The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-16
WASHINGTON.

Senate Financial Bill-Wtll It's Opera-
ton Convulse the Country and Cause
Panics
The motion OF Mr.. Maynard In the House yester-
day TO lay the motion ON the table to reconsider
the vote by which the House passed the Senate
finance Dill was carried. The Speaker promptly
signed the bill and 1t was returned to the Senate.
This afternoon it duly enrolled, and the parch-
ment having received the signatures OF Senator
Carpenter, as President pro tempore OF the
Senate, and Of James @. Blaine, as Speaker
OF the House, Will tomorrow be examined
by Senator Clayton on behalf OF the Senate and
Congressman Pendleton on the part OF the House,
and oy them delivered into the custody OF the
President. II may remain In his possession until
Monday, the eth inst when, n 1t Ia not signed or
vetoed, 1t will become law.
The Influences az work to induce the President
to veto the Senate bill are counteracted by the
friends OF the measure. The objection so seri-
ousy urged that It inmates the legal
tenders has no weight whatever with the
President His immediate fSjends, with whom he
has the criticisms OF the leading journals
OF the country on this point, say that to charge
Congress with passing an imitation measure
IN nxing the volume OF legal tenders at $780,
100000, Is equally to charge this admin
istration with being in favor OF imitation
lican party, as set forth in the platform.
adopted at the last national convention. For II,
they say the President Is opposed to innation, he
could nave insisted upon the same construction OF
existing laws regarding the amount OF legal
tenders winch might be put out, as Is given by
senator sherman and other prominent republt
cans. Not only has the President not favored the
Limitation Of $3.50 600 0OO but at mis- own sugges.
ton. and with his unqualified approval, the large
currency balance accumulated In the Treasury at the
time when the panic broke out In September last
was Immediately put out in purchasing bonds, thus
putting the Secretary OF the Treasury In position
where the good credit OF the government COM
PEELED recourse to the so called Treasury reserve
to meet the current expenditures OF
the government. SO, it is claimed
tho President cannot consistently veto
the Senate bill on the ground that it initiates legal
tenders. because existing laws unrepealed BY the
Senate bill would still give the Secretary OF the
Treasury as good right to issue the remainder
OF the $44,OOO.0O0 reserves as 1t gave to issue
$26. 900 already out.
1t viii be remembered that in the Presidents
last message he suggested the passage OF an
act giving the Executive authority to veto
portion OF BILL and positive Is the President
on this point tnat II In the bill presented to him it
should appear, in his Judgment that the second
section Is unwise, he would, had he the authority
askedsRppr0ve OF the first section and veto the
second. These views are not put forth as indcat.
ing what the President wishes might have been
done. but in vtndlcation OF what has already been
done.
The serious question now under Amusement, and
one which the President Is seeking Information
about from those In whose judgment outside OF OIL
tics, he has great confidence is whether the latter
portion OF the second section, disturbing the re-
serves now held in the redemption cities, prin-
cipally New York, will not, BY It's immediate en-
forcement, completely unsettle the business OF the
country. The Law makes no provision Tor gradual
withdrawal OF the bank reserves to the limit
prescribed In the act, but Is mandatory and imme-
date. The Comptroller Of Currency so construes
1t, and 1t would be his duty on receiving cerri-
ned copy OF the law 10 Immediately notify every
national banking association OF the repeal OF so
much OF the existing act as provides for the de-
posit OF three-dfths OF the reserve in the cities
named in the Currency act for the redemp.
ton OF their notes, and that IN compliance
with the act their reserves In these cities be
reduced within thirty days to the amount con-
Jemplated in the new law. The extent OF derange-
ment OF existing loans on calls, it Is claimed,
would convulse the country, and It's effect upon
business ultimately be as serious as chat produce
by the panic last fall 1t Is satisfactory in
formation on this point. which the President
must have before his signature will be appended
to the bill 1t has been represented to him that II
this withdrawal should extend over the period OF
sixty or ninety days 1t would not be SO objectiona
able. There are now over $50, 600, 900 OF legal
tenders on deposit In the sub-Treasury in New
York, which could be drawn out without delay
The opportunity, therefore, for providing
Tor the legal tender Of the coun
with this redundancy lessened by the opera ton
of the Senate bill, the value OF the United States
poses This Is the status on the Finance bill to-.
night. AS already stated the tate OF the Senate
bin depends upon the convictions OF the President
formed on representations oil advisers, indie pen
dent OF party motives. No veto can be hoped for on
the ground that 1t Is an lnnation measure. The
sudden contraction.
The Vote ON the Passage OF tho Senate
Finance Bill.
The following Ia the vote in the House yesterday
on the passage Of the Senate Finance bill:--
YEAs-Messrs. Albright, Arthur. Atkins. Averin,
Barber Barrsrs gssgos Bell BIery Bland Bouns
Z: Butler, Cardwell, Cannon, Cason, Cessna, Amos
L. CoDn, stephen A. Cobb, Coburn, Comingo,
Cruger. Cook, Corwin, Crttenden Grassland,
SssSs Dsnasa Dsnn e, bussn a2Ts
/: II, Harri: John .: Harris. Harrison,
Gerry, W. Hazelton, Hereford, Hodges, Houghton,
Howe. Huoben, Hunter. Hunton. HurlDut, Hyde,
Hynes, Jewett, Kasson, Killinger, Knapp, Lami
son, Lewis, Loughridge, Lowe. Martini Maynard,
McCrary, Alexander 8. McDlll, James w. McDil,
McJunkn Mckee, McNulta, Milliken, Monroe,
Morey. Meyers Neal Num-, Orr, Orth. Packard,
Packer, isaac Q. Parker, Pelham, Philips. Pratt
Robinson, Ross, Rusk, sawyer, Milton sayler,
Sener, Shanks Sheats. Sheldon, Sherwood, Laz
arus ID. shoemaker, A. Herr smith, George L.
Smith, Snyder, southard, sprague, stanard, Stan.
diIord, Stowe, Christopher 7. Thomas, Tyner,
Vance, wallace, Jasper d. Ward, Wells White,
Whitehead, Whitley, Charles @. williams william
Williams, Wiltshire James wilson, Jeremiah NJ
NAYs.-Messrs. Adams, Albert, Banning, Bar.
Clayton Cymer, Cotton COX. Dreamer. Crooke
Danford, Dawes. Dewitt Eames Eden, Eldredge
Frye, Garfield, Gooch, GunckeL Eugene Hale, Robert
$. Hale, Hamilton, Hancock, Benjamin W. Har.
ris, aa ~ Joseph R Hawley Herndon, =. Rock
kins Kelly. kellogg, Kendall, Lamar, Law
son, Lofland, Lowndes, Magee. Marshall, Mac
cnel, Moore Nlblack. Niles O,Netl Page. Hosea w.