The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-21
LATEST THING FROM THE WEST
Movement to Terminate the
Fisheries Treaty.
THE CIPHER DISPATCHES IN THE HOUSE.
Democratic Substitute for Mr.. Edmunds'
Peace Resolution.
FROM OUR SPECIAL CORRESPONDENT

WASHINGTON, JAM 20, 1879.
THE LATEST FINANCIAL MEAsURE--BILL OF
SENATOR COCKEEIL, OF MISSOURI.
Senator Cockrell. of Missouri astonished the SEN
ate to-day with bill which, at great length and with
quite astonishing comprehensiveness. attempts to
settle at one fell blow all the various financial and
currency questions which have been troubling the
country 1t embodies whole financial system and
policy aud the speech in which the Senator proposes
to recommend it to the country scarcely he much
longer more comprehensive than his bill.
Briefly stated, he proposes to abolish the national
banks and the legal tender notes and to substitute in
their place Treasury notes which to be receivable
for all debts dues and dem ,nds to and from the gov
eminent. except obligations for which coin was
promised. These Treasury notes are to be equal in
amount to the Of the present legal tender and
national bank notes. and to make the currency
elastic he provides that other Treasury notes shall
be issued in exchange for bonds which are to bear
interest while they thus held for notes issued
but the owners of which may at will recall them by
returning the Treasury notes. whereupon interest
shall again begin. Besides these Treasury notes he
provides for gold and silver coin certificates which
to receivable for all debts due the United
States, and to be Of as low denomination as 81.
Whatever spare Treasury notes the Treasury may
have to be devoted to the purchase Of silver bull
lion and old silver, which to be rapidly pos
sibly coined into the dollars Of our fathers, which
dollars to used to redeem all coin bonds fast
they are rcdeemable, and the Treasury is COM
manded to prepare three per cent ten-year bonds
into which the whole national debt is to be
vcrted fast possible, Mr.. Cockrell appar emily
having not the least doubt that there will be rush
Tor these securities, which made redeemable in
the dollar of the fathers. He appears to have
nos nat A lone bOnd a NJ Of
short date, and the notion that he can at will
convert the national debt into three per cent ten
year silver bond is the most amazing that the West
has put forward.
OF course Mr. Cockrells bill will come to nothing.
It to embody the whole Missouri idea of
finance 1t is quite awful to think Of the language
which Colonel Benton would toward Senator
Cockre If he could reappear the streets of WASH
ington.
1t is curious indication of the laxity of party dis
cipline that such BILL concerning the gravest and
most important questions with which Congress or
the country has to do, is brought in by Senator
without general consultation advice, even the
knowledge of the members of his party-without de.
liberation in caucus any attempt to ascertain
whether 1t meets tho wishes expresses the ideas of
any considerable number of his party friends. In
like Mr.. Blaine introduced his Southern in
vestgation resolution without preliminary consula-
ton with other party leaders Of his side.
THE FISHERIES QUEsTIoN-MovEMENT TO ABB
RoGATE THE TREATY.
In secret session to-day it is publicly reported that
Senator Edmunds made long speech in favor Of
project to ask the British government to consent to
the abrogation of the fisheries clauses of the Treaty
of Washington. BY the terms of that treaty these
clauses stand for years from the time they came
into operation and after that time until two years after
notice has been given that either party wishes ter
inmate them. The treaty signed on the Attn of
July. 1871 It went into general effect in 1879 and
could not. by its terms, become imperative until
twelve years later; that is to say 1885. 1t pro-
posed that the Secretary of State shall now formally
present to the British government state.
mcnt showing that we are losing
good deal of money by the treaty
and the arbitration and that would be only fair to
let out of what has proved to be a bad bargain,
without waiting until 1885 About the badness of the
bargain there is doubt at all. The Gloucester
fishermen presently coming here to say that
they would just do without the inshore
fisheries not, particularly they are
driven on by mob violence and have
so far got redress Threats have
been heard that if the treaty is not broken in any
other way Congress may exercise its power the
revenue hy laying duties on Canadian fish and IA
United States Circuit Court is cited to prove that
Congress has the power to lay duties in defiance of
treaties. on the ground that act Of Congress and
treaty provision both the supreme law Of the
land. and that If contradicts the other the SUI
prene Court has power to decide which is to DOM
mate.
detailed statement Of the actual working Of the
treaty. and Of how little get and how much we
give under its provisions is being made up here and
1t will be shown that the duties surrender In one
year would probably pay Cor all the additional Ash
we may catch during the whole term Of the treaty.
Nevertheless, it will be said on the other side
that made our own bargain and IL is just possible
that may point out that that the consumers
Of FISH in this country. mostly poor people, get their
ash good deal cheaper now than they will il the
treaty is abrogated and Canadian fish are shut out
In fact there is a suspicion In quarters hero
that the whole movement to break the treaty is what
in Wall street. they would call operation for .
rise in the price of salt fish.