The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-26
GtreGetelIi1ae
Prospects Of the Currency Question
in the u. 8. Senate.

contains an interesting canvass Of the U
8. Senate on the question Of the currency
The correspondent says that he has con
versed with nearly every member oi th,
body, and has Trustworthy accounts Of III,
language and opinions OF the few will
whom he has not talked in person. Hi
verdict Is that there Is "a majority Of tGl
or more votes In the Senate for initiation
In some form or another, counting as in
fatlonists those who are reported as un-
settled in their minds" The two sena.
tors from West Virginia antagonize eacl
other. We are told that "senator BORE.
MAN contends for the expansion Of thl
currency on the ground that more money
must be obtained To transact the business
oIthat State. He is decidedly In favor O.
direct expansion or Of free banking. He
thinks the $44,OO0,0OO reserve should be
issued as soon as possible, in order TO al.
lord the reliet to the country which It SO
greatly needs"
On the other hand we, are told that
Senator DAv1s says that his views on the
subject of finance are peculiar, and he
would rather not be quoted on any pend
ing proposition; but that, on general
principles, he Is directly opposed to infla-
ton. He expected 10 make a speech ex.
planning the nature Of his views In a few
days"
The leading spirit in favor Of initiation
would seem to be Senator FERRY, ol
Michigan. The correspondents confer
ence with him ELECTED the following in
formation:
"The majority In the Senate, / am
sure, from the canvass have made, Is
in favor Of legalizing the issue Of the $44,.
100000 reserve, and also Of issuing about
$50, ,000, 900 more, so that the circulation
in National Bank notes and greenbacks
will not be lar from $780, 1000, 600. am
In favor Of q much larger issue, say $780,
1000 beside, but shall be willing 10
compromise, after this session, upon max.
ing the total bank and greenback circula.
tion $e0000 1000. II the Senators from
the East will not give the increased vol
ume Of currency, we will take 1t away
from the Eastern States and make more
perfect equalization. The Western States
are kept down by the present stringency
OF money, and they will not submit to It
much longer"
The views Of SIMON CAMERON, the
great Mogul from Pennsylvania, are given
follows:
"Senator Cameron said that he did not
want to be considered an inflationist In
the real sense Of the word, for false
idea might be conveyed If 1t should 20
out to the country that he was classed In
their ranks. He was not an inflationist,
but he believed that the country needed
more money than Is In circulation at
present: 30 far as the $44, 100000 Is con.
cerned, he saw no way TO avoid legaliz-
ing its issue; but he would prefer to give
the country relief by free banking, rather
than by q large extra issue of legal ten.
ders. Could nothing be done to carry
out his free banking scheme, he believed
that he should favor the issue Of sufficient
National currency or legal tenders 10
make the aggregate circulation $500 000,.
600. he wished 1t distinctly understood,
however, that he did not like the idea Of
giving the country any more legal ten.
ders, but he thought the country would
b. better served by tho introduction oil
free banking. He would, under no cir.
cumstanCes, favor any contraction"
Senator FLANAGAN, Of Texas, Is report
ed as expressing himself as follows:
"When the Confederate money was first
issued every patriotic man was anxious to
exchange gold for II, and they all cried
out, Just like his friead Mr.. Morton. "Give
US more money "More money" and the
end Of 1t was that, after while, $4,000 In
Confederate money would only bring 81
in gold"
"He speaks of all initiation schemes as
financial quackery, and urges specie pay.
ments as soon as possible"
Senator MORTON. oi Indiana, is strongly
in favor Of large currency issue. He de-
sires that the West shall be built up by an
issue Of at least $sO0,OOO,O0O Of currency,
and that no money at all shall be taken
from the East. The currency circulation
in this way can be fully equalized with.
out giving offense to or incommoding the
business ol any part Of the country. The
IA ,000,0 600 reserve should also be legal.
lied as part Of the general circulation" !"
"seuator Fenton said he had little
sympathy with the wild schemes Of the
infationists, although he would not be
sorry Il the $44,00oOOo reserve were le-
gsliEed. BE felt disposed to lot The ga.
100000 be made part Of the permanent
circulation OF the country without Joining
the contractlonists In strong fight in
opposition. He was, however, apainst
any extra issue Of $100,000,000, as had
been proposed by several OF his western
friends in the Senate. The necessities Of
the country would not for some time re-
quire more than $780, 100000 in green
pAck ana NaNonA Dank'note clrculACon.
SENATOR Logan, Of Illinois, said that
he was in favor Of increasing the clrcula.
ton Of the National banks by dlstribu.
ton to the parts Of the country that are
deprived Of it Improperly. He would in.
crease the circulation to ss0O,oO0,OOO,
make the National bank currency and
greenbacks aSsimilate In amount-$4OO,-
000, 900 OF each. He would also AZ soon
as practicable introduce the system ol free
banking. BE would 80 regulate and
guard It that every man holding a bill
would be protected In the same Wav as II
holding National bank bill or United
States currency note. He would place
all free banking upon the basis Of The
Government and lot money be issued as
1t Is needed BY the requirements Of trade