The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-15
Both Financial Bills Passed by
the House.
All Redemptory Amendments
AnnihiIated.
A HOPE FOR CoNTRAcT1oN1sTs.
The Logic of Letting Louis
lana Alone.
THE MIGRATING MENNoNITEs.

WASHINGTON, April IA, 1874
Tho House Passes Both Its Own and the
Senate Financial NEUTRALITY-SUSPICIOUS. OF
the Presidents Veto Of tho Former
Measure.
The House to-day after the morning hour proceed
"a to dispose OF its Currency bill Among the pend
ing amendments was one in the nature OF q substi-
tute, being the Senate BILL with an amendment OF.
fered by Mr. Wilson, OF Indiana. TWAS agreed that
II the substitute was Withdrawn. which carried with
It Mr.. Wilson'S amendment, then the chairman OF
the Committee on Banking and Currency would
move to go to the Speakers table. This sub
stttute was withdrawn, bringing the House
to q direct vote on Mr.. E. r. Hoar's
amendment winking at resumption Of specie
payments. In thirty minutes this hard money
measure was strangled by a vote OF 20 in favor to
III against, bringing out the entire strength OF the
House present. Then there remained but one
other amendment. that Of Mr.. Foster. OF Ohio, pro-
viding for reduction in the volume OF green
backs. The House was now all confusion. The
members all seemed to be engaged in converse
tion with each other. The Speaker, standing
erect, calmly viewed the noisy body after the
manner of a coolhe AIDED boy about sugar hogs
head In ny time. For ton minutes he allowed the
buzzing to 60 on, waiting SO that a sense Of de-
c0rum might bring the members to order. When
this experiment JAILED he seized his gavel, beat
tattoo for five minutes with the handle and finally,
In fit OF desperation, put in his best ticks with
the ivory BARREL The House came to order. Mr..
Fosters amendment was read and the House pro-
ceeded to kill 1t, the vote resulting In yeas,
106 nays 133--the most respectable vote but one
ON any amendment offered. the House bill was
now fairly before the members, and on its passage
12S voted yea and 116 nay, and the bill passed.
The Speakers table was reached. after some
Hfuntn yHAvr
Speaker resounded through the hall = 'The first
document on the Speakers table is a veto from
the President Of the United states.n WHAT could
have been more startling to the country members!
Some were ignorant enough to suppose that the
President anticipating the passage Of the Senate
BILL had sent his veto in advance. Roars OF
laughter followed the announcement, and after
the reading Of the message which related to the
claim Of an officer OF New York volunteer regi.
ment, the House relapsed into it's noisy con-
dhti0n. On the outside OF the seats were mum.
Der OF Senators. Sprague supported the rear wall,
assisted by Congressman Eames Of Rhode Island.
Harvey, OF Kansas helped the screen in front
OF the main entrance to stand erect. Pease, OF
Mississippi, reposed In q members seat. Flana
gan leaned on the arm Of Bufiinton, of Massachu-
setts, while Logan, like ageneral IN time OF battle,
stood a:ar on watching the result OF the parliament
Of the door, and when the senate dill was reached
and had been read, moved the previous question
ON Its passage. Mr.. Cox wanted the House to ad-
journ. George F. Hoar raised four points of order
about the right OF the House to consider
the bill without debate, followed by Mr. Garfield
with two points, when the Speaker reminded the
gentlemen that the points raised by them would
also raise the question whether the bill had prop
erly originated in the Senate. The Chair
declined to take the responsibility OF deciding
so important q matter, and Mr.. Garfield
made the point that the bill was not properly
before the House and that it should
be returned to the Senate. On this the yeas and
nays were called, tae vote proceeding amid great
confusion, as 1t was evident the Senate bill was
destined to pass. The yeas were only IS, the nays
ITO. SO the House proceeded to vote on the
passage Of the Senate bill, and at i've O'Clock the
bill passed-yeas lao, nays 1902.
Now that the Senate bill has passed and goes
to the President tomorrow for his scrutiny
the interest on what the bill actually pro-
vldes becomes more intense. All kinds OF
efforts have been made to mystify the bill, some
claiming that it is the most rigid Of contraction
measures. The facts are simply these The Senate
Finance Committee, in perfectlng their bfl, were
guided by the voice OF the West in providing
in section plan BY which the reserve required
by should be kept In the vaults OF the country
banks and thereby prevent the New York banks
from operating with the reserve. The difficulty
with the country banks during the last panic, 1t
was claimed, was that the reserve could not be got
from the New York associations and hence the
general lack OF confidence and panicky feeling iu
every direction. That section was identi.
caily the same as offered by Senator Scott on
the 9th Of April and accepted by Senator Merrimon
as part OF his substitute, and so stands to-day
as passed by the senate and House, It retains
one fourth OF the gold interest received on bonds
held by the government as security for their CIR
culation, ana only requires one-fourth Of the re.
serve to be kept in New York. and prohibits
interest on whatever is placed there. The
eject OF this is plainly to restore to the
strengthen their credit, and though it will virtu.
ally lock up for the present sixty or seventy mil
lions OF greenbacks, a supplementary bill Will be
Onered relieving the banks from holding so large
q reserve for their circulation; so that the amount
which VIII be kept in the New York associations
shall exceed five per cent of their circulation
for redemption purposes. The House bill as 1t
passed already provides for this In another orm the
i've per cent to be kept in the Treasury; and while
1t also provides for lree banking, 1t does not pro.
vide Tor an accumulation Of gold. This feature is
most dear to the President, and, as the Senate
hill already provides for all the currency the West
and South will be likely to want for several years,
no effort will be made 1t Is said, to amend
The House bill In che Senate; and, should
II pass the Senate, there Is grave apprehen-
sion that the President will veto IL as an
unnecessary measure. Under the operations OF
the Senate bill, it stands, 1t is claimed that
the amount required to be kept in New York for
reserve would be but very little more than under
the provisions OF the House bill requiring dve per
cent IN greenbacks to be kept in the Treasury Tor
tne redemption of circulating notes.
Thc Financial Action of the Day-Win
tho Senate Bill Work n Contraction Of
inc Currency-Innationist Startled.
ABOUT three O'Clock to-day member Of the
House came over to the Senate Chamber to pri.
vately notify the Senate that the bill to provide
free banking mad passed the House. Senator
Frelinghuysen had finished discourse to which he
evidently gave much earnest and studtous atten.