New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-14
VoL.XXXlV.....No. 1882
WASHINGTON.

SENATE DFBATE ON THE CURRENCY.
,rrrtE INTEREST EXCITED BY TIE DISCUSSION
REMARKS OF SENATOR SHERMAN AND OTHERS
prYr.r or THE SCOTT AMENDMENr-PRobA-
nuIrY THAT THE PENDING BILL WILL sAArh
TIE SAME FATE
my TELEGRAPH TO THE rRIRuNEI
WASHINGTON, May 13-The resumption OF 'he 'u',
renev debate in the Senate to-day was an event Oh
.ou1aratiyely little interest either to Congress or
the country. The general conviction that has per
vaded the Senate since the veto, that no measure
the Sonata Finance Committee may report can be-
come law; the criticisms OF the provisions OF tne
hill "a reported that have been made both by the
ho,est currency men aud the nhauOnists, ana the
general agreement that seems TO have been arrived
NJ that no adverse reference shall be made III the
debate 10 the late veto of the Presldent-these ana
other reasons have made the discussion so lar as IL
has proceeded a sort Of solemn form which Sena-
tors seemed TO feel themselves bound to 90 through
with IN order to let their constituents see that ey
stand on the same old financial platforms they occu-
pied a month ago. and that they have not YET aoah
doned the attempt to pass currency measure Oh
some kind
Senator Sherman's explanation of the provisions
of the Finance Committees bill was hardly neces-
sarv though it set forth in very clear language the
arguments in favor of the measure, as he under
stands IT, The system Of free banking without com
REDEMPTION proposed by the pending bill he said was
an experiment that was never before tried, either
m this country or in Europe Wherever there has
been a system of National banking without com re-
semption 1t has not been free, but the amount Oh
the currency to be issued has been carefully limited
Free banking without coin redemption would be
safe only when carefully guarded as IN this bill
The fact that the notes of the banks are amply
secured is not sufficient Our present experience
shows that even with q currency, every SIUV OF
which is secured by the deposit IN the Treasury OF
S1l5 worth of gold bonds, each 81 note Is worth
only 81 cents. After answering some OF the popular
objections to free banking Mr.. Sherman closed by
saving that if free banking is to become law with
his consent it must be accompanied with the Will
hngness to redeem the greenbacks with gold or It's
equivalent. coupled with an ability to redeem them
With this preliminary explanation the bill passed
into the hands Of the Senate for discussion.
The tone of the debate, so far as it went to-day,
was very different from what it was when the sub
ject was last under consideration. The honest cur
rcncy party took comparatively little part IN the
discussion to-day, but left the in1ationists and
those few Senators who labor under the delusion
that a compromise Is possible between keeping the
pledged faith of Congress and breaking IT, TO do the
most of the talking. So, too the majority of the
inha1ionlsts many of whom now contemplate voting
for the bill. do so with anything but a good grace
and seemed anxious To take the Unpalatabe dose as
quickly and quietly as possible Senator Ferry OF
Michigan was the busiest man; Senator Logan, as
usual. made the most speeches, The former acted
as sort Of executive officer Of the day for the IN
fiationists. and was constantly fitting from one
part of the chamber to another, STRENGTHENING
weak part Of the imitation line, or consulting with
those eminent leaders in finance, Norton MeITl-
mon, Logan. Gordon, and others.
The Scott amendment which had the sanction OF
a majority Of the Finance Committee met with SO
little favor as TO be unworthy cf notice After It's
defeat Senator Wright offered an amendment pro-
viding for the cancellation of b. instead OF 90 per
cent. as many grcenbacks as there are new National
hank notes issued under the act and this was de-
bated until adjournment failure 10 agree on the
subject Of this amendment mag kill the bill. All OF
the ultra iudationists VIII probably vote for It,
and should il be carried Of the honest currency
men. who have been reluctantly willing TO let the
bill pass as reported viii vote against it, If. on the
other hand the WRIGHT amendment Is lost, snch
infaliou.s's as Senator Wright himself and those
who think as lie does, intend to vote against the
bill II is the general understanding that this bill
shall be finished Tomorrow.