Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-16
The Currency Business.

The defeat of the currency bill in the
House is variously commented upon by the
Washington correspondents. The Boston
Journal has the following special;
! The Senate was rather astonished on Sat-
urday afternoon by the announcement that
the compromise currency bill had been de-
feated in the House of Representatives,
showing an rreconclable difference between
the two houses Let one house agree upon
any proposition, and the other is at once OBJ
stinately opposed to that, and bent on some
other proposition. Still the Senate was will
ing by vote of 80 yeas to II nays to try
once more to what could be done towards
harmonizing antagonistic views, and Messrs.
Wright of Iowa, Ferry of Michigan and
Stevenson of Kentucky, were appointed con-
ferees.
The defeat of the compromise currency
bill in the House can be explained by three
| reasons:
First. There was large number of hard
money men, probably thirty, who would have
had they believed that it would have met the
Presidents approval. That this approval
will be withheld they thoroughly satisfied
themselves Of on Friday, and communicated
this information to their colleagues. The re-
suit was that these thirty votes which have
| been counted as in favor of the bill was cast
| against it.
n Second. The most advanced infationists
had agreed to vote against the bill on &C.
count of the percentage of retirement Of
greenbacks proposed. This school is repre-
scented by Kelley and Butler, who would prob
baly not vote for any bill which proposes any
retirement of greenbacks.
Third. The democrats as an organization,
| IL ho1 nj
absolutely united on finances, formally de-
cided to vote against the bill aud to support
Hester Clymer, the dissenting democratic
member of the conference committee. The
purpose of their agreement was an attempt to
| create dissension in the republican party, and
to formally declare themselves as party to
be opposed to the national banking system.
1t is known that the united democratic vote
| in the House on Saturday against the bill in
dicates that the democratic leaders intend to
force an issue against the national banking
system. The conference committee bill pro-
posed to perpetuate the national banking sys.
tenn and to secure the gradual retirement OF
the greenbacks. The democrats by their
united vote against this bill have made the
declaration, which had not previously been
announced in Congress, that their leaders in
tend to force their party into absolute opposi-
ton to the national bank system. Of this
these leaders, since the vote, make no con-
cealment.
The new conference committee on finance
consists of Senators Wright Ferry of Mich.
and Stevenson, and Representatives Dawes.
Marshall and McCreery. The committee
hold their first meeting tomorrow morning.
They have decided to come to an immediate
conclusion by Tuesday morning, if a conclu-
sion shall be possible. The members of this
conference in private conversation give out
that they scarcely expect to be able to perfect
any new general bill on finance which could
become law, or indeed be approved by both
houses. Some of them do think, however,
that they would be able to report back some
kind of bill providing for a redistribution
of the national bank currency, which will be
accepted as temporary compromise.