The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-12
RETRENCHMENT.
Congress Out Upon q Sea Of Trouble-From
Reckless Extravaganza to Sweeping Reduce
tions-Financial Confusion and Democrat
ization-A Discouraging Outlook
Specie Payment Only Hoped For.

What IL the situation Of things and what is the
prospect in CongressH While the country Is walt
Ing patiently and hopefully for the movement OF the
waters on the finances, banking and currency, and
on the tariff and our Internal taxes; and while
from the Atlantic to the Pacific coast and from the
great lakes to the Gulf OF Mexico every community
interested in appropriations TO rivers and harborss
fOrtifcations and navy yards custom houses, post
offices and other public buildings and improve
ments in the States and Territories expects some
thing from this session OF Congress, the two
Houses appear to be confused, Oewildered and de-
morafzed beyond the capacity for intelligent legis
latton upon any subject whatever.
A chill, a cloud an oppressive incubus OF doubts,
uncertainties and dlscOuragements have settled
upon the two Houses" The popular agitation of
the Credit MObier scandals and the cOrruptness
OF Senatorial elections and OF the shack pay grab
eliminating In the significant results OF the State
elections OF last October and November, have
frightened our national law makers to an extent
that Is positively distressing. There Is unity,
harmony or common purpose among the republi-
cans; there Ii no general plan Of opera among
the democrats; there IS no recognized leader In
either House on either side; there 10 no happy ac-
cord between the administration and Congress-;
no member Of the majority or minority party
knows the prevailing opinion OF his party upon
hardly member knows his own mind
upon the bank question or the currency or
the tariff or internal taxation. In word, Con-
gress ana the administration republicans anu
demOcrats-Eastern. Western and Southern men
are all adrft upon sea Of uncertainties, and In
Congress the only purpose upon which there ap-
pears to be general understanding is the pur
pose OF retrenchment, the cutting down OF appr0-
priations in every direction, upon the prep0ster-
GUS idea that 1t is economy. From the one ex-
treme Of reckless extravagaDces and spoliations
the two Houses have swung back to the other ex-
IRENE OF sweeping retrenchments.
INFRINGEMENT.
member Of the House remarked to-day, in an
incidental conversation on the subject, that 1.-THE
public press and popular cam0r, the general
Indian warwhoop against our Increased Salary
bill, have driven US to repeal it ana here we are
living from hand to mouth again, upon our pitt
full five thousand year. Retrencbment Ia the
order Of the day, and we intend that the parties
North, South, East and West-who have been
camOrng so Justify for it shall have as much OF it
as they desire. They won't have any more taxes;
the Treasury Is running short, and our only al
tentative is to cut down expenses right and left.
Compelled to cut ourselves down to starvation
prices our constituents must also try the same
prescription Of retrenchment. You may say that
in leaving ships to rot on the stocks, and IN reduc
ing the army so that the Indians will have free
range from Texas to Dakota and in permitting
rivers and harbors to be filed up with DRIFT and
rubbish, and in stopping work on custom houses
and post offices half built, we are saving at the
spigot while wasting at the bunghole; but II the
people must have retrenchment on q large scale
we will give 1t to them"
THE BANK AND CURRENCY QUESTIONS.
On Thursday next the House, on the bill Of MIR.
MAYNARD. a discussion
the bank and currency questions. The debate may
be continued for many days, and II Is upon the
poets to be crystailzed into some compromise bill
which will become a law. The South and the West
$780, OOO 900 more currency and it is believed they
VIII now be content with the present amounts Of
S4Oo 600 IN and $500 in ma
secure TO the West and the South something near
their fair proportions OF the general circulation
VIII to be boiled down in this discussion. The
question Is not question OF parties, but OF sec
tons and conflicting sectional interests. and the
compromise in the end Will most PROBABLY be upon
the four hundred millions OF greenbacks, with free
banking under certain limitations. Meantime in
the passing conversations among the members OF
the House on the subject the views and recon-
mendatiOns OF the Presidents Message are as COM
win enter upon the practical Consideration OF the
subject without regard to the Presidents sugges-
tons and as II It had no light and no hope of any
valuable assistance from the administration.
THE NEUTRALITY-SUSPICIOUS..
The prospect OF any material reductions in the
tarif from this session Is not encouraging. The
New England states in their common cottOns
have reached that point Of cheapened production
which renders them comparatively liberal on the
masters show no sign or shadow OF turning. and
Will maintain their right to protection against
ity, ana against All opposing combinations. Some
OF the Western and Southwestern states, too, are
with her political balance Of power, Is confident
OF her capacity to hold her ground. In view, how
the Centennial celebration (she wants $4,OOO,OO
Pennsylvania may be inclined to d compromise
in the reduction OF the duties\ on cotton manu-
factures and on jute and hemp and raw wool. In
any event, the iron interests OF Pennsylvania, with
the political strength which she possesses, will
prevent any material notifications oil the tariff this
INTERNAL rAxEs--A NEW sCHRME FOR REACHING
SPECIE PAYMENTS.
leading republican, In the course OF general
conversation on our political affairs last evening,
brought forward scheme whereby he believed
that within the short space Of twelve months
specie payments may be reached and permanently
established. His plan is-1rst to restore or en-
large, to small extent, certain internal and en-
ternal revenue taxes; next, to accumulate re-
serve of 800 000 900 Of gold in the Treasury, and
then, with the reduction to 36o,0OOOOO Of our
greenback circulation to proceed TO the redemption
OF these bills In gold. lie would provide at the
same time fund for the redemption within q few
years or the national bank notes by securing to
the banks the deposit OF the interest in gold re-
ceived from their national bonds. To secure this
fund OF $780, 900 OF gold in the Treasury within
q short time, lie thinks that a tax OF 81 gallon on
whiskey OF twenty-four cents per pound on
tobacco, the restoration of the late tax
theatres and other places of amusements, and
tax of half cent pound on coffee and of
penny and d half on tea would do, In giving US an
increased revenue OF $40 900. He believes that
with such retrenchments as may be made in the
national expenditures without prejudice to the
public interests this increase Of 900 in the
revenue would with the reserve on hand, enable
the Treasury within twelve months TO secure
the proposed fund OF 500, OO0, 900. in
gold. Then, as 81 III gold has always
been found amply sufficient for circula-
ton of SO in paper, he would begin the good work
OF specie payments. The experiment, without a
serious pressure, would establish public conf
dence in our paper money and from that moment
there would be no pressure. Our greenbacKs
would be held as good as gold ana our national
banks would be encouraged TO exert themselves
to secure gold basis Tor resumption soon as
possible. or course, to secure these results we
must give up this foolish policy, for time, or
straning our resources to reduce the principal OF
the national debt That be safely left as 1t Is
for some years, until We shall have achieved the
great end OF specie payments; but RON tnat day
the debt itself, without any pressure upon The