New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-20
WASHINGTON.
c,,,DppNcy QUESTION.

,orp pOR AN INITIATION " 1910 >,or
.o,,ssr rf-rIsE NECESSARY 'I,lron,,
oprA,NEp-mE RESULT 4 so"'' DI,..,, ,.o,
- TUE INFrAuONIsrs-TH MA'oRi' N''
crvn 10 HARMoNUE ON 'lNN'"'
MEASURE ,,x,,
,sy xIscRkru TO ruR rRihuNeI ,
u,.cu,vcroN Jan IQ-The inhstion'sts III tue
uouse finding their ranks melting away uuuer '"o
sr. ~ tho mess and Of conventions OF business ''
hLo IN, National Board OF Trade determine"
.,Jav mon bold movement w ''
,ho,r remaining followers 10 their cause o.
fully that there would be no possibility u iu' w.
ASSERTIONS They resolved to crowd the iio"So NV
sonare test vote counting, ana WIN eoo"
u,e event proved upon rallying large h"i"''' -
,bo douhtiuc and waveriug. who were aoouv io"S
- 80 ,vor 70 the enemy. For thus purpose Mr. VIII
con ~ Indiana moved to suspend the rules al" ""op'
-. ro.,olrion instruotng the Banking and currency
,it,oo IN hiring IN bill 90 increase the oircnlat-
,.oo,;r,n That there might he no opportunity
. &c the purpose Of the movement,
u,,O,,tion WAS prcfiXed by q preamble, virtually
i1,i.c tbe widest theories of the paper-mOney
- sr1is ,roou,blo asserted that the panic and the
.s.,,t s,rnDencv ia the money market anu oePieS-
-, T., 1usiness we're caused by lack OF currency
.nd that the remedy was an immediate increase III
,ho ,o,uue Of the circulating medium. IL was IN
-, rIon declaration of the doctrine that re-
d,rdant and iTredeomabe paper currency creates
business and makes hourishing times
Tbe rcsumptionists appeared tO be taken by sur
orse ut this bold demonstration. few oil the
leaders appeaed 70 Mr.. Wilson not 10 press Yote'
without discussion, on 40 important matter; Out
he declined to Weld, and declared his determination
TO test the sense Of the House. 90 the foh WAS
called and l3l members went upon record III la'or
Of the resolution and 9s against it. The twO-thrds
= of obtained
Rambling and Currency Committee were not there
fore. instructed TO bring in bill for more currency
But the result was q substantial victory for the in
fatIOnists.
A scrutiny of the Yea and Nay list, given in the
regular abstract of the proceedings shows some IN
teresiinc facts as to the geographical distribution oi
tho inHotonista The New-EDgland States fur
,i>hcd none Three were from New-York-Mcssrs
Merriam, Sessions, and Perry two from New
Jersey McssIs. Hazelton and Dobblns. Penn
sylvania contributed long list VINO voted under
the lead of Mr. Kelley. They were Nessrs. Biery,
Killinger Shoemaker Strawbrdge, Packer, Cessna.
Curtis Richmond Taylor, Negley, Todd, and Al
bright Ohio was about evenly divided, II of her 20
members voting Yea. West Of Ohio, negative votes
were the exception and Affirmative the rule. Indiana
was all for imitation -Four Illinois members voted
No following the lead of Mr.. Burchard. Three ont
OF the Iowa mctubcis aisO Nottt against 'he
resolution. The South and Southwest, with few
EXCEPTIONS ali for Initiation OF the ii members
of the Ways and Means Committee, Messrs. Dawes
Burchard Roberts KassOn. WaldrOn, Foster. aud
BecA voted No Messrs. Kelley, Sheldon and Niblack
Yea and Mr. Wood was absent. The Banking and
Currency Committee voted az follows:
F,r the resolution, Messrs. Merriam, Hunter, ana
rubbeu; against It, Messrs Maynard, Hawey. Phelps,
Randall, Mitchell and Durham not voting, hessrs.
Farwe aud Niles.
That the 81 majority obtained by the infiaiioniss
can be counted upon 10 pass bill providing a
specific plan for increasing the currency is very
doubtful The affirmative vote was made up OF
those who favor more eTeenbacks, those who want
more National hank circulation. and the 1865 bond
men. It's discordant majority that cannot be ex-
pected to harmonic on any practical measure and
if it could the Senate wond not pass il; there is
no reason for business men 70 feel alarmed at the
vote to-day.
Mr.. b. /. NoyRsr's TraS VoR Esu"N0 SPECIE
PAYMENTS.
The meeting Of the Banking and Currency Com
mittee to-day was devoted TO hearing the arguments
of b. f. NouIse Of Boston III favor OF resumption.
Mr. Nourse has plan of Iosuming, which he thinks
simpler and fully as effective rs that advocated by
Geo :. Coe Of New-York before the Committee last
week His idea s to provide Icy law that the Secro-
tary of the Treasury shall every month, 10 he
stamped upon the faces Of certain number of mil
lions of pIecnbacks, 10 be prescribed by law, the
promise to redeem az par gold at the expiration of
two years, the notes stamped to he again put in
circulation. and the process of stamping TO go on
until all the greeubacks bear tins definite promise of
redemption. When the quantity first stamped falls
due Mr. NOnrse thinks they might be presented and
gold demanded for them but he does believe the
fn,, L..
10 embauass the Secretary, and he is confident that
the whole volume Of the PTeonback currency would
speedily appreciate 90 par with specie.