New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-17
WASHINGTON.
FINANCIAL TOPICS.


- ,.,,, on NEWBORN AND tN-hf"S-
.,....rr,,nry pFFORE THE BhNhIN" MD
Nv" - couyrITEr-T1IEY Favor REsff'l-
- -, p.VnESTS AND FREE bANhiN"-
-, ,,,.,,,r ny SENATOR SHERMAN URGING
&c ppstJnprIoN-A NEW PROPOSITION FOX
,.,,v pye CENT LOAN PRESENTED TO THE
VIVA AND MEANS COMMITTEES BY MI DANES
r., TELEGRAPH TO THE TRIBUNE!
,,,.a,,xcroN JAN 16-Tbe Banking and Cur
-, Con,nit tee continues to hear arguments from
Loading bankers and business men invited 10
address them on financial subjects. To-day Ell Voe'
The well-known New-York bank president CON
eludod his remarks a return to specie payments
and Mr. Chittenden, formerly Register OF 'nc
Treasury spoke in favor of free banking MI Oooo
plan for resumption attracts good oeh o. a''o"
ton IL consists of two fcatnrcS-thc hoalhHs Vi
gold by the Treasury. and the gradual CONTRACTION
of the currency by the substitution OF lh'eieS'-
hearing notes for legal tenders. The Treasury
~ 10 retire S2,GO0,000 a month oil ies"i
tcnders and put out I'D their Stead an
-, omonrt of 365 bonds convertible after
term of wears into five per cents. These pohoS'
ST., thew had circulated as currency long enough
a, accumulate sufficient interest TO make II an Cd
80, 20 hold them would retire themselves as the
,o,ororna interest notes did that were ssned d'h-
~, Tho war and the currency would thus DC sio"l!
,,,d,ood +, volnme without shock or arrangement
10 pr,vide for the ultimate resumption oi Spcoio
,o,ncnt the Secretary of the Treasury as 10 sell no
more gold but retain IN his vaults all the surplus
coin MIR. Cmttendcn strongly Indoises the iree
Ranking bill of Representative Merriam Oh
New-York He says that II is hot "
measure Of expansion. The PROVISION ioI
the redemption by the banks Of their notes through
cle,ripq house in New-York would check any ten
dencv 70 imitation Five per cent reserve oil green
hacks kent in NewYOrk for the purpose OF redenp-
tion. would he thinks, be sufficient, aud he believes
that no further reserve should be required 10 DC
held Mr. Chittendcn thinks that free banking
yvould explode most of the false theories about the
currency That are aDoat. and be an aid III bringing
the country back to a specie basis
Senator Sherman's speech in the Senate to-day
on the currency question attracted considerable at
teution and rs well spoken Of even by Senators VINO
disagree with the Chairman of the Finance Com
nittee in regard to the measure OF reform that il
necessary. HIS review of the currency legislation
OF the country and his arguments against fuItner
EXPANSION were very able. Ii Ii perfectly safe to
predict that the extreme Western idea that an eX-
handed currency is the great want Of the
cou,try. VIII receive comparatively few
votes in the Senate notwithstanding it
is 50 persistently urged by Mcssrs Morton, Ferry of
Michigan and few Others. II any bill is passed
this session. il now looks as though it would be an
act creating a bond basis for tho grecnbacks that
IL An act making treasury notes redecmable in gold
interest bearing bonds. The intTo-cOnyertibillty
plan viii have some supporters, but far less than
majority The plan indicated will probably receive
the support Of contrJctoniss like MeSsrs. Schuiz
and Fcnton when il becomes apparent that their
ldeas cannot prevail