Year: 1876

WASHINGTON, July 81, 1870


A SENSATION ON THE CURRENCY QUESTION AN


TIcIPArED-oNE OF THE HARD MONEY MEN,


BEERS OF THE BANKING AND CURRENCY COM


MITTRK GOES OVER TO THE KNEMY-A RE-


SUMPTION CLAUSE PRoBABLE-vIEws OF THE


DIsAYTECrED MEMDER.


The session of Congress- whether 1t lasts week or
month longer, is going to wind up with sensation
on the currency question The reason OF TINS is that
tho dead lock in the Banking and Currency Committee
has been broken by change, or rather modification,
of opinion on the part Of Mr. Scott wke OF Illinois,
who has recently intimated to his associates of his
that he is prepared to vote Tor repeal
OF that portion OF the Resumption act
which fixes q date for resumption. Tho
Importance Of this concession to>the SOFT money ce-
r,ent of the House by Mr.. wike will be perceived
when the following facts taken into considera-
tion Tho Banking and Currency Comm ttcc, compris-
ing eleven members when all are present, has been
from the beginning OF the session divided into tive
hard money men, mado up Of the four republican
members aud Mr. wike, and i've soft money demo-
crats mado up OF all tho rest Of the committee, except
Mr. Randall Gibson, whose duties connection with
tho committee investigating the Custom House
abuses al New Orleans have kept him away
from Washington aud from tho sessions OF
the committee most OF tho timo From week TO week
the ten other members have met aud conferred, but
without other result than to nnd they evenly
drvided--avc for and five against repeal When Mr..
Gibson got back, few weeks ago. he soon put himself
on the record In favor Of hard money and the soft
money men were about to give up all hope Of doing
anything in iurtherance OF their policy, whcu Mr..
wike under the pressure of powerful force brought
to bear upon him from his constituency In Illinois.
yielded his hard money opinions far as 10
consent If called upon, 10 vote for repeal to
the extent indicated above. This change gives tho
repeal mon the committee majority OF one and
now constituted the hard money minority will be
made up Of tho four republicans and Mr.. Randall Glib
son The change furthermore enables the advocates
of repeal to get tho question fairly before tho House.
because under a modification OF the rules made
month or since, tho privilege was granted the Bank
ing and Currency Committee Of reporting at
any time Heretofore all resolutions in favor
OF repeating the Resumption act, any part
OF It. had either to 20 to the foot of the
calendar there to be shclved forever, or bc
,brought up for consideration by a suspension of
the rules This suspension required two thirds vote,


voto the resolution never succeeded in getting and
never could get with the present complexion of tho
House But with Mt wike gone the repeal
side the committee may their meeting agree 10
report favor OF repeal OF tho date for resumption
and Mr. Cox the chairman will report forthwith the
House at the very first opportunity, whcrcupon
jority votc which the soft money men have always
shown themselves possessed OF every con-
test on the floor Of the House, will demand
tho prcvieus question and bring tho matter to
conclusion This at least Is the expectation now but
with the assurance OF victory reached IN these final
days OF the session, be that the soft money
will hesitate to 60 to the extreme they have advo-
Gated earnestly when they conscious they
unable 10 do anything Tho Western innationisis,
however, will push their brethren with all thor might
the purpose OF rcapng the fruits OF an imitation pol
Icy In the coming elections and tho battle the House
cannot, therefore. bc delayed more than few days.


Mr. Wike In the course OF an interview this cveu-
ing admitted tho modification OF his views and said
in cxpanato that the pressure brought to bear upon
him by constituents such that interpreting his
duty according the standard OF representative Of
the people should consider himself either to
resign his scat In Congress defer their wishes
The nominating convention meets In this district
next Wednesday, and hc had been piled all the wcek
with letters aud tclcgrams from his friends asking him
. recognize the scntimsnss Of his people. lie did