The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-08
Cox's Broadside Against Issuing
More Rag Money.
PRINTED LIES LOCALIZED
Bankruptcy and Repudia-
ton in the End.
The Lessons of the Past and
Present.
NATIONAL NAVIGATION SCHEMES.

WASHINGTON, April 7, 1874.
The Currency Debate In the House,
Speech Of Mr.. Cox-Posftion OF DEM
Ocratic Representative on Infia ton.
The house to-day listened most attentively to
the speech OF Mr. Cox on gold and good faith,
paper money and panic. 1t was delivered with
more than usual earnestness evnclng careful
study Of the subject, and placed the speaker on
the record with his old democratic colleague Sem
ator Thurman, In doing In the House what the
Senator had done In the Senate during the pro.
tracted debate on the financial question. The
democratic members OF the House are divided on
the subject OF inhation though it would be dif1cut
now to predict how they will vote on the final
issue. At the conclusion OF the remarks Of Mr..
Cox he was heartily congratulated by republicans
Rs wen as democrats. Mr.. Luttrell, of California,
the only democratic member of the California del
j egation In the House, sent his compliments with .
bar OF fne gold. The debate Is likely to continue
through tomorrow and may occupy part Of Thurs
Gay.
The Free Banking and Specie Resump-
ton Bill Reported Adversely to tho
Senate-Thc Luu After the Storm OF FL
nancial Bombast.
In the Senate, verifying the old adage. that
"after storm comes cam" there was an air Of
serenity which rejected the busness-like wisdom
VI ouC oONy 81 CNlucut III ltS mGttcf vi iuSb SUI y
Of system when 1t settles down to regular routine
action. The regular order Of business was taken
mp and the Senate proceeded to the consideration
OF the bill for the relief Of the heirs OF Asbury
Dickens, claiming remuneration for his services
while acting as Secretary OF State and Of the
Treasury some forty-1ve years ago. involving over
$4,000. 1t has occasoned . great deal Of
contentious debate and was finally passed.
The most Significant action OF the DAY was
the "unloadingn by Senator Sherman, as chairman
OF the Finance Committee, of all the bills ana petit
tOns on the subject or banking and currency be-
fore that committee. as the action had yesterday
covered all the legislation proposed by them to
the Senate. In addition to this the report of Sen
at0r Morrill, from the Finance Committee, adverse
to the Free Banking and Specie Resumption bill,
owing 30 the absolute variance Of opinion existing
among the members, and asking 1t to be placed on
the calendar, was a hitting concomttant the re-
port showing the irreconcable views entertained
in committee to those evtnced on the floor OF the
Senate, as witnessed In the diversified debate on
these two important issues, which has so long en-
crossed the attention OF the Senate. number OF
other private bills engaged attention during the
balance OF the day
National Improvement OF Navigation-
Uniting the James River and the Ohio,
and tho Mississippi and Lake NFichi-
The Work of the Transportation Conn
mittee.
The select Committee on Transportation held
another meeting tonight for the purpose OF
putting the finishing touches to their very elabo-
rate and very interesting report. The committee
have devoted much Of their time and the greatest
care to the consideration of the very important
matters entrusted to them. Their report Will con-
tain information so exhaustive and the statement
Of such strong deductions, gathered from all the
experience and the knowledge of the past, as to
leave little IN this line to be attained hereafter
Senator Window, the chairman of the committee,
has devoted all his leisure time, last spring
on the adjournment Of Congress, to the collection
and preparation of the vast store Of materials
bearing on the subject Of internal improvements
and the wise and proper policy Of the government
in relation thereto. In this and in forming
opinions no has been ably assisted by other mem
bers OF the committee. The committee did not
receive formally until to-day the report Of the
last survey made OF the route Of the James River
and Kanawha Canal, although the members have
heretofore had access to 1t. This report puts the
maximum cost OF the work at 500, 900. 900 and the
minimum at $50, oo0 Ii undertaken 1t would
be very apt to exceed the former amount. The
committee win most probably recommend that
new surveys be MADE Of some. If not
all, OF the projected routes which have
been considered as worthy OF national en-
enlargement. IL Is thought that, with
the experience and knowledge gained by former
surveys new surveys might now promote the
attainment OF results whereby the cost OF the
works could be much lessened. The committee
regard the proper Improvement OF the navigation
OF these two great arteries OF commerce-the Ohio
and the Mississippi--a Of equal Importance, and
that the two objects should go together 1t is not
80 be doubted that the cost OF improving these
swo rivers to satisfy all the requirements OF the
trade which floats upon their waters VIII be enor-
NOUS. One OF the principal schemes IN connec-
zion with the improvement OF the Ohio is the
erection Of hydraulic gates and movable DAMS
This would involve large expense, but the plan
has been found to work very satisfactorily on the
Seine and other rivers OF Europe. The coal
interest OF Pittsburg Is opposed 20 the
erection OF any dam in the Ohio River unless
some modification can be introduced into the ord-
nary slack water system that Will permit the pas
sage Of neers without requiring them TO be broken
up and reformed below the dams. This objection
It " claimed, can be removed by the construction
Of hydraulic. gates as above mentioned. The i'm
provemens OF the Fox and Wisconsin rivers by
means OF which communication is to be estab-
lished between the Mississippi aud Lake Michigan,
has also received considerable share OF tue at
tention OF the committee, and viii be treated fully
IN the report The committee are inclined to look
with favor on the plan OF Captain Eads for deepen
ing the channel OF one Of the passes at the mouth
OF the Mississippi which has already received the
favorable consideration of the Honse Committee
on Commerce. Captain Eads proposes for
Sloooo,oto to make channel OF 600 feet width
ana 70 feet depth and to MAINTAIN it such for
nine years. The committee WIN, II possible, make
vwh ioh
IN few days.
Sanb0rn's Fourv M~morv md Dut,er,s
Fure and Honest Doings.
Jonn d. Sanborn was again before the Committee
ON ways and Means to-day and was cross.ex-
ahmed for several hours, but without anything
OF Importance being elicited from him. He still
dechned TO give detailed statement OF
ms expenditures. All efforts to make
MIN admit anything that would connect