The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-29
SPECULATION And POLITICAL EZPEDIESCY
Interesting Developments in the Scandal
Against Speaker Kerr.
DEADLOCK ON THE APPROPRIATION BILLS
Sharp Letter from Secretary Robson 10 the
Naval Committee.
FROM OUR SPECIAL CORRESPONDENT.

WASHINGTON, May %, 1874
AGAINST THE REsUMPT1oN--THE INFLUENCE
BEHIND THE sofT-MoNEY MEN---sExTIMENr
OF BOTH PAHrIEs-MoRE SILVER COMING.
II IS probable that attempt will be madc to-
in the house to instruct the Committee on Rules to
authorize tho Banking and Currency Committee to
report any time. This will bC in accordance with
the vote Of tho democratic on Thursday night
Such resolution will pass the House. and thercupon
the struggle will be transferred tho committee Tho
action OF that body Is not If Mr. Cox, the
chairman stands firm, and II tho republicans are
vigant, the committee will not report in favor OF
repeal OF the Resumption act But It Is not certain
that the hardmoncy democrats will be nrm. There is
talk OF "toIeraton aud OF tho folly OF opposing the
Western democrats. and OF the impossoiliy OF rcsum
Ing In 1874 And Mr. Cox. the chairman OF the COM
mittee, Ia understood hold that in view of the Ohio
convention and tho Indiana resolutions and the
cessity Of hard money In tho party "toleraton ad-
visable To this Western hard money democrats reply
that II Eastern mon do not stand BY them tho East
must not complain against the West.
Tho whole quarrel, however, has no immediate
practical bearings the currency question. II tho
committee should report and tho House pass to-mor-
bill repeating the Resumption act It could not
pass the Senate and would undoubtedly be vetoed by
tho President II IL did, and II Is remarkable that tho
soft-money men should be suddenly active just
now when they must know that their measure cannot
become a law There is some reason to suspect that
there may be gold speculation behind as propcing
force Two or three we'll known Wall street.
gold spectators have OF late, been soon on
tho floor, and the attempt to crsate an
alarm about tho possible action Of the Banking and
Currency Committee may be designed manly 10 give
gold an additional start upward. II should DO under
stood, therefore. that the repeal by tho House can
have NO possible effect, the Senate and President
would not concur Aside from speculative design
the agitation have only political purposes the soft
money men being anxious to 30 to St. Louis with tho
prestige OF predominant influence hcrc There is
moreover doubt that tho Resumption act is un-
reasonably unpopular in both houses and with the
majority Of both parties, few of whom have
probably ever read IL; It could be repealed
tomorrow II measure Of even slight
contraction wcro added to the repeal There was
earlier in tho session, fair promise OF such measure
and doubt IL could pass both houses IL il were prop
erly presented; but both parties entirely
given to making and unmaking Presidential can
didatcs that thoughtful legislation GU. OF tho ques
ton, at least until amer the conventions have mot
But the strife Is upon the question OF conditional or
unconditional repeal and soft money men who arc
positive and aggressive apparently gaming ground
In the House, mainly because their opponents have not
far thought tho timc ripe for tho development of
their policy.
Meantime arc 10 have more silver. Mr. Cox will
report morrow, he can get leave bill
authorizing the coinage OF twenty millions besides that
allowed BY tho net OF last year, and permitting the
government 70 buy tho bullion with any money,
national bank notes legal tender in tho Treasury
otherwise appropriated tho or 81 ooo ooo
This that alter ST. 900 worth has been bought
tho remaining millions will be bought with the pro.
of the silver coined This bill seems to have the
favor Of both sides or tho House. II will probably be-
to tho amount OF the whole fractional currency and
twenty millions over.
THE ACTION OF THE OHIO CONVENTION AND
ITS PURrosE--sMrLABrTY BETWEEN THE
ALLEN AND THURMAN RESOLUTIONS
General Ewing, who one OF tho engineers Of the
Allen movement the Ohio Democratic Convention, Is
reported have said whom hero the other day. that
Thurman, and that whilc he thought tho St Louis
Convention would develop strong sentiment in favor
OF soft money, there would bono boiling there Atten
ton has been called TO the fact that the financial
parts Of the two patforms-hat OF the Thurman men.
which was defeated and that or tho Allen men, which
was adoptedarc sufficiently alike TO be twins Both
demand the repeal OF the Resumption act both de-
mand that the national banks shall DO wound up and
that the government aonc shall issue circulating notes.
which tho Thurman platform, however, requires shall
be convertible into coin demand and both oppose
contraction.