New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-02
THE TIDE OF INITIATION.
IUE IIDI1 VI M III fV-''
TWO POWERFUL SPEECHES AGAINST INITIATION by
REPRESENTATIVES PHELPS AND HAWLEY OF CON
hRcIICIrT.
TBY TrLBcRAPH TO THE TRIBUSR.i


rBY TELBGRAPH TO THE TRBUSR.i
WAsHINGToN April 1.-Two very notable speeches
in opposition to imitation and in favor Of sound
and honest currency were made in the House to-
day, The first was by Mr.. Phelps of New-Jersey,
who showed that he was as much at home IN
serious and thoughtful argument as In the humor-
Gus discourse with which he had before delighted
the House. He made a very clear, well arranged,
and convincing speech on the evils of deprecated
currency and the Importance OF return TO gold as
the only basis Of sound circulating medium,
speaking for an hour and half without notes, and
so successfully avoiding the dTyness that is usually
inseparable from financial debate that he kept tho
close attention of his hearers throughout
Gen. Hawley Of Connecticut followed in denun-
citation Of the folly and dishonesty OF imitation
earnest and powerful as to starte the fanaical adj
vocates of cheap money" He declared that there
was no road to resumption through expansion, ex
cept the that passes by way of reputation, and
he warned the House that any new issue of ire
deemable paper would be a:violation of the solemn
pledge of Congress to the creditors of the nation
and would be the beginning of course that would
result in financial disaster and national dishonor
He cited with great effect the laws authorizing the
issues of legal-tender notes; the public credit
list of 1869 pledging the Government speed
of the Supreme Court declaring the power to make
paper money legal tender only defensble under
the Constitution as war power; and finally, the
platforms of both political parties in the last Presi
Dental campaign, promising early resumption
He so clearly showed the bad faith, as well as bad
policy of initiation, that the cheap money men were
a good deal demorazed ut the sharpness of the at
tack upon them.
scarcely to be hoped that such speeches these
unanswerabe as they are will turn the tide in the
House. The Western and Southern members, with
gument, and say, Our people want more money
and are determined to have it,"
A NOTABLE SPEECH BY SENATOR JONES IN FAVOR
OF A SPECIE STANDARD AND IN OPPOSITION TO
ISFLATIoN-A LITTLE GROUND LOST BY The IN
FLATIoNIsTs.
IBY TELEGRAPH TO THE TRIBUNEl
WASHINGTON. April 1.-Senator Jones Of Nevada,
the successor of the funny Nye made his first speech
to-day and displayed so much force and ability rs to
place him at once in the first rank of Senatorial de-
baters. The question was Of course the currency a
subject before which the Senate has stood and talked
for the last four months and Mr. Jones had remained
silent, always voting for genuine money against
paper. But to-day he was brought upon the floor
by some remarks of Mr.. Morton who goes
further than any Senator except Mr.. Logan in his
advocacy of the imitation heresy and he made a
ished everybody. Every sentence bristled with
GOOD points and apt illustrations, and he parted the
blowe aimed III LIm by MI. Morton with wonderful