New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-24
THE SENATE FOR INITIATION.
A CAREFUL CANVASS SHOWS A MAJORITY
In ITS FAVOR. t. .

The WESTERN AND SOUTHERN MEMBERS ALMosi
UNANIMOUS IN ADVOCATING ExPANsios-EAsI-
ERN MEMBERS IN FAvoR OF CONTRADICTIONS
GREAT VARIETY or vIEws--PERsosAL STATE
MENTs OF SENATOR'S oPISIoNs-THB LEADER OF
THE NFLAIoNIsTs ACTIVE AND CONFIDENT.
TO the EdftOr Of The Trt6une.
SIR II has all along been apparent that the only
hope Of defeating the schemes Of the nfationlsts
lay in the probability of disagreement between
the Senate and the House, and during somewhat
protracted visit at the National capital have been
at some pains to ascertain just how strong that
probability was l have conversed with nearly
every member of the Senate, and have trustworthy
accounts of the language and opinions Of the few
with whom have not talked myself. You will see
from the list which append, that just now there is
@ majority Of ton more votes in the Senate Tor
initiation in form another counting as infa-
tonists those who are reported unsettled in their
minds. While the result ID one perhaps, hardly
expected by the people, there are virtually no new
features to be recorded. The West and South are
practically united in it's favor, they have been
before while the East presents still hrmer front In
opposition Both Senators from Texas, both from
California both from Ohio and perhaps half dozen
from other Western and Southern States, are the
only representatives of those sections who are not
the ranks of the inflationiss. while the proportion
ate representation of infationists among Senators
from Eastern and Middle States is still smaller. In
this way the lines are drawn at the present moment
What changes may take place II is, OF course,
impossible to foresee
SENATOR ALcoRN of Mississippi saws that he is in
favor of increasing the volume of the currency be-
cause bis State is poor and needs more banking
facilities He is in favor Of any scheme which will
give the South the money which it needs for its de-
velOpment, that ready means may be furnished TO
pay for cotton from the interior plantations and for
the bacon and corn which come from the North.
SENATOR ALLISON Of Iowa says that IN his State
Tie panic has not affected the people so seriously
that he is constrained to work for relief in the way
of large issue of legal tenders. lie THINKS t1at Tue
East has more than its proportion OF the currency
circulation but he is not in favor of taking 1t away
arbitrarily. A compromise would suit hun best. III
the East needs the money on hand, the West VIII De
content with an issue to them, with free banking
which would naturally furnish an amount of money
sufficient to meet the needs of every section He is
not disposed to take partisan view of the matter
but would try and do the best he could for the in
terests of the entire country Something decided
will have to be DONE of course, to bring about re-
viyal of business
SEyATON ANTHONY of Rhode Island said that he
coud not see why there was determined an effort
made to initiate the circulation to distribute the
currency more evenly throughout the country.
Money. since the panic, had become cheap enough,
and there seemed to be no use of issuing any more
So far as equalizing the circulation is concerned,
money! and especially paper money will go where 1t
is wanted most He tho1 ght the true policy OF the
Government would be to spend as little money as
nossble and look carefully to the sources OF revenue
There would then be need for any further ISSUE
SENATOR BAYARD of Delaware says that he is
against any expansion of the currency that does not
grow out of the addition of coin to its volume lie
will at every opportunity press the idea that we, I'D
order to be successful as nation, must approach
spece basis as rapidly as possible without endanger-
ing the country by financial reyuision
SENATOR BoGY of Missouri said that his consttu-
ents believed that addition to the volume of
the currency would be of great benefit to their sec
tiop and that he will vote for some method of mod
crate expansion, probably for direct expansion, and
possibly for free banking He expresses himself as
decidedly in favor of initiation.
SENATOR FOREMAN Of West Virginia contends for
the expansion Of the currency on tho ground that
more money must be obtained to transact the bust
ness of that State. He is decidedly in favor OF
direct expansion OF Of free banking He thinks the
reserve should be issued AZ soon as pos
sibe, in order to afford the relief to the country
which it 30 greatly needs.
SENATOR boutwell, has in wise changed his
views as expressed in his reports as Secretary OF the
Treasury to Congress and bis recent speech in the
Senate He contends that the S440O0O0O reserve
belongs to the currency and will vote to lecalize it,
But he advocates q speedy return to specie pay
ments either through contraction or by allowing
the country to grow up to point where greenbacks
and gold will have the same value. He is III favor
of free banking on gold basis lie will not vote in
favor of any greenback issue beyond the S44Oo000O
reserve.
SENATOR BRowNLOw of Tennessee is ready to en-
gage in any scheme for the initiation of the currency
He is au enthusiastic man, and though enthusiastic
in advocacy of his peculiar ideas as to the proper
method of imitation, he will accept o vote for any
scheme that acc0mpishes expansion of the currency
SENATOR BUCKINGHAM of Connecticut was the
first to introduce the 8.65 bond question into the
Senate and is its strongest advocate there. He is
determinedy opposed to initiation in any form except
this, which he contends viii. by giving elasticity
and flexibilty to the currency, prevent pancs by
adjusting the currency TO the wants Of trade, and
will not in any manner he insists, impede any re-
turn to specie basis.
SENATOR CAMERON said that he did not want to
be considered an inatonist in the real of the
word for false idea might be conveyed If it should
90 ont TO the country that he was classed in their
ranks He was not an inhationist, but he believed
that the country needed more money than is in cir
culation at present SO far as the $4 900 900 is
cerned he saw no way TO avoid legalizng its issue
but he should prefer to give the country relief by free
banking rather than by large extra issue of legal
tenders. 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 to make the aggregate circulation
SsOOOO0OO0. He wished il distinctly understood.
however that he did not Ike the idea Of giving the
country any more legal tenders but that he thoug ht