The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-06
THE REPUBLICAN FALL CAMPAIGN
An Interview with the President OF
the 20. A. u"
Opposition TO THE POWER OF ROME"
Currency and Finance Matters Before
the Senate.
PROSPECTS OF THE ADJOURNMENT
FROM OUR SPECIAL CORRESPONDENT

FROM OUR SPECIAL CORRESPONDENT.
WASHINGTON. May S, 1878
CURRENCY AND FINANCE MEASURES BEFORE
THE SENATE.
The Senate Finance Com mttoe's bill IL not likely TO
DO discussed bcforc week. the Senate will take
up first the Indian and Pension bills, and whom
these passed the Post once bill will DO
ready and will occupy Wednesday and probably
Thursday. The Bankrupt bill also comes up this
week. and Senator Gordon win occupy some timo
with speech on the hnanccs Tho Senate has thus a
pretty iu weeks work out without toucning Tho
Finance Committees bill. The bill which was
agreed on docs not seem TO DO satisfactory
20 many republicans and there will be moro
consultation In the committee add among Senators
with tho intention OF settling upon some measure
which shall not utterly break up resumption, and
,hall yet not entirely dispcaso tho infationsta The
all canvass stands a. before many OF those
Who will havo to vote on currency and financial
luestions and they are disposed 10 handle
,he matter very gingcrly. The committees BILL as
reported by Mr. Ferry, provides that United States
notes shall be receivable payment for four
per cent bonds; that they shall DO receivable for
duties after the LIST OF October. and that tho
volume IN existence that doy shall not DO de-
creased and those received into tho Treasury shall
DO reissucd and kept IN circulation Those who
do not like this bill suggest q basis Of agreement
What is known as the Mathews bill, with some
changes which mako II provide-0rst that tho amount
Of legal tender notes now In existence shall not DO
lccread second that tho Secretary OF the Treasury
shall, for redemption purposes, maintain fund OF
$780, COO 900 Of coin, 10 be acquired and maintained
by tho OF surplus revenues and tho sale OF
bonos and that he shall begin 10 resume specie
payments until he has tho 500, 900 900 OF coin in
hand; third, that II his coin fund shalt
fall 70 $5O.000.00o he shall cease 70 re-
deem legal tender notes until 10 restored
70 500 0oo but that holders Of legal
tender notes shall he allowed to exchange them for
four per cent bonds IN sums OF $50 and muitiples
OF that sum on demand. ana the notes SO
Withdrawn shall not be rcissucd until tho
coin fund is made good:- fourth, the Secretary
may sell bonds undcr the Funding act for legal
dcr hut at tho par coin value OF the bonds only and
shall tho United States notes received pur.
chasing vs-twontcs at their par value IN col 9th,
that the United States notes shall retain their legal
tender quality and DO receivable for all purposes
except tho payment OF the debt and interest but
that they shall not DO received payment Tor du
ties imports during any period OF suspension Of
specie resumption. Tho beginning OF tho week will
probably be spont In an endeavor 10 como 70 some
agreement on the bill or ,somcthing like II. and the
question will not be seriously considered discussed
In the Senate until next week.
MR. cEnNUscHI ON THE SILVER ACT.
Copies Of pamphlet discussing the Silver act have
been received here from Mr.. Hcnr Cernuschi, oil
Paris who, IL will be remembered, two years age
came to this country 10 urge the demonstration
Of silver. Mr.. Ccrnuschi docs not think III
OF tho Silver Law. He admits, however. that
unless tho United States get Europe generally
agree with us In rehabtating silvor We shall
presently lose oil our gold, and as no puts H. "rhc
United States and Asia will have only silver money,
while Europe will havo only gold" He docs not nj.
touIpt TO conceal that this would DO in
convenience 10 tho exchanges between Europe and
America. He does not appear sanguine about In.
terpatonsf conference though he urges Il, and pri
vats adviccs received here arc 10 the effect tina,
slough Switzerland and Holland have agreed TO tho
conference u 10 not probable that % the greater
pations will do Ho remarks shat Gar
many has NJ yet sold only half tho sill
ver IL has TO sell, and no thinks
grcat mistake TO suppose that whom the Germans
have sold oil they nave silver will naturally resume
The nearly absolute Hxity ~ possessed before 1s.3
In short, without general reconciliation IN Europe,
without IN international bimciaIiic Law, the
relative vauo OF gold end silver Will
value OF iron and copper cofrcc and tea Between
The gold money nations and the silver money nations
payments will DO dnicut. slow and always liabcst
heavy losses As tho general opinion reported hors
from Eoropc is that France Is likely 60 sell hci
silver than TO agree 70 reconciliation, MS Germany
gives no sign far OF recedng from her gold policy
and the English are likely to resist silver
t,x1tion, the picture which Mr. Ccrnuschi draws ID
NOT encouraging TO this country, especially thu
heavy purchases OF silver mado In London by sccrc.
tary sherman have had effect tho market He
points out that II conference Ia held Will have to
consider not only tho question OF but
settle also the ratio which silver shall bear gold
Our new silver dollar Is at the rate of 10 to
Of gold; In Francc. Italy, Belgium, Switzerland and
grecco tho countries which compose tho Latin Union
silver Is at 15z to Of gold, as also In Spain. Rou
mania and most OF tho South American
States; IN Holland, which has agreed
10 . conference, 10 at Is 60100; In
Russs at is 32l0o; 10 Austria, At Is s5.ioo Portugal
ana Scandinavia have demonctiscd silver. IL does
not appear to have occurred TO Nj. Cernuschi tina.
the Conference, u u Is hold and n Il ngrccs to 70.
monstlzaton. might wisely consider whether the now
silver coin should not be OF uniform wcgnt shape and
device for all The countries which adopt II.
FROM OUR REGULAR CORRESPONDENT
WASHINGTON. May 8, 1878