Year: 1874




the b, ana four paired. with four sbsentees The
democratic vote stood SIX Gor the bill and two
paired, and seven against the biu and three
pared, one absent. The liberal republicans were
one tor and two against The anomalous spec
taclc was presented in the Senate--more than two.
thirds OF It composed Of republicans, pledged to
specie resumption and guarded pubic credit as
fundamental principles OF the party-of minority
OF democratic Senators aiding majority OF the re-
publcans to carry. and majority OF democrats
aiding minority OF republicans 10 oppose mea
sure or innating the currency.


The House and the President on Fi-


nance-He Is Opposed Only to Imitation


Beyond $500, 900. 900 of carrency-Th~


People Who Ask for More Banking


Capital should Have II.


In the House this morning Mr.. Maynard. chair
man OF the Committee on Banking and Currency,
gave notice that he should tomorrow afternoon
call FOR the previous question on the pending
Finance Dill, and would ask that speeches be
united 10 twenty minutes until the close OF the
debate. The committee have not instructedhim
~ 10 the disposition Of the bll reported from them
several members Will ofrer amendments, and
finally. by way OF bringing the House to
test, the Senate bill. passed to-day. VIII be
offered as substitute. Should this fan commit
tee of conference win lie Inevitable ana no one can
predict when the matter VIII be nnay ouf Of the
hands OF Congress and IN me hands ol tne Presi-
dent. AS already stated in the dispatches n yes
terday, the President will approve the bill axiug
the limit OF United States notes for circGaton at
$4oo, 100000 and increasing the national banking
circulation TO the same amount. 1t will be urged
by those iavOring veto that the existing laws are
sufficient to cover the legal tender. and that
25o00 600 OF the circulation authorized by the
OF June II, 1870. to be Withdrawn from the New
England and New York national banks. ought first
TO be redistrbuted before additional legislation is
had on the subject To the first argument
the President answers that veto OF the
bill on the ground that the existing law
provides for the use Of 500, 100000 would
be to leave the question still IN dispute AZ
shown during the protracted debate in tue Senate,
while the right claimed and exercised under tile
existing law would still be maintained by the
Treasury Department He could not veto the bill
for such reason. In regard to tho redistribution
OF the s25,000,00 900 OF national banking cur
rency, II would be optional. he supposed with the
Comptroller OF the Currency TO redistribute that
amount, or issue from the additional amount pro-
posed. HIS views upon imitation had been misun-
derstOOd. He certainly was opposed to any u-
crease OF the volume OF legal tenders above
$40o, 900, but to acknowledge that the law
did not already provide Tor this amount would be
to Stultify the administration, and wherein the
friends OF the administration could hope
for such confession OF weakness he had not
been able to discover. He had been told that
in the very sections OF the country where there
was now an excess OF national banking capital
II free banking law should be enacted, New Eng
land and New York capitalists were ready to avail
themselves of this privilege, II other parts OF the
country demanded more banking capital and could
furnish the necessary securities, IL ought to be
their right 10 have It, The sooner the subject was
disposed Of the better 1t would be or the whole
country.


Return of the President.


President Grant returned to Washington this
evening.


The Impcdimcnts to Navigation In New


York HarbOr.


Mr. Conkling presented to the Senate to-day
memorial OF the Pilot and Harbor Commissioners
OF the port OF New York asking Congress to appro-
pirate the amounts asked by General Newton in
his annual report for the removal OF impediments
to navigation in New York Harbor, as follows:-
Six hundred thousand dollars for the East River
and $4,000 for the Harlem River. 1t was re-
ferred to the Committee on Commerce.