The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-27
The Senate Pass the Four Hundred
, Million Provision.
FURTHER INITIATION PROPOSED.
Expansion of the National
Bank Circulation.
FREE BANKING TO Be LOCALIZED.
A Small Majority for the Transportation
Bill in the House.

Tne possibility OF a neso issue or uncomfortable
paper regard 10Th drnGzenuent and dnItety ana,
IN nav Judgment, such issue too,tld be d4trt-
noent ana q Sh0nae-CHARLEs SUMNER.
WASHINGTON, March 90, 1874
Tho Senate Vote for the $4OO, ZOO, 900
Limit-A Small MatOrity-Attempt to
Initiate the National Bank Circulation
Go the Same Extent-Free Banking.
In the Senate this has been what might be called
calendar day for political economists. The great
question, whether we shall have 'more money!
rs Senator Chandler stigmatized it, and which is
one Of moment to the whole country, and it stu
pend0us, as well as OminOus future, was finally
settled and put At rest for the present. so far as
conjectures and calculations, as well as hopes and
fears, have been concerned. The Senate raised
its voice in response the call Of the House, and
passed an amendment 0fIered by Mr.. Wright, OF
Iowa. in favor OF fixing $500, 0OO, 900 as the max
txnum amount OF United States notes. As pre-
dicted in these dispatches this measure passed by
. small majority Of five, the vote being 20 nays
20 81 yeas, quite q full Senate being present.
There were twelve Senators paired and three
absent Every move in Senatorial tactics
was resorted to without proceeding to the abOm-
Able and cowardly method OF flibustering in order
20 reduce the impending victory which the inna-
t1Onists or "more money! men were about to gain,
ance by kind OF indifference to the current sena-
toral proceedings They left all the talking to the
resumptiOnlsts or "hard casnn men, and seemed
to be only blding their time for vote, which they
had Inquired down TO q fine point" from early in
the days session. Preparatory to the resumption
Of the unfinished speech OF yesterday by Senator
Scott plain and direct charge Of criminality on
The part OF the Senate in keeping up so much
speech making, was renewed by Senator Ham,
lin in
insinuated that the time was not far distant
when the limit to debate in the Senate would have
TO be restricted by parliamentary regulation; and
Senator Sherman added somewhat significantly
shat the Senate had that power now and could nse
It as well as other denberatve assemblies. The
resolution OF Senator Sherman which was laid
over since last night providing for the taking OF q
vote on the question at three O'Clock to-day, de-
bate being limited to ten minute speeches on each
amendment. was withdrawn without being put
before the Senate, as it was agreed by unanimous
consent tnat the voting on the pending amend
ments be proceeded with at four O'Clock, the Sem
ate showing a reluctance to being restrained by
any expressed limitation In deciding when vote
should be taken. This was agreed upon as
the sense OF the Senate, and Senator
Scott proceeded with his speech in favor OF
contraction. He was followed by Senator Hami-
ton, Of Maryland who briefly spoke in positive
Of the country, which he stigmatized as calculated
70 injure every interest OF the people at home ana
abroad. Notwithstanding Senator Hamlin's unre-
served depreciation of more speeches, senator
Morrill,, OF Vermont, insisted upon having part
ing shot at those who were in favor Of an increased
circulation, and he bore down heavily upon them,
predicting general disaster a result OF their
course. The hour of four O'Clock, at which the
vote was to be taken, not having arrived by three
quarters OF an hour, and no other unlimited
speeches being offered Senator Howe said he
would take up his ten minutes allowance OF time
on the amendment at once, and he proceeded to
speak at length. The gst OF his argument was in
favor Of fixing the currency at 1856 300.
He argued at some length, and the Sem
ate was gradually growing more full and
interested in the close OF the subject. Among those
who, having been absent, were present to vote,
were Senators Boutwell, and Sprague The Secre-
tary Of the Treasury and the Speaker OF the House,
rs well as several members of the House who have
favored the $4oO, 900 limit, were present and
manifested great interest in the proceedings as
the time for vote approached Upon the amend
mcnt offered by Senator Schurz, fixing the limit at
$3.50, DOC, 600 as the maximum for the circulation OF
United States notes, the vote was prompt and de-
cisive, a favorable result having been ackuOwl.
edged before the test by Senators Thurman and
Gonkling, 20 be hopeless. 1t was defeated by
vote Of 40 nays to Is yeas After this considerable
debate occurred, in which Senators Sherman,
Conkhng. Thurman and Morrill, (of Maine) partIcl-
pated, upon a question to the OF
the words, 'fxing the maximum amount
At which it shall be limited" which they desired
70 be employed in lieu of the words OF Senator
Wright's amendment, which were "the amount
OF United states notes for circulation" This
aroused considerable alarm, when Senator's Conk-
ling and sherman strongly protested against the
verbage used, and warned the Senate against It's
adoption as being insidlOus and designedly Sc
lected for that reason. Alter considerable cooquy
upon an amendment which Senator Morrill,, OF ver
mont, introduced, to the effect that the words,
''maximum amount at which the United States
legal tender circul alton should be limited" should
take the place OF or circulation, the latter clause
~ to circulation was conceded, with the adoption
OF the word 'maxlmum - but on the question OF
using the word "limited," varying opinions being
held as to 1t, 1t firmly objected to- and Senator
Wright insisted upon square vote on his
amendment without the words 'for CIR
cuation,n which read, ''The maximum
amount Of United states notes is hereby
nxed at s40O, OOO oOO." Upon It's adoption Senator
Nerrimon ofYered a substitute for the balance
Of the bill, providing for increase OF
$4,000, 900 OF national bank currency to which
Senator Logan offered an amendment providing
for free banking. There is some doubt entertained
as to the success OF the free banking measure, and
IN the event OF It's failure the majority Will fall
back on the amendment of Senator Merrimon,
which will, without doubt then be carried This
will, with the increase assured by the passage OF
the Four Hundred Million Dill, make the national
bank circulation also S4Oo 0OO, 900, thus making
the aggregate currency volume 100000 OOo
Just before adjournment at six p. NJ, the
Senators being wearied and anxious TO get home,
Senator Buckingham introduced substitute for
the balance OF the bill, but IN the confusion instant
upon the motion to adjourn nothing could be
learned OF It's scope. As the Senate was virtually
adjourned, most OF the Senators having left their
seats before the motion was put, which was finally
done, and by unanimous consent, no voice being
heard, the body separated.
The death OF Senator Sumner and the vacancy