The New York Herald Newspaper, March 24, 1874, Page 3

WASHINGTON. The $£00,000,000 Currency Bill assed by the House. FINANCIAL PROSPECT IN THE SENATE. pn oY Sa A Compromise Measure and Its Probable Defeat. FREE BANKING. Substitution of National Bank Notes for Greenbacks. WLLEGALITY OF THE LAST {SSUE. WASHINGTON, March 23, 1874. The Inflationists in the Senate Opposed to Compromise With the Resumption- iste—Senator Merrimon’s Analysis and | Objections to the Substitute for the Equalization Bill—No Provision for Re- aption, 7. a what can be gleaned, since the adjourn- ment of Congress to-day, up to alate hour, the in- @ications are that the majority in the Senate will not accept the bill now reported from the Senate Finance Committee, py Senator Sherman, as a sud- Btitute for the pending amendments on the $25,000,000 National Bank Circulation Transier bil, No one of the Senators, who haye been prominent ip their advocacy of an increase of the currency circulation, is willing to depart by a pres- ent change ol consideration from the ground which they have taken on the floor of the Senate, Since they commenced to discuss the financial question. They think that Senator Sherman’s bill is a delusion and a snare, and that by it if they leave their own domain they may be entrapped into entangling fastnesses and secure no successiul results to their iurther efforts, on which they feel they can come to a winning test vote. Another view of the case is that they do not wish to accede to Senator Sherman’s overtures to have this lass bill substituted, as it will give him the opportunity to say that he solved the financial question, while they contend that they have wrung all that has been yielding in its provisions by persistent fight, force of numbers and the merit of their case from the resumptionists. As the Senate stands now they will insist upon the measure of in- creased national bank circulation, the facilities of which are to be applied to the South and West ex- clusively, and, if there is anything inthe bill of the Finance Committee favored by them, they will adopt it from the floor of the Senate, and seek to prevent the committee from deriving any credit from the final disposition of the question. They Say that theyhave fought this issue against all Odds, and that they are not now going to sur- | render their hard earned victory. The latter senti- ment was reflected in the closing remarks of General Logan at the close of to-day’s debate. It ts certain that little or no spirit of compromise is | felt by those favoring an increase in the currency. Senator Merrimon, of North Carolina, who has, during the debate on financial matters, been fecoguized as a leader of the proposed increase in Qational banking currency, against Senator Sher- man, says of the viil reported by the Finance Committee to-day, that the volume of greenbacks allowed by the bill reported by the Com. mittee .on Finance 18 $882,000,000, This volume is to be reduced to $300,000,000 in the following way:—As_ $1,000,000 bank notes shall be issued to national banks, seventy per cent ofthis sam of the grecnback circulation isto be retired until the volume of the greenbacks is re- duced to $800,000,000, The account -will then stand thus:—Seventy per cent of $82,000,000 1s $57,400,000. That leaves the net increase of bank circulation at the time the volume of greenbacks shall be reduced to $300,000,000, $24,600,000, Ada to this the present volume of bank currency $354,000,000, Add to that the $00,000,000 of greenbacks allowed by the bill, This will make the gross volume allowed by the bill $673,600,000, The present volume of greenbacks and bank currency 18 $710,000,000. Up to this point the new bill will contract the volume of currency $31,409,000. Fixing the volume of greeubacks at $200,000,000, as by the bill halt of this amount under the Bank act will be used as a reserve to pay deposits, $150,000,000 of the same will then be left Jor bank reserves to pay bank circulation. This reserve will allow a bank circulation not exceeding $750,000,000. This would increase the present volume of circulation just $40,000,000. This is the effect of the bill. He does not think it answers the purpose at all. In the first place, a8 a measure Jooking to specie payments, it is a mockery, because there is no provision for an accu- mulation of gold, and it does not put in the possession of the peeple of the country the gold in small amounts; but it requires that, in order to get the gold, a person.must have at least $1,000, He objects to the fifth section because, as a meas- ure looking to areturn to specie payments, there 4s as much reason for the banks keeping the whole Of the interest received in gold from the Treasury as fora part, and the banks can afford to do this, as their earnings in the past show. It does not bring any present relief, Its tendency is to con- “tract until the volume of greenbacks is reduced to $300,000,000. As @ measure of increase of circula- tion, it will allow an increase only of $40,000,000, along way in the tuture. A part of the title of the bill suggests iree banking; whereas, in fact, the limitations provided by the tenor and effect of the bili retain as thoroughly the monopoly for the fature as the present Banking law. Ihe last section Of the bill contradicts those provisions of the bill which authorize the issue ofa five per cent bond for the redemption of greenbacks. He has no idea that it will pass. It cannot, and the only effect of of 1¢ will be to get upalong discnssion on the finances, the effect of which may be to distract the friends of an increase of currency. The jadg- Ment of the Senate as has been ascertained ta in favor of an increase in the cir- ‘enjation. He is in favor of an increase of the currency, with a view to present relief, and also favors a better currency, and therefore be- eves that the present Congress ought, at its pres- ent session, to establish a permanent financial sys- tem, based upon specie, The increase of currency does not militate,against such a policy, for he thinks the want of the country is more currency, even if we had a better currency, The Decision of the Financial Question in the HouseThe Compromise Between the Two Factions Successful—Fccling 2f the Members. The Speaker rapped a very full House to order to- day, and, under the inspiration of tuture prospects, despatched the call of States in a manner which indicated something upusual on the programme of business. The morning hour would expire at ‘ten minutes past one, when Mr. Holman, of Indiana, Was entitled to the floor, There remained ten minutes, and word was sent to Mr. Dawes that now was his chance. ‘The Chairman of the Committee of Ways and Means appreciated the Opportunity and asked that the rules might be Suspended and the bili Mxing the legal tender cir- Circulation at $400,000,000 be taken up for consid: eration. The House, with a unanimity only paral- Jeled by the readiness with which it accepted the invitation to go to @ snip launch, suspended the rules and put Mr. Dawes in possession of the floor, He led off with an amendment fixing the circula- tion at $366,000,000, About seventy members were allwhom Mr. Dawes could get to support iis amendment; so the House passed to the consid- eration of the amendment of Ellis H. Roberts, of New York, fixing the amount as it now stands at $382,000,000, The House rejected this amendment by the same vote, and this brought the bill as re. BDorted irom the Committee of Ways and Meana fairly before the House, Twenty members were anxious to get in amendments and mottons to re- consider the vote or to do anything to prevent the final disposition of the measure. The Speaker Tuled that Mr. Dawes had undisputed possession of the floor, and the House clamored for the regular order, So the bill went through the final motion with race horse speed, the vote on the passage Standing 168 for and 77 opposed. The best | speakers, were ali hushed by the Speaker’s gavel. | Mr. Simmons’ friend wanted to say something, put | the House refused to listen until after the clinch- | ing motion of Mr. Beek to reconsider tne vote and | Jay the final motion om the table haa been made | and Jost. In two hours and thirty minutes from | the time Mr. Dawes addressed the Speaker the House, by more than two-thirds of its members, | recorded its vote im favor of inflation, There was a@ smile of joy on the faces of the country mem- vers, who would have voted for $500,000,000 or $600,000,000 had the proposition been presented, The New England delegation, with the exception of Mr. Simmons? friend, voted against imfation, Two-thirds of the New York delegation and about one-half of the Pennsylvania delegation op- | posed the increase, constituting, with the | other opponents from the Middle States, one-half of the minority. The Arkansas delega- | tion voted against inflation, and all but one mem- | ber of the Cailforma@ delegation recorded their | yotes, Even Maryland wassatisfied with the mint- | mum amount of legal tenders, action the Hcuse adjourned. The majority are de- hghted with the result of the session. The pros- pect of losing Mr. Dawes, the artiul chairman of the | leading committee of the House, in the middle of | the session does not promise an expedition of im- | | notes is now in circulation beyond that sum, as portant business, an@ should he be elected to the Senate the selection of his successor on the com- mittee will worry the Speaker quite as much as it will the committee a3 to whom they will elect as | their chairman, Alleged Defalcation by Postmaster Clarke, of Galveston—His Resignation. General William T. Clarke, ex-member of Con- gress irom Texas, Who jor several years has been | postmaster at Galveston, has forwarded his resig- | nation to the President, and it has been accepted to take effect at once. The Star says:— “About two weeks ago Ohief Special Agent Petherbridge, of the Post office Department, was sent down to investigate serious charges against | Clarke, and a jew days since reported that there was a deficit in Clarke’s accounts of between $9,000 and $10,000, Clarke thereupon resigned. This de- | ficiency, it is reported, has been made good by Clarke’s sureties.” THE CURRENCY CONTEST. | Passage of Mr. Dawes Four Hundred Million Currency Bill—-All Amendments Rejected—The Several Votes in Detail— Text of the Measure. WASHINGTON, March 23, 1874. The bill of Mr. Dawss, (rep.) of Mass., fixing the actual issue and circulation of currency at $400,000,000, was passed by the House to-day, as reported irom the Committee of Ways and Means, all further amendments being rejected. It now goes to the Senate. After some unimportant business had been ; transacted, Mr. Dawes moved to suspend the rules and discharge the Committee of the Whole from the Four Hundred Militon pil, in order to have it | considered in the House now, Mr. MAYNARD, (rep.) of Tenn., opposed the mo- tion, submitting that the question was involved in the general bill reported irom the Committee on Banking and Currency. Mr. BUTLER, (rep.) Of Mass., asked Mr. Dawes whether he would admit amendments, ifr. Dawes replied that he was instructed by the Committee of Ways and Means to admit | mendments that would reduce the sum below 400,000,000, but not toadmit amendments that Would increase the sum above $400,000.00. Mr. BurLuR remarked that he did not like to vote | or act in a straight-jacket, Mr. Dawes replied that bis colleague could not be put in a straight-jacket because the matter | pe! be within the control of the majority of the Ouse. THR GREG.“ RESERVE, Mr. Cox, (dem.) of N. %., asked Mr. Dawes what he intended to do with the reserve already out, Mr. Dawes replied that the amendment which he proposed to offer was tuat hereafter the total amount of United States circulation at any one | time shall not exceed $356,000,000 and directing the Secretary of the Treasury to withdraw from circulation aud cancel whatever amount of such | soun as Can be done consistently with the exigen- cies of the Treasury. Mr. E. H. ROBERTS, (rep.) of N. Y., desired to | indicate an amendment which he proposed to | otfer fixing the sum at $832,000,000, the sum now out, but Mr, Butler objected to further debate. ‘The motion to suspend the rules was seconded | by a majority of the House, and then the rules were suspended by a vote of 16% to 34, THE AMENDMENTS PROPOSED. Mr. E, H. RosERts then offered his amendment | providing that the total amount of legal tender notes issued or to, be issued shall be and shall never exceed $382, 000,000. Mr. Dawes then offered the amendment already indicated by him and moved the previous question. Mr. Cox, of New York, desired to ask the Speaker @ question, but was met by numerous calls of “ur- der! order!” Mr. CopuRN, (rep.) of Ind., desired to offer an amendment, or, at least, to have it read, Mr, BUTLER Ore ee stating, vowever, that he ‘was 1n favor of Mr. Coburn’s amendment, but that, | having been put in a strait jacket, he proposed to go on in that condition, 4 Mr. RANDALL, (dem,) of Penn., asked Mr. Dawes whetner, in case the bill should pass fixing the amount at $400,000,000, he would admit an amend- | ment directing the $15,000,000 not yet issued to be used in the liquidation of the public debt. Mr. Dawks was about to reply, but Mr. BUTLER objected. MR, DAWES’ AMENDMENT REJECTED, The previous question was tnen seconded by a vote of 122 to 70, and the House proceeded to vote by yeas and nays On the adoption of Mr. Dawes’ amendment, a8 an amendment to Mr. Roverts’ amendment, the Speaker explaining that it would require still another vote to incorporate it in the nt) The amendmens was rejected—yeas 70, nays 17, as follows:— Yuas—Measrs. Albert, Archer, Barnum, Bass, Brom- berg, Buffinion. Burieigh, Clayton, Clymer, Cox, Crook Dawes, DeWitt, Eames, ‘Frye, Garfield, Gooch, Hale o Maine, Hale of New York, Hamilton, Hancock, Harris of Massachusetts, Hawiey of Connecticut, Hendee, Hern- don, £. Hoar, GF. Hoar, Hooper, Hoskins, Kellogg, Kendail, Lawson, Loundes, ‘Lutrell, Magee, Micdougull, Mitchell, Mellish, Nesmith, O’Brien, Ps Parker of New Hampshi helps, Pierce, ike, P| Hamogulre, eoytope, Fepdletgn, ques. fheips, Perce, Rober ndall, ‘ice, K. HL rts, Sawyer, Schumaker, scudder of New’ York, Smart, Starkweather, Stone, Storm, Town. | send, Tremain, Waldron, Wheeler, Whitehouse, Willard of Vermont, Willard of Michigan and Woodford—70. Nays. jessrs. Adams, Arthur, Ashe, Atkins, Avery, Barber, Barry, Beck, Begole, Bell, Bland, Blouat, Bowen, Bradley, Bright, ‘Buckner, Bundy, Bur chard, Butler ot Massachusetts, Caldwell, Cannon, Ca- son, Cessna, Clark of New Jersey, Clark of Missouri, ents Cobb, Coburn, Conger, Cook Corwin, Cowon, Crossiand, Crounse, Crutchtleld, Curtis, Dantord, Dar? rall, Davis, Dobbins, Donnan, Duell, Dunnell, Durham, Eden, Eldzidge, Farwell, Field, Fort, Foster,’ Freeman, Gidaings, Glover, Gunckel, Hogans, ‘Harmer, Harris of Georgia, Harris of Virs Harrison, Hatcher, Hathorn, Havens, Hawiey of {llinots, Hays, Hazleton ot Wiscon: sin, Hereford, Hodges, Holman, Houghton, Howe, Hub- bell, Hunter,, Hunton, Huribut, Hyde, Kasson, Kelly, $ Lamar, Lamport, Killinger, Knap Lansing, Lawrence, Leach, wis, Loughridge, Lowe, Lynch, ‘Marshall,’ Martin. Maynard, ' McCrary, McDill’ of Wisconsin, McDill ot Iowa, McKee, McNulta, Merriam, Milliken, Monroe, ley, Niblack, O'Neill, Orr, Orth, Packard, Packer, Parker of Missouri, Pelham, Phillips, ‘Piatt of New York, Pratt Purman, Kainey, Kansier, Rapier, Rawls, Ray,’ Rich mond, Robbins, W. R. Rol Kkobingon of tlinols, Rob- ingon of Ohio, Ross, ‘Rusk, Saylor of Indiana, Saylor of Ohio, Scudder ot New Jersey, Sener, Sessions, Shanks, Sheets, Shelton, Sherwood, Shoemakér, Sloss, ‘Smith of Pennsylvania, Smith of New York, Smith of Virginia, Smith of Onio, Snyder, Southard, Speer, Sprague, Stan: detord, Strait, Strawbridze, Taylor, Thornburg, Todd, Tyner, Vance, Wallace, Walls, Ward ot Illinois, Ward of ew Jersey, Wells, Whitehead, Whitthorne, Whiliams of Wisconsin, Williams of Indiana, Williams ‘of Michigan, Wilson of Iowa, Wilson of indiana, Wolfe, Wood, Wood: worth, Young of Kentucky, and Young of Georgia—I7i, ME, ROBERTS’ AMENDMENT REJECTED. The question was then taken on Mr, B. H. Rob- erts’ ee and it was rejected by yeus 74, nays 172 ir. COX Moved to lay the bill on the table. Nega- tived without the yeas and nays. The vote was then taken ordering the engross- ment of the bill, and it Was carried—yeas 167, nays 80. S PASSAGE OF THE BILL, Mr. DAWES, of Massachusetts, then moved the previons question on the passage of the bill. Mr. BUTLER Moved to reconsider the last vote, and said he desired to say a few words in advocacy ofthat motion. (Calls of “Order,’’) Mr. DAWES made the. point of order that a mo- tion to reconsider was itself undebatable. ‘The SPEAKER sustained the point of order, and then Mr. Butler withdrew the motion, and the pre- Vious question was seconded, ‘The bill was then passed—yeas, 168; nays, 77. TEXT OF THE BILL. The following is the text of the bill:— “A bill to fix the amount of legal tender notes at $400, 000,000" :— Whereas the existing uncertainty as to whether the parliamentarians, the wiliest debaters, the noisiest | M: | Davis. Dobbins, Donnan. Duell, sin, | Hubbell, Hanter, Hunton, Shortly alter this | ff son, Lowndes, Luttrell, Magee, MacPouxall,, Mellish, Merriam, Mitchell, Nales, O'Brien, Page, Parker of | New Hampshire, Parsons, Pendleton, erry, Phelvs, Pierce, ike, Poland, Potter, Randall, B. of the ca wnt fereby declared amount of Ana the total amount of United States notes sued oF 10, issued shall never exceed $400,000, THE VOTE. The following 1s the vote in detail:— Yxas.~-Mesers, Adams, Arthur, Ashe, Atkins, Averill, Banning, Barry, Barber, Beck, Beyole, Bell, | Bland, Blount, ‘Bowen,’ Bradley, Brigit 3 r of assachusetts, Caldwell, ‘Cannon, Caso S808 of New Jersey, Clark ot Missouri, Cobb, Comingo, Conger, Cook, Corwin, land. Crounse,’ Curtis, Cruvehdeld, Dantord, Dunbell, Durham, Hde Eldredge, Farwell, Field, Fort, Poster, Freeman, Gid- dings, Gl Gunekel,” Hogans, Harmer, Harris Geo ig of Virginia, ison, Hatcher, Ha- thorne,' Havens, Hawley of Titinols, Hayes, Hazleton | of Wis ‘Hereford, Hol Houghton, Howe, | Hurlbut, flyde, Casson, Killin: er, Khapp, Lamar, Lampor , sing, Lawrence, ach, Lewis, Louzhridge, — Lo neh, Mi shal,’ Martin ard, " McCrary, McDill. of Wisconsin, MeDill of Iowa, McKee, McLean, McNulta, . m Milliken, Monroe, Myers, Neal, Negiey, Niblack, O'Ner'l, Orth, Orr, Packard, Packer, Parker ot Moissouri, Pelh Phillips, Piatt of Virginia, Platt of New York, Pratt, Pt man, Rainey, Ransicr, Rapier, Rawls, Ray, Rice, Rich- mond, Robbins, Robinson ot ilinois, Robinson of Ohio, Ross, Rusk, Saylor of Indiana, Savlot of Ohio, Scudder of New Jersey, Sener, Sessions, Shanks, Sheats, Sheldon, hoemaker. Sloat, Smith ‘of Pennsylvan: Smith of New York, Smith of Virgima, Southard, spe Sprague, Standetord, Sirait, strawbridge, Taylor, Thorn- burg, Todd, Wallace, Walls, Ward of Illinois, — Well Whiteley, Whitthorne, Wiliams of Wisconsin, Williams of Indiana, Wiliams of Michigan.Willie, Wilson of Sowa... Wood, Wilson of Maryland, Wolfe, Woodworth, Young of Kentucky and | Young of Georgia.—168, Messrs. Albert, Archer. Barnum) Bass Brom. Kner, Buffinton, Burchard, Burleigh, Clayto 6, De Wath, Eames Frye, G fale of New York, Hancoc! Harris of Massachussets, Hawley of Connecticut, lien: ee, Herndon, #. R. Hoar, GF. Hoar, Hodges, Hooper, Hoskins, Hynes, Kelley, Kellogg, Kendall, Law- rR Clymer, Cotton, Cox, Dawei fleid, Gooch, Hale of Main Read, 4 Roberts, Sawyer, Schumaker, Bcofleid, Scudder of New York, Smart, “mith ot Ohio, Snyder, Starkweather, Stoné, Storm, Townsend, Tremain, Waldron, Ward of New Jersey, Wheeler, Whitehouse, Willard of Vermont, Willard of Michigan, and Woodtord—77. Mr. BUTLER said that he had voted for the dill because, representing the interests of New Eng- land, he did not think it worth while to fing her directly in the face of the whole country. Counter Petitions Flooding the Senate | on the Question of Inflation—Opposing Interests of New York Merchants—The Equalization Bill-Mr. Sherman’s Sub- stitute—Free Banking and Retirement of Greenbacks—Speech of Mr. Morton. WASHINGTON, March 23, 1874. In the Senate Mr. FERRY, (rep.) of Mich., presented @ petition, signed by 700 of the business men of New York, asking that the volume of legal tenders be fixed at $4:0,000,000 and favoring free banking. He read from a letter accompanying the petition, in which the writer said that until within a few weeks past he had been of the opinion that nearly every one in that city opposed any increase in the volume of currency; but recently he had been more intimately associated witn dry goods men and others and had found the head of nearly every businegs establishment in favor of more currency and iree banking. Mr. Ferry said bis attention had been called to an implication by the metropolitan press that the signatures to the pe- tition formerly presented by him from New York merchants for more currency were not genuine, He knew nothing of the men who signea the paper, but, in his judgment, those signatures were genuine. The one he now presented was signed by Francis Skiddy, E. H. Purdy & Co,, Fernandez & Colvo, A.J. Aiken & Co. andothers, The petition was referred to the Committee on Finance, He also presented a petition of citizens of Wayne county, Michigan, asking that legal tenders be substituted for nationai bank notes. It was re- ferred to the Committee on Finance, THE COTTON EXCHANGE ON INFLATION. Mr. ConKLING also presented a preamble and resolution of the New York Cotton Exchange, which, he said, was signed by every member there- of, expressing the belief that any additional issue | ol paper money by the government would be in- Jurious to the nation, as the country was already sulering {rom an overabundant issue of such mouey, and asking eer lor & speedy return to specie payment. He said the reading ot the let- ter by the Senator from Michigan (Mr. Ferry) in- duced bim (Mr. Conkling) to read an extract from a letter of Grinnell, Minturn & Co., in which they referred to the fact that some Western Senators had presented memorials of New york merchants Jor an increased circulation, and, the writers said, with ample means of knowledge, that they did not think auy prominent merchants of that city had signed a memorial for expansion, and that busi- ness men were opposed to inflation, NECESSITY OF IMMEDIATE ACTION. Mr. CONKLING said he would move the reference of the memorial to the Committee on Finance, and would ask the Senate to mdulge him to suymit some remarks on that motion. Since the first speech of his friend trom Illinois (Mr. Logan) he had been to New York, not to New York city alone, but in the interior of New York State also, and had met many discerning persons, not persons representing special interests, but those to whom he could appeal to get the sense of the community. In one thing pertaining to this financial business all agreed, republicans and democrats, contrac. tlonists and inflationists, and that was the great duty as well as necessity resting upon Congress to see that whatever is to be done on this subject be done at once. The spring business has haltea and 10 @ great extent Is paralyzed, owing to the uncer- tainty felt. No man knew by what standard of value he was to calculate, He did not suppose this was owing Wholly to the inactivity of the senate, but believed a great parc of it was duc to that fact. The members of this body must cer- tainly be instructed now as much as they possibl, could be by discussion, and the sentiment was uni- versal throughout the country for immediate ac- tion. Congress owed it to itself and to the people to lose not a moment, day or hour in making an end of this debate. If there was to be infation letitbe known. Ifthere was to be contraction let the people know it; or if no action was to be taken let that Jact be stated. Either one of these three announcements would be a signal for ad- vance. Such signal should be given, and Congress should no longer keep the business of the country hanging between heaven and earth, like Ma- homet’s coffin, He would say to his friend from Ohio (Mr. Sherman), who had charge of the bill, that he would stand by lim in any effort to reach a vote. ee petition was referred tothe Finance Com- mittee, PETITION FAVORING THE FOUR HUNDRED MILLION DOLLAR LIMIT, Mr. Logan, (rep.) of lil, presented a memo- rial of the business men of New York city, asking Congress to take immediate action on the financial question, to increase the volume of legal tenuers to $400,000,000 and provide for tree banking. He said the memorial was signed by William L, Strong & Co., Wentworth & Co., H. B, Claflin & Co., 8. 5. Fisher; Dexter, Abbott & Co., Frank & Co., Devlin & Co. and 150 others. He knew the signatures to be genuine, It was referred to the Finance Com- mittee. Mr. Logan (rep.) said, like his friend from New York (Mr, Conkling), he deprecated the continu- ance of this discussion, but it was not brought about by those who favored an increase in the volume of curfency, but by contractionists, and those on this side had to answer their statements. He produced @ number of railroad tickets and merchants’ and butchers’ certificates, which he said circulated as money in his section. A SUBSTITUTE FOR THE EQUALIZATION BILL. The CHaik called attention to the fact that this debate was all out of order, and the House pro- ceeded to the consideration of otner matters, which, being disposed of, Mr, SHERMAN, (rep.) from the Committee on Finance, reported a bill to pro- vide for the Peat a pipet of United States notes and for Iree banking, and gave notice that to-mérfow He yrosid Bier eas @ substitute for the pending financial bill to equalize the dis- tribution of national bank currency, The bill authorizes the issue of $104,500,000 of national bank notes in place of $82,000,000 green- backs to be withdrawn. It also provides tor free banking under the present system. The last sec- tion says that “this act shall not be construed to authorize any increase of the public debt of the United States,” The bill fixes tue maximum limit of greenback’ circulation at $382,000,000, and pro- vides that for every $1,000,000 of national bank notes issued there shall be retired $700,000 of greenbacks, until tne total amount of outstanding reenback circulation suall be reauced to 100,000,000. Mr. SHERMAN sald the substitute bill was a com- promise measure, and was the result of great la- jor on the part of the committee. Some of its features were not approved of by all the members ol the committee, and he himself had given his ad- hesion to some of the provisions with reluctance, Mr, THURMAN, (dem.) of Ohio, asked his colleague (Mr. Sherman) to state what the probable effect of the bill would be—something about the practical workings of it if 1t should become a law, Mr. SHARMAN said to-morrow he would make a brie! statement of the provisions of eacn section and what the practical results of the bill would ve If it should become a law. ‘A REMONSTRANCE, Mr. SHERMAN presented a preamble ani resolu- tions oj the Importers and Grocers’ Board of Trade of New York city, remonstrating against any increase in the volume of paper currency and favoring an early resumption of specie payment. Referred to the Committee on Finance. THE BILL TO EQUALIZE THE CURRENCY. The Senate then resumed the consideration of the bill to equalize the distribution of the currency. Mr. MorTON, (rep.) Of Ind., said there were three parties on finance in the Se! —those favoring im- Mediate steps to resumption, those who believe in dotng nothing and those who belleve some in- Crease of currency 1s necessary to meet the di mands of vusiness, which would be given by m: ing banking free, allowing the West and South s1 amount of legal tender notes now authorized by law to ye Kept in general circulation 18 $99,000) oF $400,000, iscalcutated to derange the business of the country a unsettle values, thereiore be it enacted, &c., Tuat the provisions of law existing prior to the passage he banks as their local wants require, and that, whether we return to specie payment or the cur- rency ig increased or not, the benefits of the n tonal banking system should be equally divided NEW YORK HERALD, TUESDAY, MARCH 24, 1874—TRIPLE SHEET. VS jon which ition of the coun- delusive and mischievous. It Is incumbent intain specie payments 000,000 of coin should be in the country. The highest estimate of the amount now in the coun- try does Bemrenree $150,000,000. No one has sown how the other $250,000,000 can be obtained. ety) abundance of money in New Yor! other iinancial centres only evide: that the ly of enterprise € school of physicians says, ‘Let tient alohe; he will get well himself.’ Another says, “Bleed and reduce the circulatio: Another say “Stimulate and give him tonics; infuse warm, fresh blood, and get him on his feet.” ‘They have been in consideration four months and agreed upon hothing. The principal obstruction- | 1308 have been the Sangrados of finance, who be- lieve only in depletion and saltvation, and that the patient must be worse before he can be better. FOUR HUNDRED MILLION DOLLARS THE PROPER | STANDARD. There ts much complaint against the Secretary | for issuing $27.(00,000 of the $44,000,000 reserve, | ‘The issue Should be declared legal up to the aggre- gate of $40,000,000, An increase of currency to meet the demands of increasing business 1s not in- | fation im any reasonable sense. As Well talk of inflating population. If the currency was not too Jarge in 1870 it must be too smail now, He read from the President’s Message to show the’ cur- rency had been directly contracted $63,000,000 since 1870, and other causes had the effect of con- tracuon. When business has outgrown the cur- rency the effect is the same as contraction, [fcar- ried on with a volume of Sai gry ! relatively di- minishing then prices must fall to bring business within the capacity of the currency. The policy of MASTERLY INACTIVITY of Mr. Boutwell is contraction in another direc- tion, siowly but inevitably, like the story of the iron shroud in which a living youth was pines, which, by fis continued growth, produced pres- sure, agony and death, Currency is the instru- ment Of business, and should increase with it. The people were not made for the currency, but cur- rency for the people, He asked no other increase than free banking will give. That will be governed by the law of supply and demand. When the nited States took possession of the whole field of | banking there was a plain obligation to adjust the ; system to the wants of every part of the country. When the limit was put on the national bank cur- rency the system was an experiment. Now it is an established success, by the apportionment the | New England States were entitled to less than $40,000,000, and in VIOLATION OF LAW received $110,000,000, Other Eastern States re- ceived $10,000,000 more than their apportionment, It would require $40,000,000 to equalize the dis- tribution on the basis of the act of 1865. Wonsider- ing the growth of the Northwest it would now re- quire still $20,000,000 more. He was a friena to the | national banking system and wished to relieve it of tls blemish and its monopoly teatures, which render it unpopular and will make it odious. In this debate inflation had been contused with de- preciation, To inflate the currency is to increase the amount, whether in metal or paper, beyond the demanas of business. here the inflation is arbitrary, as in Germany, by the accident of war it produces derangement. Where itis in obedience to the demands of busi- ness it produces only healthy effects, As well talk ot inflating with cotton mills because their num. ber is not limited, as of inflating the currency by tree banking, GOLD INSECURE. Great improvements have been made in paper money, and our currency is as much superior to that of Jonn Law or the Michigan wild cat banks as gold coin 1s to the iron money of Sparta. From old forms of money most of the arguments against. our currency are drawn. The invention of bank- ing, With bills secured by bonds of unquestioned value, Was & great step forward. Our pea money has undergone as much improvement in eighty years as the steam engine. When our currency becomes convertible, is made subject to the perturbations ol gold in every pars of the worid, a scarcity of gold in Europe, a short crop at home or a large crop abroad would make a transier of gold necessary and would disturb our finances. it makes us dependent on a metal of which other nations have a larger Me It Places our home industry on a toundation the: may Withdraw. These considerations admonis! us Not to attempt resumption until the country 1s | fully, prepared. The greenbacks are the most popular currency we ever had. The issue of them Solved the financial question of the war. It never | occurred to the people that they were a forced | loan. They took them without force and would } part with them with reluctance, and three-fourths of them would be glad to see them substituted for national bank notes, To bring them to par in twelve months would bring a profit of ten per cent to the holders, just as a rise in whiskey or sugar would ee merchants having them in stock. Hence there is a class for speedy resumption, THE GOLD IN THE COUNTRY. When we are in a condition for specie pay- Ments 18a practical question. ‘The Director of the Mint estimates that there are about $140,000,000 in gold in the country, of which | $80,000,000 are in the coin treasury, belonging to the vernment or deposited by private individuals. How shall it be increased? The mines produce only $40,000,000 annually. The ex- port of coin and bullion for ten years has been | $62,000,000 annually, Our five per cent bonds were exchanged abroad for sixes held there, put could not be sold for ait To bring back the withdrawal of $1%4090,000 in goid from England would pro- duce a panic. Even the $16,000,000 of the Geneva award had to be taken in our vonds held there, They would not suffer gold to go away. With specie payments greenbacks must be redeemed and retired, or, if again put tn circulation, the ‘overnment must be continually prepured to re- {oom them. 80, too, of the banks. Then the Gold Room will be abolished, speculation in gold having ceased, and those wanting to send gold abroi will present greenbacks and notes for re- demption, which will make a continual drain for gola, Then A PANIC ABROAD Will lead to the suspension o! banks here imme- diately, England has had panics about every ten ears since 1795. Whoever believes that because England and Germany maintain specie payments the United States can now do it, overlooks the | vast difference in the conditions of the nations. Greenbacks are depreciated because, by law, they cannot be used to pay duties or the interest and principal of the public debt. Ifwe had no public debt, or if the interest was payable in currency, duties could be collected in currency and there would be no depreciation. While import- ers must purchase $170,000,000 yd an. nually, it will be at @ premium. The Senator | from Missoun (Mr. Schurz) had argued that the people of the West and South were losers by the establishment of national banks, and it would be better for them to let the Kast nave them all. ‘This was telling them, in effect that they dia not know what was good lor them. To show how na- tional banks increase loanabie funds, the twenty- nine banks in Missouri outside of St. Louis hada capital of $2,885,000 and loans of $4,954,000, LOCALIZATION OF THE CURRENCY, Greenbacks have no local habitation, but go wherever the currents of trade take them. Cur- rency issued by banks in loans is localized. A like amount returns periodically im payment of loans tobe there borrowed again. An increase of cur- rency just keeping pace with the population and business will not depreciate it or produce an unhealthy increase of prices. The whole business of the country 1s upon a ievel with tne | currency and relative prices of all commodities | are adjusted to each other as perfectly as if it was coin instead of paper. The conversion of cur- rency prices of exports into gold prices is as easy as converting dollars into yout sterling—from a favre you deduct premium, to the import vou ad Mr, SCHURZ (lib.) read from former speeches of the Senator from Indiana (Mr. Morton), where that gentleman expressed his views in favor of | specie payments, and the impracticability of free banking Without specie payments. He (Mr. Schurz) said the financial discussion had already attracted the attention of the joreign press, and ifsuch Prcecerelons for expansion should become jaw as had been made here, we would become the Jaugiing stock of the whole world. He inquiried ot the Senator (Mr. Morton) ag to bis opinion of the legality of the $44,000,000 reserves THE FORTY-FOUR MILLION DOLLAR ISSUE. Mr. Morton said there had been some doubt upon the subject, but, in lis nen the Secretary had atthority as the law stood to issue it, Mr. SCHURZ quoted trom the speech of the Sena- tor from Wel (Mr, real] we said that ur Senator some time ago ha a Schurz) with knowing but iteele ot ET wants of this country, having been born in & foreign country. Hé (Mr. Schurz) would like to know Where the Senator was born, when, two or three years ago, he expressed similar views. He (Mr. Schurz) argued that the business centres of the country are full of money at present and the supply of loanable funds abundant. The supply exceeded the demand, and not the demand the | supply. ‘There was more money in the banks than could find ready investment for good security. Persons who couid not get money had no credit. The business of the country was slowly feeling its | way from the quicksands of the crisis to the safe ground of legitimate enterprise. CHANGE OF OPINIONS, Mr. MorTON said the Senator from Missouri ap- peared to be very familiar with his record, and he (Mr. Morton) had beeh struck with the similarity of the ideas of the Senator with these expressed by him some years ago, He had examined his old speeches, and oow found out where the Senator got his ideas—namely, from oid speeches which he (Mr. Morton) ,had delivered, though of course they had been dressed differently. He did not object, however, as he thought if his friend wanted to make & speech on that side ne could not do better than to take his (Mr, Morton's) old speeches, The Senator had accused him of changing his opinions, ‘True, he had changed his. opmions on important questions. Senator Schurz it seemed had changed his opinion too on some questions, Not long ago he was in juli accord with the republican party; but he sell out with it and aid all he could to breas it up. He had a pertect right to do so however, Mr. ScHURz—But the Senator from Indiana ways changes his opinions jor the worse. If he changed them for the better I would have nothing to say. (ee bee Mr. Morton said he remembered that the gentle- man (Mr. Scnura) had changed in another in- stance, One time when he was in the service of Andrew Jotinson, and was gent South to inquire into the condition of affairs, he entertained views very different from those he had «ince expressed. ir, SCHURZ id the tundamental principles of the republican form were specie aeteant and civil service telorm, and he was in favor oi both. (Laugnter.) My, MORTON said as to civil service reform he had aword to say. After-General Grant took up the sutject and put it into operation the Weman from nothing more to say. Mr. Bayann, (dem.) of Del., spoke of the action of the Secre of the Treasary and said it was a fla- of the 1,000 reserve, grant violation of the law. He did not think there re- ‘Was a lawyer or layman who would say that “ur. Waanr, (rep) of Towa, defended” ihe acti . , (rep.) of lowa, defended the action Of the Secretary, 8 TLLEGALITY OF THE ADDITIONAL ISSUE. Mr. CONKLING (rep.) said he had been sittin nere and heard the action of the present ant former Secretary of the Treasury commented on in issuing that reserve, until he ielt his silence longer would be @ neglect of duty. He read from the de. | bates of 1868, wnen the bill to retire the $44,000,000 was discussed, and sald the Senate refused to in- | corporate an express provision that no part of the | money should be issued again. ‘The Secretary was not to blame in construing the law to enable him } to issue that reserve in case of emergency. He | thought nothing short of the provision which the | Senate refused to engraft upon the bill would close | the door upon the issue of the $44,000,000 reserve, The charge that the Secretary nad been guilty | of usurpation of authority was Unjust and unwar- ranted, especially in the body which had refused to incorporate the amendment, which would have | prevented auy issue of the reserve. Mr, SHERMAN said the reason that the amend- ment was not adopted was that the Senate thought } the bill was perfect without it, and it was not | deemed advisable to send it back to the House | after so much time had been consumed. He was sorry now that the amendment had not been adopted, and thereby all this controversy avoided, He hoped now that the Senator from Connecticut (Mr. Buckingham) would withdraw his motion to recommit the bill to equalize the distribution of currency, and ne (Mr. Sherman) would then offer the bill reported by him to-day a8 a substitute for the original bill, The matter would then be directly before the Senate. The Charm suggested to the Chairman of the Finance Committee that a more simple way would be to introduce the bill this evening and have it made a special order tor to-morrow. Mr. SHERMAN sald, in order to test the sense of the Senate he would move to indefinitely gn | pone the bill to equalize the distribution of the | currency and take up the bill reported by him this morning from the Finance Committee. Mr. FERRY, (rep.) of Mich,, said so much time had been consumed in this discussion that now, upon the eve of taking the vote, 1» would hardly be just to indefinitely postpone the measure tor the purpose of taking up a new one. | Mr. Logan (rep.) took the same view as the gentieman from Michiyan, Pending the discussion Mr, STEVENSON moved to adjourn, The motion was then adopted, and the Senate at hali-past five adjourned, THE FOLICE “BRUTES.” Sentiments of the Mayor and Ex-Police Commissioners. A DEMORALIZED FORCE 4 f Who Is to Blame for the Cor- ruption and Cruelty? The public mind of the city was never more tn- terested in a local matter than it 13 at present con- cerning the recent conduct of police captains and privates, as well as at the championing which these persons receive atthe hands of their supe- riors, the Commissioners. There is but one idea concerning the recent conduct of Captain Williams, a8 well as that of the detective Leahy (who isin the | Tombs for murder and is still a detective), and the | patrolmen Fitzpatrick and Tuohey, who {elt justl- fled in clubbing an inoffensive citizen within an inch of nis iife. Concerning ‘the accusations against Captains Williams, of the Eightn pre. cinct ; McCullagh, of the Twenty-ninth, and Clinchy, of the Fourteenth, there are numerous women who are engaged in the business of keeping houses of ill fame who express their willingness to come forward and swear to having paid these captains of police sums of money to permit them to carry on their illicit trade, but only in case of a Legis- lative Committee. They state, very truly, that they do not care to go before the Police Board, for they know well the accusations would be ignared | as to the guilt of the officials and they themselves be subjected to persecution, This, it would appear, is all that deters them from making revelations con- cerning the matter. Un the other hand, it appears to be useless to intorm that respectable remnant of antiquity, known as Superintendent Matsell, of the facts, for he ignores them completely. Yesterday @ HERALD reporter called on His Honor Mayor Havemeyer, to ascertain his views of the recent police outrages, as well as of the gentle- men whom he had appointed Poiice Commissioners. | The Mayor, as usual, had LITTLE HESITATION IN EXPRESSING those views, and the following interview took | place :— RePorteR—Uave you paid much attention, Mr. Mayor, to the recent police clupbings and other | outrages? The Mayor—Well, to tell you the truth, I have not, thougtyI have heard people talk about them a good deal. I suppose the Police Commissioners are able to take care of all this sort of thing, That is what they are there for. REPORTER—But the fact of the matter is that the Commissioners rather appear to justify these out- rages. The Mayor—I really don’t see how they can do that. I suppose there can be no doubt that these outrages have really taken place. REPORTER—One man was shot to death and another one very nearly clubbed to death. Yhe Mayor—Well, they’ve been dismissed, of course. The Police Board can do nothing more. REPORTER—Not one of them has been dis- | missed; simply suspended—that’s all, The Mayor—That's very strange. Such men shouldn’t be permitted to remain on the force, REPORTER—Mr. Commissioner Gardner’s opin- jon that he doesn’t want gentlemen on the force May account for it. He says he wants policemen who are brutes, The Mayor—Well, it was very wrong in Mr. Gardner to have said anything like tnis—very Cee 1 don’t understand how he can have | 8 SUCH A MONSTROUS THING as this. Brutes are precisely what we don’t want on the police torce, e lewer we have of such police- | men as that the better. When I was Mayor ol New York before | used to tell the men that they must submit to anything betore resorting to the club. A policeman has no business to use it uniess he absolutely considers his life in danger. lused to, tell them that tuey should not even use their clubs if @ citizen spits in their face. They are paid, not to resent their own quarrels, but to keep | the peace. A policeman has no business to arrest or | touch a man because he has a personal altercation | with him. They shoula be patient, long-suffering | men—the very opposite of brutes—otherwise they | are not fit for their positions; and if 1 were a Com- | missiouer [wouldn't have them ten minutes on | the force. Ot course, in a bedy of men numberin; over 2,000, there will always creep in some bi gnes, who wil It action: whic! C ceetnes ven "IN NO WAY JUSTIFIABLE, >= But encouraging them to be brutes will only make them worse, and average men are always apt rather to avuse than use whatever authority they may have. RerorTeR—You have heard, Mr. Mayor, of the | conduct of Captain Williams, of the Eighth pre- | pels belore the Board of Education a few days | since The MAYor—Yes, I believe he acted in a rather | extraordinary manner; but then you know there | 18 another side to the question. The police are not torced to come down ‘and answer the questions of anybody who asks them. ReroRTeER—Captain Williams did not come down when the Board of Education asked him,@ut only when ordered so todo by the Board of Police, which had been requested to instruct him so to do by the other Board, The Mayor—But tne Board of Education proba- Ly ee him for information he could not give, | EPORTER—The information the Board of Kduca- tion wanted was a list of houses of ill fame, which | Captain Williams had in his pocket and refused to give op a The Mayor—The right way for the Board of Eda- | cation to have done would have been to nave gone to Captain Williams and asked him to close up the houses which they considered were invterlering | with the wellbeing of thetr children, and I have no Gad that some of Kade Me age bey are others—quiet places—which there 18 ce sity of interfering with, and no doubt Captain Wil- liams would have done it. RePORTER—The Board of Education wanted the owners and occupants indicted, 80 ag to put an end to their houses carried on for such purposes, It 1s notorious that i Rae ae serie horas te made jonth Oo clo: Greene" street has simply resulted in three- quarters of them femme again PULL BLAST. The Mayor—Yes, that’s the trouble. Some decided setion would appear necessary, and, un- derstand me, I don't, for one moment, defend this policeman in his tnsolence to the Board of educa. tion. Tonly wanted you to see that pernaps Wil- | members of the force by being ‘4 be another cause {or this champlonshtfy by of houses of illfame? It hag bee! against them that they were in the these houses. Maror—Yes; it’s vi likely they are, F have little doube the accusation is true.’ The ‘por lice is not what it used to be. EPORTER—General says that he thinks them new shields i Ls poral Grtiling the police and giv! ‘The MayorR—Well you know Duryee, has got thaw would reform all vbis. on the brain. He’s sane on the sutject of driti. ‘The reporter, before leaving, asked the Mayor a last question. ‘Do you mean to nominate @ new Commis. sioner? ‘ “L don’t know exactly yet. I suppose I'll have to.”? And the venerable Mayor, buttoning hia coat, Went off to lunch. saying— “You ought to see Charlick about this.’ The reporter then went to see Judge Joseph Bos- worth, ex-Commissioner of Police. This gentie- man sald, in answer to a general question : “The police, as it is now, isin a Sad state of de- moralization. It all comes of men—smart as they may be, generally speaking—taking hold of @ Ge they don’t Know anything about. I could ave PREDICTED THIS STATE OF THINGS when the resent Board went in. There is no de- takes more experience to manage . Never in its entire history have 80 Many outrages been crowded into a short time. I know from personal observation that the morale of these men has been at a very low stand) te But when a Commissioner of Police publicly states that he wants brutes for the police force, this can be readily explained. I cannot understand that Mr. Gardner should lave made use of such an expression as this, In the time when I was @ Commissioner we used to deal very summartly with men who used tuetr clubs except, it were im self-defence and unavoidable. They were other- wise Instantly dismissed, ana the consequence was one very seldom heard of anything of the kind, It is the feeling among men who are not intelligent enough to understand their position that they ara SUPPORTED BY THOSE ABOVE THEM in such actions which may account for the present frequency of these outrages. Iam, of course. in & delicate position in speaking about police matters. KePoRTER—But, Of course, BO one but the Com« missioners would think of justifying these out- rages? “fodge BosworTH—I don’t pnderstand how any- body can do so, There has been much said against the present system of conducting the l’clice De- partinent, it 18 not for me to say Whether justly on - unjustly, but I should not have permitted things t be conducted as they have been lately, I was pars ticularly surprised at the manner in which Captaim Williams conducted himself before the Board of, Education a few days since. Iused to consider: him a good oMicer, and we promoted him for good) conduct, But [ suppose, like many others, 5 little authority has spoiled Williams; but, howevei spout, | cannot understand him acting as he di on that occasion, His insolence was unpardon< able, Tobe sure, the Board had no right to ded mand the information he had, but there was @ courteous way of reiusing it. Rerorrer—he Board did not demand anything. Williams was ordered to give the information byt the Board of Police. Judge BosworTH—That makes it a great deall worse, of course. REPORIER—What do you know of captains of po- lice being paid by the keepers of houses of ill fama to favor them? Judge BosworTH—Captains of police have great deal of power in their precincts, and if | are dishonest they can do much that is reprehen« sible. But it is pe hard to pring such accusa- Wons as these to afocus, While one may have a general opinion that THESE CHARGES ARF TRUE, it 1s another thing to prove them, However, suctt charges should be investigated and some stranga things might be jearned. REPORTER—You do not, then, generally approve of the present system? Judge BosworTH—I am not in favor of a system which produces such results as citizens of late Nave become cognizant of to their cost. Men wha deal with the club should be taught that they are acting criminally and should be dismissed the force. The very worst way to run the police is ta run it as @ political machine, The HERALD reporter left Judge Bosworth and Weut to see Mr. Benjamin F. Manterre, also an exe Police Commissioner. Mr, Manierre did not think it was very compli- mentary to ood policemen and officers fo be con- scious that, in Mr. Gardner’s opinion, they were not “gentlemen,” and could ony Le worthy rutes.” “It tg a bad principle to start on whitch Mr, Gard- ner enunciated there,” said Mr. Manierre, “and 18 very bad adyice to give men who are, perhaps, only too glad to abuse their authority. There are many bad men on the force, who wiil, no doubt, take advantage of this advice. I have never known @ short period into which were crowded so MANY POLIOR OUTRAGES, and tt is their frequency In asmall space of time which excites the public mind to the indignation which it at present labors under. My instruction to men—and I have had occasion to give it many times—was that they should not use the club under any circumstance less than actual danger of their | lives. No action by @ man under arrest should warrant the using of a club, ex- | cept the policeman belteves he is in dan- | ger or is going to lose his prisoner. | An officer, even when struck, should not use it; | he should submit to abuse, vile language and even } tO gesault withont retaliating. That is what po~ licemen are paid for. A good policeman should be | invelligent, gentle and quiet, at the same time | frm. As for entering people’s houses and forcing ' open doors, there is no warrant for it whatever. li a policeman sees a man guilty of felony run into a house and the door is shut upon him, he must | demand admission, and, it he is refused, should | then burst the door in to get his prisoner. Even | this is not legally right, but the public judgment | would justify him in it. But on a mere supposi- tion, to break open a number of doors ana perpe- ; trate murder and assault with the club, is entirel; | wrong. [takea great interest in the police, and | see with sorrow the manner in which IT 18 DEGENERATING. Ifeel sorry for the many good men whom I know | to be on it, and who feel humiliated at these ac | tions by bad men. ReportekR—But how do so many bad men get ont Mr. MANIERRE—Some of them have politica) in« fluence, and the worst have the strongest. The present Commission have made a great mistake in allowing pumbers of men who Were dismissed the force or who resigned under charges to get on again, Aman once dismissed should never be al- lowed on again. It ts prima Jacte evidence that he | is not fit to be a policeman, and the Commission should have resisted apy pressure of this kind Browse to bear upon them to reinstate such men, | The best proof of this is that the detective, Leahy, | who killed McNamara, and one of the two policemen | who clubbed tne citizen in his house in the Nine+ teenth ward had been dismissed the force previ« | ously and were allowed on again. It simply shows | the mistake that was made. | . ReporreR—Have you read in the HERALD about ) the conduct of Captain Williams before the Board of Kducation? | Mr, MaNIeRRE—Yes, and I was very much sur: | prised at it. Captain Williams | thought a man of | not many ideas, but an honest policeman; but he Was not excusable in his conduct tn this instance. I don’t know what motive prompted him to speak as he did; but he went too far. Of course the | police have a right to retuse this information, but it | is a question whether they should avail themselves of it, We had GREAT TROUBLE with these houses. We would arrest the occupants of these houses and the police justices would let them return again immediately and dismiss the charges. But the Board of Education certain); has a right to protect its children from the bi example of these places. You wil', by the way, tind that about half the present force is com- posed of men who have been on for from five ta twenty years. You never hear of such men com<« mitting these outrages. It is the new ones, wha don’t know their business and feel themselves backed by their superiors in these out 8, Which, are without excuse or palliation. There is no doubt that the present demoralization is wide- spread, and works much tnjury to a force which. was once 80 good. ‘The reporter saw accidentally a member of the Board of Aldermen, Who stated that in the farce of police trials he had oiten heard Commissioners say to the men that they must use their clubs m often, and would generally terminate by saying, “What do you suppose you are uiven clubs for ?” TN aan cia eRe ee NEW YORK PRODUCE EXCHANGE The committee appointed by the Board of Man~ agers on the “maturity of contracts,” propose the following amendments to the bylaws for submis | ston to the Board; but before finally reporting the same they will meet iu the managers’ room om Monday, the 30th inst., at nalfpast one o'clock P.' M., until which time they invite verbal or writtem: Suggestions from members :— SETTLEMENT WITH FAILED MEMBERS, First—It shail be the duty of meet his contracts or other mere: wember at maturity, to immediately notty the mem- bers of the Exchange, by letter, addressed to the Supers intendent, who shall post the same promptly on thet bulletin oj the Exchange, where t shat remain five days. ‘Second—In case such failing member shall not give suc notice it shail be the duty of the Complaint Committe Upon receipt of proot of such failure, to cause the me bers of the Exchange to be notified thereof in Ii ner by posting the same on the bulletin, there to remaum ve days. Third—Either of the foregoing notices, duly a i hall be deemed sufficient tor all the Rromive ‘atory upon them to close up al ing member by settlement at ti market price of any of the five business days succeedin the day of poring, Giving the failing member writ notice on the business day preceding. Failing to gi’ such notice, settlement shali be made at market price Of the fifth day. Market price, in case of dispute, shall bet determined by arbitranon. Fourth—The posting of a member by himself shall pend him trom membership ; but he may be rein: provided in section 36 of the bylaws. It by t Gomptaint Committee he shall be suspended, aud c reinstated on application of three-fourths in amount number of his creditors who are members of change, and in accordance with section 35 of the By! In béhalt of the committee. ) DAVID BINGHAM, Secret '. New YorK Propuce EXcuANGs, March 23, William White, a child three years of age, whose avenue, was yesterday burned to death lama thought he was doing right, REPORTER—Don't you ‘thing, Mr. Mayor, that parents live on Sixty-iourth street, near Eleven! vy “4 clothes taking fire. Coroner Elckhoff was to bold an inquest, "