, 1874-05-14
WASHINGTON.
Debate on the New FL
nance Bill in the
Senate.
Senator Logan Makes Certain
Explanations.
And Becomes automatically
lncomprehensible.
The Dill Has a Good Chance Of
Succeeding in tho
Senate.
Daily Gossip Concerning Rich.
ardson's Probable
Successor.
Testimony Relative to tho Postal Con-
tract Frauds.
a Loose Manner Of Transaot{ng De-
partment Business.
The Steamboat Regulations Bill Passed
in the House.
Testimony Relative to tho Postal Con-
tract Frauds.
A Loose Manner Of Transaot{ne De.
partment Business.
The Steamboat Regulations Bill Passed
in tho House.
THE FINANQES.
6ptetdt Dfspateh to 1'hs Chicago Tribups,

WASHINGTON, D. G. May l3.-Iu accordance
With tho programme arranged By the CAUCUS Of
Republican Senators on Monday last, Mr. sher.
nun, IN tho Senate today, called Up tho bill 70.
ported from the Finance Committee wook o,
ton daYe ago. known aa tho Sherman Finance
bill. The full text Of tho bill has already been
telegraphed. Mr. Sherman explained tho pro-
Visions OF tho bill, section by section, giving
special attention to the free.bankinr md re-.
demption SECTIONS.
Thoae eminent statesmen, Dozy, Ferry. 11er.
rimon, ogleHby, Logan, Wright, aud nacbcth
Morton gayo great heed to Mr. Shormau's re-
marks, though 1t waH quito plain, from tho sncor
that pervadcd Mr.. Logan's noso mud uppor lin.
tho occasional head-shako Of Macbeth, aud the
uneasy twitching Of Merrimon's legs, that mis-
cl,ef was in their minds, and that 1t had beon
arranged among tho inlationists to intesposo
all aorts Of objections to certain provisions Of
tho bill.
ANXIOUS 10 DE HEARD.
Logan and Alerrimon with difficulty main
tanned silence while Sherman concluded bis ro-
marks, and before the echo Of liB words had
died away, both those great atatcsmen woro On
thetF feet wildly demanding recognition from tic
Chair. The Illinois stateHmans superior
atrength OF lungs won him the cur Of tho Chair
man, and at the same time, tho proud privilege
OF being the first iunationist to raise his niehty
Toico In opposition to the retiring OF groonbacks
and future resumption. As usual. when about
to DO all tue talking Of aees.on, Mr. Logan
announced no would not mako u speech: tlon
ho began:
LOGAN WANTS TO KNow.
What 10 wanted to know was: What would 10
tho Immediate result upon the country on tue
passage Of the bill just explained by tho Chair
contraction?
Mr. Sherman mildly informed him that SEQ, i
Of the bill provided that all reserves now held
by banks would be put in circulation, and that. hat.
upon tho whole, there would be al immediate
increase OF tho volume OF the currency of about
$50 ,00o 600, bnt 1t would bo accomplished in such
way as to prevent depreciation.
MATuEMATIcAI MuDDGE,
h1r. Logan did not believe anything of tho
ENG, and yet out to dieprove tho Insertion by
mathematical calculation which neithor be nnr
hls auditors conld understand. According to bis
ngures, the cost Of increase provided for in sec
of tho bill was more than countorbalauccd
by tho contracting process Of 500. 0, aud lie
result ho arrived at Was an increase Of 20 por
cent circulation, md decrease OF so nor c6nt.
Upon tue wholo, slr. Logan saw nothing in tho
nll ttas pleased him, and sat down. aftor telling
tue senate TINT unloas it was molifed and
patched up to suit hia views, 1t would not re-
celYe the sanction Of hiH vote.
MEhA1MoR E1pRE89E6 HIS OBJECTIONS.
Mr. SHERMAN did not appear to regard Mr, Lo-
ganA objections OF sufficient importance to Hcr-
It response, and allowed Mr. Mcrrmon to Oh
tain tue floor and chatter away in his usual un-
interesting anu harmless way for half au hour or
80, BY which time the galleries we're empty, aud
SUCH beuator8 az remained in tho chamber.
asleep.
He finished at laat. and tho Senate took yote
on alr. 6cotta amendment, which 1ras to ntrike
out that portion Of Sec. Q Of tho bill requiring
National Danks to keep, as part Of their reyc-
nues, ouo-fourth Of tho coin interest received
On United statee bonds, etc.
TIE AMENDMENT WA8 DEFEATED
by the decisive yoto Of 81 to 1G,
MIR. Wright then moved to amend Sec, 0.
which makes 1t tho duty OF the Secretary OF tho
Treasury to rotiro 80 per cent Of greenbaekB
upon issuing each million Of National Bank cur
rcncy, 80 rs TO read u Is per cent" Upon this
proposition Mr.. Wright aud blr. Logan each de-
tlyered TWO epoeches, and Morton, Howe and
hlorrll. OF Vermont one apiece. Pending a
yote, the Senate -went into executive session.
though not until Mr. Sherman gave notice TINT
be Tol1ld Insist upon sitting the bill through to-
morrow it 1t took all night,
PASSAGE OF THE BILL CONSIDERED PROBABLE.
It IL thought that tho bill will bo adoplod With
only slight amendment.
A Northwestern Senator Of prominence, who
has hitherto voted with tho extreme intattou
party, said thla evening that le was becoming
ilagustod with the petty work Of Logan and his
crowd, and Was now ready to stand by Mr. Shor-
man aud tho majority OF the Finance Committee.