The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-09
GENERAL WASHINGTON DISPATCHES.
wAsHIScroS, Nov. 8, 1871
STANLEY MATHEWS FINANCIAL BILL-MoDI-

WASHINGTON. Nov. 8, 1871
STANLEY MATTHEWS FINANCIAL BILL-MoDI-
FLED RESUMPTION.
Tho financial bill Introduced by Senator Matthews
to-day provides whenever any United States
tender notes returned TO tho Treasury or shall
have redeemed In coin under tho Specie Resump-
ton act OF 1875 they may DO rcissucd from time to
time the cxigcnccs Of tho public service may re-
quire otherwise, provided The amount At any
time outstanding shall not exceed $780, 0OO OO0
and the Sccretory Of tho Treasury shall not
make any reduction OF the authorized currency by
rot,rng United States notes below that sum- Tho bill
also requires tho Secretary, Tor tho purpose Of re-
dccmng legal tender notes prescribed by law, TO
acquire and maintain reserve fund In coin not loss
Than 500 ooo to DO provided by use OF sur
plus revenues and sales of bonds II the coin reserve
DO reduced to $780, oOO. 900 tho redemption Of loyal
tender shall be suspended tho reserve fund Is
restored TO 500 O00 but in that the holders
OF legal tenders may exchange them for United States
four per cent bonds In sums not less than $50 Notes
thus redeemed shall not be ressucd or replaced by
others until tho reserve fund Is restored to
500. 600, 900.
Tho bill also authorizes tho Secretary OF the Treas
ury to receive In payment Of any bonds which no
may SELL under the Rounding act OF 1870, tho
legal tender notos In lieu OF coin, but at
not less than the par value Of said bonds CON- less
an allowance not exceeding ono.hali OF per cont
Of said bonds for expenses, and he required TO uso
tho legal tender notes received such othor
may be issued In lieu thcreoi In the purchase OF
any outstanding aye.tsop.y boadss - Aprss no. on
ceeding their par value In CON- or In purchasing coin
for the redemption OF such bonds.
TIE sILvEn DrLL-wILL THE PRESIDENT SIGN
Ir?-srAxLEx MATTHEWS ON THE suBJncr-
ACTION OF TIE SENATE COMMITTEE
Senator Stanley Matthews says no has mado no as.
scrsion that tho President will sign tho Silver bill Hc
has merely expressed his individual opinion that in
tho event OF tho blps passage by tho Senate tho
President will approve H. and no adds that
This expression Of opinion was made by
him without any Information derived from tho Presi-
don't his intentions this subject and neither
procsscd 10 be nor in fact satcment based upon
the Prcsidcnts authority II b,sed upon tho as
sumption that tho bill would pass by so largo major.
iy mat tho President would consider IL such m ex.
preston Of the public will ho could not properly dig.
regard.
Tho Senate Finance Committee Al q meeting this
morning informally discussed tho silver question at
some length, but have not yet taken up any OF tho
bills this subject for action. II agreed how.
ever that tho House bill for the reconciliation or
silver shall DO taken for consideration by tho com.
miUcc next Iucsday, ana tncro seems 10 be somo
probability iha. vote upon will DO taken the same
day.
THE PACIFIC RAILROADS.&C. MOVEMENT 10
MAKE THEM COMPLY WITH THE LAW.
Tho resolution offered to-day BY Mr.. Chanco 70.
quest,ng tho President OF tho United States to form
the Senate what legal impedmsnts, II any exist
when prevent him from executing the laws OF
Congress concerning the operation OF the
Union Pacific Railroad and branches. is
measure intended to compel compliance with tho law
under penalty OF forfeiture OF all the rights
privileges, franchises ana lands received from the
United States together with all tho property Of every
kind belonging to sho companies. It's designed TO
Tho question OF tho power OF tho executive department
tho government 10 execute existing laws regulating