, 1874-04-01
The Section for the Partial
Withdrawal Of Greenbaoks
Stricken Out.
A ProposjtIon in the House 10 Limit tho
Volume Of Currency.
Tax.Ridden People Of South Carolina
Pray for Congressional In y
tervention.
WATERING TIE CURRENCY.
Sptcial DtsnatcA to Tho Chicago Tribune.
.r..., III s,1.sz snsste CEN

THE WORK IN THE HEHATEt
WASHINGTON, D. O., March 01.-Tho moat i'm
portnnt phaso Of tho proceedings In Congress-
to-day WAS tho vote on tho motion to atrko out
tho fourth section Of tho Senate Finance Com
nittco's bill for tho redemption and rois-
euc Of United Suites notes, aud for
troo bnnking. Yesterday, by maiori-
+, ty Of 8, tie SECOND aootion, which provided
for Bpecie resumption Jun. /, 1876. Was stricken
out; aud, worry naturally, tho next move Of tho
iniationistB was to got rid Of tho fourth section,
Of greenbaolis. This was accomplished by q barc
minority Of two yotcs, Which, In tho belief Of
11r. Ferry, Is rs good Oh d majority Of 200.
THE 1NrnAT1oN1sTs
contend that as they aro In tho majority and arc
alone to he hold responsible by tho country for
tho law about to DO onnctod, thoy should bo al-
lowed to perfect tho bill to suit themselves, and
upon this hypothesis they base thoir complaints
about tho efforts tint they allego are being
mado by thoir opponents to embarraes aud
rotard thom in this struggle. The cause
! for thoir fault-tlnding appears in tho
fact that Senators who happen to be on tho
numerically weaker sido just now 500 fit to
exercise their Senatorial prorogative in tho mat
tor Of offering amendments intended rs improve
lnonta, or to perfect or throw additional safo-
guards around the proposition under cousldera-
tiun. Having wiped out tho redemption clause,
tho noxt thing to be dono Mrs to provide for
FHEE-nANK1NG.
Mr. Logan withdrew lfs unrestricted free
banking proposition to roccivo QUO which COLI
tanned s0mo reBtrictions hlr. Fonton wanted
to complete tho lattor moasurc, md offered M
additional section providing for tue redemption
Of National-nank notea with greonbaeks,
i1r
banking identical with t!,at Of Now York State
adopted III 1857, aud Which operated 30 BuccesB-
fully aud satisfactorily for nearly twenty-five
yoars.
denounced this as q proposition to dopreciate
National-Dnn1s notes. Ho Haid no merit in 1t.
1Io was In favor Of tho Fonton amendment 30
FIR ea il roluted to frco-bankiHg, but ha thought
Its ucubars would pay as much attention to tho
redemption Of fsoulH as they did to tho rodemp~
tion Of circulating votes.
b1r. Sc1urz denied that BY this proposition
value. On the othor hand, ho bo1ic7ed 1t would
give tle1ibility to tint circulating medium.
rENToNts AMENDMENT
vns lost by . vuto Of 81 against II ana those
offered BY Mr: Buckingham Us substitute for
the pending froo-bankiug proposition wo1o also
voted down by & large majority. Tao question
recurring upon lie'Bo-callel Logau amendmont,
"a motion to adjourn was carrlcd, contrary to tho
;N1Shoa and appeals OF tho Inflated oxrlnbi0n1at9,
,who were anxious to sit until tho pending a1es-
;tion was disposed Of. Judging By Appearances
on tue floor aud tho Expressed desires Of ma-
,jority Of tho sepate, the final vote this rnaY
be reached Tomorrow, oyon II that result has to
tto accomplished bT night session or by sitting
1T out.
III TIE ROUSE.
Now that the Louisville & Portland Canal bill
has been disposed Of the House will ros,lme
consideration Of tho Financial bill that camo
from tic Banking and Currency Committee,
npon which debate will continue several days.
Tho discussion WAS participatod in to-day by
fIubhall Of Michigan, and Sherwood, Of Ohio.
Hubboll, who is 4 nlembor OF tho Banking and
Currency Committee, Of course, spoke III sup
port Of the bill. Gen. Sherwood advanced
proposition, which sooms to bo gaining
iii favor, to conauo the increase to =
limit Of Which tho amount OF National Bank cur
ronoy in New York State should DO tho standard.
This would give tho West and South sixty to
'aeventy millions more than they now have
which would DO sufficient, md the friends Of tho
proposition claim, for al tael1 rants, and ii
would DO
SETTING A LIMIT SOMEWHERE,
after all tho Wild imitation. Gen. Bherwoodts
speech was received with great attention. 1t il
eaid thnt Senator Shoyn,an Inns expressed him
self as willing to accept this proposition US
compromise.