The New York herald., 1876-02-02
FROM OUR REGULAR CORRESPONDENT.

WASHINGTON. Feb. 1, 1876
ACTION OF TIE DEMOCRATIC CAUcUs-AGGREs-
sIvE ATTITUDE OF THE SOFT MONEY MEN
STRONG FEELING IN FAVOR OF THE REPEAL
OF THE RESUMPTION ACT.
The democratic caucus met in the House Of Repre-
sentatives this evening, with attendance Of hardly
100 out Of $50 democratic members Mr. Lamar took the
chair and Mr. Robbins of North Carolina was chosen
Secretary The galleries ana Iobbes were cleared for
a very secret session. The proceedings opened with
the presentation Of a resolution by Mr.. Landers Of
Indiana The resolution proposed to repeal post
lively that part Of the Resumption act which
authorizes the retirement of fractional and
legal tender currency The section in question
provides for withdrawal the extent Of eighty per
cent of the OF national bank currency issued
the resumption of specie payments in 1870 and the sale
of government bonds by the Secretary Of the Treasury
10 the extent necessary carry the provisions OF
the act.
Mr. Landers advocated his resolution In a vehement
speech. The resolution was seconded by Mr Bright
Of Tennessee, who expressed himself 10 the following
enect-
ETrs-Tha the currency of the United States is un.
equally and unJusty distributed according popula-
tion and wealth.
Second--The currency IS insufficient IA volume
7hird-Tne probable Quantity needed is not less than
$500, 900, 600
-
ive-twcnties in legal tender notes
FVm-The national bank currency should be redis-
tributed.
AT the conclusion Of Mr. Brishts remarks which
quite lengthy, Mr. Landers resumed Goor ana
recurring TO the subject Of his resolution, urged
prompt consideration OF the currency question and
wanted immediate notion.
Mr. Hardenbcrgh, OF New Jersey opposed hasiy &C
ton and declared that the caucus should attempt to
pass decsively tonight upon 20 vital matter he
should be compelled TO leave the caucus SO that he
mia NOT lo buu tN 4 lefia
Mr. Payne poured oil on the troubled waters OF the
caucus at TINS Juncture, the excitement attending Mr.
Hardenbergh's speech having run quite high He dcprc
Gated undue haste and made concatory speech
with good results. He then offered resolution by
hat Of Mr. Landers NJ Payne resolution declare,
the resumption Of specie payments which the resump
tion act oi the last Congress commanded take place
IN January, lo'9 entirely mpracucable, ana sure If
attempted, 20 plunge the business Of the country into
disaster and ruin, and added that such part
Of the resumption act must be once
repealed and that instead Of II policy should be
adopted involving neither contraction nor expansion
but one based the gradual accumulation OF com
per cent per annum OF coin by the Treasury
would bring specie payments in SIX years and
that specie paymentslby the banks would be consc
qucnce OF spec payments by the government.
sharp controversy here ensued between Mcssrs
Holman, OF Indiana, and schiccIcher, Of Texas the
former oens gfecnDack man ana the latter hard
money advocate OF the most approved pattern.
Mr. HerlOrd OF West Virginia, now proposed that the
members should bind themselves by tho caucus pledge
not TO oier any resolutions or introduce any bills on
the subject or the currency or tho finances
within tho next twenty days, during which
period time would be Afforded the men,
bers for the maturing OF measures on
these subjects which would express the sense OF the
democracy. Objection made by Mr. Holman, and
the proposition not acted upon.
On motion the caucus then adjourned TO next Tues
day evening" when the democratic members OF the
senate Invited 90 st in JOINT session with the demo-
cratic representatives for further consideration Of tho
questions uuder discussion tonight.
SPEECH on MR FRYE, or MAINE, on THE
THIRD TERM AND THE POWER or THE
PRESS.
In the House to-day Mr. Frye advocated six year
term instead OF four years, the amendment 70
take effect In 1885. But he saw no necessity
for any amendment OF tho constitution on tic
subject Il was not demanded by tho people but by
Congress and the press. lie then made the following
remarks The pross the IIEaALD the third term and
Cesarism
Why is II then, tLat coOg ross here to-day Is oaegng