New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-04


S7s6 600 600 and gold coin SS0OOOOO0 Con-
gross WAS now confronted with a loud demand
from the South and West for an initiation OF the
| currency.
! The Sherman compromise bill proposed: l. 10
legalize the SIG 900 600 Of reissued greenbacks.
! fixing the maximum limit at $685., 100000. z. To
| begin specie payments January l. 1876. by re-
deeming greenbacks in sums Of 81 900 and over
In gold or in per cent 10-year gold bonds. 8. To
authorize the formation Of National banks In
any State or Territory having less proportion
| ate share OF National bank circulation than
| New-York State and the issue by those banks OF
! circulation proportonate to New-fOrk State.
which had the largest circulation in the country
This would have added from S1OOYOO0OOO to
| 81 10 600. 900 to the National bank circulation OF
the country. 4. To retire 100000 in greenbacks,
whenever 81 100000 Of new National banknotes
had been issued. until the volume of greenbacks
had been reduced to $500 600 D. Compelling
banks to keep three quarters OF their reserves
in their own vaults. The general effect OF this
bill would have been to initiate the actual avail
able currency with about $4O,OOO,O00 Of new
money.
This bill was completely torn to pieces in the
Senate. On March %, 1874. Mr. Schurz Glib.
Mo-, moved to make the maximum limit OF
greenbacks $3.50, 100000. Lost, Is yeas Oh Re-
pubicans 4 Democrats, Liberals) to 40 nays
ca Republicans IL Democrats, Liberals)
Those who voted land thus for inhation)
were mostly from the West and South. The
same day Mr.. Wright Rep, Iowa., moved to
| make the maximum limit Of greenbacks S4OO-
| 100000 Carried by 81 yeas CD Western and
Southern Republicans. 8 Demoo rats, 1 LiberaD
TO 20 nays Q5 Republicans, Democrats Lib
erals).
SPECIE PAYMENTS
; The section providing for specie payments was
on motion OF Mr.. Merrimon (Dem.. n. CD strick-
on out March 80 by rs yeas 40 mostly Southern
and Western Republicans. Democrats, = Liber-
als) to % nays nc Republicans. . Democrats
! and Liberals). The real Republican leaders OF
| the Senate were against imitation and for specie
! payments on every vote. William M. Stewart
and John p. Jones (now strong silver imitation
! Senators) were against initiation on every vote Of
the Senate.
Mr.. Norton (Rep., Ind) moved to strike out
Section 4. providing for retiring $1OOOoO OF
greenbacks for every $1OOOO00 Of National cur
rcncy issued. Carried by % yeas u3 mostly
Western and Southern Republicans. Democrats
and Liberals), to q nays QI Republicans, 3
Democrats and Liberals).
amendment, authorizing S46000O00 Of new Ma
tiona bank circulation. Carried by 33 yeas (2o3
Republicans, Democrats and . Lberals) to
10 nays u3 Republicans, 3 Democrats and Lib
eraD On April Mr.. Merrimon moved to strike
out a section providing that there should he no
increase Of the public debt Carried. by % yeas
| CT Western and Southern Republicans, Demo-
Gratis and Liberals) to - nays Q5 Republic
cans Democrats and Liberals) The bill was
them April &, passed by the Senate. 20 to "a
As passed, 1t provided for reissuing the SlSOV0-
600 retired greenbacks, making the maximum
limit $4OO0OO.OOO. and for issuing $16,0OO,CO0 Of
new National bank circulation.
The bill passed the House April a. by l4O yeas
to 102 nays, the votes being divided as in the
Senate. Western and Southern men being the
chief supporters Of imitation.
! President Grant vetoed this bill on April 81,
because in his opinion, it would practically in
fate the circulation nearly S10O,00000O, less only
the reserves held by banks, and because it was
a step away from specie payments. The Presi-
dent called attention to the fact that, while the
bill called for more National bank circulation,
81. 900, 600 Of National bank circulation already
! authorized by existing law had not yet been
taken out by the banks: and that S25,OOO,OOO OF
the circulation issued by Eastern banks in ex-
cess Of their proportionate snare couid De WIFI
drawn from them and issued by Western banks
at any time.
The Inflationists Of the Senate tried to pass the
bill over the Presidents veto, but failed The
vote, taken April 2S was "a yeas GA Western
and Southern Republicans. Democrats and
Liberals, to 30 nays (2l Republicans. Demo-
Gratis and Liberal) not two-t thirds in the afIir-
native.
WORKING FOR CURRENCY REFORM.
The other BILL which afterward became law,