Year: 1874

han been for business than any de-
cIsion can be- The great trouble has been in
'ho uncertainty to what Congress would
40 The sudden changes which the country is COM
pc"eu 10 endure are unhealthy. Tho people have re-
centy been expecting expansion, and with the strength
winch iDhatiOniss have in the House. there not likely
70 10 any contraction of the currency. Whatever the
rresineht may do, he cannot influence Congress TO
ioSsen the volume The country needs s8O00Oc,0O0 IL
woud be well to start toward contraction let the people
A"o" what is going on, and finally resume specie
payments This cannot be done judging from the pres
ent aspect OF affairs for four years yet In nia
tlon should be determined upon. Mr.. Huntington
thought that only those sections would be benefited
"eh nave something which attracts money. 1t would
make little difference II all the banking capital
cehteted in New-York. Money would always flow out


eey IN those directions in which something Is offered
ior IT. III money is worth ten per cent in Chicago and
hNe per cent In New-York 1t will go to Chicago


Ihurlow Weed said he had been greatly pleased to
near tue news that President Grant had vetoed tho In
nation bill. The country had, tho question Of In
Convertible currency, become like man who had fallen
INTO quagmre-the he struggled TO get out the
deeper he sank. He had been afraid that President
Grant, coming from the West, and having many
friends from the West who nationists would sign
the blil 1t seemed to him, whom the read
IN his presence IL heavy weight had been lifted
from hs shoulders. What Influences had been brought
10 bear on the President he could not but he
tainy admired the courage Of Gen. Grant In vetoing
bill advocated strongly by his intimate associates
The political effect Of the measure, in his opinion, would
be TO for the President friends the Northern
and Eastern States, while at the time 1t would dis
appoint many in the West and South He believed, how
ever that when the thinking of those sections
to reflect on the question they would approve OF It, al
though they might first be carried away by the out
cry Of the popuace The people OF the West doubtless
had an IDEA that expansion OF currency would have
been beneficial to that part Of the country but in this
they would have found their mistake when too late
The Government ought have been enabled before this
10 have given assurance to tho country that
specie payments would bo resumed, and this alone
would have inspired cOni iencc in the people. The Gov
ernment made great mistake in not making tho effort
after the close OF the TO secure the payment OF
the National debt. The whole debt might then have
been consolidated at general rate Of per cent interest
and by this time trade could have been conducted on
speci6 basis But IL was too late TO remove the
effects OF that error. and means should now be
adopted for repairing the injury. When this
Congress assembled he had hoped something
tangible would be DONE bit the prospects seemed to be
better than at the beginning OF the year. The state
Legislature might do something toward the resumption
Of specie payments by abolishing the Gold Board for
there fair demand for all tho gold which Is said
TO he daily bought and sold. II that Board was aDOl
ishcd, he thought the premium on gold would soon be
reduced. He did not any reason why II should Do





lO5 and the Government at that time could have easily
removed so slight premium IL the effort had then been
made. But speculation stepped in, and the advantages
OF that period were lost. He felt little afraid OF the
recommendation Of the President tending toward an In
crease OF the revenue. Congress not to-day ned
with tho statesmen OF former times-men VINO
could grasp an important question with a view
10 the general interests of tho people. To
increase the taxes aud mako them more
onerous than they now are would be 10 very mpoitic
measure II the increased they should be laid
those articles where they would be least felt by the
masses This great question ia not and has not Deen
properly managed. The whole effect OF the courageous
action Of the President be entirely neutralzed by
the iujuIicous work Of Congress. He was glad to see
that tho President, i'll vetong the Finance bill. had
gyen such good and substantial reasons for his action
showing that he had been able to grasp the subectln
Its most vital points, and TO have considered hc eecI
which IN would have had the whole ooun-
try.


Mr.. Russell Sage, President of the Pacific Mail Steam
ship and Panama Railroad Companies. made statement
TO the following effect The Senate bill he believed to be
every wav salutary and, If IL were TO become law
woud be the OF keeping the reserve in the various
localities where t is most needed The President wants


10 secure the bI-hoder aud arrange so that wherevera
man may leave his money he must leave 1t on
the rame terms that he now places 1t with merchant
The message waect the credit Of the country abroad,
and will lead TO further legislation which will De highly
beneficial TO the country Personally he dd not regret
the Veto and yet no great harm woud have resulted
from the Senate bill. 1t had created alarm, however.
and was opposed TO the Presidents views as
he had repeatedly expressed them' SO that
ne could not consistently sign tho bill,
That no had assured the friends Of udation OF his will


incuess TO sign the BILL Mr. Sage thought WAS beyond
oueston: but the pressure brought to bear upon h'
especially by calling his attention 80 pontedy 10 MS
own statements the subject had been too strong TO
allow him satisfy them. The business OF te country
will soon adapt isel TO any fair legislation by Con-
cress bnt It must be within bounds OF what the
couutrv has a right to expect from It's rep
resent,tyes Tie most prompt action should now De
taken in order to awaken confidence since the eeaV ue
Law has caused very general misfortune Ihe Veto nc
thouebt looked strongly toward free BANKING anu also
toward a tax upon certain articles and in certain
branches of business which latter suggestion Congress
will certainly not heed. The House rs strong ior re-
| trenebment and will not allow any adui-
toual tax the industries OF Tue countv'
II TO avoid 1t thev have TO pay out the whole OF the S


100000 reserve This Mr. sage thought woud DO 1888
harm than to leave the socaed reserve ior the oeore


ary OF the Treasury TO pay out on the eve OF elections
or when he may see Congress should accept the Pres
dent. suggestions and work his free banking ideas into


"a good form AS possible and give the system fair tra
providing for gradual withdrawal OF the ega tenuors'
although this should not be ELECTED or thee yodrs at
least, depending much upon crops, immlgrauoh e'c'
return to specie payments now would DC Noiy u''"''


TO the West and South And then the country has reacnea


s nresent strength by means OF the credit system, and
il is desirable that all classes have the same oppor
tunities that the wealthy OF to-day have had 80


long and exhaustive discussion has been held upon the
subject this Winter that Congress eau now take
and intelligent action embodying the oest points WHICH
have been brought out on both Sides and Mr. Sage ex
| pected to see this done


william A. Camp Mana ger OF the Clearinghouse Asso-
caton said he was pleased to learn that the President
had vetoed the Finance b great mistake had evident
N been made by the people In theWes with regard to the