New-York tribune., 1876-02-05
WASHINGTON.
DIVIDED VIEWS ON FINANCE.

tyROs THE REGULAR CORRESPONDENT of ''' a.'
W.sBINGrox. Feb 1.-THE Democratic caucus Oh
Tuesday evening called for the purpose Oh 'oue'uV
inc in regard 10 financial Legislation, dscloseo 'n0
fact that the party in the House OF Representatives,
which will be held responsible for any currency
measure that may pass this session Is uViucu ''o "
least three separate wings OF ciques The lnfiauon
lists. represented by such men as Mr. Holman MI
Lander. and other influential members from tue
West aud South seem to be largely IN the ii'9oilS
and 10 have had things almost entirely their own
NOV Their pan il not only repeal the Resumption
90, f1sz5 but also TO abolish the National banK
nrrsncv and substitute legal-tender notes for IL.
The majority of them seem TO nave an apsuu
idea that the National banks OF the country are re-
sGzinC immense profits on their clrculauon' Willie
the truth is. as proved by unimpeachable hgures'
and also by the fact that numerous banks are WITH
drawing then circulation, that, after making allow
,ce for the premium on the bonds deposited 10 se-
,nre the circulation. and paying the taxes when
ore annually levied upon the banks little OF no
nrott actually remains. The same class is also ap-
n,rently unable to understand that the WitnuIa""
# rho National bank circulation would not cause
ony decrease IN the bonded debt of the country
The;r dea seems 10 be that by the adoption of their
poicy the Government could redeem and cancel the
topds now deposited by the banks with the Treas
orer Of the United States security for their circu
Ition while the truth is that the bonds, instead OF
ho;po withdrawn. would only be transferred from
The no.sessop of the banks that of other persons
The second class into which the Democratic party
10 divided COMPRISES small handful OF hard-mOhey
men. representing chiefly districts III the Eastern
and Mi idle States and Texas, and few scattered
districts in the West and South ms Grass ia"
actually nothing TO say at the caucus on luesday
evening The majority of them were 80 diseusteu
with the drift which the discussion TOOK ana WIN
the discovery which of them then made for the
first time that no unity in the party was poSsoie
except by a surrender of the advocates OF honeS'
currency, that 1t Is doubtful If they would nave
made any speeches had an opportunity presented
itself; but the time was all occupied by such men ~
Mr.. Bright of Tennessee, Mr.. Holman OF Indiana
and Mr.. Payne of Ohio, and by the time they had
finished the hour for adjournment had arrived.
The other class consists Of a small number of men
who are laboring for compromise. To outsiders
they look more like trimmers than like statesmen
who have very settled convictions on the currency
ouestion They were ably represented in the caucus
by Mr.. Payne of Cleveland, who made very con-
ciiatory Speech and though his sentiments dld not
meet with the approval of either OF the classes De
fore mentioned it is spoken Of as haylng'0een per
sonal success. In other words, 1t soothed the an-
tagonistic feeling which has been aroused 1etween
the two extreme wings of the party by such speeches
as that of Mr. Bright and gave birth to hope, how
ever delusve it may be. that some kind OF compro-
mise will be possible.
During the past two three days the possibility
of sucb eompromise has been very extensively dis
cussed among the Democratic members in private
conversations The result Of such discussion so far
A. il can be learned, is the assurance that the na-
tonsts are By far the tenacious Of their prln-
ciples Several of the representative men. who are
souudest in their advocacy of hard money, have
even expressed the expectation that they VIII DC
obliged to accede to the ideas put forth by MI.
Payne not because they approve OF them but De-
cause they say, hope exists of obtaining any oet
ter legislation and they believe 1t Is better Tor Co
eress to pass some act looking to resumption, OF tha
will finally bring about resumption no matter no"
far in the future the return To specie payments may
be- than to do nothing to allow the act OF 1870 10
stand while the Secretary of the Treasury Is denied
the right to use the proper machinery TO make IL
effective.
The Republicans are waiting and watching with
considerable interest the movements of the Demo
crate on the currency question, and will, when the
time comes 10 act adopt that policy which seems to
their leaders 10 be most likely to divide the majority
in the House, and to prevent any compromise be-
twecni several factions being made. a very care
full canvass of the House which has been made by
some OF the Republican leaders, shows that OF the
l05 Republican Representatives, at least 30 ale per
fecty sound on the currency question: and cannot be
led away by any imitation sOphlstry. III III were
possible to divide the Democrats and secure 90 votes
for practical measure looking toward resumption,
such bill could, with the united votes Of the w
Republicans be passed by the House but II ls very
doubtful if there are 80 men on the Democratic side
Of the Honse who would break away from theii
party and join with the opposition in pracucai
measure of financial relief.
The Ways and Means Committee has not yet con-
sidered the subject of specie payment at all some
Of its members, notably Mr. Fernando wood, are OPP
posed to any action on this subject, on the tail
this session. They advocate the passage Of the Ap
preparation bills, and early adjournment of Con-
gress without having placed the House record on
either Of these important questions The Banking
and Currency Committee is more likely TO report
bill substantially ike that introduced by MI Payne
of Ohio than any more radical measure. Mr. Payne
has given the subject more careful study, and has
moro positive and pronounced opinions than any
other member of the Committee, and Is therefore
very likely to bring the whole Committee to con-
currence in bis views.
Many Of the leading Republicans, after looking
over the whole field consider the currency question
with very great apprehension. They realize fully
that without the aid Of the Democrats, they will
be unable at this session of Congress pass any act
TO give effect to the law of 1875 and they fear that
without some such act the defects Of the Sherman
bill will become 80 apparent before the Presidential
election takes place as to make it very unpopular
with the people Many of those who voted for this
measure last year do not hesitate to say now that
the Republicans committed grave mistake In not
securing them q more perfect bill. That act was
carried through by means Of caucus discipline, and