The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-24

Mr.. LOGAN, (rep.) OF ILL.,, presented memo
Congress to take immediate action on the financial
question, to increase the volume of legal tenders
TO $4,000 900 and provide for free banking. He
said the memorial was signed by william L. Strong
h Co., Wentworth Co., ii. B. Cafin Co., s. S.
Fisher s Abbott Co. Frank ran co. Dev IN
be genuine. 1t was referred to the Finance Com
mittee
York INF. Conkllng) he deprecated the continu-
ance OF this discussion, but 1t was not brought
BY those who ed in the
those on this side had to answer their statements.
He produced q number Of railroad tickets and
said circulated as money in his section.
A SUBSTITUTE FOR THE EQUALIZATION BILL.
The CHAIR called attention to the fact that this
debate was all out OF order, and the House pro.
ceeded to the consideration of otner matters,
which, being disposed Of Mr. SHERMAN, repD from
vide for the redemption and reissue OF United
sSas q
for the pending financial bill to eQualize the dis
tributon Of national bank currency.
The bin authorizes the issue Of $1o4 100000 Of
national bank notes in place OF $S20Oo,O00 green.
backs to be withdrawn. 1t also provides Tor free
banking under the present system. The last Sec
ti0n says tnas sns act sna, not De construed TO
United States.n The bill fixes tue maximum limit
OF greenback circulation at 1892 000, 900, and pro-
vdes that for every 81, 100000 OF national bank
notes issued there shall be retired 100000 OF
greenbacks, until the total amount Of outstanding
KreenDaCk ClTCulaLlOu Suall Dc reduced TO
$500, 0,000
Mr. SHERMAN said the substitute bill was a CON-
promise measure, and was the result Of great la
Dor on the part Of the committee. Some OF its
features were not approved of by all the members
OF the committee, and he himself had gwen his ad.
hesion to some Of the provisions with reluctance
Mr.. THURMAN, (dem.l OF OHIO. asked his colleague
(Mr. Shermanl 10 state what the probable effect
OF the bill would be-sOmethlng about the practical
workings of 1t II IT should become a law.
Mr.. SHERMAN said tomorrow he would make q
brIei statement OF the provisions Of eacn section
and what the practical results OF the bill would ne
II 1t should become q law.
A REMONSTRANCE.
Mr.. SHERMAN presented preamble AMI resOlu-
tions oil the Importers and Grocers' Board Of
Trade OF New York city, demonstrating against
any increase in the volume Of paper currency and
favorng an early resumption OF specie payment.
Referred to the Committee on Finance.
THE BILL TO EQUALIzE THE CURRENCY.
The senate then resumed the consideration of
the bill equaZe the distribution OF the currency.
Mr. MORTON (rep.) OF Ind, said there were three
parties on finance In the Senatethose favOring I'M
mediate steps to resumption. those VINO believe In
doing nothing and those who believe some IN
crease OF currency Is necessary to meet the de-
mands OF business which would be given by max
ing banking free allowing the West ana South such
banks as their local wants require, and that,
whether we return to specie payment or the cur
rency il increased or not, the benefits OF the ma
honal banking system saoulQ be equally divided