Year: 1874

PROSPECTS OF THE REPUBLICAN SENATOR'S


MEASURE IN THE HOUSE.


THE OPINIONS OF IEADINa REPREsENTArIvEs-aEN-


xRAL BElIEr THAT THE BILL WILL PASS THE


HOUSE. LIZ ArPRovRD By THE sENATE-TnE OBJ


LECTION OF THE HARD MONEY MES-A LOOP


hole FOR ANOTHER REsERvE 1.-THE BILL


COMPROMISE. SPOILED BY TOO MANY COOKS, but


MUCH BETTER THAN ANYTHING YET CONCEDED


BY THE INFLATioNIsTs.


tYRox REGULAR CORRESPONDENT OF THE rRIDUNEl
WASHINGTON, Dec 2o.-The determination Of the
Senate Republican caucus, backed by the Senate
Finance Committee. to report new Finance OIL
embracing free banking, tho return to specie pay
meuts in 1879. and tho retirement of legal tenders
until the amount in circulation shall not exceed
$500 OOO has created good deal of comment nero
to-day among members of the House, and the gener-
al opinion is that the measure will pass the House
IL it comes to that body with tho approval OF the
Senste, Many of the most prominent members, VINO
decline to be quoted by name in connection with
the subiect express the most positive faith that the
bill will pass the House, either IN the terms OF tne
Senate or with such slight modification that the
change would not be noticed. Members express
themselves With reluctance, owing to the fact that
the bill has not yet been printed here, and they nave
only an incomplete synopsis Of 1T from the news
papers. Although the Senate Finance Committee
was unanimous il authorizing its Chairman, Mr.
Sherman to report the bill, some of its members
would have preferred to have it different. ana IL Is
possible that Mr. Daya:d may Offer amendments III
the Senate aboshing the legal tender feature OF the
preepbacks. The liberals of the Senate. or rather
Mr.. Fepton of the Finance Committee and Mr.
Gchurz will very likely support it as the best meas
ure that can be secured from this Congress- feel
ing TINT q small advance is better than no advance
at all. The of the Democrats is not 80 easy
TO predict. They all seem surprised II not dlsap-
ponted that the Republicans were able to agree on
any measure that uominally tends towards spe-
clio payments. Ifthey make fight on 1T by amend
ments they will be as greatly divided "a ever, and
1t is possible that they may agree simply to oppose
it altogether.


In the House, the news of the agreement OF the
Republican Senators caused great surprise. and IN
spite of the constant state Of excitement that pro-
vailed in that body all yesterday it was very gener-
ally discussed One very strong objection made 10
1t By the hard money msn is that while It provides
for the redemption of the grecnbac!Is. it does not
order their cancellation and destruction. 1t is
feared by some that this will leave the door open
for some future Secretary of the Treasury to use
tLis redee emed curreucy as "reserve," as Secre-
tsries Boutwell, and Richardson did the SA,OOO,OO
last year and wear before. At tho same time such
men as-Mr. Phelps of New-Jersey, and others who
think as he do - believe that the passage OF thus bill
would be great gain for the cause OF honest cur
rency. If the infatonists vote for 1t, they admit
two or three propositions that they have never been
willing to admit before. One of these is that 1t Is
desirable and possible to get back to specie pay
ments and the other is that the country will not 60
TO ruin If the volume of greenbacks is reduced. The
friends OF tie bill say that it is mistake to suppose
that il i'll be in any degree measure OF Imitation
They say that the extra % per cent of bank notes
issued will be more than used up by the 3 per cent
which under the present law. has to bo kept in the
Treasury for redemption purposes, and the reserve
that always necessary to keep besides They con-
tend that the experience of the has been that
there is no immediate danger Of the multiplication
of banks in this country.


Mr. Sayer of OHIO, when asked to-day what he
thought of tire bill. answered that he knew nothing
of and cared little about 1t So far he was con-
corned he in favor of letting everything alone
in its present conditions be thought business would
adjust itself better under the present system. He
did not know whether be was in favor OF free bank
ing, specie payments, or the retirement OF green
backs When the subject came to vote ne should
decide according to his ideas then. He had no con-
victions on finance that could not be changed by
facts and arguments.


Mr.. Wells of Virginia, another prominent candi-
date for the Speakershp. says he is in doubt as to
whether the present Congress will do anything with
che currency. There will be great amount OF WORK
on the appropriation bills andthe time Is necessarily
short He is in favor of free banking, dollar for
dollar IIo don't believe In percentages. If o bank
deposits S1OOO02 let it have the of the entire
amount and not parcel it out at 90 PER cent. or "
per cent. He says he favors free banking system
and that the retiring Of greenbacks and return to
specie is the only way to bring about gen.
Grad prosperity and confidence. lie thought there
would be long debate on hequcstion in the House.
and that the same old speeches would be made.


Mr.. Beck of Kentucky, another Democrat. when
asked if he thought his side of the House would
support the Senate caucus bill. said he hoped to
Heaven it would not. For his part he would vote
against it thousand times. He was seriously op-
posed TO it for many reasons. He was however, In
favor of honest money. and honest money was money
that would be taken by the Governmant that issued
It. He was in favor of specie payments but he be-
Iieved that start for that point ought to be on
different basis. He thought the United states
Government ought to furnish its own money with
out discount for its own debts and be, therefore
favored as the House already knew, the project that
tho greenbacks should be good enough to pay for
customs dues. This ho said, was the only way to
bring up our credit and get back to specie He said
he strongly favored free banking and that in this
respect he and the President agreed for the first
time on public questions.


Mr. Roberts of New-York, also member of the
Ways and Means Committee, said he had not exam
lned the new bill and would not like to be quoted,
but at the first blush be thought the bill did not
smount to much II he had his way, he thought he
would withdraw S2,000,0O0 Of greenbscks every
month, absolutely and would fund it into four or
fOur-and. a-half per cent bond. He thought they