The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-15
WASHINGTON.
Action Of the House on the Presi-
Dental Title.
A QUIgTUS 70 THE BLAIR RESOLUTION.
No Power to Revise the Count
and Declaration.
REPORT OF THE JUDICIARY COMMITTEE.
Financial Legislation Of Con-
grese Reviewed.
TIT OMITTED TNUrcTTn ATrnN
REPORT OF THE JUDICIARY COMMITTEE.
THE POTTER INVESTIGATION.
An Agreement on the Army and
Legislative Bill.
FROM OUR sPsclAL CORRESPONDENT.

N#ff t#ff
WASHINGTON, June IA. 1878.
THE PRESIDENTIAL QuEsTIoN-ACTIoE OF THE
.ausn HOUSE.
The House decided twice to-day, by overwhen-
Ing majority, that the Presidential title cannot bs
attacked, Mr.. Burchard's resolution. Tho minority
" twenty-one included four New Yorkers-Bss.
Cox, Hewitt and Mayham-two each from Con.
necsicut, Indiana, Kentucky, Louisiana, Maryland
aud Georgia. and one from cach OF the follow
Ing states :-wisconsin. New Jersey, Virginia,
Ohio and Illinois Nino Of the twenty -ono
arc Southern men, Eastern and
i've WeAtern. On the report and resolution OF
tho judiciary Committee to the cect, fourteen
only voted in the negatve-tnrce from New York,
Bliss, Cox and Mayham; two from Georgia, Cook and
Smith Henry and Kmme, from Maryland; Robert
son, Of Louisiana; Hamilton, Of Indiana; Warner, OF
Connccticut; Blackburn and Boone, OF Kentucky;
-Pridsmore, OF Virgins, and Springer OF Inois-iour
Eastern, eight Southern aud two Western men. II is
reported that both Mr.. Knott and General Butler
mean TO make minority reports, as they do not agree
with tho report ana resolutions presented to-day
from the Judiciary Committee.
THE CURRENCY QUESTION AND WHAT IS TO
COME OF 1T. t....4
The Senate substitute for the Ansi-Resumpsion bill
will pass the House probably by more than two
two-.hirds, IL Is certain to become law. lts only
real effect is to hasten BY months Of the
features OF specie resumption which under the law
begins next January.
It's not thought by wise men here m easy under
taking forecast the the currency under tho
conditions IN which the legislation Of this session
leaves It. It Is generally conceded that gold Will
leave the country as fast a. there is demand Tor
u abroad. Congress has established double bus
. triple currenoy-gold, silver and grcenbacks. All
cannot float once and the valuable the gold,
becomes merchandise the moment duties may DO paid
In silver and paper and bonds may be
bought with legal tenders. We shall, there
lore. be mono.mcsaIlic country. . silver
country substantially before the Monetary Conference
can meet, to which the President to-day appointed
General Francis A Walker and MessrA Groesbeck
and Fenton the American Commissioners SO long as
she balance OF exchange romans strongly In our
favor this may not load to Inconvenience, though Il
II asked BY persons here. suppose Mr. Sherman
sells $50, 600 Of four per cents this ,lmo
for greenbscks, what viii he do when he comes TO
call in and pay OF the equivalent OF ak per cents
which he Is bound 10 redeem In goldS" Tho premium
gold would advance very rapidly II ne should A.
tempt 10 buy 1t In this market for Rreenoacka
One thing ID already certain-the silver dollar OF our
fathers will remain In the Treasury. The people do
not want Il. On tho Sth OF Juno the national banks
all over tho country wore informed by from tho
Treasury that they could have silver dollars delivered
at their DOORS at the OF tho government in CT.
change for grcenbacks. Up TO this afteruoon ten
banks had responded, and these took In all 500 oOo
Considering that they have the Right under the
law to pay them out over their counters
In exchange for their own notes, and that
They would doubtless do SO If their customers
wished IT, this is signiGcanut to tho pub
1tcSa In On n Ia iivar In.
planting States. where II was beloved the colored
people would mako a demand for silver, the Mexican
dollars are largely used, and VIII continue to DO so
until the embarrassment OF merchants obliges them
70 warn their customers against taking them The
Mexican dollar Is worth about nnetytwo
cents, somewhat more, therefore. than our now dol
lar, and in TACT about much as our trade
dollar. They are sold to bankers and money lenders
IL sho sou,h by New YORK agents probably At apou.
ninstythrec cents and rcsod TO the planters n,nc-
tv-ssven. which enables these to mako gain OF 50
per hundred whoa they pay their hands with them a.
par The negroes ike ,hom, aud tho traders arc
oOgcd to take them in pay for goods but the banks
refuse them. as they are not legal tenoer and CON-
plants up here that the country is flooded with
them. When they are finally rejected by tho blacks
our own dollar may have a chance, unless by that
t,mo that too shall have fallen under suspicion win
thom.
On the LIST OF January Mr.. Sherman will resume
specie pay in silver flo will hive coined at tina,
lime about thirty thirty-two millions OF silver
dollars and he will havo almost whole OF this in
shs Treasury vaults. II Is not groat sum with which
10 begin redemption 1904 600 900 Of green backs
but as nobody wants the silver II is likely 10 bc
suough.
The Secretary has now about S110, 600 600 In gold.
A. the laws stand after the LIST OF October be can get
no more unless no buys It, Tho Senate bill dries IN
The sources OF gold Tor him. How long hc con-
Enue to pay The interest on the debt In gold For
good while, II no does not use hts
gold TO redeem six per cents, which he
must call In as The four per arc taken When.
ever, however, tho bondholdcrs abroad shall get a
suspicion that they may be offered their interest IN
silvcr unless the monetary conference makes very
important change In the present status OF SILVER our
bonds will begin TO como homo somewhat rapidly.
Finally 10 rs that tho legal tender notes win
pretty be measured by silver and by tho gold
standard for practical purposes snd they arc more
convenient than silver they will DO moro valuable in
the public esteem The amount OF legal tender notes
Is fixed a ,rns $346 200, 900. AS tho law al
lows unlimited free baEKing, the banks It Is found,
Increase their circulation pretty rapidly whenever
money Is worth per cent or over. They com.
PEELED 10 redeem their notes at tho Treasury In tho
legal tender notes, but may redeem them az homo
In silver
only one thing can prevent our becoming a silver
country and thats general agrccmest tho part Of
merchants and others TO make only contracts gold
rnc law has allowed this Tor some years. but II has
DOT been attempted cxcept in California, where tho
silver dollars used strictly as subsidiary coin and
al contracts continue 10 be made In gold.
These are some thoughts on tho currency which
emo hears In dinner table discussions, and tho
sum of all IL that nothing s realized about the qucs-
sion, and that the determination OF tho monetary
conference the disgust Of tho people with tho silver
dollar, or somc craze Of tho plstionhts, may,
aud probably win, bring tho whole muddica question