New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-24
WASHINGTON.

OPPOSITION TO THE RESUMPTION ACT.
TIE DEMOCRATIC CAUCUS COMMIT MORE DIVIDED
THAN KvER-PAssAGE OF BILL REPENlN'
TUE ACT OF 1876 LOOKED foR-ViE"S of
REPRESENTATIVE DEMOCRAT.
lBY ThiEeRAPH TO THE TRIbUSEI
W.surso1oN. Feb. 23.-The Committee appointed
nv tho Chairman of the Democratic Caucus 10 de-
wise some currency policy upon winch the majority
a, the Uouse can he united held another meeting 10
dav Int reached no conclusion. Inc committee is
.nnareptlv more divided than ever Inc so-caiieu
Hard Money party in the Caucus and IN the Con-
mittee recognizing as they think the necessity VI
,nolino compromise with the lnflationists, or Anu
Contractionists as they call themselves, are Wiling
10 agree to the repeal of the Currency act Oh 1870
proyided some measure nominaliy LOOKING 10 re-
sumption at a distant day be substituted ior IT,
This part of the Committee womb Pf"paoIy
apree 10 Mr. Payne's bill, either as 1t was originally
;ntrodueed in the House, OF with certain modifca-
tions which have been suggested. NO vote bas rs
vet been taken in the Committee, and as its meet
ings are secret there is no way of telling how many
of iis members would be willing to agree TO such
hill The general impression is that a majority OF
tbe Committee following the lead OF Chairman
Fright and Mr. Holman, will vote against any such
measure and insist upon a simple repeal OF the 90
noxions act without agreeing to the substitution OF
any other measure 1t may be authorltatiVely as
serted that no proposition for issuing any greater
volume of paper currency than IS now
IN circulation has been considered by the
Committee. Some of its members do pro-
nose the repeal of the National Banking laws
and the substitution of greeDback currency Tor the
National bank circulation, but it is believed that
this sentiment is not strong enough IN the Demo
cratic marty to carry it through the House. The
4. linz Tho
1875 NAV be confidently looked for. The Demo
erats including those who favor sound currency,
will almost unanimously support snch measure,
and it will also receive a considerable number OF
votes from among the Republicans. Previous Ia Tie
action of the Republican Convention in Indiana II
was reported that all nearly all of the Republican
representatives from that State IN the HonSe would
vote for such bill, and that 1t would also receive
the votes of many Republicans from Ohio aud other
Western and Southern States.
Mr. Bright Chairman of the Caucus Committee,
who probably represents n large element among the
Democrats is not only in favor of repefing the Re
sumption act of last year. but is strongly opposed To
Any measure looking 20 return OF specie payments
He holds the strange doctrine that contraction,
carried to its utmost extent, would not appreciate
the value of currency but would in reality cause
the premium on gold to be greater than it now is.
Treasury for the ultimate resumption Of specie pay
ments because Inc believes it would be impossible
for the Government to prevent coin from flowing
out Of the country as rapidly it was paid out by
the Treasury Department.. He sage that return to
specie payments while the United States owes 80
large foreign debt the interest upon which Is TO be
paid in gold entirely of the question: and that
the only way in which resumption can be brought
about by the reduction of the debt held in foreign
countries.
IL is not understood that he favors any extreme
measures to bring this about, he describes the
financial condition of the Southern people at present
as very deplorable, and would hardly listen TO
propo ition increase taxation for the purpose VI
rapidly paying off the National debt
While the anti-hard-noney sentiment Is very
strong in the House, it is an interes ing fact that
hardly single member of that body will admit that
he is in favor of any increase in the volume of the
currency. In this respect at least some advance
meut of the sentiment in Congress toward sound
currency views has been made. During the last two
years previous 10 the passage of the Resumption act
of 1873 very large nber of the members of both
Houses favored an expansion of tho currency TO at
least $500 600, 600 Now, while some of the lnfa-
tonsts favor the substitution of greenback currency
for the National bank note circulation. they all
claim to be simply opposed 10 any further contrac-
ton of the currency and not favor OF any expan-
sion OF its total volume.