The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-23
Financial Views Of the
President.
iPPROXMATING SPECIE PAYMENTS.
Bills To Be Discussed in the Senate
and House To-Day.

The Senators who have so persisteDtly advocated
an increase In the volume OF currency, were sur
priced to hear that the President had told anti
innationlsts that any measure looking to perma-
nent imitation would have to run the gauntlet OF his
veto. Last night and to-day the President was
besieged by friends and opponents Of imitation to
ascertain the truth OF the report. His answer to
Senator Logan, who was among the nrsr TO call,
was characteristic. Said the President. "The
report has no foundation in fact. never thought
OF doing what has been said would do. and
never uttered word to anybody that could be
construed into the meaning attributed to me- IL
were member OF Congress and the President
should threaten in advance to veto measure /
would resent it as 1t would deserve to be resented"
But there is no difference concerning the agree.
ment between the President and the Secretary of
the Treasury with reference to the financial ques.
tion Both feel themselves well sustained
by strong force in Congress, ana both
are working together to secure a limit OF
currency issue that viii satisfy the country.
1t Is by no means certain in their opin-
ion that the amount OF $3.50, O00, 900 Will be de-
cided upon, the Western and Southern element
being overpowering and more than likely to pre-
vail 1t is now well known that both OF these
high authorities favor Tree banking, especi-
ally in those States wherein banking capital
IL disproportionate to that of more thickly
settled localities, and, furthermore, that
the disposition Of the President and the Secretary
Of the Treasury is not only to keep the reserve
where 1t stands at present but to reduce the cir
culation as rapidly may be consistent with pub
lie policy to the figures existing before the panic
The Secretary Of the Treasury Is now well assured
that his income will be ample for all purposes and
that no further legislation Is required, provided
that 1t be understood that the present outstanding
Issue shall be considered the limit There is also
good reason for the statement that both the Pres-
dent and the Secretary favor an accumulation OF
gold, to the end that 1t may eventually he made the
basis OF specie resumption. The subject however,
rests with Congress- Tor upon its action depends
the decision OF the entire financial question. Its
Old laws so hedge the Treasury Department around
that the latter has but one course to pursue-it
must pay the expenses OF the government.
Mr.. Dawes to Approach the Financial
Difficulty To-Morrow-The Three Posi-
tions To Be Taken If Concession Is
Necessary-The Estimated Vote on the
Question.
In the House tomorrow, after the morning hour,
che first thing in order is the dill proposing that
the government shall assume the control Of the
Louisville and Portland canal and complete the
structure, on the States having interest in the
canal rellnquishing their rights This may con-
sumo two hours OF the session, II not a longer
time. The next in order Is the motion OF Mr.
Bromberg to fix next Monday for the consideration
Of the bin to prevent the importation Of conta-
gious diseases into the United States, which will
probably consume an hour. After that the Speaker
has promised to recognize MIR. Dawes, Chairman
Of the Committee OF Ways and Means, who viii
ask that the rules be suspended to fix the amount
OF the legal tender circulation. 1t will be seen
that fully four hours Of the days session is
n1 hno
which will not be deferred. SO the prospect the
House reaching the $4,000, 900 question tomorrow
Is extremely doubtful. II Mr.. Dawes shonld sue
coed, however, In getting the floor, some member
OF the Banking and Currency Committee may call
Tor the yeas and nays on suspendIng the rules,
and this before they can be taken under the pres
ent rule requires q majority vote. should they
be ordered then 1T requires two-thrds vote TO
suspend the rules. All this VIII take time and,
granting that everything proceeds as smoothly as
possible, there is not much prospect of the leg[
tender question getting before the House to-
morrow. When 1t does come up Mr.. Dawes win
move that the limit be fixed at $685. 600, 900, and in
this he will be mainly supported by the
New England aud New YORK delegations,
but does not expect to be sustained.
The next motion will be to fix the
circulation at $685.. 100000. the amount now
out. In this he Will be sustained by the adj
vOcates OF the minimum amount and a num-
Der Of Western members, who opposed
to contracting the amount, but oppose any
further increase. 1t Is doubtful whether q ma
jority Will sustain him, and, failing in this,
he will then move that the limit be fixed
ut 100000 900. MIR. Dawes will advocate
this as business necessity, and whether
sustained by the minority or not, he will
vote for the largest amount. With 24O men,
canvasscd the House that between $50
and 100 members can be counted upon to
vote for the maximum amount Not counting
the time for debate. the call OF the yeas ana nays
on the three motions and the delay incident to
Legislation in so large BODY will be sufiic ent to
consume days session, unless the spirit Of wis
dom and harmony shall hover over the hail OF the
House OF Representatives. This week there IS IN
deed very poor prospect for the distracted money
changers getting nearer o settled policy. The
Banking and Currency Committee believe the
financial measures should pass through their
hands, and win dispute, in the debate proposed by
the chairman Of the Committee OF Ways ana Means,
his right to interfere with their duty.
Sherma ans Currency Bill in the Senate
Its Chances or success-Approximat ing
Specie Payne nts--Frce Banking-The
Ultimatum OF S40o,0O0,OOO Likely to
Pass the House.
The financial question is assuming graver COM
plcxion to-day, and the discussion of the subject
among those peculiarly interested, as well as
those who are sponsors for y future healthy em-
bodiment of the teunesse doree, are brought to
serious consideration and weighing OF the
effects to be produced by the bill which MIR.
Sherman will otter tomorrow BY instruction,
IA chairman OF the Senate Finance Com
mirtee. The bill will provide for an
interchangeable gold five per cent bond, redeem
able after January l, 1885, whereby the present
obligations OF the government, in the denomna-
ton OF $1,000 or its multiple, may be converted
and made payable in gold at that time. This APP
proximates specie resumption. The next clause
Of the bll provides that there shall be free
banking, and for every million Of circua-
tton so introduced there shall be q retirement