The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-12-24
THE SENATE FINANCIAL BILL.

days ago, agreed upon by the Republican
Senators in caucus, and which, as re-
ported in our columns yesterday, passed
the Senate Tuesday.
In brief, it is a bill, "full of sound and
fury, signifying nothing" 1t makes no
substantial change in the vexed question
of which it proposes to treat, but simply
was gotten up for the purpose of deceiv-
ing the country into believing that the
present ruling party was doing some
thing, whereas, nothing whatever has
been accomplished.
As stated by those reporting the bill,
it was intended for Il compromise to paci-
fy the lnflationists of the West and the
contractionists ofthe East. Let us see
how this is effected.
In the first place, balm is applied to
the wounds CT the infiationist, in that he
is told that free banking shall be every
where proclaimed. Of course then,
dreams of free and full issue of Nation
al bank notes, sufficient to meet tho
acquisitions of every man, Immediately
loom up before his excited vision. Money
is to be so plenty that all the needy have
to do is to ask for it, and it will be suppl
ed, whereupon, as natural consequence,
business must flourish, debts can be can
celled, snd.,sn era ofprosperity unequalled
in the annals of history, must set in.
But, lest our initiation friend should
get too much elated, and the contraction
ist become alarmed, there is saving
clause to beintroduced. The Free Banks
shall not be too liberal in their issue;
but must redeem 80 per cent OF their
notes until the greenback circulation
shall be reduced to $3O0,0O00O0. And
it is argued, that as 20 per cent Is now
required to be kept back as bank reserve,
by this means, there will be neither eX-
pansion nor contraction of the currency
Now, as National Banking is already
free IN many portions Of the West, we
would like TO understand how this section
Oft bill is going to meet the demands
of the adherents of either side of this
question. 1t only leaves the status Of
the currency in the West as it is at
present, neither more or less.
Still there is vcrbosity and windincSs
about the subject which is inclined yet to
brighten the contractionist, and further
notifications must be extended him; but
these must be so artfully interviewer,
that the expectant quietude of his oppo-
nent shall not be again aroused. Sotwo
tubs are thrown out to this whale. The
first of these is that fractional currency
will be called in, and silver com supplied
in its place.
This has peculiarly sweet and silvcry
sound. Who would not be willing to
exchange the dirty ragged shinplaster he
carries in his pocket, for the clean, bright,
hard, ringing metal, provided he can get
hold of it "without Inconvenience to the
public?' But in this fond expectancy
we must be very careful not to let our
hopes get the better of our reason, for we
are told that this will be effected las soon
rs practicable" Well, as it has always
been the natural and general expectation
that we would come to this rs soon us
practicable, nothing new is promised
or likely to be reformed. Of course
it will be done rs soon rs practical
BILE, and such was the intention when
tho first shinplaster was issued. Mani
testify there is little encouragement to be
derived from that quarter.
The next tub thrown out, is that specie
payments are to DO resumed in 1879.
Four years from now.
Without doubt those omnous words,
"1praetieable," would have been added
here again; but for the fear of creating
suspicion. But we think that Senator
SHERMAN, the chairman of the Finance
Committee, let the whole cat out of the
bag in his reply to the question of Sena-
orScHURz whether "the 30 per cent legal
tender notes redeemed, were to be re-
issued?" Mr.. SHERMAN said that was
something for the future to determine;
that before this date, January lsb 1879,
comes around, several Congresses would
have met and disappeared, and 1t should
be left to them to decide whether or not
these notes should be reissued.
So with the specie payments at that
time. 1t is evidently calculated that fu-
ture Congresses must settle the question,
and if, in their opinion, it shall be deemed
practicable, then specie payments may
be resumed. And thus the entire bill is
made up. Nothing is satisfactory, moth
ing is positive; but everything, under
seeming zeal, is allowed to remain in stat"
quo.
The only really sensible sentiment e1-
pressed during the entire discussion, came
from Democrat, in the person Of Sena-
tor THURMAN. He said that "nothing
but time, honesty, economy and retreneh-
ment would set business in motion, and
make the country prosperous. 1t could
not be done by tinkering, or by
bills which omitted everything
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