The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-12
WA SHINCTON.
Redistribution Of the Currency Dis
CuSSed in the Senate.
COMMON SENSE AND SPECIE.
"Littlc RhOdy" and the Big West Flirging
Taunts at Each Other.
Overhauling the Interior
Department.

Department.
WASHINGTON, Feb. IL, 1874.
The Senate ON tho Question OF Specie or
No Spccio-Rcdistributio OF the Cur
rency-ssIf tho East Protest the West
will Demand"
The Senate was to-day again stirred to its depths
on the finance question, when the discussion was
opened on the proposition contained in Senator .
Sherman's bill. reported yesterday contemplating
the transfer Of $25 O0O,O 900 OF the national bank
circulation from the East to the other sections of
the country. The debate on the question proper
was not strictly adhered, to but throughout the
day took almost as wide o range the parent
subject OF the finances when recently before the
Senate. The leading Senators had 10 idea that the
bill would elicit so much animated strife as was
exhibited in the difference of opinions and in the
earnestness with which they were avOwed. But
the West came up with bay0net charge aud de-
livered rafting fire, and with well dis
ciplined vig0f repealed the attack made so
insidiOusy upon its line, wherein have been in
trenched the calm forces OF expansion, acting on
the defensive against the attacks OF the 'hard
cash" stpendiaries. Senator Logan led OF in de-
fence, and positively said that the West would not
agree to the bill as an increase nor distribution
OF the currency circulation. 1t was the same Old
uBuL against East anu us concentrated capital
An amusing passage at arms occurred between
Senator Anthony, Of Rhode Island, and Senator
Logan the former standing up for his State, while
the latter sneeringly belttled "Little Rhody" by
suggesting that he could put that State with all its
capital into county OF the great prairie State OF
Illinois. Sprague, who seems to be like sapling
bent by the late financial storm, listened with In
terest and smiled grimly as 80. the combat
deepened, in which the cause OF - Rhode
Island was not bettered when regarded in an
impartial light. Next came the ever-ready charger
Morton, IN the attack, en- 0y9T6re, who insisted
that If the currency were to be equaized by redis-
tributiOn the bill did not 60 One-third Of the way
and was not One-third Of the measure Of equaiza-
ton, II it intended to equalze the circulation
which he was of the opinion was not the case. He
asserted that the West was better able to take
forty millions Of circulation on the day Of the panic
than she was to take ten millions on september Ia,
1856. and thus she repealed the argument so 1re-
quently made by the East that the West not hav-
ing taken what she proposed at the last distribu-
tiOn would not now take her share II the volume
Of the national bank currency was in
creased. Senator Ferry, Of Michigan, lol-
lowed, doing battle for the West, and sustained
the positions taken by the two distinguished com.
batants, Morton and Logan, and he firmly held the
same ground. which preserves intact the attitude
heretofore exhibited by the West in requiring
! more circulation, or, In other terms, infation.
| the South remained steadily in reserve and
through Senator Merrimon came up cOurageOusly.
who demanded even larger concessions, insisting
by his amendment that the transfer Of circulation
be Increased to seventy-fve millions. This, OF
! course was regarded as asking too much, aud
! Senators Edmunds, Sherman Stewart Sargent,
Morrill,, Of Vermont, and Others, repealed the
sault thus made on the accumulated capital of the
| Eaot biohS aida nff no
to what was proposed by the bill, was advocated
strenuOusy by them, and it may reasonably he said
that the decided opposition to anything beyond
that will continue to find ready response on
that side Of the House, which has heretofore
avOwed Itself as opposed to imitation and In favor
of return to specie payments A strong illustra-
ton Of the reason for the demands OF the West
was made IN Senator Morton's announcement that
the West HAD increased $4,000, 900 in population
since January l, 1860 and that three -iourths
Of the increase Of the wealth OF the coun-
try had taken place in the West which was not
less there than 900 in population In the last
Ave years. The West and South still hold their
own on this question OF the increase OF wealth. and
1t is acknowledged by the contractonists that they
have majority IN the Senate as they have in the
House, and that II 1t came to a vote tomorrow the
policy OF innation would carry the day. Those who
are opposed to any increase OF the circulation are
pushing the Twenty-Five Million bill, because
they think it recognizes the principle that
there shall be no increase OF the cur
rency. On the other hand, Morton, who leads
the West and South, insists that, as redistribu-
ton of the circulation, the twenty-five Million bill
comes short nearly two-thirds Of meeting the
amount If there is to be no increase but simply a
redistribution OF the currency. The most OF those
opposed to the bill prefer to leave the existing
currency undtsturbed, providing, however, for an
increase OF, say from $4O,O 900 to $50 oOO 600.
Senator Morton Is not satisfied with Sherman's
bill, and, unless some compromise is agreed upon,
IL will not pass as 1t now stands. Efforts are
being made to have Senator Merrimon modify his
amendment, which, it is agreed, if it should
pass, would render unsteady, if not seriously dis
arrange, banking capital and financial obligations
in New York and the East, as well as exchanges
elsewhere. 1t is barely possible that the splendid
strategy as well as power Of the infationists may
way in this bill of settling the question of the
increase Of the circulation; but If they do not &C.
cept or mould it into another form the vote OF the
West and South will consign it to the tomb of the
Capulets. The South WILL probably, be heard to-
morrow, and from that sterling reserve may be
expected echoes which, with those of the West,
will not DE silenced in defeat. The Senate adj
journed pending the discussion on the bill.
The Debate ON the Army Appropria ton
Bill and Its Passage by the House
The Fortified lions.
The Army Appropriation bill, amounting 10
$2s, 900, passed the House to-day substantially
as it was reported by the committee. During the
discussion retrenchment Of sos, 900 was effected
by cutting down the appropriation for the pur.
chase Of horses $4,000, expenses OF the Ordnance
Department $4,000, manufacture Of arms $4,000,
purchase Of cavalry equipments $4,000, and for
manufacture OF gun carriages $4,000 The only
increase made was $1,000 for the Army Medical
Museum Library A reduction OF over $4,OooooO
was made in the pill for the present fiscal year.
The bill making appropriation for fortifcations
was then taken mp and considered in Committee
OF the Whole. The only feature Of Importance
in the discussion was on an amendment offered
by Mr.. Holman, Of Indiana, to reduce the appro.
priation for the fort at Willett's Point New York
Harbor from x3O 600 To Sh O0O ua rroe,,a I'D,