New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-06


PROBLEM.
IRY TELEGRAPH TO THs TRIBUNEl
WILMINGTON. April 5.-The cheap money" men
IN the House had the debate pretty much to them
valves on Saturday. Mr. Kelley again trumpeted MS
introconvertible bond theory into the ears OF the
listless House He made some good deciamatory
hits but as he had already spoken three OF loui
times this session on the same theme, his aud'enoe
WA not particularly largo attentive. Judge
KelIeys principal discovery in finance Is 'ha' Vno
roat mort of an irredeemable currency lies IN the
fot tbo il cannot be exported, and must therefore
always STAY at home, whereas gold, the rehc OF
barbarism which the stupid nations OF Europe sui
persist in using as money can DC uIaineu
ont of the country when in demand elsewhere. On
this theory Mr. Kelly may fairly claim patent AS
to the 3G5 bond scheme which he so earnestly ana
frequently advocates, Gen. Butler has caVeat on
that This the General took pains to tell the House
after Mr. Kelly had finished. and he reminded mem
bers of the speech ne made four years ago. in whch
he suggested tao plan, and on whic1 he SAID he mao
spent more labor than on any similar effort OF DIS
life M Butler went on to rchearSe the prlncpal
ponts Of that speech and showed that he had learned
sothnC on the subject Of currency since he trst put
forth after so much labor, the absurd theory that
ANYTHING is money which a government chooses 10
stamp and call money, whether it he paper or pebble
stones According to the Batter theory hVe dollar
greenback for instance. passes for money not De-
cause people believe the Government VIII one Gay
redeem it, but solely because the words " Unteu
States and live dollars" are printed on its
face. and it would be equally valuable II
there were no promise or expectancy OF
its redemption in coin. After Mr.. Butler
had sp,ken some time on the inAationists
catchwords about the greenbacks beinga currency
based on the whole wealth of the nation he was
asked where the connecting link was between
particular note and that portion OF the wealth OF the
country pledged for its redemption, and how the
holder of the note should proceed TO get IN redeemed
TO tins he could only answer that the connecting
link was the votes Of the honest representatives. Oh
the people. but how or why he did not make PLAIN
The debate promises to occupy the greater part II
not all of the present week. large number OF
members have placed their names upon the Speak
ers list as desiring to make speeches upon the ques
tion. The Committee on Banking and Currency
will probably decide during their meeting to-m0r-
row when the previous question shall be called
They NAV conclude to let the discussion run on
until the Senate passes its bilI and then make an
attempt to get the House to pass the Committees
bill az a substitute for It, and thus send the "hoie
question to a conference serious objection 10
such course would be the certainty that Mr. May
nard would be upon the Conference COMMITTED
After whole Winter spent in listening to the views
of the ablest fnaucers in the country, Mr. Maynard
has come to the conclusion that the only objection
to the greenbacks is the fact that they have the
words promise 10 pay" upon their faces. II these
could be taken OIL he thinks they would furnish a
perfect currency. That such man should be Chair
man If the Banking and Currency Committee is bad
enough without his becoming one of cOnclave OF
SIX mon called a conference, with power to change
the value of all the property in the country
THE INF1ATIoNIsTs IN THE SENATE LESS HOPEFUL
OF SUCCESS.
tBY TELEGRAPH THE TRIBUNE1
WASHINGTON. April 5.-The ndationsts of the
Senate are far less confident Of success than they
were a week ago when with majority of two or
three they were carrying almost every wild scheme
OF expansion hat was proposed. 1t Is generally De-
Eeved that MeSsrs Morton and Logan, IN an inter-
view they had with the President last week, re-
ceived an ntmotion that he would not sign any bill
that provided for expansion to any great extent,
and that they became convinced that 1t they were
TO secure any addition to the currency
they must be moderate in their plans
Since that time some further light
has probably dawned upon these Senators, for there
is rumor tonight that even the $s00O0c0O scheme
-SiOOG0OO0O legal tenders and 600 bank cir
culation-mav vet be defeated by combination led
nv MI Sherman and supported by other Administra-
ton Senators not the firm hard-money men, nor vet
the earnest inlJ toniss. These men are understood
to have had under consideration some proposition
which while it shall give the country more paper
money! shall not be a measure OF such extended H.
fation as to endanger its signature by the President
THE PRESENT CONDITION OF THE SENATE FINANCE
BILL
GENERAL PRESS DIsPATCHl
WAsHINGToN April 5.--The following is the FL
nance bill as amended and as it stands before
the Senate:
BILL 70 provide for redemption and Of United States
and for free banking
X, IL enacted etc. That the maximum amount Of
United States notes hereby fixed at tlocOOO,OOO
SEC O. That forty-sx millions In notes for circulation,
in addition to such circulation now allowed by law,
sha issued 10 National banking associations, now Or
sanzed and which may be organized hereafter; and
such increased circulation shall be distributed among
the several provided in Section Of the act
titled An act to provide for the redemption OF the
three Der centum temporary loan certificates and for an
increase OF National bank notes" approved July r. 1870
SEC 3. That each National banking association now
organized hereafter to be organized, shall keep and
maintain as part OF its reserve required by law
fourth part Of the coin received by IL, interest
bonds OF the United states deposited as security for
circulating Government deposits and that
hereafter only OnefOurh Of the reserve now prescribed
by law for National banking associations shall consist
Of due association, available for the
dempuon OF IFS circulating from associations in
cities OF redemption and upon which balances 10 inter
est shall be paid.
SEC That nothing in this act shall be construed TO
authorize any increase Of the principal OF the public
debt Of the United states.
TIE GENEVA AWARD.
TIE QUESTION AS TO HOW THE MONEY SHALL
RE Observation-Disclosures INSURANCE COMPANIES