The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-06

DIRK HERALD, MONDAY,
financial system Is that which compels the pay
ment or duties on imports In Rold while various
other debts OF and TO the government and all pri-
vate debts are made payable IN greenbacks, az
legal tender II Is commended That this distinction
requiring gold for the Custom House Keeps up the
premium, and the fluctuations In the premium on
gold. more than anything else; that 1t maintains
an army OF gold and stock gamblers who other
wise would De driven to more honest employments
WHAT WILL BE coNsunMArEDq
NOW the senate mas voted for Q volume OF paper
money OF $500 in greenbacks and $500 600
In national bank notes. and that there shall be no
redemption OF the greenbacks in five per cent gold
bearing bonds, and that there shall be no boarding
OF gold in the Treasury to create fund as o basis
for specie payments three or four years hence;
ury OF the proposed $500 900 Of our national cur
rency mot counting the fractional currency that
there shall be no redemption in gold at less than
dollar LOT dollar and no preparation 70 redeem
an Ii sS eu s 's to M ssa s.ssa sn y
among the Western and Southern states, and S 50
far We have, doubt, the law that viii be passed
on the currency at this session OF Congress.
REVISION OF THE TARIFF
But the revenue tariff men Of the West and South
ARE n9s ag R${ G present high
the people by the law exacting the payment OF
these taxes in gold, and upon this question when
TINS Senate OIL on the currency shah be taken up
ing OF all the inequalities OF our whole budget Of
taxation, Internal and external, that Will materi.
bill "Ass' WV A"' '''''A''A' Np'A 'A' S'''S'
The Two Houses ON the Currency Qucs-
observation-disclosures and TaxAtion-
The Coming Elections for the Next
Congress and the Game OF the In1la-
ti0nists-The Presidents Position.
WASHINGTON, April 8, 1874.
people must remember that Rome was not Quilt in
day, and that bills to regulate our present COM
pick paper currency system cannot be passed
inside Of discussion OF i've or six months dura-
ton. Week after week, for five or six weeks past,
we have been promised a settlement upon the Cur
rency bill in the Senate. We were, without the
probability OF failure, promised settlement this
week Of some sort; but the religious duties Of
Good Friday were interpOsed, and so the Currency
bill goes over as the unfinished regular order OF
the day to Monday. And so for four months mot
counting the Christmas and New Years Con-
gressiona holiday vacation) the Senate has been
ad0urning over from Friday to Monday next.
DRIFTING TOWARD THE END.
But simply by drifting the Senate has, mean
time, SO far advanced towards its destination that
before the second Saturday in April we shall have
to record the passage OF bill for the relief Of the
country upon the currency question. 1t will be
such relief as an additional hundred millions or
more to our paper currency ID calculated to give
the relief Of paper money innation-the relief
which more whiskey brings to the sufferer from
delirium tremens. The bill as already agreed
upon provides for four hundred millions Of green
backs and four hundred millions OF national bank
notes as the volume Of our paper currency here
after and IOr Tree banking under such conditions
as VIII probably be equivalent to hundred mil
lions more, exclusive of fifty millions and more Of
fractional currency.
INFLATINa THE BALLOON.
The House, with its patience at last exhausted,
the House boiling over with patriotism, has mean
time gone to work for itself upon currency bill,
hammer and tongs The members OF that. noisy
body, primed with their important financial facts
and statistics and arguments and conclusions,
have for several days, one member alter another,
been repeating the treadmill round OF the
Senate; and though they may keep tthe mill going
for several days yet 1t Is still possible that under
currency bili before the slow coaches OF the
Senate come to an agreement upon their pending
amendment 40 on free banking unaas s 1Sa
currency balloon, which the Senate Is getting into
shape, will be noated over the House, and that
after o brief detention in that body, 1t will be
noated back to the senate, stretched to the point
OF collapse, with It's increased supply OF gas.
WILL IT BURST
| Now the chances are more than ten to one that
this prodigious paper balloon win DO set anoat
Congress entertain but little hope, as last resort,
| OF veto from the President STILL the appreben-
sions awakened among the in1atonists OF the pos
Slbity OF q veto In the event OF an extreme meas
/ ure OF expansion, may restrain Mr. Morton and
his followers within comparatively reasonable
/ bounds. The President Is so strongly pledged to
the redemption OF the public debt that he cannot
look with indifference upon any bill providing Tor
that his present visit to New York has at least Tor
one OF its objects consultation with certain lead
ing capitalists, bankers and business men there,
upon this currency question, and upon the present
coLdltlon OF the business AFFAIRS OF the country,
East and West.
/
The opinion now prevails among the republicans
here tnat there will be no material notifications
laws: that the sD PROPOSITION to tighten the tariff
taxes by making a. portion OF them payable In
greenoacks, WIN be defeated II brought forward
lions to saving in the aggregate OF some
500 600. the treasury may keep. Its head
crease OF our taxations, on the land or on the
The republican programme Is to retrench as lar as
to noat the country delightfully."- on the
smooth waters OF innatlon until We pass
the Of the coming
and in taxes. But as it is thought that lniation
than contraction. imitation Is the word and pay
day win be postponed till after these Congressional
elections.
POLITICAL MOTIVE OF THE GAME.
The immediate effects OF general imitation OF
the currency, 1t is believed oy the Western leaders
OF the republican party, Will be such general
reaction OF prosperity as win delight the people
and cause them TO rally again, as In 1872, around
the republican candidates Tor Congress; but after
the elections the people must look out for them
selves The whole game OF this session win soon,
in this direction, be disclosed.
What Will BE Done with Cheap Trans
portation-State Rights In the Senate
The Louisville Canal-Steamship SUBJ
sides - Improbable Retrenchment-
Negro Dcspotism in South Carolina
''OId Andy In Search OF Jay Cooke.
WASHINGTON, April 4, 1874.
When the Senate shall have disposed Of the
pending currency bill, II not sooner, the commit
tee on the subject OF cheap transportation will
submit report, or rather several reports, en-