New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-23
WASHINGTON.


FINANCE IN THE CAUCUS COMMITTEE.
NIX d AZ ]CEATIc COMMITTEE USDECIDED-PRoBA-
nLF RECOMMENDATIONS OF THE RIPE N. Or
PARTS OF THE RESUMPTION ACT.
lsI TkLEGRAPH TIP TRIBUNE
WASHINGTON Feb. 22.-The Commute appointed
by the Democratic caucns TO devise some financial
measure was il session four five hours to-day hut
reached no vote on the subject submitted 10 it. The
ouestiop discussed was whether the Committee shall
recommend to the caucus a bill repeating portions of
the Resumption act of JAN II, 1875, without sub
hitting at the same time y substitute for 1t, or
whether tho repeal shall DO accompanied by a sub
btitute, the nominal purpose of which shall be to
bring about specie payments ct some remote time.
The sentiment of oil the Western members OF the
House generally to be in favor OF absolute re-
posl without the adoption of any substitute and 1t
Is doubtful if the caucus can agree upon any cur
rency bill which would be OF all effective TO secure
specie payments even OF a remote period. The only
thing thus far settled by the Committee To be
that a portion of the act of 1875 will be recon-
mended for repeal, though no vote on this point
oven has been taken.
The frst section Of the act, which relates to the
circulation of silver coin in the place Of fractional
currency is not considered Of very great importance
since tho great depreciation which has recently
taken place IN the value of silver as compared with
that of gold. MIR. Payne's bill, il will be remem-
bered provided for the repeal Of this section on the
ground that at the time il introduced, early III
the session, tho condition of the silver market was
such that the Secretary of the Treasury, although
no had on hand about 81 100000 in silver coin
and bullion did not dare put il into circulation
ill there was an appreciation in the value OF our
lfreenbaoks. Since that time very great deprcci-
alton has taken place in silver, that the silver
coin would doubtless now remain circulation if il
was paid out by the Treasury But another question
has arisen: Whether it will not become 50
much .demcciated as 10 make il neccs-
ssry to change the coinage laws and
increase the amount Of pure silver contained IN our
half dollar and other subsidiary coinsf Section
second OF the Act of 1879, which provides for tho
free coinage Of gold at the mints viii probably be
allowed TO remain The first part OF the third sec
ton, which provides for free banking. Is also not
likely to be disturbed But all that portion pro-
viding for the redemption of United States notes in
coin after Jan. l. 1879, and authorizing The SecTe-
tsry of the Treasury 10 tho surplus to
sell bonds in order toenabe him carry out this part
of the act. will probably he repealed. The Commit
tee will hold another meeting tomorrow, when it is
expected that vote the main question before the
Committee may he reached.
Tie House Appropriations Committee was in ses-
sion the entire day upon the Legislative bill, but
very little real work was done The finance ques-
ton was however, discussed al some length by
members Of the committee With Mr.. Holman. II is
very evident that no compromise is possible between
Mr.. Holman and the hard-mOney Democrats. As
ono Of tho committee expressed il, Holman has
blood Ia bis eyer