New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-21
WASHINGTON.
n SPECIE PAYMENT BILL AGREED UPON BY
THE REPUBLICAN SENATORS.

COMPROMISE FOR THE GOOD OF THE PAkif ]"
NOT OF THE CoUNTRY-FREE BANKING AND inN
SUBSTITUTION OF SILVER FOR CURREN0f An,o
PROVIDED roR-AN OVERWHELMING MA'oiAi'
FOR THE MEASURE IN THE SENATE
10y TELEGRAPH TO TIE TRIBUSE'i
WASHINGTON, Dec. Gothic man who' Oh 'no e"9
Congress met should have predicted 'na' pei'io
the holidays the Republican members OF inc oena'o
wonld he able to compromise their differences Oh
tbe subect of the currency and agree to give ther
un;ted support to hill which looked TO return 10
specie payments ut any time within the next twenty
five years. would have been laughed AT ana ye. "
il a fact that, at the caucus when met Nv .ho
Capitol at noon yesterday. measure was peiieo'eu
which contemplates a return to specie payments
within four years, and that TO ITS support 'he au
money men Of the East and the iniatonists OF Tue
West and South alike pledged. The Committee
nppoiuted at the former meeting OF the
cancus represented every shade Of fnan-
tial opinion in the Senate. At its head
stood Senator Sherman, always In favor
Of speedy return to specie payments, although ne
has sometimes seemed to lack the backbone to stand
M and defend the bills he has had charge OF win
that uncompromsing pluck that the occasion mas
moro than once demanded. Associated with him
were Messrs Edmunds, Sargent, Morrill, tNt.) ana
Conkling whose devotion to an honest, hard-money
currency has never been questioned, and all OF
whom stood by their coors during the long contests
of last session ever refusing to yield their principles
in the slightest degree. On the other hand Messrs
Morton Ferry and Logan, the acknowledged lead
FRS Of the imitation hosts represented the rag-money
element. and were supported by Messrs. Allison
Robertson. and West. whose votes were always on
the same side. 1erritoridlly too, the COMMITTEE
was a representative body. Messrs. Edmunds,
Morrill,. and COnkling could speak authortatively
for the hard money East; Mr.. Sherman for the same
sentiment rs it Is found in the West. and Mr. Sar-
gent for the Pacific Coast while Messrs Logan,
Morton Ferry, and Allison represented the supposed
strong popular demand Cor more paper money be-
yond the Allcgbenos. and Messrs. Robertson ana
West the sentiment south of the Potomac
Nothing but a Willingness to compromise for the
good of the party if not for the benefit of the coun-
try could have brought such Committee to an
rsreement, bpt whatever they were unanimously
willing to support Was not likely to meet with any
very serious opposition in the caucus.
The plan agreed upon was foreshadowed in
special dispatcb to The TRIBUNE on Thursday even
ing last single provision, namely, to substitute
silver coin rapidly as possible for the fractional
currency as recommended by Secretary Brlstow IN
his annual report, having been added since that
time The plan as it now stands and as 1t has been
embodied in a bill which will be introduced in the
Senate by Mr.. Sherman tomorrow or the next day.
il therefore as follows:
FIRST Tue removal Of all restrictions in regard to the
volume OF National bank currency; in other words free
banking, under existing laws and regulations.
Second: The withdrawal and destruction OF $50 OF the
outstanding greeDback circulation for every 500 OF new
bank issued until The GreenoacA CIRCULATION is
reduced to 500 10000.
Third TIE redemption BY the Treasury OF the green
backs In gold and after Jan. ], 1872
Fourth: Authority granted to the Secretary Of the
Treasury to surplus gold in the Treasury for the
purposes OF redemption, aud should this prove lnsui'
Gcieut to sell bonds 10 replenish his stock.
Finn: The coinage Of silver at the mints as rapidly
as DOS ,ibe and for the paper fractional
currency.
This bill will pass the Senate by an overwhelming
majority. and unless the Democrats iuterpose OBJ
jections, without much debate. In the House, its
fate is more difficult to predict. The infationlsts
are much stronger there and will be sure to defeat
it unless the Republicans make it a party measure
and pat 1t through under caucus rule. Even if this
is attempted, there are some Republicans who will
refuse to vote for it, and, it is possible enough of
them to defeat it, As the fate of the bill is
determined in the Senate, tie Speaker will call
caucus of the Republican Representatives to con-
bider the general financial question.
REPORT OF THE LIBRARIAN OF CONGRESS.
TIE NECESSITY FOR A SEPARATE LIBRARY BUILDING
UEGED-A LARGE INCREASE IN THE NUMBER OF
PLETE ISDEX TO THE DOCUMENTS AND DEBATES
OF CONGRESS-.
IFROM REGULAR CORRESPONDENT OF THE TRIBUNR.l
WASHINGTON, Dec. 1S.-The report of the Libra
rian of Congress- for the year ending Dec |, 1874,
has inst been printed, and is of than usual in
terest Mr.. Spotford strongly urges immediate pro-
vision for the increasing quantity of books There
are already piled upon the floor of the Library,
awaiting shelves for arrangement, more than $4,000
I'LL
readily credit. The aggregate number of volumes
in the Library, Dec J. was 274,157, besides $1,000
pamphlets. During the past year there has been an
increase of 15,4o5 volumes and 6272 pamphlets
The largest additions of books have been 6,52s by
purchase and $40 by copyright of pamphlets 32lS
by COPYRIGHT and from the Smithsonian Institution
1756 the remainder Of both being derived from gift
and exchange. Under the copyright law, making 1t
obligatory to deposit two copies OF each publication
IN the Library there were received 6SiO books CAS-
periodicals 7722 musical compositions 559o prints,
1858 photographs. G22 engravings and chromos' Cos
maps, charts and drawings. and l4o dramatic com
positions making total of 29674 an excess of de-
posts under the copyright law of 536 articles over
the year 1873 The actual number Of separate pub
locations received excluding duplicates, was H,4Sl,
of which there were 342i volumes of books and
S2ls periodicals. The total number of copyright en-
tries during the year 83. increase over the
previous year Of $751; and the fees account these
entries S13524 IS. Tie act of Congress transferring
the entries of labels to the Patent Office has de-
creased the number of copyright entries some" hat
INIT stll leaves them considerably larger than for
the year 1873.
The unexpended balances of funds amount to
,nore than $4,000. including item for ornament
ing the Capitol with works of art amounting to
81 o7o * q snm which it would be the part of wis