New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-26
THE FINANCIAL SITUATION.

FICIT THOUGHT TO BE A scARE-CRow-THE
RUMoRs OF SECRETARY RICHARDSON'S REsIGNA-
NATION AND THEIR FOUNDATION.
lBY TELEGRAPH 10 THE TRiBUNE1
WASHINGTON. Jan. 25.-Tho financial bulls reported
from the Ways and Means Committee will not be
likely to be debated this week. Under the order OF
the House. they to interfere with any of the
regular appropriation bills. The Appropriations
Committee might, under the order, occupy the time
for a month to come, but they are themselves de-
sirous of having week or two of debate on the
financial questions involved in these bills, aid are
disposed 10 report no new business oil tnelr
own for the present, and to yield TO the
Ways and Means Committee after the Army
and Fortifcations bills now on the caen-
dar are disposed of. These two measures
will doubtless occupy all the time that can be got
for them for q week or zen days at least The
adverse reports upon the bills repeating the stamp
tax on matches aud bank checks viii open the way
for general debate upon the revenue system, and the
bill to legalze the issue of the greenback reserve
will bring up all the questions connected with the
currency. When the discussion takes place the
anti-innationsts intend to act upon the defensive,
but will be prepared TO make sharp attack upon
the arguments and theories of their adversarles.
The effect of thorough ventilation of the sophiS-
tries and absurdities OF the papcr-money enthusl-
asts cannot ta to be beneficial, and II Is the opinion
of leading members that a fOrini2hts time could
not be spent better TIE new members VIII be put
through a course of education in finance, and IA
tendency on their part to accept rs unanswerabe
the visionary and dangerous theories Of Messrs.
Butler and Kelley win be speedily checked They
will see at least that there another side to the
question, and that the results of imitation may be
quite different from what It's adherents picture.
that when they have far in the direction nf
retronchment is safe anu wise to go. the grand
total of their reductions of the estimates cannot be
expected to exceed S2O0O0,00O. If, therefore, the
deficit should be S42,0J0,OO0 Mr. Richardson pre-
diets, Congress would not be "out of the woods
and something would still have to be done to in
crease the revenue, either by taxation, imitation or
an issue of bonds The Ways and Means Commit
tee whose duty it is to watch all fluctuations In the
revenue begin, however, TO feel pretty conf
dent that the remainder of the legal-tender reserve
(S17OO0.O0O) will tide the Treasury over to time
when the recept will equal its necessary dsburse
ments providing Congress keep in its present eco
nomicaI temper. Some of the committeeman who
have been looking into the subject with consider
able care say that Mr.. Richardson's S42OOOeOO de-
felt was good deal Of scare-crow. lie saw that
there would be deficit, they say, but did not know
make any careful calculation he selected taxes that
would net S42O0O000 and then gave that sum is the
amount he should probably require.
The Saturday sessions of the House, held nomi-
nally for debate only, but in reality to enable
bers to read essays and get them printed at the pub
lie expense have been productive of a good deal of
controversy of late. A few sharp-witted members
are in the habit of putting troublesome questions to
the essay-readers, which often prick the bubbles of
their arguments. The essayists frequently get
angry and say disagreeabe things in reply, and one
retort follows another until bad temper is the order
of the day. Yesterday Mr. Kelley was again the
victim of the questioners, who made him lose tenn
per on the previous Saturday. He was delivering
the second of his course of lectures on the
beauties of imitation. and had said that there
So. 100000 of greenbacks lying idle in NewYork,
when Gen. Hawley asked him if that fact Indicated
any lack of currency. Thereupon Mr.. Kelley went
off into description of the condition of man who
has a rush of blood to the head while his extrein-
ties are cold and numb. His plan was to make the
blood return to the extrenltIes lie SAID MT Dawes
tbereupon inquired if locking the money up in the
Treasury, as proposed by Mr.. Keleys 800
bond scheme would send the blood back to
the limb of the patients These two questions ex-
posed the fallacy of Mr. Kelley's argument He lost
his temper as men usually do in such situation,
and proceeded to lecture Mr.. Dawes for
interrupting HIM, saying that he wanted
the gentleman from Massachusetts, to understand
that New En- gland did not own the House. Mr..
Dawes made sarcastic but good-natured reply,
and Mr. Kelley smoothed matters by saying that he
was sorry if he had done injustice to his friends;
that he had given notice that he did not want to be
interrupted, and that Messrs Hawley and Dawes
ought not to have interrupted hun. The best thing
for all to do, he thought, was to make mutual
apology. Mr.. Cox expressed the sensible wish that
these Saturday afternoon sessions, in which there
was neither delberation legislation, would here
after be dispensed with and with this the personal
feature of the debate ended.
The oft-repeated and often contradicted reports
of Secretary Richardson's resignation are no doubt
pulling to readers of Washington news. About
once week some correspondent is informed by this
or that Senator other official in the confidence OF
the Administration, that the Secretary will resign
in day or two, OF has already put his resignation
in the hands of the President; but no sooner does
the story appear in print than Dir. Richardson con-
tradicts it in the most positive manner, declaring
that he has no desire intention to vaeate his
place and that he never felt secure in it than
at the;present time. This disposes of the matter for
the time but 1t is to up again before long
The origin OF oil these reports Is, no doubt taccaDe
TO certain Senators who had for some time been
making strong efforts to dspacc the Secretary on the
ground that his financial policy has proved failure,
and that his co9tinuancein Office weakens the party
Occasionally these gentlemen feel confident 81
success that they speak Of their object already as
good attained and from these utternoes Of theirs
ARISE the newspaper reports. Meanwhile the fnends