The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-13
WA sHINc ON.
Precautions Against Treasury Bank
ruptcy Proposed by Mr.. Dawes.
Exposure Of the Faults of the Present
Financial Administration.


THE SPECIE STRUGGLE IN TEE SENATE.
WASHINGTON. Feb Il, 1874.
The Empty Struggle In the Senate Over
the Financial Issue-NO Prospect OF q
Reconciliation or the Factions of the
body.
In the Senate the fight went bravely on to-day,
in continuation of the Issue OF yesterday, on the
amendment OF Senator Merrimon providing Tor
transfer or seventy i've millions Of currency from
the Eastern banks those OF other sections OF the
country. AS suggested In these dispatches last
night q modification OF mis- amendment was made
by Senator Merrimon, substituting "forty-six" for
seventy -nve'' millions, which was discussed with
various views by Senators Ferry, Logan, Morton,
Sherman and Merrimon on one side, and Freling-
huysen, Scott and Allison, on the other, and the
days debate leaves the result or any practical ter
nina ton OF this tnreadbare subject OF finance as
remote as ever. 1t does not seem that the dssen-
tient views OF the Senatorial body can be recon-
ciled, and it is becoming painful to observe upon
what slight plovocation the financial problem,
when referred to, VIII branch or into every man
ner Of abstruse and impracticable considerations,
and speeches by the hour sprung into preten-
tious vitality seeming TO be the order OF the day.
Senator Wright for a moment aroused the appre-
tensions OF the innationists, who thought he was
becoming disanected as to their policy, when he
onered an amendment renewing the original
proposition made by Senator Merrimon, pro-
vlding for q transfer Of $75,000,0Oo OF cIrcu-
lati0n from the East. The usual animal
speeches which have prevailed throughout on this
finance question were made. The only new feature
WAS that suggested by Senator Allison, who does
not speak often, but is thoughtful sound and prac
lcxll- 10 IA nj
ton Of $4,000, 900, proposed by Mr. Merrimon, II
done at all should be carried out by taking gen.
eral percentage of the circulation OF all existing
banks ana transferring 1t to the West and South,
thus removing the monopoly feature OF circulation
and not disturbing the existing condition. Sena-
tor Merrlmons idea OF providing for SAC, 600 900 to
be transferred Is intended to restrict the circua-
ton to $500, 100000. The debate consumed the
whole day, without result, until the Senate went
into executive session and adjourned
mr.. Dawes Annual Arr q nAent OF tho
Administration OF the Finances-Bank-
ruptcy 1t the End OF tho Year Unless
There 10 Retrepchment Borrowing.
1t having become known that Mr.. Dawes was to
take the floor this afternoon to deliver his annual
philippe against the Treasury Department which
seems to have the misfortune to fall under his
special displeasure the attendance was large, ana
the majority Of memoirs remained, though he
spoke from hall-past two until half-past five Mr.
Dawes speech was very carefully prepared and
contains many valuable tabular statements. His
effort was to convince the House that at the pres
ent rate OF expenditure and OF income the
Treasury Of the United States would find itself at
the end Of the present fiscal year with only sur
plus OF $10 000 600 In the Treasury, aside from the
81. 5000 reserve. To escape national bankruptcy
only three practicable ways were before the House,
either 1t must increase taxation, or negotiate q
temporary loan, or retrench expenditures. He
advocated the last alternative as the only suit
able for the times He urged the consolidation, If
not entire abolition, Of some thirty-four GUS
toms collection districts; also the consolidation OF
the navy yards the Atlantic coast into two, the
abolition Of pension agencies and the payment Of
pensions from Washington direct through
the Post once machinery. He made his
usual onslaught upon the propriety of appropriate
ing money for the construction OF public buildings,
Tor the District Of Columbia and for river and har
Dor improvements. The speech, whether designed
OF not will have the effect to brighten members
into the formation OF rings, for no member who
has q collection district or navy yard to protect,
in whose district there Is public building about
being constructed, afford to meet his constitu-
ents with the statement that he sacrificed their
local advantages to the general cry for publi0econ-
0my. The recent action Of the House in taking the
question Of apprOpriating for public buildings vir
tualy out Of the hands OF the Committee on
Appropriations and referring II to the Committee
on Public Buildings, Is only one evidence
OF many that, while members may be willing 10
save by cutting down the salaries of clerks and
other people in whom they have no special
terest, they will not consent to the sacrifice Of
their pet local measures. Mr.. Dawes, after show
ing that for the past tour years the pubic expendi
lures have ranged IRON $500 0OO 600 to $27O
hia hvo to tine
that last year $4,000 900 were expended. This
brought Mr. Garfield upon the floor, who proved
from the finance report itself, which Mr. Dawes
seems to have strangely overlooked, that the ordi-
nary expenditures, exclusive of payments made
upon the public DEBT, were only $780, 600 COO, and
that the appropriations for the present fiscal year
will not exceed those made Tor the previous year.
The speech was listened to with great atten-
tion, and some Of the hits caused considerable
merriment, but the general impression obtained
that 1t was Kiliul attempt on the part of the
speaker to ride the economic HOBBY to his own
special advantage and at the expense OF his fel-
low members. In fact, Mr. Dawes long service in
the House has made him so arrogant that his in
nuence and personal standing have been steadily
on the wane, for ne has already met with O stun
ming defeat on the adjournment resolution, ana
viii meet with more after the exposure of his
motives as shown in his speech To-Day. His at
tack upon the management OF the Treasury was
unusually adroit and skilful and the speech Will
undoubtedly be, in part, If not in whole, the lead
ing campaign document Of the reform opposition.
Statement Of the secretary or tho Trca-
sury rs 20 the Contracts for Collecting
Unpaid Indebtedness-Fees OF tho In
formers and Assistant Oniccrs.
The Secretary OF the Treasury sent communi-
cation to the House OF Representatives to-day in
response to resolution calling for a statement Of
the amount OF money paid from March l, 1863, to
November D. 1879, BY any person or persons in set.
Elements OF suits, judgments or claims made by or
In behalf OF the United States for violation Of the
revenue laws at Boston and New York. The state
ment accompanying the letter gives about $500