The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-26
THE CONGRESSIONAL CHESSBOARD.

The Financial Problems Before Con.
gross, and the Various Parties, soho mes
and Theories ON Banking and Cur
rsncy-The Want OF . Party Leader.
WARRINGTON Feb. "a, 1874.
Upon the various financial problems awaiting
the solution OF Congress numerous bills, resolu-
tons and propositions have been introduced in
each house. looking to the relief Of the country,
the relief of the Treasury, elastic currency and
to specie payments Among these numerous
schemes there are bills providing for free bank
ing ana the absorption OF the greenbacks IN
the redemption Of the national bank circula-
sion, for the gradual withdrawal OF the
national bank notes and the substitution OF Q
universal greenback circulation; for the converr+
btlity OF greenbacks into nve per cent bonds; for
Q 365 per cent bond as basis for the redemption
Of the national currency; for gradual reduction
OF the national bank circulation to $780, DOC, 0O0
and the laying of additional taxes TO raise gold
fund in the Treasury for specie resumption I;
to pursue the policy Of mastery inactivity
ana let our financial and business affairs regulate
themselves; TO issue $40, 900 additional bank
currency various other up to $780, 0oO, 900
increase; various schemes for limited free bank
ing; bill to transfer to the West and South from
the East SIS 900 OF the existing bank currency
and so on to the end OF the catalogue.
These diverse schemes indicate the
DIVERSITY OF OPINIONS AND PARTIES
In the two houses on the banks, bonds, currency,
imitation, contraction and resumption, ana the
mise. Here we, are. sherman, senate Chairman
on Finance, pleads the binding obligation OF .
return to specie payments as soon as practicable.
he would hesitate In advocating immediate cOntrac-
ton but he is opposed to another dollar Of innation
He would hold Congress to its pledge OF specie
payments Morton argues the paramount necessity
and duty OF an immediate increase Of the national
bank currency for the relef OF cue West and South
from their present heavy embarrassments. Mr..
money, more money" is q senseless cry for more
wild cat and red dog currency. The impetuous
WHO CALL FOR NORR CURRENCY.
the working, wealth-producingp people OF the coun-
posed TO any disturbance OF their exclusive prvi-
Ieges. Cameron, successful banker, IN support
OF his amendment for unlimited Tree banking, ar
CUES that IT offers smooth and inviting road TO
specie payments, while Frehnghuysen is quite as
strongly convinced that this Is the downhi
road to the widest speculation and imitation
and to a general collapse and universal bank
ruptcy and reputation. Finally, the man Who
perhaps more than any other Senator, Is regarded
as authority IN the chamber on financial mat
ters, Mr. Boutwell,, late Secretary OF the Treasury
sees danger In contraction and peril in expansion:
and would therefore, drift little longer till the
fog lifts and we can see exactly where We are.
THESE ARE THE FINANCIAL ELEMENTS
nom which We s are renea 70 P our est
question BY this session OF Congress. WHAT
ever It may be, II wiz probably be the
tween the two under the pressure OF the last days
OF the session 1t will not be unlimited free bank
ing-it will not be contraction; 1t win not be a
large expansion; 1t wil rom present appearances
be compromise upon the $500 10000 scheme.
NEED OF A LEADER
To the old political campalgners from the Sena.
toral leadership Of Henry Clay the great want of
the Senate at this time IL party leader.
Take, for instance, the sessions OF Congress
OF 1912 and 1S43, In which Henry Clay carried
through his great protective tarin scheme
and Two national bank bills as whig measures.
They were his measures. He fought them and
step by step carried them through. HIS WORD
was the law to the wing party in both houses.
But neither the republicans nor the democrats OF
either house. at this day, can come TO an agree
the party caucus; and so the republicans, before
the end OF vnis session. upon each OF the grea.
leading questions before them, may be req yes
to the last resort OF party caucus IN tne Senaae
or the House in order to come to any understand
ing whatever.