, 1874-05-15
THE SENATE FINAECE RITZ,

1no '1on"ce Dill, az 1t 1nally passed tho Sen.
ate yesterday, brought out curious coupoupd
OF contradictions, Though It was mr, sher.
mans bull ~ originally introduced, Iii, Sherman
voted against It, Though 1T was intended to
supply measure in opposition to tho bill
Vetotd by tho President, those who ann.
ported the votood bill finally supported
this, and those who opposed tho vetoed
pili finally opposed this. Though started
! as m anti-infation measure. thoso ,7bo
have ranked az inHationists voted for, and thoaa
"ho have boon regarded as anti-intlationiste
voted against it. The moaning of all this ts that
tue bill has been 30 amended 81 no Ionror tn
commend itsolf 10 tho conservative 1iuanciera NJ
the senate, while tho in1ationists hive accoptcd
1t probably ia tho belief that It Ia tho hast thor
can 90 after their recent experience, There
wero several efforts to dispose Of It summa.
fly. Mr. Chandler moved to table II
saying that ha knew what lts fato world
be, which WAS construed to mean TINT lie be1orod
1t "onld DO vetoed. Mr.. Conkling offered as a
substitute tho Redistribution bill reported Feb
j, providing, however, that a46, ,0o0. 900 OF our.
fency haouid DO taken from. the East instead Of
$25,ooo,oGo. he thought that this would sett,a
tho "holo question, and good many others
we're OF tho same mind, since hia substitute vas
only defeated By vote Of AZ to 20. Mr. Merr.
mon wanted to retire all tho National Rank
notes and iasue groenbacke to DO used in the
payment Of Government expenses, relemption
OF public debt, etc., etc. Thia proposition re-
coivea only eight votes.
Inc bul, as it finally paAsed, Ind boon
amended Biz tftncR,-all thoao amendments Inv. |
ing been oaored by Mr. Wright Tho first nro- I
'laes that The retirement OF legal-tonder notes |
shall be In tic proportion Of Is per cent to the
lsauo Of new National Bank notes, instead of
'o per cent as provided In tho ORIGINAL
DILL In this ratio 1t would reuuire
'he iasuo of saos 100000 now National
6ank currency to reduce the groonbschs
% the proposed minimum Of $500, 600, 900. This
alone would not have boon matorinl.
'lnce there Is not likely to bo any considerable
aemand for new bank-curroncy under eithar
alspousatiou. Tho next amendment inaorta
'auso in the eighth section, which proyiies that
'feenDacka shall be retired in tho proportion is-
ued only when @1,oo0.oo0 now National Bank
lotes arc issued over and aboro the maximum
mount outstanding at any time. This means
hat, IN casa Of any temporary oontract;on
National Bank currency, tho issue h
't QUE Shall not be construed as
Q" and additional until the maximum anonnt
nee lssuad Shall hayo been reached, Tho third ,
mendment makes tho interest On tue bonds in. ;
aoa to take up united States notes * nor !
mt tustoad Of por cent The fourth aman1.
en1 ma2es these bonds redoemable, at tho t
oasufe OF tho Government, ton years, instead =
affeen yoara. utter tho date OF isnue. The y
tn h1es July l, 1873 as the date Of reaump- +
on' nasead OF Jan. !, 1877, or year and n
Aalf later. The aixth makes It comnu1. !,
Try On tho Secretary Of tho Treasnrv =
'elsano The United stAtoa notes Which shall I
we noen Redeemed in coin or gold bonds - +
i'll fesssao to bo mado in the purchase Of honda | Il
domption OF the public dobt at par In coin. q, r.
payment of Government e1punses. !,
1t Will bo aoen that every ameudmpnt aaon,aa q
ntls to the postponcmont of specie ,eyumnto, :.
~ ~' ""S@ANpN Po0tPVAo4AtDt OF q year Ar6 I,
palf moro than At flrHt propouod. But, IN 3D. n
Ion to this, the other amendmonts n
calculated to weaken the plan Of r,
sumption. Tho gold bonda with Which n
Is proposed to retloem greonbsoka I,
} made to bear lower ratc of interest and | II
for shorter time, both Of which proyislons 8
niniah their value. And. aftor tho greenbaoks =,
all have boon redeemed, they must be put @
'th again 30 as constantly to hsep at loast a.
5000. 900 (and perhaps moro) OF United stasea Il
'es IN the country. wheAer the country wants Vi
'm or not. comparison OF the bill - It
-" s1ands with the bill ~ It wss introduced | q,
readily account for tho dissntis- d,
't1on OF those who originally favored It. b,
i oonx4lns wanted to adjoum At once, p.
aAlng that Tho asuGt> had achieved alory u,
Ouk6 Tor ON 6aw1 |