The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-28
WASHING ON.
A Fresh Batch OF Finance
Bills Introduced.
THE SITUATION IN THE SENATE.

Disclosures in the Investigation Of the
Moiety system.
WASHINGTON, April q, 1874.
The Financial Situation In Congress
Unchanged.
The status OF the currency question, so far as
legislative action IL concerned Is just where was
when the Presidents veto was sent TO che Senate.
The Currency bill passed by the House Is before
the senate Finance Committee. 1t cmOodes SUBJ
AtAnttailJ all the Presidents recommendations on
naance except the specie redemption clause The
eommittee win attach TO the bill some amendments
which viii make 1t acceptable to the Senate, and
Others taan those the first session Of the Forty
tnard Congress will not dispose of. All other imam
ctai propositions will probably be stranded.
4 Second Crop Of Financial BiIIs-Frce
Banking, Imitation or the Legal Ten
ders and Retirement OF Treasury Notes
Specie Payments.
The veto message of the President having put
new phase upon tine currency question the intro
duction OF new bills relating to that subject has
been resumed, and number were introduced in
the House under the regular Monday morning call,
and. Ike those introduced by unanimous consent
during last week, were referred to the Committee
Vu nS4htuB nho NuihOuCys AL1Oux tHcm WAS u
bill by Mr.. Poland. Of Vermont. 10 pro-
vide q free system of national bank
ing, and for the resumption OF specie
payments. Section repeats oil laws limiting the
amount OF circulation to be issued to national
banks. Section provides for the Issue OF circu-
hating notes to all associations formed In accord
aace wisn existing laws. Section provides for
the cancellation OF United States notes the ex-
tent nfty per cent OF the amount OF the increase
~ national bank notes till the outstanding United
States notes are reduced to $3.50, 600.
1cction authorizes the Secretary or the
Treasury, TOR the purpose OF retiring
she legal Render notes, to issue bonds not
exceeding s4oO, Co., 000 redeemable in coin at the
ihtrty years respectively, the former bearing
ave and the latter four and q half per cent coin
interest, payable ssem- annually. Section pro-
vtdes for the redemption OF United States notes
N coin after July !, 1875, on presentation at the
Treasury or any SubTreasury, and that after that
aatc fIty per cent OF all customs duties may kbe
paid In United States notes. Section pron.bits
the allows Of interest deposits by one bank
ing association to another.
Mr.. HoOper's bill authorizes further issue OF
bank notes, but limits the amount issued 60 $40
Per capita Of the population OF any State or Ter
rt0ry, according to the census Of 1870 and pro-
81 q bank shall consist or balance due from
associations for the redemption OF their notes. The
bill also contains the provision for the withdrawal
monthly OF fifty per cent OF the increase Of bank
notes In legal lenders till the amount Is reduced
70 $SC0.000,0O0. and authorizes niteen-year
hour and half per cent bonds to be
Issued Tor retiring the legal tenders. 1t
= further provided that after July /, 1877,
Cnited States notes shall be redeemed in
coin and be receivable for duties on Imports and
autAOrizes the Secretary Of the Treasury,
whenever IN hts opinion it Is neces-
sary, to provide additional coin to redeem
DATED States notes promptly on pressnta-
ZION, to issue twentyyear bonds, bearing Interest
ut . rate not exceeding six per cent, payable semi
Annually, az he shall deem expedient, not exceed
ing $250, 600, the proceeds 10 be used excu-
Evely for the redemption OF the notes. The notes
shus redeemed may be used in payment OF all dues
pf the United States, except bonds and interest
On the public debt. The bonds thus issued are
made exempt from all taxation. ..t....
Mr.. Lawrence's bill to facilitate the resumption
Dfspecie payments and to prevent fluctuations In
the value OF United States notes, proposes, on the
passage OF the act, that the duties to be levied
ON the articles mentioned in the schedule be-
VOW shall be increased ten per cent, and
nike increase OF ten per centum each subsequent
70 400 per cent and the duties on all such articles
shall be paid only IN gold coin or In bullion. The
following Is the schedule OF articles beer, ale,
porter and other malt liquors; brandy, wine,
aQueurs, arrack, and all splrituOus beverages;
Sk and the manufactures thereof, in whoe or
part; diamonds and gems, real and imitation; en-.
broidertes OF cotton silk, wool other material;
fancy articles and perfumes; furs and manuiac-
lures thereof; jet and manufactures thereof; jew.
slry. real or imitation; paintings and statuaiy;
velvets; tobacco and manufactures thereof;
carpets and carpeting OF all kinds, and
broadcloth. The bill requires tnat 100000 in
coin In excess Of the amount required Tor the
demption Of certificates Of deposit shall be re-
tanned IN the Treasury eacn month until the
amount shall have reached $500, GOO, O0O except
that the same may be used by the Secretary OF the
Treasury In the purchase OF the United States
notes any time after July Is, 1874 at eighty
per cent OF their par value, in such sums he may
deem proper, and at an advance OF one per cent
above that sum on the 18th OF July or each sue
seeding year until the same shall reach par To
Increase the quantity of gold the Secretary OF the
Treasury may issue $50,000 900 OF five year five per
cent bonds. The notes thus redeemed are to be
paid out again for the purchase OF United States
bonds.
Mr. Crossland's bin proposes that all laws that
impose taxation on State banks be repealed, and
that all laws which require the payment OF duties
on deposits IN State banks or ON the circulation OF
6tate banks be repealed.
The bill of Mr.. Fort commences with preamble:
Whereas, IL Is claimed by portion oil the peo-
pie that the notes OF the United States Treasury,
commonly called greenbacks have been practically
protested and disnOnoreu, and that said notes are
irredeemabe and unsatisfactory as currency and
whereas, the President IN his message returning
Senate Bill No. 6l7 recommends that, as measure
preparatory TO free banking, or For placing tile
Movement in a condition TO redeem Its notes IN
com at the earliest practicable moment the reve-
Lues or the country should be increased 80 as to
pay current expenses. provide Tor the sinking
fund required by law, and also surplus to be re.
tanned IN the Treasury In gold, and eDacts that
sections Z, 8, o. TO- H. IL, 13 IA. Is. III and IL
Df the act to reduce Internal taxes and ior other
purposes. Of July Ia, 1870 and such other provs-
Ions oil the second act as provide for the levying
lnQ collecting Of n tax ON ANIMAL incomes, be