The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-30
Condition and Policy of the
Treasury.
A NEW CIVIL RIGHTS BILL
The Great Financial Struggle Yet
to Come.
Regulation of Banking In
veStmentS.

WASHINGTON, March 30. 1874.
The Fate OF the Free Banking Measure
MISUNDERSTANDING Erasurc Of All
Provision for N Return to Spccie-The
National Bank intion-The Great
Struggle Yet to Come.
strong effort will be made tomorrow in the
SeLate looking to the successful carrying OF the
measure lalready well dIscussed) in favor OF free
banking. But, as the Senate now stands the
amendment offered by Senator Logan, covering
this provision, VIII not pass, there are present
so lar as known, at least four Senators in what
has been designated by Senator Conklng as
the majority who VIII not favor it, unless
accompanied with provisions for convertible
basis. These are Messrs. Merrimon, McCreery,
Bogy and Kelly. The pairing OF the last named
Senator with senator Clayton will be at an END
tomorrow. 1t is besides thought probable that to
these Will be added the adherence OF Senator
Goldthwalte, who never says anything, being
among what Senator Hamlin calls "the non
taking' members OF the senate. Thus the fight
ing majority of five, as exhibited in the late con-
test, on the four hundred millions question is
dered ineffective, and without their aid 1t will
be seen that nothing can be carried favoring free
banking except on a convertible basis. 1t is
Thought by some Senators, who have acted here
fofore In concert with Senator Morton, that his
motion to strike out the second section OF the bill
reported from the committee, which provides for
an approach to specie payments, was a mistake.
AS soon as vote can be had on it, however, if the
debate does not run Off into labyrinth OF amend
ments, or other desultory motions, it viii
be carried, and then the question will
probably recur on the free banking amend.
ment OF Senator Logan, which has been
temporarily withdrawn. 1t was offered as an
m nf
mon, which looks to an increase of $4,000, 900 in
the national bank circulation, AS already indl-
Gated the amendment of Senator Logan will be
lost, II not withdrawn again temporarily which
may be done to save this important issue from the
drawback OF negative record until the House
bill, providing some similar legislation, comes
to the Senate. The question WILL in that
event, be the amendment Of Sena-
tor Merrimon, which will be carried, since
the majority do not differ materially on it, as a
measure OF reiie, ana they may be regarded as q
unit on the Increase of national bank circulation
contemplated by this measure, inasmuch as it does
not portend any serious arrangement OF the exist
ing order OF financial affairs and 1t is believed that
subscriptions TO 1t Will not be taken up for some
time. Hence shock to values or the present
basis of business operations Is anticipated from that
quarter; but it assures me South and West that
permitted under the law take up any part of 1t,
already having, as is claimed in the Senate, their
full share of banking facilities AS soon as the
vote is saken on Senator Morton's amendment to
STRIKE out the second section OF the bill reported
from the Finance Committee OF the Senate by
Senator sherman, the latter will, II 1t shall be de-
cided in the Affirmative, which will be the case,
retire from the management OF the bill, which
action he has already avOwed would, characterize
his course. This section, looking to specie resump
tion has been the keynote OF his policy and
the burden OF his advocacy for nearly two years,
and when 1t shall tall to receive the support of the
Senate and he adopted, as he devoutly wishes, 1t
is believed that he will feel no interest the fur.
Their OF the bill. The almost herculean eff
forts, in a Senatorial and parliamentary point Of
view, which he has so faithfully and unremlt-
tngly made heretofore will be relaxed, and it
is not impossible That he may be i0untf
siding with Senator Morton in some plan for
free banking, with provisions for its safe
limitation. The grand and portentous struggle IS
yet to be had in the financial field the free
banking issue, which will be carried at a later day,
but with some measure of qualification, SO as to
give that degree Of security to IL which the more
conservative Senators desire before they will give
their adhesion to 1t. They do not even now, how
ever, while they are opposed to it, as offered IN
Senator Logan's amendment. hesitate to say that
they favor the project in some modified form.
Senator's Howe, Scott and Fenton may ne counted
as being partial to it, should such action be had.
AS reserve in the voting force, it Is I'M
derstood that Vice President Wilson, who
pleads i'll health as reason for absence,
Is here, so that should vote be taken on the free
banking proposition, and, as already indicated, be
likely to result in tie, If the Vice President is in
tba cho wi ha IN thn
cause of contraction, and thus the triumph of its
adnerents would be assured by this apparently
trinng circums tance. 1t will, therefore, be seen
that the tate OF Tree banking is not as yet decided
nor positively foreshadowed, though it has a bare
chance of being finally adopted. What the man.
OF limitation or basis OF convertlbility VIII be
the foremost OF the leaders among the financial
statesmen does not pretend tonight to forecast.
The possibility or neac issue OF tconUertfble
paper regard 10Th dYndzement and dnriety, ana,
in my judgment, such an issue ,cou1d be a detrt.
ne7at ana q shame-CHARLEs SUMNER.
The Treasury PrOgrn mme FOR April
Five Millions OF Gold To BE Sold
Decrease in tho Revenue Receipts
What Will Congress DO With the Free
Banking Schemess
The financial programme for the month of April.
as announced by the Secretary Ofthe Treasury yes
terday, directs Assistant Treasurer Hulhouse, at
New York, to sell $10Oo, 900 of gold each Thursday
April, making 5,OOO 600 all While the internal
revenue receipts are up to the standard Of esti-
mates the customs revenue does not improve as
was expected, having largely fallen or as con.
sequence OF the panic last fall and the business
stagnation which has followed. Much OF this re-
ductiOn In receipts is attributed to suspension OF
work on many Of the railroads, which gave en-
ployment to varied Industries that have heretofore
necessitated large imports. 1t is estimated at
the Treasury Department that the sale Of
100000 of gold, with the premium Mt
thirteen, Will furnish In connection with the
internal revenue receipts, all the currency mecca
sary for the expenditures OF the department.
during the month OF APRIL and make further de-
mand on the $4,000, 900 OF legal tenders unneces-