The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-04-18
From Washington.
fHE CURRENCY QUESTION

session Of congress is concerned, is regarded
as virtually settled by the action of the house
on Tuesday in passing the senate bill That
bill, it will be remembered, limits the issue of
grccnbacks to $400,0OO0O0, and authorizes
an addition of S4GO00,000 to the issue of m.
tional bank currency, making the whole in.
fation, or the face of 1t, amount to 100000.
600. In point Of fact, however, it is now as
serted, that the practical working of the bill
| will be Il contraction instead of imitation of
the currency, The matter is figured out in
| this way: The $44,00O,0OO of greenbacks the
bill authorizes to be issued constitute what
has heretofore been called the ''reservc.n and
the Secretary Of the treasury, who is quite te.
nacious of his powers, may, and most proba.
bly, will, continue to regard them as such
Now S26OOO,OOO of this reserve are now out,
and the Secretary may take notion to call
them in, which would be a contraction to that
amount. But suppose the Secretary issues
the whole $44,OO0,OOo, the other part of the
bill, which authorizes an increase of the ma.
|tional bank circulation, provides for an ad.
ditional reserve of greenbacks to be kept by
the national banks in their vaults, and this
the comptroller Of currency estimates will
amount to $44,OOO,000, again involving a con-
traction of $780, 600 on the present issue of
greenhacks. Then, as to the $46,OOO,OOO of
additional national bank paper authorized,
the conditions annexed TO the privilege are
such that it is not believed the banks will
al OF hut \
Treasurer Spinner estimates that the contrac
ton will still amount to about 81, 100000. 1t
would be not a little ludicrous if it shouts
turn out that Logan, Morton and Oglesby,
who fought so valiantly for this bill in the
senate as measure Of expansion, should have
had so little comprehension of their own
measure as to have it produce the opposite
effect to what they aimed to accomplish!
While the house passed the senate BILL
however, it also passed the so-called Maynard
bill, providing for free banking. This bill
would authorize the establishment Of new ma.
tional banks without limit, and might add
800 100000 to that species of currency. It is
not believed, however, that the bill will pass
the senate. That body has already voted sew
eral times directly on the question, and each
time adversely. Besides, republican eau
Gus on Wednesday evening virtually decided
that any further action by congress in the dl.
rection OF imitation would divide the party.
AS the matter now stands--in doubt whether
the bill just passed Will initiate or contract
the currency,-neither side has the advan.
tage and the party organization stands unaf-
fected; but pass the Maynard bill, and the
whole body Of eastern cOntractionsts will re-
bel at once.
LOUISIANA.
Senator Carpenter finally got the discussion
started on Tuesday in the senate on his bill
providing for a new election in Louisiana.
Several democratic members, seeing the utter
hopelessness of passing the bill, urged an i'm
mediate vote TO kill it, but Carpenter stuck TO
it, and the debate has run through three days.
In the debate up to Wednesday the main ar
gument against the bill was, that a new cleo
ton law had been passed by the Louisiana
Legislature under which fair election would
be held next fall, whence the passage of this
Carpenter unearthed the fact that this new
bill, so fair in its provisions, &c, had been
passed only as blind for congress, and that
Kellogg carried it in his pocket, to veto it as
soon as congress adjourned. What effect this
revelation may have on the fate of Carpenters
bill remains to be seen.
DIRECT TOTE FOR PRESIDENT.
The senate committee on elections has re.
ported in favor of a constitutional amendment
to provide for the election of presidential
electors hereafter by single districts.
OMAHA BRIDGE.
The House Pacific Railroad committee has
agreed on a bill to make Council Bluffs in
stead Of Omaha, the legal eastern terminus OF
the Pacific Railroad. The passage Of the
bill would be such check on the great Oma-
ha bridge steal, and would involve such an
amount Of righteousness as 10 place it hope
lessy beyond the capabilities of the present
congress.