davidaulloa/AmericanStories huggingface dataset:
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

MI. w. II. SCHTelHeT, CdSilleT Vi Tue
lean Bank, sad:-I am opposed to the bill now
before the President. by which our paper currency
is to be further inflated, and am glad to see the
determined opposition of the HERALD If the pa
per dollar is ever to become worth the god dollar
the government must cease increasing the green
back issues as well as fix an nnexible limit to their
amount. The growing population. with ITS con-
stantly increasing demands and uses for currency,
Will then gradually cause 1t to appreciate IN value
until 1t shall approximate gold. The Inauguration
OF q regular and systematic redemption green
backs OF the national bank issues and the preven-
ton Of the excessive 1ow OF interest deposits to
New York would he desirable auxlliarles thereto.
The rfty-nine Clearing House banks OF New York
increased in deposits from December 6, 1873, to
January "a, 1874, $50,oo0,0oo. One-hal, or
$2SO00,OOO Of this increase, occurred In
out ak OF the fitynne--these SIX being
country accounts thus Wall street spectators
aie gu;ted with money, winch. but for this per-
niclous system, would lind use in ailevating the
general needs OF the interior. There Is great
aud universal law, Independent alike OF govern
ments and individuals, whose working are all
powerless to prevent. Individuals may concoct
visionary schemes and legislatures or Congress
may enact laws yet It's silent Das resist!ess orcs
surely as the hours run their course. This law-of
demand and supply-has always regulated the
price Of every thing IN proportion TO the abundance
or scarcity OF money and VIII do so in the future.
The value Of an Unreasonable currency Is no
less ROVcTueu tucTeUy, III pECpOTIIOu dS
its supply exceeds the amount which can
be circulated at the standard Of gold.
The cry for more currency only demonstrates
that the mass OF property Is held at too high
prices, and that holders are unwilling to lind re-
lief at lower rates; nor VIII they, until the lncreas
ing value ana demand Tor currency. with the
amount or legal tenders unalterably limited, shall
compel them thereto as the only resort to obtain
money. We have permitted stimulated prosper
ity, and a seeming increase OF money, resulting
from an over-supply OF irredeemaDle currency TO
deude US into extraysgant living, hazardous
Inns
railroad buildng). and their train OF DEBTS piled
mountain high We must therefore retrace our
steps, uniearn our visionary experience, and reat
lie that 1t was not our riches or property
that mad so much increased, but that
their measure-our doars-had decreased in
value. SO long as the public confidence does
not sustain the government by accepting Its paper
on par value with its gold, there is a sign Of
weakness which should protest against any iurLher
issue OF the currency. The question with the
friends and advocates OF specie resumption has
been, "H0w greenbacks be made equal in
value to goldYn SO sudden a contraction could not
be more productive OF evii consequences than VIII
further imitation. This is the very last way OF re-
turning to gold basis.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
THE INITIATION BUBBLE.
Additional Views Of Bank officials On
the Financial Situation.
THE DANGER OF INITIATION

TIE possibility Of a ne,c issue or f,conrerti6le
paper regard toiM amazement and anxiety, ana.
~ my opinion, such an issue ,rouid be a detyt-
tent and a shanae.-CHARLEs SUMNER.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

There seems to be good deal OF interest mani
rested by the general public in the views OF the
nnanclers OF this city concerning the monetary
situation. The statements of the bank presidents.
published In yesterdays HERALD. as TO what they
think Of the Four Hundred Million bill and its re a.
tons to the future prosperity OF the country have
excited considerable comment, and, under the cir
cumstances, the following additional views OF bank
oihcers, as expressed TO HERALD reporters yester-
day, will doubtless not be without interest to the
seekers after light on the imitation question.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

The possibility o. yaeso issue OF fnconrertfos
paper Iregard ,cith amdxenaeM and anxiety, and,
In my Judgment such an issue trott,d be det,i
sent and a sh1nae.-CHARLEs SUMNER
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
Gallatin National Bank.

Mr.. F. d. Tappen, the President OF the above
bank, on being asked for his views in relation to
the present financial question, said I'll am very
strongly opposed to imitation and went In person
before the committee IN Washington to enter my
protest against such mistaken legislation. 1 have
not the slightest hopes, however, that the Presi-
dent viii veto any bill that Congress chooses to
pass. l firmly believe that this imitation OF
currency Is going to be or great and material in.
jury TO the progress OF the country, and those
congressman who nave assisted IN the movement
Will eventually Ind out the weakness and fallacy
OF their action The whole thing appears TO me
thoroughly unconstitutional, and II Congress can
tonal bank notes 1t may In like manner issue
500 100000 more next year, and then no one will
have the most remote Idea how he stands. l am
also opposed to tree banking until there Is /,
change IN the course OF our ship and we steer
ing towards specie payments by a contraction OF
legal tender paper. There should also be some
proper restrictions to govern the bank issue OF
paper, SO as to keep 1t within proper limits"
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
Bank of the Manhattan Company.

The President OF the above bank being absent on
business In the South, Mr.. Gillespie, OF the d.
rectors, and now acting in charge for Mr.. Nor
rison, d:-'l am, personally very strongly op-
posed to any more innation, as we already have
more paper than we require. 1t is entirely false
move, and will not really be OF any benefit to the
south and West for whose relief tire issue purpo-ts
to be made. II the south and West get the money
IL will all eventually return here TO pay their in
debtedness, and then, suppose, next year, they
Will be as badly OF as they ever were-perhaps
worse-and Congress Will give them $50. 600 900
more. What the South and West had better do is
TO produce crops and then they VIII FIND plenty OF
money To buy their goods. They must get some
thing OF value out OF their lanu and then they VIII
md plenty OF our greenbacks at hand. AS it 10
the present legislation there is decided want OF
confidence, aad people are holding their ready
the OIher.v
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
Mechanics Banking Association.

The President Of the Mechanics Banking Associ-
alton stated that he was strongly opposed to any
imitation, and that it would be OF lar more service
to the country If legislators would apply their In
genuity to some scheme leading towards resump-
rion OF specie payment This flooding the country
with paper may create false prosperity Tor u
snort space OF time but 1t will surely result In an
other crash. Manufacturers and others through.
out the country have at present very little con-
fdence in the general credit, and this imitation
business viii naturally make them even more chary
Of their customers.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

capita, while the average circulation Of
France and Germany was $2s SO. He complained
particularly OF the unequal distribution or cur
rency through the country. While the south was
entitled 10 $780, 900 It had only $685. 0o0 The
reason was that New England was represented
by experienced statesmen and had the chairman
snip Of all the important committees in either
House. Well might the East, with one foot on the
South and the other on the West, entrench Itself
behind us money bags and excIaim, I'VE want nc
Mr.. BURcHARp, rep) of H., said he was heartily
IN favor OF some features OF the BILL but ne did not
think II would afford to the South and West what
was expected. II would not increase the amount
of loanaple capital in the West. lie was In avor
OF removing the monopoly from the banking sys-
tenn OIL the country. lie was also in favor OF Teduc-
ing the reserve OF banks from twenty-five to five
per cent Tie had never regarded that provision
as security Tor depostors.
SUBSTITUTE.
Mr.. WILSON, (rep.) OF Ind, gave notice OF sub
sttute winch he proposed to offer Tor the pending
BILL In part, 1t was substantially the same, but in
some respects 1t was dinerent. feature common
TO both was Tree banking, which he thought would
remedy leading defect In the currency system.
the limitation OF currency by law. He laid down
as an unanswerable proposition that the amount
OF currency should be governed, not by law. but
was currency system that possessed the quality
OF elasticity. IL should be Tree 10 expand or to
contract according to the wants oil legitimate
trade. To his mind this was not only reasonable
conclusion, but 1t was supported by the experience
OF history. He did not believe in the redistribu-
ton policy. He was willing that New England
should nave all the facilities for that IL
new hau, and all he asked TOR was that the South
and West should not be deprived OF IKE facilities
A WARNING.
He warned New England that the South and
West could control the government II they chose
But, II they aid, IL would be on the principles OF
Justice to all aud equal rights and privileges to all
He feared, however, that that was not tue spirit
OF the East.
mir, DAWES, (rep.) Of Mass, did not understand
Oh what ground Mr. Wilson arraigned New Eng-
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
PURSUIT OF CRIMINALS IN MEXICO.

On the Trail OF Hamilton, tho Defa ult-
Ing Treasurer OF Jersey City-Presence
OF Other Fugttives I'm Mexico-Mur-
dsrers Awaiting Requisftion..
een GALVESTON. June 4, 1874.
special despatch to the News from Brownsville
says Lieutenant Smith ana Special Police Oficer
Eakin lett there on the 9Th OF May with an escort
OF Mexican cavalry to overtake ana arrest Hamil-
ton, the defauting Treasurer OF Jersey City. They
went to San Lqs Potosi. following Hap!l,
toms trail, which they struck at San
twve hours enad sf aps ns we're 0ny
Dy tne District Judge that If they attempted to
arrest Hamilton without the approval OF the war
rant by the government of the State they would be
arrested themselves. This warrant, he stated,
MUST EXPLAIN HAMILToN's CRIME,
and Governor Canaes, OF Tamaulipas. should make
acquisitions on the other governors. The Judge
aiterward agreed that 4 the offlcers would pay
They could not comply. and therefore returned. 1t
Is SAID that Hamilton was protected for some time
by General Cortina. who, though not now In ONCE,
has almost unb0unded influence In Mexico. Ha's
THE WHEREABOUTS OF W. II. GODDARD. s3
The officers met many Americans travelling in
Mexico They heard OF one who, they learned on
Goddard who stole 500. 600 worth OF Union Pacific
Railroad bonds from Brdseye. Cloyd Bayliss,
attorneys, in New York. last year. s
ARREST OF MURDERERS. a
The Ne1cs special says the Chief Of Police has
found Joseph Deiavi0, alias James Stone. alias
American Joe alias I'll CHINO, VINO Is supposed to
have been the leader or the PensIcal murder
during the war, put subsequently belonged to the
Tenth United States Infantry, from which he de-
serted. Chief OF Police Carson found DelaviO IN
Matamoros and he Is held tor recognition, with
Others.
The confessed murderers Place and Ashmore
await acquisitions now on the way from Kansas.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
PERSONAL INTELLIGENCE.

Mayor samuel q. Cobb, OF Boston, is at the Wind
sor Hotel. teA
Mayor D. M. Halbert, OF Binghamton, is at the st.
Nicholas Hotel iet
General R. +. Stockton, Of New Jersey, is staying
at the Fifth Avenue HOTEL
General William O. Wickham, OF Virginia, Is
staying at the Aston House.
Ex-Congressman John Lynch, OF Maine, yeste1-
day arrived &C the Windsor Hotel.
Congressman Thomas 9. Pia,t Of Oswego, N. Y,
Is registered at the windsor Hotel.
Chief Engineer ]. w. King, United States Navy,
has quarters at the Albemarle Hotel
Rev. DR.. Lang, OF Sydney, New south Wales, is
sojourning at the Filth Avenue Hotel. gtee
Count Zannin, Secretary Of the Italian Legation
at Washington, is &C the Albemarle Hotel. 4s
State Senator william Johnson, of Seneca Falls,
N. Y, has arrived at che Metropolitan Hotel
The Khedive OF Egypt is suffering from irritation
Of the eyes, the result OF continual night work.
George Francis Train RocheIort" is what che ST.
Louis Times calls the refugee from New Caledonia.
Ex-Governor Alexander Ii. Bullock, OF Massa-
chuset It's, has apartments at .ne Fifth Avenue
Hotel.
Miss Nettie Power Houston. daughter OF the
old hero OF san Jacinto, is "the gifted poetess Of
Texas.n aM ss = 81
Deputy Quartermaster General Robert O. Tyler,
United States Army, is among the recent arrivals
at the Holman House. ..r
Judge Amasa J. Parker and Chancellor John v.
L. Pruyn arrived from Albany yesterday morning
at the Brevoort House. f4
Parson Oglesby, the North Carolina revivalist
has another chance. "Old Badly" Ia again attacked
with nt Of the shakes
Count Theodore de Lesseps, brother OF the con-
structor Of the Suez Canal, died on the 10th inst
at st. Germain-en-Laye. He was connected with
the diplomatic service OF France.
The Gear and the Grand Duke Alexis greeted
the ex-Prince Imperial very cordially as they
passed along the line OF the military cadets during
the recent review at Woolwtch, England
The suspension q dtvtnts has just been pro-
nounced by the Prince-Bishop OF Trent against
Baron Jean de Prato, mitred Abbot. Deputy to the
Reicnsrath and member OF the Austrian Delega-
ton. The motiYe for the measure u not known.
The Turkish government has conferred The Or
der Of the Medjidi6 OF the third class upon Mr..
Winchester, head OF the well known American
firm which has executed large contracts with the
Porte for the supply Of army rifes and the fourth
class OF the same order upon Mr. Joseph Azarian of
Constantlnople. who is q naturalized American.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE WISCONSIN RAILROAD LAW,
MILwAuKRR, Ju,

MILWAUKEE,, June Z, 1874.
Judge Lawrence, attorney Tor certain bond
holders Of the Chicago and Northwestern Railroad,
appeared before the United states Circuit Court
at Madison to-day and applied for an injunction
to restrain the Attorney General and
the Railroad Commissioners from instituting
proceedings to enforce the law or last
winter and prevent the chicago and Northwestern
Railroad company rom Operating under tne law.
time.
Judge Drummond said that pending the delay
a temporary injunction would be granted. The
Attorney General said that under these circum-
stances ne would proceed with the arguments at
Onae before the matter was lully settled.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
AN IMMENSE FORTUNE GIVEN TO PUBLIC
USES

wealthy Gentleman Anticipates
Death I'm tho Disposal OF His Estate.
SAN FRANCISCO, June 4 1874.
The act OF James Lick deciding the whole OF his
property to the public excites much comment
He donates $7o0, 900 to the construction OF the
largest and best telescope In the world for the
Observatory at Lake Tahoe, $4,000 for public
monuments, $4,000 for public baths in this city,
100000 for the Old Ladies' Home $40, 900 to the
society for the Protection or Animals. $25, 900 to
the Ladies' Protection Relief Society. $4,000 to
orphan Asylum SOS 600 to the city OF San jose for
an orphan asylum $150,000 for the erection OF
Spangled Banner'' In Golden Gate Park, S3O0, 900
for the endowment OF school OF mechanical arts
Ia California and the residue IN excess OF ST. 900
to the Pioneers Society. 'tl7 il7
He makes ample provision for his relatives and
reserves homestead and $4,000 per annum for
himself RF ~. ~
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
Exradition Treaty with Italy-Rio Grand.
Cattle Stealers in Danger.

MATAMORos June 4. 1874
treaty has been made between Mexico and
Italy Tor the extradition OF criminals
CATTLE THIEVES IN DANGER.
The Mayor OF Matamoros has ordered the Chief OF
Police OF Ranches to prevent the passage OF cattle
over the Rio Grande either way. This order, II
enforced, win probably break up the stealing OF
cattle on both sides of the river.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE NEW ATLANTIC CABLE.
Going Dat to Meet tho Approaching
.NM Steamers.

PORTSMOUTH. N. H., June 4, 1874.
The revenue cutter Levi Woodbury., with large
party OF guests, invited by Collector Howard, In
Guiding many newspaper men and number OF
ladies, left thus port at eleven O'Clock this morning.
TO try and pick up the cable steamers Faraday and
AmOassad0r, which are supposed to DC somewhere
Wavnin e hundred miles Of the Isle OF shoals
Inc woodbury. went thirty miles TO sea, but did
not see anything OF the cable steamers, and re-
turned to this port.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE NATIONAL CONVENTION OF COTTON
EXCHANGES. 4EI

M AUGUSTA, Ca, June 4, 1874
The Convention OF the Cotton Exchanges In the
United States meets here next Wednesday.
The Augusta Exchange has made ample arrange
ments for the reception and entertainment OF the
delegates. Ne1as m3A
seven railroads centrtng here will pass hele.
gates Ct one fare. A large attendance Is locked
ior. Inere wil De an excursion up the canal and
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
SUPERINTENDENT OF THE NEW CAPITOL.

ALBANY. N. T., June =, 1879.
Governor Dix has confirmed the appointment o
James W. Eaton to be Superintendent OF the build
ing OF the new Capitol
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE OREGON ELECTION.
A Breaking UP Of Party Lines.

ssus .easFu SAN FRANCISCO, June 4, -1s7A
Election returns from Oregon so far give Will
liams. republican, for Congress, A07s; Ludlow,
democrat, a,721, and Davenport, independents,
$500; Tolman, for Governor, 4554; Grover, A191.
and Campbell, 3,482. OH
seven counties are to be heard from. Chadwick,
democrat, Is probably reelected Secretary or
State; Clark republican, Treasurer, and Rowland,
superintendent OF Public Instruction.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE RIO GRANDE BORDER,

SAN ANTONIO, Texas, June d. 1874.
1t is reported that Jesus Garcias band crossed
800 head OF stolen cattle at Rancho Las Bussas on
the Goth ult.
General Mckenzie has returned from his expedi-
ton without accomplishing anything.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
ANOTHER DAM BURST.

PORTLAND, Me-, June 4, 1874.
A despatch from Gorham says that messenger
from the powder mills, at Gambo, brings word that
nve feet OF the bnlkhead or the dam at Little Sc.
bago mas ourst. II Is thought that the water will
pass on without doing any damage, as the river
has not risen at the Cumberland mills
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
+ r a N G z.
The Electoral Bill at Its Second Reading in
Face Of Powerful Opposition.
Monarchy Men for MacMahon Repub-
lie and Political Party Truce.

PARIS, June A. 1874.
The Assembly to-day passed the Electoral bin to
its second reading BY vote or sss yeas to sIs
nays
LOUIS Blanc and N. Gambetta opposed the bill,
and ct the conclusion OF their speeches received
perfect ovation from the Lett. s.
MN. Batbie and Dufaure advocated the bill.
THE QUESTION OF THE REPUBLIc-MoNARcHI
a. IDEAS OF POLITICAL PEACE.
The members Of the Right Centre have Issued
programme drawn up by the Dukes de Broglie and
d'Audidret Pasquer and NM. Goulard and La
verge. favosing the immediate organization OF
tho powers OF President MacMahon for the con-
stnuance Of the title Of President OF the Republic
and the maintenance OF political truce until the
end OF the present seven years. term. In the
OF vacancy occurring in the Presidency IN the
-meantme.
THE "OUTsn DIssATIsFrRD.
The Left Centre are dissatisfied with the pro.
.gramme, rs not conceding sun1cient to them.
French Parties In Parliament.
paris (Aay 2I Correspondence OF Edinburgh
ScOtsman.l
political groups which are holding meeting after
meeting at Versailles The fifty Undergraduates,
or eight horse" demand the King without con.
dttons. and their principles are contained in the
words ~Divlne right" The moderate Right is
legltimist. but not blindly So and 1t would only
accept Henri V. cOndltl0nally. The Right Centre
the strongest party in the Chamber, Is Orleanist
but ready TO accept the Comte de Chambord with
charter and the tricOor The Left Centre
Is in favor Of a doctrinaire republic, purely
conservative, with M. THEIRS at the head.
thorough repaDc than That of OF NJ rh mGs;
they are the Girondins OF the situation, and will
probably share the late OF their predecessors in
the event OF the Republic triumpniDg. The Ex-
treme Lett which counts nearly 100 members, Is
divided into variety OF observation-disclosures, So
ctalists, Federalists. &c. How can Chamber so
spit up do any business in the way OF c0nsttut-
lngs
You may remark that in the present crisis no
one talks about M. Theirs returning to power,
though the veteran statesman went down boldly
to Versailles and voted against his old friend Nj.
de BrOge. But M. Theirs has lost power in the
Chamber for several reasons. When he was over.
thrown year ago 1t was found absolutely neces-
sary to undo great deal ne had done. and the
situati0n Is no longer the same. The Germans are
no longer In the land, and the St0tu quo policy
which he adopted would no longer suit the ardor
OF his radical supporters. To-day he would be
forced TO 60 well to the Left or well to the Right.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05

GALVESTON, Texas, June 4. 1874
special despatch TO the Ne,os from Browns
vile says 1t Is reported that the Mexican Ministry
have ordered all ports on the Rio Grande, except
Matamoros, to be closed, but that collectors OF
toms have postponed action and written for
further instructions. l.04 aea Jct#Elas
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
BITTEN BY A MAD DOG.

NEwBURa, NJ Y, June 4, 1874
mad dog was shot here to-day after having
bitten four persons, including John w. Forsyth,
City Marshal OF Newburg. A boy had his hand
mangled and piece bitten out OF his cneek.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05

The Health OF the PontiH Slightly Inn
proved-Resolved to Die In the Vat
ROME, June 4-P. N.
The Pope Ii somewhat better.
He refuses to quit the Vatican, although q
change Of air is recommended by his physicians.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
THE SOUTHERN AGRICULTURAL CONGRESS-
The Cotton Interest-Report OF the Com-
mittec ON Emigration.

ATLANTA, Ca, June 1874
The Agricultural Congress to-day adopted reso-
buttons looking TO the union OF the cotton States
in the direct trade movement without expressing
preferences for any port committee OF Ave
from eaCn State was appointed to memorabilia the
Legislatures on the subject OF procuring statistics.
The report OF the Committee on Emigration
adopted favOrs land owners donating land to
actual settlers.
A resolution was adopted urging the Rounding
of the cotton tax to the producers. 5000
The Congress adjourned to meet at Raleigh, N.
c., July. 1875. .#g1N SD .U
The Master OF the state Changers OF the cotton
States to-day appointed an executive committee
to urge Congress to refund the cotton tax.
The reports OF both meetings show q large In
crease OF the acreage OF cereals and decrease OF
cotton.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05
AID FOR THE LOUISIANA SUFFERERS.
PHILADELPHIA, June 4, 1874.

PHILADELPHIA, June 4, 1874
Bishop Stevens OF the diocese OF Pennsylvania,
has issued pastoral letter appealing for aid In
behalf OF the Louisiana sufferers, and suggesting
that special collections contributions be taken
up at the earliest moment In each congregation.