The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-10

States. provided Tor in the rst section OF the act
ze Re Of the national aeS ana I'd the act
amendatory thereof" approved January 20, 1871,
which bonds shall continue to be exempt
provided, however. that the secretary OF the
Treasury In lieu oil such bonds may redeem said
notes in gold coin or the United STATES, and the
Secretary or tho Treasury SHAH reissue the United
States notes so received, either IN exchange Tor
coin ar par with the consent the holder. III
the redemption OF bonds then redeemabic at par.
Or IN the purchase OF bonds not less than par,
10 meet the current payments Tor the publlc SER
vice, and when used To meet the current pay meuts
an equal amount OF the gold in the Treasury shall
be applied In redemption OF the bonds known as
nye-twenty bonds.
SEC. e.-rnar nothing in this act shah be con-
strued to authorize any increase or the principal
OF the public debt OF the United States.
the report recommending the passage OF the
foregoing substitute bin Is signed by Messrs. Nor
ton. Sherman aud Merrimon, members OF the con.
ference on the part OF the Senate, and by Messrs
Maynard, OF Tennessee, and FarwelL OF Illinois, on
the part Of the House OF Representatives, The re.
port ia not signed by Heater Clymer OF Pensyl.
wanna, the remaining member Of the Conference
Committee.
randum-An EMectual Means OF Cheek
ing NIfsreprese Ata ton Tho Glory or
Bringing About Specie Resumption.
Senator Jones, Of Nevada, to whom the President
has given fame IN the financial world by reason Of
the declaratorJ letter which he wrote to MIN,
on being asked to-day for his theory or the Presi-
dents writing to him, replied, in an unresArved,
honest and blunt way
"Why, the facr Of the matter Is that the Prest-
dent saw that both houses OF Congress had been
rnkerng away at the finances Tor more than six
months and had come TO no conclusion, but were
scoldlng away about them still. First this one
came to see HIM and then that one. ana each sue
cesslve person, Just as his ideas seemed to
strike him, said that the Presidents views were
first one thing and then another, and as sup
pose the President got tired OF this sort OF thing
and made up his mind not to be misrepresented
any more. he went work, aud that there might
be no mistake, he proceeded at once to write ont
his views. These were the Views which came
across when they were submitted TO myself and Two
or three other gentlemen who had called on him
Tor the purpose OF talking over things generally,
and mainly the finances. heard the views, and
liked them go well that, IN my own plain, matter
OF fact way made up my mind that as gentlemen
were talking about the Presidents views and
saying all sorts OF things about them, they
should have them, and this was the best
way TO get them and the golden opportunity to
have them made public. asked accordingly, and
think did the best thing possible. In fact, you
may put pin mark there. II certain gentlemen
are, as understand, displeased, cannot help 1t,
and do not much care about 1t. am not seeking
not asked for any Official patronage and don't want
1t. Neither am q candidate TOR the Presidency,
and hence to whom better than could the Presi-
dent have written his views on the finances. He
could not have written TO any Of The Conference
Committee. as that would look like debating to
Congress. He could not, with propriety. have
written 70 an Eastern nor q Southern Senator.
NOW am out OF the voreex Of excitemenr, con-
fusion and antagonism which have prevailed.
w.
tarve; have never been mixed up with
any Of the discussions nor iii feeling
nor strife which have prevailed from
time to time, and hence 1t could not
have happened better, and II people don't like 1t,
all have to gay u do not care farthlng and do
not ask any ravorh. Now, think can see that
II there was golnR to be any specie re.
sumption. the glory OF II would be
made to tsn within the present term OF
lsnsral Grant, ana hence It was urged
30 ss 20 pc e6scted in lg7s 10 that the campaign.
era might not 10 70 zoe country with their dscla.
rations ~ the year 1873 was selected and say that
the administration has not come uack TO specie
payments and goes cut without snectlng IL; and
1t 10 lett to "a under the new government coming
In. 70 settle that ohagssiou under new admin.
sssfatioh. Thus they oAn hnss strcue objection
TO the third term, and go bsfors the people with
the warning org al "Third term," on account OF
Tue QuuCreI seleCb euelS own ChuOloAVe ouo eject
him against General Grant on the financial issue.
But the President simply desires that the glory Of
the achievement OF specie resumption shau crown
his administration.
The Labors OF the Steam Boiler Commis-
sion-Steam Gauges To he Certified Ae-
cordfng to One Standard-The Pre-
tected Experiments OF This Season.
The Board Of Commissioners appointed by the
President, under the act OF 1873 TO inquire into
the causes OF steam boiler explosions, have COM
menced prepare lions to resume their experiments.
The station at sandy Hook Is now being placed In
readiness. and 1t is expected by Supervising In
spector General smith tnat operations will begin
about the lst OF July. The experiments upon
boilers employed on the Western rivers will also DO
resumed at Pittsnurg about the middle or July.
The act creating the commission appropriated
$l00.000 for the purpose. Or this sum $780, 900 have
been expended. The Commissioners think that
with the balance they eau prosecute their expert
ments Tor two years longer and thus give greater
snoroughness to their work. The burden OF ex-
pense--that OF getting the stations ready and the
purchase OF material-was all gone through
with lass year. so that the addl-
tional outlay for the ensuing year will
be comparatively small. The commission will not
make general report until the experiments are
entirely completed, considering 1t the wiser policy
to withhold their views and deductions until the
whole subject is covered rather than TO treat the
matter but partially. and at best imperfectly, in
annual reports. Numerous inquiries concerning
reports aud applications for them are constantly
received at the office OF the Supervising Inspector
General, sent to him by parties interested. Early
in the present session report OF the work OF the
preceding year was submitted to Congress. bur
nothing was said in 1t of o scientific character.
Boiler makers, engineers ana others interested
will nd NJ tnei
have received no reply. The approaching expert
ments VIII be conducted the basis OF last years.
experience The commission nov have under con-
sheraton the subject or gauges 1t was dis
covered under actual test that gauges OF
different manufacture varied greatly, and even
those OF the same make registered at variation
OF I'VE to ten pounds. In low pressure boilers this