The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-06
be made TO earn something which it cannc


do while lying idle. Gold, like everything else,
when not needed. becomes surplus, and, like
every other surplus IL seeks market where it can
md one. BY giving active employment to coin,
however. Its presence can, it seems to me- be Sc
cured, ana the panics and depressions which have
occurred periodically in times OF nominal specie
payments If they cannot be wholly prevented, can
at least be greatly mitigated. Indeed, question
whether 1t would have been found necessary TO
depart from the standard of specie In the trying
days which gave birth to the first Legal Tender act
had the country taken the ground OF no small bills
as early as $780,
"Again, would provide an excess OF revenue
over current expenditures. 1 would do this by
rigid economy and by taxation where taxation can
best be borne Increased revenue would work
a constant reduction OF debt and interest and
would provide coin to meet demands on the
Treasury for the redemption OF Its notes, thereby
diminishing the amount of bonds needed for that
purpose. All taxes, after redemption begins,
should be paid in coin or United States notes.
This would force redemption on the national
banks. With measures like these, or measures
which would work out such results, l see no
danger In authorizing free banking without
limit"
1t was freely communicated to Senators and
others to-day by Senator Jones that the President
had authorized the publication of paper entitled
Memorandum Of Views Entertained on the Sub
Dparahle Euop -
Senator Sherman was informed that the President
had furnished copy for publication he said it was
incredible; and when further informed that he
had written letter stating that he had been con-
suited the subject by members OF the conference
committee he said itcoud not be possible. The &C
ton of the President is generally known to- night
the hotels and is commented upon as extraordinary
in view Of the fact that the conference committee
has not concluded labors and for the Executive
to give publicity TO his opinion, from which he will
only depart in the spirit OF harmony and conces-
sion to conflicting opinions, does not inspire conf
dence in what the conference committee may re-
port. BY some it is predicted that when the infa-
ton members Of the conference committee are
dunn there will be necessity for further discus
sion.
No Adequate Financial Compromise
Rsached-An Agreement Which VIII
Lead to Neutrality-suspicious. RESENT
ment mt the Presidents Positive State
ments OF His Position.
From statements made by members Of the joint
committee Of conference the financial question re.
ceived to-day its most thorough handling. For
the third time three hours session was had.
proving to be, in the language of Senator among
them, zone of the most interesting which have yet
taken place." This seems wonderful to state and
impossible to believe; but the overtures which
have been made by Senators and members to
the President for the past few days, eliminating in
the extraordinary device OF getting the Presidents
pleasure instructions through the medium OF the
correspondence OF conspicuous Senator with the
President, have excited very considerable ire
among Senators. The remark is still more boldly
made tonight that he cannot "play Jackson with
Congress-" There was accordingly meeting OF
apparent Indignation held this morning in the
room or the Acting President of the Senate, at
which Senators Morton, Ferry, Logan, Wright and
q number OF other republicans were present, and
the intractable attitude OF General Grant on the
finances, together with the moral result of what
vassed The expansionists think he is acting very
badly since 1t is developed from the interviews
Of Senators Sherman and Jones and Represen.
tatve Farwell that the President is very emphatic
IN his special desire for the total retirement OF the
greenbacks. Senator Sherman is very much con-
cerned about reaching conclusion before the end
of Congress- and feels that great responsibility
rests with the republican party to DO something
for the finances. The committee adjourned with
out concluding just what to report; but 1t Is
acknowledged they are near conclusion and may
agree upon measure tomorrow essentially carry
ing out the line OF action already explained In
these dispatches. Prom what members OF the
committee say they will not make. unanimous
report, is 1t hoped. even If it were free from
DIVISION that 1t will pass the Senate and House
and secure the Presidential appreciation.
A gathering OF the leading democrats was had
after the adjournment OF the Senate to-day, and it
Is believed that they are quietly moving on to q
concert OF action which will finally settle into a
positive objection to anything passing which has
not full measure OF innation in it, The
democrats are looking more seriously at
the proprfety OF their ceasing to keep
up division in their ranks on the finance
question and are disposed to take a party view,
which will make them stand together without re-
gard to the present financial contest. The South
WanJS luCTeaseu ClCuluClOu, anu Ialliu9 III JnaC
it will withdraw from active cooperation with
those who have favored expansion. The agree
ment animated. If resolved upon in conference
tomorrow, will be reported respectively to the
Senate and House on Monday. There Is no reason
to change the views heretofore given in these
dispatches that the final result Of all this gerry
Wandering" will prove nothing more or less than
fGsc0.
THE NEW ATLANTIC GABLE.
N0n.Arrival of the Faraday.