The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-19

Cha ws Pared.
We notice that some Of our contempora-
ries are discussing the amended bill re-
ported on Wednesday by the Senate Com
mittee on Finance as ii it were an original
measure brought forward in spirit of hos
tility to Secretary Sherman's measures. This
assumption is untrue in point of fact, and
does injustice to the motives of the COM
mittee. lit were an original measure there
would be force in some Of the criticisms;
but, considering that it is substitute for
the mischievous House bill, the fair way 10
judge it is by comparison with the bill it is
intended to supplant 1t is hideous
thing to have a serpent crawling about in
your dwelling. but whom a serpent whose
fangs are extracted is substituted for yen-
omous serpent with fangs acknowledge
ments instead of complaints are due those
who make the exchange. The mischievous
House bill has been SO amended that its
own parents cannot recognize it.
1t will be recollected that in an early
stage Of the session the House passed by
large majority--a majority OF more than
two-thirds--a bill which was equivalent to
on absolute repeal of the Resumption act
Of 1875. That bill, which passed the House
by 50 triumphant majority, revoked the
day fixed for specie payments and recalled
the authority given by the act Of 1875 to the
Secretary Of the Treasury to make sales Of
bonds for providing the necessary reserve
Of coin. When, several months ago, this bill
was sent up to the Senate it was referred
to the Committee on Finance, which wisely
sumption would willingly have had it
buried in the committee, but their oppo-
nents are too strong in Congress to allow it
to receive a quiet coup de grace in that way.
The Committee on Finance felt constrained
to act upon it, and the country has reason for
congratulation over what the committee has
done, and especially over what it has not
done. It has not reported back the House bill
for an indefinite postponement Of specie pay
ments and repeal Of the authority given
to the Secretary Of the Treasury to accu-
mulate an adequate redemption fund 1t
has not substituted another bill intended to
defeat resumption. On the contrary the
resumption on the LIST of January as settled
and irrevocable conclusion and merely
makes some changes-minor changes we
may truly call them-in the details OF the
measure. When we compare the bill Of the
House with the substitute of the Senate we
find more reasons for gratitude than for
invective
A. has
cast aside both the title of the House bill
and its substance. It is proposed to amend
the repeal bill OF the House by striking out
every line and word Of it after the enacting
clause and substituting provisions bearing
no resemblance to the original. The House
title would not fit the amended bill, SO the
title is wholly changed as we'll as the body
Of the bill, the only thing common to the
two being the formal words ''Be it en-.
acted" &c. Instead Of being bill to ire
peal" the Resumption act the substitute Of
the Senate committee is merely bill to
''amend" il, the amendments being Of such
q character as leaves the main object Of the
Resumption act untouched The amended
bill Of the Finance COMMITTEES strikes out Of
the repeating House bill all that follows the
enacting clause and inserts the following
That from and alter the passage Of this United
States notes shall DO receivable In for United
states bonds authorized BY law TO be issued, ana
on aud alter October !, 1875 SAID shall be
ceivable duties imports, and SAID the
volume 10 existence on October l. 1873 shall not be
cancelled or permanently boarded, but shall be reis-
sued, and they may for funding all other
lawful purposes Whatever 10 an amount not exceeding
In the whole tho amount then in circulation and In
the treasury and the SAID notes whether then 10 the
QuYv f0F 81 mt ri n Co0.
grsss and from whatever source, shall be again paid
out, and when again returned 70 the Treasury they
shall be cancelled destroyed. but shall be issued
part OF the act Of January IA, 1873 entitled IAN Act
authorizing the retirement OF eighty pcr OF
United states notes, shall cease and become lnopcra-
Two and alter said October 1, 1878.
SECTION ALL laws and parts Of laws Inconsistent
with this act shall be and are hereby repealed.
It Is proper to remark that this bill does
three things for which Secretary Sherman
has asked, as we'll rs two things for whioh
he has not asked and which he doubtless
disapproves. Our authority for saying
that he has asked for three of the five fea-
lures of this substitute for the House bill is
the authorized report. issued from the gov
eminent printing Office, of his interesting
and instructive interviews with the Com
mitteo on Finance Of the Senate and the
Committee on Banking and Currency of the
House. The three points in the above
quoted bill which answer to Secretary Sher-
mans declared wishes are these
Errst-Permissio to sell the four per cent
bonds for greenbacks instead OF being re-
stricted to gold, as he is under the law as it
stands ut present.
Second Unequivocal authority to pay out
the greenbacks received into the Treasury
in the process of redemption, and to con-
tinue them in circulation as part of the
currency Of the country.
Third-Power to receive legal tender notes
at the custom houses in payment of duties
after the 1st OF October next-a date selected
by himself in the interviews to which we