has more significance
than is acknowledged. Mr. Cresswel simply
gives the answer to his friends. that the ON
Ger who fills the place acceptably leads dogs life;
that he is worn down and tired of it, and wants TO
devote himself TO his profession.
The appointment Of Mr.. Hale is commented upon
In various ways. 1t is generally conceded thai bus
prominence aud developed ability were not OF
character to have entitled him TO the high Office,
but the present Executive has always shown
disregard of public opinion IN the selection
of his Cabinet. Whether or not Mr.. Hale has the
necessary executive ability and can manage sue
cessfullv the immense business of the Depart
1nent the future must develop. That he has
honesty, industry and ambition TO make
Ia has
accented the position. and viii take the oath of
ONCE on Monday. BE preferred TO wait until FAN
before taking the position, the Winters work has
heen very hard and his health is somewhat broken,
but MI Creswell would not remain.
There Is much speculation as TO tho political sig
riifcance of the appointment Of the young Maine
member. On the side II Is claimed that the
President is a very adroit political manager III
quiet way, and has taken the occasion
70 secure the favor for third term
of M Hale's rich father-n-aw, Senator Chandler
and that in dong this, he throws a brand INTO
Speaker Blaines camp Il is held that he does the
latter by appointing Mr.. BlaInes most intimate
friend and manager III the House to the office which
is more serviceabe than all Others for political pur
poses because it has its agents in every city, village
and town.
in the country T. would not be reasonable to SUP
nose Tat the head of such Department would use
jtp opposition 10 the third-term principle, IN case
Gen. Grants ambition is still alive. Another view
of the ease Is that, bv the appointment oil MT.
Hale the President clearly indicates his preference
for Mr. Blaine, and that the latter is thus declared
To be the Administration candidate for President
This view is taken by those who believe that Gen.
Grant has come 10 the conclusion that the future
has no third term honors IN store for him.
As for the retiring officer he proposes to return 10
md no of the law.
His name has been mentioned in connection with
the vacant Austrian mission.
THE NEW CURRENCY REDEMPTION SYSTEM
TREASURER SPINNER MADE TIE SOLE RFDEEMING
AGENT OF TIE NATIONAL BANK CIRCULATION
THE OPERATION or The NEW LAW AND TIE OLD
10y TELEGRAPH TO THE TRTBUSE.l
WASHINGTON June 25.-The Currency law
makes Treasurer Spinner the sole redeeming agent
of the National Bank circulation Under the old
arrangements banks in st. Louis, Louisville
Chicago Detroit Milwaukee, New Orleans Charles
ton. Richmond Cincinnati Cleveland, Pitts
burgh Baltimore, Philadelphia, Boston, New
York. Albany, San Francisco, and Wash
inrton were required 10 redeem their
notes at some National bank IN New-York
while all others required to redeem at some
bank in one of the cities named above. The ont
rageous condition of bank notes Is due to tins
system, IS Ddnhs COulu ChdHEe bAcA AZ
deeming agencies as often as they
pleased, and the public were compelled
10 trust the uncertain information furnished by
bank-note reporters 10 ascertain where notes unit
for circulation should be presented for redemption
IL not sent TO the bank of issue. All this will be
now changed, as the Treasurer Is compelled
TO send such notes TO the Controller Oh
the currency, to be replaced by new notes, and to
return to the banks only such are fit for use The
banks will willingly make the deposit IN green
backs Of the five per cent of their circulation re-
CURED 70 be made with the Treasurer as redemp-
non fund, by so dong the other
tsyo-thrds of their old is released and made
available for business This deposit, as fast as 1t Is
reduced bv the redemption of its notes, each bank
will be compelled 10 make good, thus dlspelllng
the illusion that many Of them seem to
nave labored under, that their circulation is
not part of their liablities-something that would
never return for redemption. The gold banks are
obviously not included in this new system. their
circulation is redeenable at their own counters IN
gold. No redemptons can be made at pres
emit until the details arranged and the
deposits made, which viii amount to about $1,000,
900 in the aggregate, from more than 2,lOO banks.
The Treasurer has already received telegaams aud
letters on the subject and packages of the cur
rency by express IL viii. however, be month be-
fore much can be done under the Law.
CURRENT TOPICS AT THE CAPITAL.
THE CAUSE OF THE FIGHT BETWEEN REPRE-
SENTATIVE SMITH AND PENSION AGENT
wAsHBURN.
WASHINGTON. Thursday, June 25, 1874
The Associated Press reported this morning
street fight in Richmond, between Congressman