The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-19
Review Of the Financial Foroes-.Re.
organization Of the InfatloniStS

Wss,.REing!eoSH Us .E geS Special to tho New York Heral
At the close Of the session Of the HouS
today, General Garfield, chairman oi thl
Committee on Appropriations, reported
the Legislative and Judicial Appropria'
tion bill, and moved that 1t be made th'
special order for Wednesday next, debate
10 continue To the exclusion Of other bust
ness until disposed Of. At this juncture
Mr.. Woodford, oi New York, asked the
Speaker II the motion prevailed would Il
prevent the consideration Of the status o.
the tOrty.iour million legal tender reserve
the greater portion oI which is now Ii
circulation. The Speaker replied that II
would, whereupon Mr.. Woodlord, to teal
the sense Of the House, appealed to the
members to vote down the motion Of Mr.
Garfield, and, to the surprise Of every one
the chairman Of the Appropriation Com.
mittee met with defeat, his only solace be-
ing an order to have the bill printed. The
action Of the House indicates q readiness
to dispose Of the legal tender question,
causing much rejoicing among the New
York members, who are anxious that the
status Of the so,called reserve may be
speedily settled, and the mercantile and
moneyed interests spared further agita.
tion on the uncertainty Of the financial
administration Of the Treasury Depart
ment.
The persistency with which the oppo-
sition has been kept up by Senator Sher-
man and those who have agreed with
him, as evidenced in the debate against
the iufationists, led by Senator Morton,
has continued without relaxation up TO
the present moment. There Is little, If
any, change affecting the strength Of the
united forces Of the West and South; but
viewing the determined VtS a ViS which
has been steadily preserved as growing
more threatening, q consultation was had
by the inaationists to-day, and 1t was de.
cided to change front by the selection ol
Senator Cameron, with the moral in
duence Of the great State Of Pennsylvania
behind him, to make diversion by offer.
ing a bill for Tree banking, in lieu OF an In.
crease Of the currency, which satisfies the
intiationtst6 and removes the direct ques-
tion OF expansion, as also the direction Of
the opposition, sustained by the East or
those Senators who are in favor of con-
traction and early specie resumption.
While this may be regarded and has
looked as II 1t were sectional, II assumes
that attitude or classification merely be-
cause the East has more concentrated or
accumulated capital than the West or
South and Is In measure independent Of
relief. Besides, the capitalists Of the East
do not wish this financial measure OF re-
lief to be afforded, because they do not
want any additional capital brought
in competition with them, or to
press them out Of those channels
Of ready demand which they have
50 easily prohtably found heretofore.
This has engendered an antagonism
and some latent ILL., feeling between the re.
spective sections, and is strengthened on
the side Of the Eastern accumulstors by
the aid Of few national bank men in
the Senate, ell Of whom are, with one
voice, opposed 10 an increase of the cur
rency, while the West and South are for
initiation, which policy they will carry on
In one form or another under the master
y ability and long experience Of Senator
Sherman as financial doctor. The fight
has nominallY been 10 keep the nations
credit within bounds and clear Of the
dangers Of financial wreck, while 1t is
palpable that this too great anxiety comes
from either the feeling Of doubt as to the
result OF expansion, or In Difference to
the behests of accumulated capital, which
Is respected by all the rich men In the
Senate, But the popular advocates, who
are near the people In feeling and more
in accord with the masses, whose system
they study with more attention than those
OF the bankers and fnsnciers Of the day,
advocate most strenuouSly and without
hesitsncy the plan Of adding to the pres
ent volume Of the currency, which, from
present indications, they will carry by q
small majority in the Senate.
The petition OF members Of the Illinois
Legislature, citizens Of Chicago and 9th
ers, presented in the Senate by Senator
Logan to-day, represents that real and
personal property during the last decade
has increased in value more than SO per
cent, and the value Of manufactured pro.
ducts more than 124 per cent; and since
June 30, 1868, the currency circulation
has been contracted about $3.50, 900 900.
Therefore they, representing the vast ag.
ricultural, manufacturing and CONNER
cial interests Of the West and South, be.
lieve the volume Of currency to be not
sufficient Tor the business OF the country,
and also believe that contraction Is in ne
interest OF Eastern capital TO the detri.
ment oi Western and Southern industry,
and means paralyzed business, extortion:
ate interest and low wages. They, there.
lore, earnestly request such increase Of
the currency as the public necessities re.
quire.
4