The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-02

paper regard 10Th ans1zeHerat and anxiety, ana,
In my Judgment such an issue ,could be a det's-
raent ana a shame.-CHARI.Es SuhNER.
WASHINGTON, April l, 1874
The Effort to stave or Final Action
Both Parties Welded TO Their Views
Logan Nursing the Skeleton OF Free
Banking-Contest Between the Restrict
ives and Their Opponents.
The Senate was considerably worried to-day by
the continuance OF that system Of amendments and
speech making which has SO much served to stave
on final action on the financial question. Up to
this time obstruction seemed TO be the animarng
policy or the .contractionists," and 1t would seem
that some OF the Oldest practitioners, who are most
skilled IN managing parliamentary bodies, have
resolved that the only hope OF having their counses
prevail is by this method, and thereby finally TO
restrain those who are IN majority from going for
ward in their course. The condition OF the bill is
not materially changed since yesterday though,
what with more amendments and sprightly
debate, the Senate really managed to have
two significant votes, which argue that up to this
time both Sides contractionists ana innationists,
are still firmly welded to their convictions, as pre-
vlOusy explained In these dispatches. The first
vote was on an amendment OF Senator Davis to
the amendment of Senator Gordon naming Penn
sylvania, instead OF Maine, as the State according
70 the proportion OF which the bank circulation
provided by the third section OF the bill should be
appOrtioned among the other States This was
lost though only by the very close vote of 25 yeas
to 20 nays. Considerable excitement prevailed in
the Cham Der owing to this unexpected result,
and the President pro tempore had to rap vigor
ousy to get the Senate restored to order. The
votes OF Senators Merrimon, McCreery and Gold
thwaite in the negative settled the question This
u,ua ahnut nnnn
creased circulation, whereas Senator Merrtmon
says that the country does not need
more than the $46,oo0ooo increase provided for
by his amendment and possibly could do
with less. He does not want any more than Will
simply loosen business and not change the present
state OF values Senator Ransom, also from the
same State says that at least 100000, 900 Is
needed. The intention to try the vote on Maine
and New York was kept IN allegiance by this test,
though before adjournment it had been resolved
among the Senators to test the question again on
the State OF New York. An equally important trial
was made by Senator Morrill, IN the direction Of
contraction. His amendment provided an increase
OF the banking circulation OF $40 900. This was
lost by very decided vote or 80 nays to 10
yeas Then came up the spectre of free bank
ing, pure and SIMPLE" which so frightens "the
souls OF fearful adversariesn that they depict
OF its CHASTITY reign, and since it was BAN
1shed by vote when Senator Cameron brought
the skeleton from the closet 1t has been carefully
guarded by Senator Logan, who presented 1t again
Tor contemplation and asked that 1t might be
1avOrably considered. He presented it as sub
stltue, just as ne had done once before, but with
two additional sections. Prior to this he said that
he would introduce the House Free Banking bill.
Considerable bantering occurred, and Senators
Schurz and Sherman endeavored to get him to
take vote on the additional sections and after.
wards move the parent measure as SUBJ
stttute for the third section OF the bill But Sena-
tor Logan was quite as wary as the two able
strategists who were trying to handle him; and
then TO test the question OF free banking In order
to know r the minority would support it, he moved
to strike out and amend the third section
by the insertion of a single word, "the,"
new section. This was an artfal measure
as the Others thought and, amidst some good
natured cross firing, 1t was evident that the
friends Of senator Sherman were not to be caught
mapping. strong disposition to get to o vote on
Senator Logan's proposition was manifested both
by the author OF 1t and Senator Morton, to which
was added an avOwal OF the desire to sit OUT but
the love OF dinner, and preference that the
mystery should remain In uncertainty, prevailed
with the Senate, and the apparently Inevitable was
Set aside by motion to adjourn, on which Senator
Morton promptly called the yeas and nays. But
he could not influence the Senate at the late hour,
and, by vote OF % yeas to Is
nays the adjournment was had and SO two i'm.
portant measures remain undecided-viz., the
third section OF the bill ana Tree banking.
But there is an evident determination to
do something in the latter respect which
fha forp TO-
The sense OF the majority is in favor OF restricting
II by convertbiy, and, If the issue be brought
up or will be permit ted by Senator Logan, it may
undergo the restriction of being issued on a i've
per cent or other bond OF redemption. Should this
plan be adopted 1t will virtually supersede the
sac, 900 amendment OF Senator Merrimon; but,
"a the voting goes now, he, with his friends, hold
the balance OF power though there is this
dilemma-the contractionists will submit to tree
banking only when they can surround 1t with safe
guards: the innauonists Will take 1t only "pure
and simple" Senator MerrImon wants his amend
ment to pass and can, II he DESIRES prevent free
banking, either with or without restrictions, from
passing. II the issue is fought down and decided in
the negative he can have chance, with the aid oil
the sO-caled minority or Sherman following, OF
carrying his $46,000,000 amendment OF course
Senator Merrimon cannot contemplate free banking
III clbHcT uBub WIN CoAPiaICHC5, oHCc, IL CdfFttu
one way or the other, ne will be placed hors de
combat with his amendment, which will then
become a superhuous agent OF relief to the
scarcity OF circulation. which is commended for
the basis OF his amendment, as also the Free Bank
ing bill. SO between the substitute Of Senator
Logan with or without restrictions, and the Mer-
rmon amendment, the latter has the best chance
OF ultimate success Nothing viii impair this ex-
cept an exceedingly close vote on the third Sec
ti0n, with New York" inserted; nut the positive
strength to carry that has not been developed yet
though there will be revision OF the forces to see
II a reserve cannot be brought up to effect tnis
Senator Morton was very much provoked at the
adjournment without a vote on the third section,
ms amended by Senator Logan, and several consul
tations were held by the Senators acting In con-
cert with them, which manifested interest and
careful survey OF the field, which, 1t is not too
much to say, Is not as satisfactory as it was to