New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-24

and sparsefy settled region. He expressed MS oenei
that for the general interests Of the South expan-
sion of the currency is the best policy, and he VIII
vote in accordance with this view
SENATOR COOPER Of Tennessee says that, In
diydualIy. he is opposed to any initiation OF the cur
rencv but supposes he will have to vote the other
way IN order to meet the views of his constituents
He therefore acknowledges himself TO De wbs' may
be termed moderate expansiOnist
SENATOR CRAGrN Of New Hampshire says that,
according to his view we have too much lrredeein-
able paper money a1oat now, and he is opposed 10
charging it's volume. He favors speedy return
to specie payments by any practicable method
SENATOR DAVIS of West Virginia says that his
views on the subject Of finance are peculiar and DC
would rather not be quoted on any pending propo-
sion but that. general principles he is directly
opposed to initiation. He expected to make speech
explaining the nature of his views in few days.
SENATOR DENNIS Of Maryland favors expansion OF
the currency, and thinks that addition TO tho
banking facilities of his State would be extremely
desirable He would vote for any scheme Of mode
rate expansion.
SENATOR DORSEY Of Arkansas is serving bic krst
session in the Senate. He has not made ans espres
sion of his views in the Senate yet but will vote
for expansion Several railroads are being built in
Arkansas which will greatly develop the wealth OF
the State He says that the Issue Of more currency
will indirectly aid their construction, and 30 prove
of great advantage to his section Of the country
SENATOR EDMUNDs Of Vermont spoke strongly in
favor of contraction and against giving the West
more money He believed that by and by IL wond
be found that the interests of the country would be
best subserved by adopting conservative course 10
regard to finance. The SH,OoO,O0o reserve con!d
be again withdrawn from circulation by economical
management on the part Of the Government.
SENATOR FENToN said he had little sympathy with
the wild schemes of the inhationists, although he
would not be sorry il the SH,0O0,000 reserve were
legalzed. He felt disposed to let the $40 600 be
made part of the permanent circulation OF the
country without joining the contractionists In
strong fight in opposition He was however, against
any extra issue of 100000 600 had been proposed
by several Of his Western friends in the Senate
The necessities of the country would not for some
time require more than SsoO,ooo,0Oo in greenhaek
and National bank-note circulation. lie would not
be in favor of bringing the circulation up 10 TINS
point during the present session OF Congress- unless
the West showed itseH to be strong enough TO take
away part of the Eastern capital for redistribution
among Western banks. In that case, rather than
that sectional jealouses should be stirred mp, he
would be inclined to 20 still further than the legai-
cation of the S4OO0,000 reserve.
SENATOR ORRIs S. FERRY of Connecticut ~ an
advocate of hard money and will look with MS
favor upon any scheme which does not tend To ave
sumption of specie payments. He will not vote for
free banking or any expansion, and thinks TIC
S44OOOO 900 reserve should be returned.
SENATOR T. w. FERRY of Michigan Is recognized
az the leader of the iniationists He is ndefati-
gable in canvassng, and carries weight IN the senate
more by the impetuOus mode of his delivery than Dy
the sharpness of his reasoning and the soh MY OK
his arguments The life of Senator Ferry at present
o.,,,, for
the West TO aid its prosperity. He has canyassed
the Senate thoroughly and knows the views OF ea.h
member to a dot. He said that the Senate for
time was opposed to initiation, but tho
| sentiment of the body has changed IN u
| marked degree THE members appreciate the fars
| that the country needs more money but the Last
wishes TO keep the control of .t to lend 1t our
| to the West at high rates. The majority III the
Senate am sure, from the canvass have made. Is
in favor of legalzing the issue of the $HCceoo
reserve and also of issuing about S5OOO0O Inoreso
that the circulation in National bank notes and
greenbacks will not be far from sso0.OO0,oO0. ! am
in favor of much larger issue, say s50,0o0,0O0 be
side, but shall be willing to compromise after this
session. upon making the total bank and greenbask
circulation SsOOOOO,0O0. If the Senators from the
East will not give the increased volume OF curren-
CIV. we will take it away from the Eastern States
and make more perfect equalization. The western
States are kept down by the present stringenoy OF
money, and they will not submit to it much longer"
SENATOR FLANAGAN Of Texas illustrates his views
in this way:
When the Confederate money was nrst issued every
patriotic ANXIOUS 10 exchange god iOr ~ shd
they all cried out. just ike his friend MT Morton
:. Give us money " More money! and the end
of 1t was that, after whlle, ~" Ia No"eu'i"'"
money would only bring u IN go1d'
| He speaks of all imitation schemes as financial
auackery and urges specie payments as soon as pos
sbe.
SENATOR FREIISGHUYsEN OF New Jersey thought
that the contraction policy was the best to pursue
under the present circumstances, at least until the
Sal 600 900 reserve was retired He was against re-
distribution of currency, he thought 1t unfair To
take away the money from the East which II bad
fairly earned The present amount Of legalzed cnr-
rency circulation he considered ample to satisfy the
business necessities Of the country.
SENATOR GILBERT of Florida is in favor OF eIpan-
sion on the general ground that il viii assist in tho
development of the South. lie is also a warm adyo-
cate Of free banking
SENATOR GoLpTHwArE Of Alabama represents
the views of Alabama about Mobile which arc
strongly in favor of free banking and imitation. He
saws the South is impoverished by war, and needs
money to put it on its feet again.
SENATOR GORDON Of Georgia thought that the
South and West needed more currency, and he
would try to give it to them. Eastern capitalists
were working against the passage Of any bill 10 give
other sections of the country their proper propor
ton of the money Unless an issue Of more money
was made, or free banking was accorded By Con-
gress, he should feel compelled to vote for moro
equal distribution Of the currency Of the country
This would take it away from the East, which be-
did not wish to do He was determined to Act
fairly and the only questions at stake whether
the greenback circulation and the bank-note circu