Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-04-08
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Observation-Disclosures 6Xa; clear RIB sides 9kA
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The Currency Bill.

Inc Washington correspondent Of the Bos-
ton Journal has the following In relation to the
currency bill which passed the Senate Mon
day:
The bill which passed provide for the Is.
sue Of four hundred million of legal tender
notes, eighteen millions in excess of the pres
ent issue, and also for an increase of forty.
SIX millions additional national bank notes.
The entire increase over tho amount of cir.
cuiatlon before the panic is now ninety-six
millions. The whole amount authorized by
the bill was eight hundred millions, which is
about fifty millions less than was demanded
ny the most radical of the inf1ationists at the
beginning of the finance debate this session.
There are besides fifty millions of fractional
currency. There are no provisions in the
bill for compulsory redemption of notes in
COIN or for any return to specie payments.
The same m ajority of five maintained them
selves unwavering from the beginning Of the
long session until its close, during all the
fluctuations of the days debate, and the man.
fold complicated phases which parliamentary
tactics compelled the bill to assume. The
bill contains no provisions whatever for ulti-
mate coin resumption.
An analysis of the vote shows that New
England voted solid against imitation. The
two Connecticut Senators, had they been
present, would also have voted against the
bill, as it is presumed would Henry Wilson
had he been there. New York cast both
votes against imitation. West and South Of
the Alleghanies the States were solid for in
tiation, except Ohio, two votes against. Mich
igan-Chandler, against, Nevada both against,
Missouri-Schurz, against, and Texas-Ham-
ilton, against
The fate of such bill in the House is
very uncertain. If it should ever pass the
House and get to the President he would be
false to his most recent utterances if he then
failed to interpose the Presidential veto. 1t
seems now more probable that the Senate
bill will lay on the Speakers table in the
House, where for the present it will remain,
while the House is taking action on its own
bill. There is a strong feeling among mem
bers Of the House tonight to pass their own
bill and send it to the Senate. In such an
event the Senate bill would be likely to re-
main upon the Speakers table without action,
while the House bill would revive the entire
subject in the Senate. By such a course it is
thought some determined action on the part
of the President and the return of the absen-
tees might so reduce the very small majority
in the Senate that a more moderate measure
may be passed.
1t is well known that for some weeks the
President has had in preparation an advisory
message npon the finances, which from mo-
tiyes of official and personal delicacy, and to
prevent any possible political jealousy, on
account of supposed interference with the
legislative functions, he has hitherto declined
to complete and transmit to the Senate.
Those who have read such portions of this
message as have been completed state that it
refers to the history and pledges of the re-
publican party and of republican legislation
in regard to specie resumption; refers to the
first act Of Congress which the President
signed as executive, and which pledges the
Government to the payment of all its prom
ises in coin, and admonishes Congress of the
dangers of any advance towards reputation
as the ultimate passage of the bill now passed
by the Senate Involves. The hopes of the
friends of sound and honest money are
based upon such message, or that failing,
upon a final veto message as the last resort.
| nder the rules of the House the Senate bill
can in no event be taken from the Speakers
table before Monday next, and then only by
a two thirds vote.