The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-21
The Game OF Finance An
preaching the End.
LIMITED INITIATION.
Four Hundred Millions the Vol
ume of the Currency.
The Great Struggle to Come on the
Question Of Redistribution.
THE INDIAN BILL.

Events or the Financial Debate In tho
senate-The Acceptance OF the Ltmtta.
ton OF tho Currency to $4OO,O0O,OO0-
Dubious Feeling ON Both sides ~ to
Whose IL tho Victory.
The Senate added another interesting day to its
proceedings in the discussion OF the finance ques-
lion. So far relates to the contest on the main
proposition OF innation which has invested 1t with
DO much importance, the Rubicon is passed. The
voting to-day gave slight and, perhaps, event
ualy fruitful victory to the South and West in
their efforts to secure more abundant currency
circulation, ana to-day the temporary triumph Of
tie anttinnationists was reversed in the bare
carrying OF the amendment OF Senator Mer-
rimon, providing for $4,000, 600 increase
OF the currency. At the opening movement of the
contendipg forces upon the works OF each other,
. rafting IRE was delivered. The motion was
made to reconsider the vote whereby the amend
ment OF Senator Cooper was yesterday inadver-
tently carried by viod uoce vote which provided
for the convertibtlity OF United States Treasury
notes into gold coin or ave per cent bonds Of the
United States, and also for free banking under
the provisions OF the National Bank act. The
question OF reconsideration again opened the
noodgates Of financial oratory, and the debate took
the same course as yesterday. Preparatory to the
vote Senator Ferry, OF Michigan, who is vigor-
GUS debater, with youthful fire and vigor, led
Oh. He was followed by Senator Merrimon, and
he in turn by Senator Schurz, until it came to the
vigorous and unyielding Senator Conkling, who
has kept out of the debate and has reserved his
vote on every test until the last. He was Tor this
reason unkindy spoken OF as being weather.
cock by some officials who were discussing the
nnances in the lobby of hotel last evening. In
his measured style Of enunciation, faultlessly at
tired and OF commanding appearance, he
gave q clear and logical explanation OF
hts idea Of the course and fluctuations OF
the finances as they affected the circula-
ton and the Treasury Department and as
they related to a healthy and substantial
condition. Senators Morton and Sherman con-
tinued the discussion briefly until Senator Cam
er0n, who has been q most attentive observer
throughout, took the floor in his best vein Of
argument. Smarting under the defeat Of his
amendment yesterday, he attacked the 'hard
cash" resumptiOnists and made strong presenta-
ton OF reasons for more abundant circulation In
Offset to the posltivism OF Senator C0nkling, who,
although he made strong impression BY his physl-
cal gesticuatton and strongly put arguments did
NOT influence the dissenting vote an iota. Random
debate then occurred, IN which Senators Logan.
Ferry, Of Connecticut, Sherman, Allison, Morrill,,
Of Name and Ferry, or Michigan, who protested
against the resolution in any event going to the
OOMmIttCo WltHOut Au6bIu CtAOuS % tu0y WCIO
avowedly opposed to expansion. The events Of
dhe day were speeches from Senators Merrimon
and Gordon, the former Of whom went over an ex-
hausive Analysis OF the naOdxs Opey'Gnd5 OF bank
1ng and the influence which expansion would have
upon II. Senator Gordon made one Of his best
efforts In favor OF increase Of circulation, and Wig
orousy attacked. in his trenchant style, the anti
1nfationists. He gave some unspsring home
thruofs to the bankers as o body which he char
acterized as q monopoly that should perish.
He assailed the arguments OF Senator ConklIng
with unrelenttng severity, and with some very
pretty imagery closed his excavations OF the &C
cumulated money influences, asserting that the
lab0ring and industrial classes had drawn the
sword against the bankers monopoly, and would
not sheathe 1t until it destroyed. He evidently
has no love for the Eastern concentrated capital
Influences, and would like very much to see them
ignored. Senator Ferry, Of Connecticut, attempted
to bring the discussion to q close by moving that
the original bill and amendment be laid upon the
table, which was lost. Senator Stewart then
made q "hard cash" appeal, which drew from
Senator Cameron q rejoinder that IL was
. reproach to the country that the arguments
used by the anttinnationsts should be made in
Senate. vote on the motion to reconsider the
amendment Of Senator Cooper was then called for,
and 1t was carried the ''yeaG' being 80 and the
".nays" %, and the amendment was defeated. The
question then REQUIRED on the amendment OF Sem
'ator Merrimon to the motion to recommit the bill
offered by Senator Sherman as Chairman OF the
Finance Committee, which amendment Is to the
eject Of adding an increase Of $46ooo.ooo to the
circulation OF national banks, 80 that the
whole volume shall not exceed $500, 0O0, 900.
This amendment was adopted by an afirma-
tive vote Of % "yeas" to rs "nays," which
was greeted with quiet satisfaction by the inna-
tionists and with some chagrin by the opposition.
Inc result was evidently not expected by them,
nor hoped for with any sanguine feeling by those
1avortng expansion; but the senate were disposed
to have 1t out, and either side was prepared for
decisive vote, one way or the other. Senator
C0nkling, not less than Senators Schurz and Sher.
man, was disappointed. This Is the first progress
made by the expansonists in the Senate, and no
doubt 1t will be followed up energetlcally, and
their ranks will receive some additional strength.
The "hard cash" men have made q splendid fight
all through. The powerful advocacy and respectable
constituency which their cause has had have left
no efforts unemployed to secure the success OF
their opinions in action. The closeness OF the
voting gives neither side much to deplore or re-
joice over. The contest is not all over yet by any
means. Senator Schurz, who has been the per.
sistent teazer OF all the ''more money" advocates,
while they discussed the question from time to
time gave notice that he wanted to speak at
length this subject. 1t is getting to be seriously
asked whether the Views OF all the specie resump.
tionlsts conceived In spirit OF unselnsh devo-
ton to the best interests Of the country and are in
keeping with the views Of the majority OF their
constituents or simply with the expressed desires
OF the great banking innuences, who Of course,
are not dsinterested In the disposition which Will
De made Of the finances. one thing is remark
able. All the rich men, ana the oldest as well as
the most respectable members OF the Senate, are
IN favor Of specie resumption and imitation, while
~ IL notorious that many OF them made their
money and interests in large Industrial as well as
commercial and mining interests during the time
OF great abundance OF money If not directly
owing to that state OF the finances Prominent
exceptions to this are Senators Cameron, Bogy