The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18
INITIATION.
The Senators About the
Herald Round Table.
NORTH AND SOUTH, EAST AND WEST.
Iu+arxieyvs with DiStin-
Duished Senators.
LAST WORDS OF SUMNER.
Initiation q "Detriment and
a Shame"
NORTH AND SOUTH, EAST AND WEST.
LAST WORDS OF SUMNER.
LoGATs,s SPEECH YESTERDAY.

WASHINGTON, March Is, 1874
With view OF placing before the readers OF the
HERALD at glance the opinions IN concrete OF the
leading representatives and some of the ablest
members OF the United States Senate who would
iaIry represent general average OF the financial
handling and insight into its proper ana most
feasible manipulation, they have consented, where
called upon, to furnish your correspondent Win
their written views. There have been but lew who
declined when informed that it would be thought
an easy way to give, through the columns OF the
HERALD to the whole civilized world, In kind OF
photograph album form, the views OF the most dis
tingushed public men In America, reducing to
short summary their various arguments which
the public could take in at a glance. The eXcep-
lions to those Senators who gladly complied
with the request made in the interest Of the
reading public IN the most courteous and
manly way giving written synopsis OF the
result OF their deliberations were Senators Logan,
McCreery and Conkling. The first did not care
whether the people knew what he said or not but
acknowledged that he seconded and followed the
views OF Governor Morton. The second did not
care 10 make an effort to write them out, and was
Indifferent TO the Importance of the occasion. The
third positively refused, as he had not yet spoken
on the subject OF finance. Senator Thurman, who
is also designated by common consent as the
probable democratic candidate for the next Presi-
dency. sick, but he was not present at the last
decisive vote taken In the Senate the finances.
The Senators who give their views as below eX-
pressed by them are from the different
walks OF lie, where distinct views on
finance are taken relatively as they have
been interested in banking commercial
manufacturing, agricultural and mechanical pur-
suits of life, and represent the pervading views Of
all sections Of the country, which, with their
known standing
with broad national reputation as statesmen, will
entitle their differing views to the highest respect
and confidence. Some OF them, having managed
the affairs Of our largest and most dourishing
States as faithful stewards in the control and
economy or their administrations, like Senators
Morton, Fenton, BrOwnlow, Boutwell,, Sprague,
may well be thought capable and worthy OF pro-
viding plans for the careful and wise financial
management OF our larger and more diversified
national domain, and equal to the task of bringing
it into system of working which will augur sue
cessful and permanent delivery from the dangers
which beset it.
THE NATIONAL BANK CURRENCY.
BoGG, L. ", Senator from Missouri who repre-
sents the deductions OF one who has a varied eX-
perience in business mining, law and railroad en-
terprises, says:-An undue proportion of banking
facilities being IN the East, am in favor OF an In
crease OF the national bank currency, so as to
enable Western and Southern banks to be organ
zed. By the act of July, 1870, 1t was provided that
$4,000, 900 OF currency De taken from Eastern
banks and be given to Western banks This law /
am In favor OF. | am also satisfied that the total
amount OF currency low authorized by law Is not
sufr1cient; hence am for moderate increase.
! am in favor OF leaving the question to the states,
expressed in the resolution introduced DAY be-
Of any money system, but to resume no wis not ex-
pedient. We should provide the way TO accom-
plish this. In my opinion the best way to effect
this Is to provide that OF the duties on i'm
ports be paid in paper money. The amount col
lected through the Custom House amounts to
5000 600 600. We need only 500 000 0o0 hence, by
collecting one-half in paper money enough would
be left to pay interest, DC.
81 desire the whole subject be RENTED to the
States, each one deciding Tor itself as TO the num-
Der OF banks and the amount OF banking capital
needed for It's legitimate Duslness.n
OPPOSED TO CONTRACTION AND EXPANSION.
BOUTWELL,, G. E., Senator from Massachusetts,
who has been Governor Of Massachusetts, expert
enced In business pursuits, and who was secretary
OF the Treasury, and is looked TO for everything
sound in the way OF finance says:-'I am opposed
finances OF the country to remain as they are and,
with the increased growth and prosperity OF the
country, the finances will be all right and every
desired prosperity secured If we let things 60 on
Just as they are.r
INCREASE OF CURRENCY REQUIRED. -.
BROwNLow, w. E., Senator from Tennessee
have no objections TO giving to q correspondent o.
the HERALD my views on any question, because
nave never been misrepresented IN the HERALD
The correspondents OF some OF the leading papers
OF the country reporting interviews with me
have given what they desired should anc
did say. The HERALD correspondent t:
have thus tar correctly reported me. am firmly
convinced that the good OF the whole country re-
CURES an increase IN the volume OF our circulating
medium. or course do not mean by this That 1t is
OF the currency, that we should have an increase
Nor do | mean that II Is to the interest OF lew
boatsd oticers and stocKhoders Of national banks
having monopoly OF the money or the country
that we should have an increase OF the circulating
1t and demand IT, In all the Southern ana West
ern states there is great suffering because OF the
want OF an adequate supply of money. IL is tni;
suffering which has given potency to the
organization know as grangers. And unles:
currency, give to the West and south what theJ
regard as justice In this matter the mex
House Of REPRESENTATIVES, wiz, | lear. be inmica
My solution Of the difficulty is an Increase in the
volume OF our circulating medium with Tree bank
the commercial needs oil the country Will have
been met The suffering now prevailing through
waited. the republican party VIII have regainet
its lost prestige and can-f General Grant will ac
cept the nomination-as triumphantly re.eect hin
idea OF returning to specie payments is preposter
Gus. It Will bring widespread disaster and ruiz
TO the great mass OF our countrymen and Kill any
party That effects 1t. Wise and moderate expan
sion, to bring the volume OF the currency 10 th'
measure OF the country's needs, is what the peop'
"a GRADUAL DIMrNUTION OF PkPER MONEY"
FENros, K. E., senator from New York-lt ma.
oe said as general truth that currency IS depre
ciated either because Of the want Of confidence II
the security upon which II Is based or from Ms eX
cess The nrst Is not true In our case. do pot
say we have TOO much currency for the require
ments oil business but rather that we cannot
MAINTAIN the present volume upon specie basis.
apparent What is the remedy9 fear NOT in Mr.
SHERMAN bl, for that involves the possibility OF
Doth expansion ana contraction, ana confers the
@ liz
Treasury. III is a dangerous power The remedy
in my judgment, is not TO be found in interchange
ability In any form. But must look Tor IL i'm the
gradual dminution OF paper money and a concur.
rent Increase OF the precious metals untlI the
proper relation can be established between
the TWO. The withdrawal OF the former is almost
sure to be followed not very long after 10y
an increase OF the latter, SO that the whole
At all events I do not discuss the question OF
amount. The real question Is, now much can be
maintained upon the specie basis stable pol.
Icy hooking 10 The anecIe cQRdtinn by a Inndcra