New-York tribune., 1874-12-11
CoMIoN SENSE VIEWS or FINANCE.


HoUsE-THE REPUBLICAN DISCUSSION ON THE
CURRENCY oUEsTIoN-AN UNPRoMIsING OUT
LOOK FOR THE INFLATIoNIsTs.
IBY TELEGRAPH THE TRIBUNE.]
| WASHINGTON, Dec. 1O.-Two notable speeches
against Mr. Kelleys introconvertible
| bond bill were made in the House to-day. the
first by Mr.. Dawes who addressed himself especially
| to the absurd sophistries with which Gen. Butler
entertained the House Tuesday and thoroughly
| exposed them; and the other by Mr.. VIM. Waiter
Phelps who dealt with the subject from common
| sense business point of view. The most effective
| part of Mr. Phelps's speech that in which he
| showed the absurdity of converting the Govern
ment into O banking establishment while it re-
mains in its present financial condition. One of the
first requisites for successful banking, Mr. Phelps
said, was money to lend. which our Government has
not The next best thing is good credit but ours is
| tarnished bya refusal to honor the promises we
make to the holders of our paper; and now by Mt.
Keley's bill it is proposed further to strain the
credit of the Government by going into business
in which there cannot possibly be profit; for, when
money is worth more than S65 per cent nobody will
leave it in the Treasury. and when 1T is worth less
than that rate of interest the Government will be
required to become the custodian of 1T and pay In
terest UPON it. Mr. Phelpss speech contained many
other good points, and like that Of Mr. Dawes, was
listened to attentively by majority of the House.
Opinions differ as to the wisdom OF MIR. Dawess
course in permitting Mr.. Kelley to hurry the House
into the debate on the financial question Some
members criticise it as exceedingly unwise and SO
calculated to ruin any prospects that may have
existed for uniting the Republicans through the
agency of caucus upon some financial measure.
Others say that it was inevitable that the debate
should break out afresh this session, and 1t was.
therefore Just well to open the ood-gates at once
and let it run. AS to an agreement on any
Currency bill that these gentlemen say is imprac-
ticable the Republicans being altogether too indie
pendent Just now to be caucused into the support
of any measure they do not like. From the talk
about the House it appears that the niationsts are
not so confident of their ground as they were last
session. 1t is certain that the hard money men, with
the Senate and the President on their slde are now
more than match for their antagonists.
THE Pacific NAIL CORRUPTION FUND.
| THE WAYS AND MEANS COMMITTEE DECIDE TO con-
TINUE THE INvEsTIGATIoN--A THOUSAND DOL
LARS OFFERED FOR THE VOTE OF CONGRESS-
MAN DURING PREVIOUS sEssIoN-wITNEssEs
SUMMONED FROM NEwYoRK.
lBY TELEGRAPH THE TRIBUNE1
WASHINGTON, Dec. 10-The Ways and Means
| Committee have decided to continue the nvestga-
cation into the corrupt means alleged to have been
used by officers ard agents of the Pacific Mail
| Steamship Company in obtaining the half million
| yearly increased subsidy two or three years ago
from Congress- Investigation at previous session
| established the fact beyond question that money
was corruptly used here and it is known that one
| member of Congress, not now in public life. was
offered 81 900 in cash for his vote. list of wit
nesses embracing the officers of the Company and
also the name of the agent who is said to have dis
| bursed the money in Washington, was furnished to
the Sergeant-at-Arms last night. and he left for
! New York 70 serve the summonses a meeting Of the
Committee is called for tomorrow, but 1t is probable
that the investigation will not be fairly begun until
next Monday. Some of the officers have telegraphed
| that they cannot be here until that day. 1t
is known that this investigation, if honestly prose-
cuted will reveal condition of affairs in Congress
by the side of which Credit Mobiier was child's
play. The danger is that prominent members of
both parties are 80 deeply implicated that neither
will be willing to push it, and that, in the former
efforts it will be found impossible to keep the whole
| thing from getting smothered in committee. The
| indispensable thing for those who wish a genuine
investigation is to insist upon its being open that
of the Credit Mobilier was otherwise it will end at
| this session as it ended at the last.
| Gen. Garfield denies that the Appropriation Com
mittee has agreed to report in favor of the addi-
| tional subsidy for the Pacific Mail Steamship Com
pany. The Ways and Means Committee and that
| ON Appropriations have had under consideration
several questions relating to economy in the public
| expenditures and have appointed subcommittee,
| selected FROM botb to consider them. This Com
mittee has not yet reported, and until it does the
Post Office Appropriation bill will not be considered
Gen Garfield does not think that the subject will be
| reached until after the holidays.