The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-28

Jo' armed pending the consideration OF the bill
TIuddle or Senatorial Ideas ON the Mone-
tary situation.
In the Senate the financial question goes over by
agreement until tomorrow, Mr.. salisbury, oil
Maryland, who was to have spoken to-day, not
having been prepared. AS between the pariies
who are in favor OF the resumption Of specie pay
ments and those who are in favor OF expansion pS
the increase OF the national bank currency and the
equalization OF it throughout the states, the
former plan being championed by Mr. sherman
and the latter by Mr. Morton, the Senate Is about
equally divided. The south, West ana southwest
viii combine, and the chances are IN iavor oil a
recomme ndation TO the Finance committee to re-
port biIl for the increase OF the currency The
majority of the committee are opposed to it. be-
| leving that with the income or the government
nom revenue during the present and coming quar-
tiers OF the fiscal year and the sale OF gold by the
Treasury Department currencycircuation enough
Will be had to keep everything moving well. The
vote on the bill organize banks without circula-
ton was not had owing to the absence Of a
quorum
MIR. Kcney's Financial Bill To BE Re-
ported Adversely--six Members Of the
Committee OF Ways and Means Armed
with Projects of Relief.
The latest summary OF Congressional action in
the House on the financial question may be
summed up as follows: The Committee OF Ways
and Means are wholly unable to agree upon a bill,
no less than six OF It's members having PROPOSE
lions before the committee. The Committee on
Banking and Currency will be called tomorrow
and will report BILL The chairman of this COM
mittee has also been instructed to make an adj
verse report on Mr. Kelley's bill and move that it
lie on the table; but it will not, inasmuch as
Mr.. Kelley has avowed his purpose of moving to re-
for Cor, v,nttf Aa ,Aln thn
OF the Union and make it special order for day
to be named This motion will prevail, as a ma
jOrty OF the House are committed to the mea-
sure.
Provision for the Resumption of Specie
Payments.
The Committee on Banking and Currency to-day
added TO a bill pending before them clause look
ing to the resumption of specie payments.
Minister Bancroft on American Credit
in Europe-rhe Presidents Annual
Message We'll Received-German Be-
lief That specie Payment Can Alone
Restore the Finances of the Country.
Minister Bancroft has addressed the following to
Secretary Fish,
AMERICAN LEGATION, BERLIN Dec. %, 1873
SIR--The Presidents Message In Iull reached Ber-
lin on Friday last That part OF 1t which related
foreign affairs has met with the most perfect and
universal appreciation that have ever known ac-
corded TO public document The conduct Of the
United States toward Spain and Cuba Is acknOwl-
eZged to be marked by strict respect for pubic
law. by moderation, by wise iorbearance, by Dig
nifty and 1rmness. There Is no division OF opinion
on the subject in public or private circles.
The finances OF the United States are here the
subject OF the ntensest interest, owing the very
large amounts which the Germans have invested
in our national and other securities. The use OF
paper money in the United States has led to many
purely speculative undertakings, which have
sought market for their securities IN this country
Between fity and sixty separate securities,
think the exact number is fttyeight, which sought
and found market here have failed TO pay their
interest as 1t became due This has had an
happy effect upon the public financial opinion Four
years ago this public believed the United States
were about to return without delay to specie
payment. AS consequence pubic confidence in
our STOCKS was constantly on the increase. When
such marvellOusly large payments OF our debt were
ments would be accompanied by return OF the
government, through all It's Obligations. to specie
payments, according to the pledge OF the first act
OF the Forty first Congress. Nations are here dl-
vlded INTO those which have a forced paper clrcu-
latiOn ana those which have specie basis and the
difference in the prices OF the stocks OF the two is
amazingly great Our SIX per cent stocks were rising
and there was every reason to hope That the price
would soon be rar above par. The remoteness OF
the United states had come to be thought lightly
OF, and there was even rising belief that there
was peculiar safety attending their stock, re-
sulting from the very fact that they STOOD apart
from and beyond the reach OF convulsIOns in Eu-
rope. There still remains mistaken confidence in
their determination and in their ability to pay
their bonded debt; but the seemingly indefinite
postpOnement OF the epoch when they intend to
remove the use of force IN Keeping their notes in
circulation seriously Affects financial opinion.
This change mani1ests tselfin various ways. Where
purchases are made OF stocks those falling due first
are most sought after by those who have safety in
view and there Is less disposition TO engage in any
new loans which the United States might be dis
posed TO invite. You will not be surprised there
lore. when say that the judgment OF the Presl-
dent, that we can never have permanent prosper
ity until specie basis is reached, is responded to
here with absolute unanlmlty, coupled, further,
with the idea which is indeed involved in the Presi
dents words that we never can attain the credit
which we have right 10 hope for In the financial
markets OF the world until that specie basis Is
reached.
The next point in our finances on which public
opinion IN Germany Is perfectly unanimous is, In
the language Of the report OF the Secretary
OF the Treasury, which accom- paneS the Presidents
Message, that constant increase OF coin In the
Treasury would, ere long, lead to the desired re-
suit There Is not one single well Wisher to the
United states in these parts that does not cor
daily welcome and approve that suggestion Of the
Secretary OF the Treasury, and 1t Is the absolutely
unanimous opinion OF all financial men. / hear 1t
in all circles, from vi all political parties but
most earnestly expressed by those who are our
truest trends, that the severest economy and an
accumulation OF gold in the Treasury can alone
bring US back to specie payments, and they can do
it and with less difficulty and less delay than are
anticipated. AS the country is constantly increas-
ing in business, 1t the further universal belief
here that the earlier the country returns to specie
payment the less will the debtor class suffer,
Thus Tar have given you candid and exact
opinion IN this region. There Il another sugges-
ton OF the secretary OF the Treasury, that there
banks, which meets with appreciation wherever it
has engaged attention. II is not every one who
has turned his attention to that branch OF the sub
Ject but all who have given attention to 1t are OF
the opinion expressed by the Secretary on that
point, and not as temporary but as a permanent
GEORGE BANCROFT
The Alabama Claims as Affecting the
stability OF an Insurance Company
The Question OF Private Indemnity.
The Committee the Judiciary to-day had be.
fore them the question Of the Alabama claims. MI.
Dudley Field addressed the committee on behalf of
the Columbia Insurance Company, which failed on
the 22d OF January, 1866, owing to debts Of very
large amount, and having means to pay but a
small amount u the Indebtedness. The principal
asset, and the one that was then most relied on,
was the Alabama claim. The company had paid
away to insurers under war risks very large sum
OF money for losses arising Directly from acts OF
vessels hostile to the United states during the
late war. OF this sum about $685., 900 was due to
the acts OF the Alabama, Florida and shenandoah