The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-28
WA sHINo ON.
The Fortunes Of the Free Bank
ing Scheme.
WILL IT SUCCEED IN THE STATE
Date of the Redemption Of Government
Promises to Pay.
SOUTH cARoI1NA's GRIEVANCES,

SOUTH CAROLINA's GRIEVANCES.
The possibility OF new issue Of tnconverttbse
paper regard ,cith dnaasenent and an1ietv. and,
IN yav judgment, such an issue ,o6sstd be detyt-
sne'at ana shGnae-CHARLEs SUMNER.
WARRINGTON. March 81, 1872.
The Debate ON Free Banking, Expansion
OF the National Bank Circulation and
Redemption OF Promises 70 Pay I'm the
Senate-Further Imitation Very Prob
able.
The Senate, with much earnestness. continued
debate on the bill to provide for the redemption
and reissue Of United States notes and for tree
banking. It'll apparent that the determination OF
the minority is to use all sorts OF parliamentary
strategy to fight Off any further advance OF the
opposition. The Senator'S manifested throughout
more than ordinary vigor and readiness In the
varying discussion, and ten minute speeches were
made all round the Chamber. The usual prominent
debaters occupied the time. Messrs. Morton,
Logan Schurz, Sherman. Morrill, of YER
mont, Frenghuysen, Conklng. Gordon, Wright
and Bogy took each part. When 1t be-
came evident that senator Morrill, OF Vermont
could not carry mis- amendment providing
that no part OF the $40c, 100000 United States
notes. fixed as the limit on yesterday, shall be
used in the purchase or bonds above par for the
current expenses OF the government he withdrew
it. The question then required upon the substi-
tute OF Senator Logan, providing for free bank
ing. When this had been roughly handled by Sen
ators Sherman and Conkling, it in turn was tenn
p0rarily laid aside by the Offering Of an amend
ment by Senator Morton TO strike out all the Sec
nj no Oh IN p1oto
. resumption Of specie payments on the
LIST Of January, 1875. The debate then took new
inspiration, eliciting speech from Senator FIRE.
hnghuysen. Senator Sherman as usual did his
duty manlully as chairman OF the committee hav-
ing the bill in charge. He took occasion to say,
with the utmost emphasis, that the plan Of free
banking proposed, without some system OF re-
demption, would lead to sure depreciation, panic
and bankruptcy, and he significantly said IN the
course OF his remarks that 1.-THE political power Of
the country lies In the South and West" which
caused the Eastern Senators to knit their eye.
brows No conclusion was reached as to the
amendatOry motion OF Senator Morton, and.
though the whole session was full OF labor,
the fullest tension OF mind and employment Of
able argument, pro and con, nothing was done.
But the shifting movements were very interesting
and showed how capable the Senate is Of strang-
ling an importunate intruder In the shape OF q
lively motion which comes up friskily for immedi-
ate handling. Senator Conkling in his review Of
what he sneeringly called the programme of the
majority" was particularly biting and sarcastic,
and twi:ted that combination in an unsparing way
with shaving an understanding Of what they
were to do" Senator Morton worked vigorously
for the project OF free banking, which he unre-
servedly approved. Senator Logan piled his ora
torical efforts jealousy for the success OF the
N IN q Ia
allied forces OF yesterday, and Senators
Merrimon, McCceery. Dennis and Kelly
were not in line, having concluded to
declipe martial effort under the banners
OF free banking pure and simple. Senator Merrl-
mon was on hand to protect mis- provision, which
gives the national banks 100000 900 more OF CIR
cula,ion, but that issue was not reached. 1t will
be the first on the docket when the next sitting is
had In judgment on the financial question, and 1t
is safe to say that 1t will be carried by strong
vote as measure OF immediate relief The days
energetic wrestling was closed by the contestants
with some merriment upon the earnest request
OF Senator Thurman that the railing in the rear of
the outer circle OF seats might be removed, which
was so ordered by the President pro tenn. Some
considerable change may take place in the status
OF things pertinent to the rest OF the bill Of the
Finance Committee, which may secure the passage
OF the second section as to resumption Of specie
payments Dy January l, 1876.
Probability Of the Defeat Of Free Bank
ing-senators Hear from their Constit-
uents On Imitation and Have Solemn
Thoughts.
The financial outlook in the Senate portends the
defeat Of free banking for the present. This morn
ing there was an evident DISCRIMINATION OF the
majority, who have been in favor Of securing, in
the language Of Southern Senator OF known in
orritu md han r,f for Tho
people," The majority who carried the measure
OF yesterday were divided by the fears that free
banking might lead to O reckless and indiscrlmi-
nate system Of flooding the country with money,
and hence at the last moment, alter "the counting
OF noses," the amendment having been on its mettle
Tor an hour and hall, was Withdrawn in discretion
temporarily. 1t was little remarkable that, while
senator Sherman decried ''iree bankingn in un-
measured terms, Senator Frellnghuysen denounced
most vigorously the present fixing Of the term for
specie resumption which the former favored and,
In as strong declaration, rolled out the following
anatnema:-"We go staggering on from bog to
bog until we shall land in slough OF bankruptcy,
dishonesty and disgrace" Many OF the Senators
received kilograms this morning and during the
day which challenged sober consideration and
brought them to medItative frame of mind as to
providing any measure for further increase OF
the currency circulation. Serious apprehe nsions
are felt at the possible influence OF winlng and
dining between this and morning,
The Free Banking Bill In the House.
Stern Arguments Against Imitation.
Debate on the Free Banking bill IN the House
was continued TODAY by Messrs. Mitchell, of WIS.,
consn, and Merriam, Of New York. The speech OF
the former was sternly against imitation, and is re-
garded oy the contractionists as tue ablest ex-
position of their views yet made in the House or
Senate. Nearly one-fourth Of the members have
signined to the Speaker their desire to vote.
The bill as now worded, will undergo important
changes before IL passes the House. 1t Is morally
certain that the greatest privileges that can be
afforded will be incorporated In the dill by the time
the Senate has disposed Of its financial bill. The
views Of the leading Representatives will have