The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-04
WASHING TON.
The Inf1atiOnists IncreaS-
ing Their Demands.
EFFORTS FOR A COMPROMISE.
The Ways and Means Committee on
the Moiety Monstrosity.

WASHINGTON, May 8. 1874.
Tho Innationists stubbornly Resolved
to Repeat Their Dcfeat-A Worse In
nation Bill Preparing.
Frequent consultations continue to be held by
the Senators favoring an increase In the currency
circulation, but what win be the provisions OF the
measure to be created has not been decided on by
them. On this head it appears that they have re-
solved upon the closest reticence evidently adopt
ing the policy that 1t will be wiser in them to avoid
showing their hands" until the result OF the
deliberations had can be placed before the Senate
with timely propriety, joined with the determined
assertion oil their opinions which are controlled,
az they earnestly contend, by Q desire to
promote the welfare of the larger and
more important sections OF the country,
which they say are In Its interior They
maintain that the most important portion OF it is
in the producing sections, and they are in openly
avowed hostility to the money centres OF the East
ern and Middle States. They complain OF the mis-
representations OF the press as to the feelings OF
the majority division OF the Senate on finance
The reports OF attacks which they have decided to
MAKE on the President ana OF split in the party
OF their most prominent leaders positively AS
serts are without foundation. The gentlemen who
have taken the positions heretofore held by them,
favoring increased currency are going to stand by
tnem ana QcIenO tnclr VOLeS 10 Tue last. pOucy
OF the increase OF the currency will be persevered
In, and they expect to get bill before the debate
is over securing q larger increase than that
in the bill which the President vetoed. This
ia stated authorttativey. Serious apprehensions
are entertained by eminent and powerful party
men In the House to the result OF the stubborn.
ness and persistency which they discover to exist
| with their brother magnates in tie republican
party, as herein signifed and one OF them who
| has studlOusly been at work IN the Senate TO
secure the adoption OF harmonious, II not
compromise, measure, has well nigh given 1t up in
despair, and believes that nothing will be done on
| the finances this session, which belief is largely
shared in by others, and he thinks perhaps, after
improving, and can be further augmented, II
necessary.
| Tho Currency observation-disclosures Re-
ceipts ACKNOWLEDGEMENTS FL
nances Brighter.
The order to sell 100000 Of gold during the
month OF May VIII yield the Treasury, 1t Is be-
lieved, nearly $4,000 600 OF currency During this
| month the internal revenue receipts will be un-
usually large, between $5o0O,oO0 and 100000
| coming from the renewal Of annual special
licenses, which, with the ordinary estimate, viii
MAKE the total receipts from this source fully
$13,0c0,000. There was on hand currency bal.
over $5ooO,ooo. This, with the amount
received from the sale Of gold, internal revenue
receipts and miscellaneous sources will give the
Secretary OF the Treasury currency fund during
the month Of May Of s25,0O0,000 The passage OF
the Deficiency Appropriation bill. which is ex-
pected this month, VIII require So, 1000 The
other expenditures OF the government will not
vary much from the month OF April. With this
large accumulation Of currency the Secretary will
|
culation, now $685., 1000, and It II thought he
may be able to bring 1t down TO $377, 0O0 0O0 per
haps 81, 10000 less than this amount. This the
Secretary OF the Treasury is bound to do, under
his construction of the law, the only ground fol
drawing upon the $4,000, 900 reserve being to
meet existing obligations, and whenever the re-
ceipts exceed the requirements OF the government
then the amount Is to be reduced to the minimum
OF $3.50 5000.
Greenbacks and Their Preparation NJ
the Treasury.
In future issues OF greenbacks, by order OF the
Secretary OF the Treasury the words Omitted
States legal tender noten and Treasury noten are
to be omitted and the title changed to UNITED
States notes.n that being in the opinion OF Mr..
Richardson, the requirement OF the law. The new
$500 bill, ready for issue this month"; will have q
vlgnette OF General Mansfield on the right and on
the left an elaborate vignette of Peace. The new
$50 note will have vignette OF Franklin ana the
Goddess Of Liberty, the latter being considered q
remarkable specimen OF engraving. The new
| twenty-five cent note will conform in size to the
new series, OF which the ten and fifty cent notes
are already IN circulation, and will be is-
| sued as soon as the Treasurer makes q
requistion Tor fractional currency OF this denom-
nation. Instructions have been ssuea for the I'M
mediate preparation OF vignette OF Charles
| Sumner.
Free Banking with Redemption in
Legal Tenders, Convertible into Gold
or Gold Bonds.
The Senate Finance Committee have been indus
triously at work as heretofore bill, which be-
| ing agreed upon by the members, they could ut
once present to the Senate, and at yesterday g
session, which was Of an earnest and exhaustive
character, they discussed very fully the general
views as well as those Of each member. They have
not yet finally agreed 80 as to be able to report,
butit Is understood that the committee have ar
rived substantially at the folio wing conclusions -
First, free banking with redemption in legal
tenders, five per cent to be held at the
United States Treasury as a perpetual reserve,
and all other reserves on supporting the circulation
to be released second, the reserve deposits to
be continued the same as now, but to DE kept in
the vaults OF the banks; third, retirement OF
| greenbacks at the rate OF nfty per cent on the
amount OF national bank notes to be issued to the
new banking associations TO DO organized under
the law, until the sum OF greenbacks in clrcula-
| ton shall be reduced to $500. 900, o0O.e In
regard to the redemption Of greenbacks the
committee have reached no definite conclusion,
but 1t seems probable That the majority VIII favor
Senator Sherman;s original plan OF redeeming in
gold or in i've per cent gold bonds, at the option
OF the government, the date OF redemption to be
hereafter fixed upon.
Government Sales OF Gold.
The sales OF gold for the month OF May will be
| rs follows:-On the first and third thursdays,
$l,500,O0 each day, and on the second and fourth
Thursdays 81, 100000 each day, making $4,000. 900
| In all.
The Moiety Evil-Severe Structures ON
Ex-secretary Boutwell,.
In view Of the announcement made by ex- Gov