The New York Herald Newspaper, April 1, 1874, Page 3

‘ 4 > WASHINGTON. oo Development of the Opposition to Free Banking. THE BATTLE OF THE INFLATIOEISTS. ee The “Hard Cash” Senators Accepting What They Can Get. The possibility of a new issue of inconvertible Paper Iregard with amazement and anxiety, and, tm my fudgment, such an issue would be a detri- ment and a shame,—CHARLES SUMNER. WASHINGTON, March 31, 1874. The Majority Following Up Its Victo- ries—The Third Triumph of the Infla- tionists in the Defeat of the Fourth Section—The Currency in New Eng- land. In the Senate the victories of yesterday were followed up by an unflagging perseverance on the Part of the majority, and as soon as some random picket fring with the outposts, owing to the pre- vailing difference of opinion on the subject of amendments and parliamentary ruling, was over, in which Senators Sherman, Thurman, Carpenter and Ferry participated, the engagement com- menced all aiong the line, The attack was re- mewed by Senator Morton on the committee bill in bis motion to strike out the fourth section, ‘whicn, he said, contemplated contraction. Sena- ‘tor Sherman, as usual, resisted the striking out of the section, and pursued a more conciliatory course in his appeal, asking the majority to pause; but the time for conciliation or the commending of the bill had passed, Just as a vote was to be taken the dilatory process was again resorted to, and Senator Morrill, of Maine, imtroduced an amendment, providing for the retirement of United States notes equal to ninety instead of seventy per went of the circulating notes, to be issued under the provisions of the fourth section, This was dis- cussed jor some time, and when brought to a vote ‘was lost by a vote of 29 naysto 7 yeas. Nothing ‘daunted at this, he changed the same amendment, taking out some of the objectionable ciauses, and offered it again for approval. It, too, was killed by avote of 80 nays to 21 yeas. Senator Logan then took up the fourth section, criticising It, aud Made what appeared to be a strong point on it, in that it increased the gold interest which the gov- ernment would have to pay at the rate of $5,000,000 per annum tor six years. A vote was then ‘taken on Senator Morton’s motion to strike out the fourth section, and the third triumph of his orces was obtained by its being carried by a vote vol 27 yeas to 23 nays, as it was s!ated in this cor- wespondence of yesterday would be the case. The ‘question which then came before the Senate was ‘upon the amendment of Senator Logan, which was for free banking, pure and simple, to which Sena- ‘tor Gordon offered, as an amendiment, the third section of the committee bill, striking out “New York” and inserting ‘Maine.’ The latter was ac- cepted by Senator Logan, and was more favorably Pegarded, as it furnished restriction to the circu- lation. However, as free banking is not !avorably regarded in the Senate, unless restrained and some basis of convertibility provided, of course it occa- sioned considerable opposition, to which Senator ‘Fenton gave expression in an amendment, which ‘was characterized by Senator Morton as calculated ‘to impair the value of fractional bank notes, The amendment of Senator Fenton was lost by a ‘vote of 14 to 37, after which the question of free feanking being withdrawn in its nakedness, the mearest approach to it in the amendment of Sena- tor Gordon was then taken into consideration, ‘The fate of this measure is doubtful, as there will ‘be strong objection to free banking until a con- ‘vertibie basis is secured, and that 1s a long way off just yet, every proposition to convert the legal ‘tenders into coin or a gold interest paying bond ‘having tatled to receive respectful consideration thus tar, The end to be accomplished by the in- werting of ‘‘Maine” instead of “New York’ in the third section of the bill, as intended by General Gordon’s amendment, is with a ™wiew to preventing the other States Jrom taking a larger proportion of the bank circulation than that wich the State of ‘Maine now has, and which is regarded as nearly the smaliest, though by the report of the Comp- troller of the Gurrency she has now over | $5,098,284 more than she 1s entitled to. | By this provision of the bill the other Eastern States, where there is large accumulated capital, ‘will be prevented by law irom absorbing these ad- ditional banking facilities. According to the an- Dual report of the Comptroller of the Currency for 1873 Maine has over sixty per cent of circulation above her apportionment, and, carrying out this Proportion to the grand total of the States and territories, it is estimated by a good banking ex- pert and financier among the Senators that this section, if adopted, would give in circulation over $500, 000,000 of national banking currency. Owing to the occupation of the morning hour in debate between Senators Mitchell and Scott, the | motion to discharge the Finance Committee of the Senate from further consideration of the financtal question was not made to-day, as was intended, but willbe at the first available moment. The ‘threatening opposition to the success of free banking continues firm and immovable up to @ late hour this evening, in the known convictions of Senators Merrimon, McCrecry and Bogy, with*two additional doubtful votes of Senators Dennis and Goidtiwatte and the possible ‘accession of one more in Senator Allison, making six strong impediments to the favorable considera- tion of free banking, pure and simple, Intact, itmay ‘be said to be temporarily abandoned, in the accept- ance, by its mover, of the amendment, of Senator Gordon, consisting of the third section of the com- muittee’s bill, with only the alteration of the words “New York to Maine.” There are good reasons for saying that this amendment, as also two—respectively naming New York and Pennsyl- vania—which it is contemplated to offer as soon as the opportunity can be reached, will be i Jost, and that then the amendment of Senator Merrimon, providing for $45,000,000 increase of Mational bank currency, wiil be taken up and adopted as the measure which, of all those now extant for consideration which have in view the dowest increase of the currency circulation; and hence the contractionists may be glad to take ‘this as the best they can have. Though free banking in some quarters is strong &o-night, yet the loss of four or five votes to the majority who Lave conirolled everything thus far is not compensated for by an accession of strength from any other quarter, with the ex- ception of Senator Buckingham, who wants strong restrictions. The defection of the Senators named Srom the majority argues that free banking cannot be carried without being restricted, and hence, in Senator Logan’s position of to-day, accepting the Gordon amendment, it would scem that the project fs virtually abandoned now, unless some change ‘would occur which is not now talked of. The possibility of a new issue af meonvertidle | Paper I regard with amazement and anxiety, and, tn my judgment, such an issue would be a detri- | ment anda shame.—CUARLES SUMNER, The Sanborn Investigation—Examina- tion of Secretary Richardson—Aston- ishing Ignorance of Treasury Officials. The Committee on Ways and Means resumed thts morning the Sanborn investigation. Mr. Rich- Ardgon, Secretary of the Treasury, was first ex- Qmined, but nothing of importance was elicited from him except the expressiun of a most positive opinion that the law under which Mr. Sanborn’s contracts Were given should ve absolutely and un- conditionally repealed. fie said he had never given any special consideration to the law itsell or to the contracts which had been given out ander It, but he believed that all laws of that character were impolitic, He had never been consuited by his predecessor, Mr. Boutwell, in reference to the law or to the contracts, but he was aware that Mr. Boutwell had always had the same aversion wo the law that he himself had. He bed never spoken with Sanborn about his con- ] tracts, ana had never been approached by any | issued by Mr. Banfield, Solicitor of the Treasury, to Mr. Bliss, United States Dis- trict Attorney at New York, and to the | exhibited to the Committee a book in which | had at one time stated that his letter from the | Secretary of the Treasury was obtained by the | the present time, and about 3,000 complaints | from colored soldiers. | complaint trom the soldier, towhom the money | be had to the specific enumeration which preced other person in Sanborn’s behalf. He knew abso. Jutely nothing of the details of the matter. Any papers or documents which he had signed, he had signed in the ordinary routine of business, without giving them special attention, He had no recollection of his interview with Simmons in Boston, in which Simmons said he had been in- structed to aid Sanborn, but he did not question the correctness of Simmons’ statement in that connection, He was examined at some length by members of the committee, but could give little further enlightenment on the Sanborn matter than is embraced in the foregoing synupsis, So little did he appear to know of the matter that one of the members of the committee (Mr. Beck) remarked, in the subsequent proceedings, that he had not pressed the Secretary further becanse he was ashamed of the ignorance which the Secretary manifested, Mr. Dougias, Commissioner of Internal Reve- nue, Was next examined by the committee. He stated that he had never been consulted by the Secretary or the Solicitor of the Treasury tn re- gard to the law, or the contracts given under tt, and knew nothing of the latter unless as they came incidentally to his knowledge in the course of the proceedings, He stated that the delinquent income taxes and the legacy and successive taxes, and the taxes on railroad dividents, &¢., which are embraced in the Sanborn contracts, were all being collected through the regular offices of the Internal Revenue Bureau, where these contracts were made; and when the instructions were supervisors and collectors of internal revenue, directing the latter not to receive payment in the cases embraced within those contracts. Those in- structions had not been issued through him, nor had they ever been communicated to him unless as he learned about thein casually, He had then, on the 18 of October, 1873, written a letter to the Secretary of the Treasury in regard to these in- structions, That latter was referred by the Secre- tary to the Solicitor of the freasury and had never been answered by the latter. The Solicitor had told him subsequently that the letter had got into some pigeon hole or been misiaid, or been referred to some sub-committee, s0 | that he (the Solicitor) had not attended to it, and had not answered it, and that he did not know how to answer it. Mr. Douglas also stated that according to his view ofthe law no suits could be brought for recovery of internal revenue taxes except by his authority. He did not coneider that the Soiicitor of the Treasury had any right to instruct Mr. Bliss to bring suits as he had done tn regard to matters under the Sanborn con- tract. He (Mr. Douglas) had never given such authority and had no knowledge of suits having been commenced until this investigation had de- veloped the fact. He was very positive in the belief that there was no difficulty in having all these dereiict taxes collected in the regular course | of business, and as to ascertaining the unpaid legacy and succession taxes, he | assessors were required to keep records of all | estates of deceased persons that were Mable to taxation, He knew nothing personally of John D. Coughlin, who had been Assistant Assessor of the | d County of New York; but if that oficial had done | his daty faithfully and kept such a book correctly, all the information in regard to unpaid legacy and | 1, succession taxes wasin his hands and in the bands oi the Internal Revenue Bureau, and there was no | diMculty about it. He did not believe in the policy of the law under which the Sanborn contracts were given out. It gave a monopoly to turee per- | sons, and thus intensified the meanness of the in- | former and spy system. He had never been con- suited aboat or asked to recommend the passage of such a law, although he had been under the tmpres- sion that he had been called upon by Mr. Sanborn and that General Butler had recommended him: Sull, since having seen Mr. Sanborn lately, he did | not appear to be the same person whom he had in iis mind, Mr. Douglas was very frank and ex- plicit in his statement, and appeared to have made @ very favorable impression on the committee, Frank -M. G0", g@& of Mr. Senborn’s agents, who operated among the Western railroad com- panies, was recalled by Mr. Foster, who read a letter from J. M. King, acting collector of the Indianapolis district, stating that Green had re- presented himself there as a special agent of the Treasury Department, and had denied all know- edge of the Sanborn contracts, This Green again positively denies. L. T. Mitchell was called to prove that Green influence of General Butler, but he could not re- Member auy such statement. ‘The investigation is to be resumed to-morrow. The Howard Investigation. To-day was the sixteenth day of the Howard in- vestigation. H.C. Harmon and Edgar ©. Beman, clerks in the Second Auditor’s office, were ex- amined. The former testified that there had come to the Second Auditor’s office between 20,000 and 30,000 complaints from white soldiers of bounties and arrears not paid, from the year 1866 to In illustration of the mis- takes that were made in the payment ot dues a case was given where the voucher receipting for the money was signed by a mark, and the letter of rightiully belonged, subsequently written, was Signed by himself with his full name. Mr. Beman testified as to the great diMculties o(ten experienced in identifying the claimants. The Duty on Importations of Alpaca Goods. The following, conceroing the duty on importa- tions of alpaca goods, has been issued from tne Treasury Department:— ‘TREASURY DEPARTMENT, WASHINGTON, March 27, 1874. Sm—1 am in receipt of your letter of the 3d inst., submitting the appei . 2,742 B of Messrs, A. A. Maginnis’ Sons against your assessment of duty under the act of March 2, 1867, on certain alpaca goods imported by them per State of Alabama Irom Liverpool, January 14, 1874. The tmporters claim this merchanaise to be dutiable onder the act of July 14, 1870, as a manu. facture of hair, which act imposes duty at 30 per cent ad valorem on hair clota known as crino- line cloth, and on all manuiactures of hair not therein otherwise provided for, From an examination 0! the goods given by the officers at New York there seems to be some doubt as to whether they are composed of worsted, as reported in the letter of the Appraiser at your port, dated Feoruary 19, or whether tiey are a manufacture of the hair of the alpaca goat or other like animal If they are dutiable under the act of March 2, 1867, the question of tact would not have any bearing upon the case, as manufac- turers of worsteds and those of hair ot the aipaca gout and other like animais are therein subject to | the same rate of duty, Upon the general subject | connected with this appeal [ have to say that the department has not heretofore regarded the act ot July 14, 1870, as affecting the rate of duty imposed | by the act of March 2, 1867, while the fleece of the alpaca goat and other like animals fs, in | the act of 1867, mentioned as hair. I under- stand it assimilates quite as closely to wool as it does to hair, and in determining What deseriptions of hair goods are subject to duty under the act of July 14, 1570, reference must & tie general clause ‘ior all manufaciuies,” Tbe special enumeration therein is hairclotn known as “crtnoline” cloth, which has no assiml- Jation to alpaca goods, and the department theretore hoids that the act of July 14, 1870, does not disturb the rates of duty imposed by the act of March 2, 1867. Your decision is therefore af- firmed. Lam, very respectfully WILLIAM A. RICHARDSON, Secretary, The Outstanding Currency. The following 1s a statement of the United States currency outstanding at this date: - Old demand notes.......... 5 $76,837 50 Legal tender notes, new issue, 63,989,414 00 Legal tender notes, series of 1869.... 318,010,686 00 Lega: tender one year notes of '63... 29,676 00 Legal tender two year notes of 163, 24,100 00 Legal tender two year coupon notes CETUS ricci liaariveonsiseencne tess’ 31,100 00 Legal tender compound interest NOUCB.. cee eereeee 446,090 00 Fractional currence, 4,340) 546 45 Fractional currency, second issue. 8,161,376 32 Fractional currency, third issue...., 8,385,436 23 Fractional currency, fourth issue, first series ee 21,070,342 02 Fractional 5,319,820 75 1e, + 11,202,580 60 663,000 00 SECON STIR. ..+. +++ Fractional currency, third series.. Fractional currency, fiith issue.. seeeereees $431, 761,062 77 of the Thaler, as the value of a thaler and forin was not esti- mated in the proclamation of the Secretary of the Treasury, issued on the Ist of January last, under the act of March 3, 1873, it cannot now be esti- mated until the ist of next January, and that their value in the meantime will be as fixed by law prior to said act. The New Hampshire United States At- torney. The President sent the following nominations to the Senate to-day :— Josiua G. Hale, to be United States Attorney for New Hampshire; Aiexander N, Wilson, to be Appraiser of Merchandise at savannah, Ga, The posstvility of a new issue of inconvertidle paper Iregard with amazement and anxtety, aud, tn my judgment, such an issue would be a detri- ment and a shame.—CHARLES SUMNER, CURRENCY DEBATE IN CONGRESS. Action of the Senate on the Inflation Bil. Wasminaron, March 32, 1874, The morning hour having expired the Senate resumed the consideration of the bill to provide for the redemption and reissue of United States notes and for free banking, the pending motion being that of Mr. Morton to strike out section 4 of the bill. Mr. SHERMAN, (rep.) of Ohio, said he desired to umend the section, but under the ruling of the Chair bis motion was not in order, While the motion to strike out was pending Mr. CARPENTER (Mr, Anthony in the chair) said it was the duty of the presiding officer to interpret tie rales of the Senate, and in making the ruling yes- terday he was governed by the rule of the Senate. The practice of the Senate for the last twenty years may have been different from a strict iuter- pretation of the rule, but that was by general con- sent. Mr. SHERMAN offered a resolution that, pending @ substitute for the whole bill or a motion to strike out a section of the bill, 1t shail be in order to per- fect by amendment the section proposed to be stricken out. MI, CakrENTER, (rep.) of Wis., offered as an amendment a resolution amending the twelith rule s0 that pending a motion to stri ut and insert the part to be stricken out and the part to be inserted shall each be regarded for the purpose of amendment as a question, and a motion to amend the part to be stricken out shall have pre- cedence. Agreed to. A ae SHERMAN withdrew the resolution submitied y him, Mr. MORRILL, (rep.) of Vt., moved to strike ont, in the fourth section of the bill, seventy per centum as the amount of United States notes to be retired as additional national bank currency is issued, and insert ninety per centum, Rejected—yeas 20, nays 37, as follows:— Yeas—Mesers, Anthony, Bayard, Chandler, Conkling, Cooper, Cragin, Fenton, Frelinghuysen, Hager, Hamilton of Marylana, Hamlin, Jones, Morrill of Vermont, Morrilt gj Maine, sargent, sdulsbury, Schurz, Stewart, Stockton and Wadleign—2, Nays—Messrs. Allison, Bogy, Boreman, Carpenter, nover, Davis, Dennis, 'Ferry of Michivan, Goldthwalte, Gordon, Hamilton of Texas, Harvey, Hitchcock, Howe, Ingalls, Johnston, Lewis, Logan, McCreery, Merrimon, Mitchell, Morton, Norwood, Oglesby, Patterson, Pease, Pratt, Kansom, ' Robertso: Sherman, Spencer, Sprague, Thurman, Tipton, i te West and Windom—37, THE FOURTH SECTION STRICKEN OUT. The question then recurred on the motion of Mr. Morton to strike ont the fourth section, and it was agreed to—yeas 29, nays 27, as jollows:— Yras—Messrs, Allison, Boxy, Boreman, ‘penter, Conover, is, Ferry of Miciizan, Goldthwaite, Gor- nH . Hitchcock, Ingalls, Johnston, Lewis, Lo- Merrimon, Mitchell, Morton, Oglesby, som, Robertson, Spencer, rd, Buckingham, Chand- er, Conkling, r, Cragin, Davis, Fenton, Freling- huysen, Hager, Hamilton of ‘Maryland, Haipilson of Texas, Hanlin, Howe, Jones. Morrill of Maine, Morrill ov Vermont, Sarge: Saulabury, Schurz, sherman, Stewart, Stockton, Thurman, Wadiegh and Winslow—27. Mr. GorDon, (dem.) of Ga., offered an amendment | providing for’ Iree banking and to give to each State the same amount of circulation in proportion to wealth and population as the State of Maine now has. Mr. LOGAN, (rep.) of Ill., accepted this in leu of nis amendment offered several days ago, Mr. FENTON, (rep.) of N. Y., moved an amend- ment repealing the Dah ai section of the act ol June, 1864, which Peg es that the national bank currency shall be taken at par, and providing for certain central points Where uational banks shall redeem their notes in legal tenders. Mr. MorTON, (rep.) ol Ind., said the whole effect of the amendment would be to depreciate national auk notes. Mr. FRELINGHUYSEN, (rep.) of N. J., said under the inflation now being authorized national bank currency would be low enough, M ed saat amendment was rejected—Yeas 14, nays 37, Mr. BUCKINGHAM, (rep.), Of Conn., offered an ate ME that on the ist Of January, 1876, United States legal tender notes, im sur $1,000 and its multiple, shall be redeemed oy the ‘Treasurer of the United States, either wi'li <oim or with United States bonds at par, the primeipal of such bonds to be payable in coin tn ten years, and bear interest at the rate oO! five per cent per ai num; and that the principal of any United States bonds bearing interest in coin at a rate not jess than six per cent per annum, whether due or not, shall, on demand, be paid in legal tender notes and the accrued interest tn coin. The amendment was rejected—yeas 7, nays 39. Mr. BUCKINGHAM then offered an amendment for the redemption of legal tender notes in coin or bonds the same as above, with the exception of the latter part, im regard to the redemption of bonds, whicn he erased. Rejected—yeas 21, nays 30, Mr. SARGENT toen moved to adjourn, and the Motion was adopted—yeas 27, nays 26, The Senate then, at ten minutes to five, ad- journed. The possibility of a new rssue of tnconvertidle Paper I regard with amazement and anxiety, and, in my opinion, such an issue would be a detri- ment and a shame.—CHARLES SUMNER. THE DISTRICT OF COLUMBIA. + Continuation of the Investigation by the Congressional Committee. WASHINGTON, March 31, 1874, In the District of Columbia investigation this morning several witnesses were called as to the Measurements of improvements made by the Board of Public Works; samuel Strong testified in relation to his several contracts under the Board, particularly with reference to his sewers. The witness signed all his contracts before the work was done, and was not yet settled with for his work, Colonel Ordway, Sergeant-at-Arms of the House sel for the Memorialists, tie witness stated that F. Smith, heretofore reierred to in connection with Colton’s wood fence contracts, had secretly told him tiat he was still connected with the House of Representatives as oficial reporter. to an inquiry by Mr. Maltingly, counsel for the Board of Public Works, witness stated that he 1s an oflicer of the House o1 Representatives, and has always been engaged in outside operations of con. siderable magnitude, and is now one of the direc- tors of the Centre Market Company in this city. Captain A. Grant was sworn for the memorial- ists, and stated that ne would preier not to testify culations with reference to the operations of the Board of Public Works; that he did not feel able to do justice to the Board of the District of Colum. bia without these data. Senator Allison, chairnran, said he did not think the committee ought to wait for Captain Grant to make cal go on with his testimony during the afternoon ses- sion. A recess was then taken, HARLEM RUFFIANS. a The Assault on a Citizen of Harlem. On the 21st of November last Mr. Thomas H. Bull, of Harlem, was assaulted on 120th street, near the East River, by two men, one of whom used @ slungshot and struck him on the head, felling him to the pavement. Mr. Bull was taken home insensible. He knew hardly anything of the occurrence even alter he was restored to consciousness. It was subsequently discovered, however. that a Mr. Walter Gibson, connected with a Hariem weekly paper, bad received a letter, signed S. P. Grant, to meet & man at \o, 3 Sylvan place, 120th street, at about the time that Mr. Buil was assaulted. Mr, Gibson had, it ts stated, published some articles in his paper which were obnoxious, and this means was taken of punishing him. As it turned out, however, the assailants got hold of the wrong man. Ever since the assault the detectives have been at work, and esterday they arrested two men named James Kiltoran and James Kelly on suspicion of being the guilty parties. They were brought before Judge Morgan and held in $1,000 bail each to an- swer, ESOAPED FROM SING SING, A despatch was received from a clerk at the Sing Sing State Prison last night by the Captain of the Twenty-first precinct police stating that Mary Anne Watts had escaped from that stronghold. She was described in tle message as being thirty- five years of age, siout, red Jace and nose aud The Attorucy General has given an opinion that, dark gomplexion, of Representatives, testified that he had had sodding done at twenty-five cents ao | yard, In reply to a question by Mr. Christie, coun- In response | until he had completed certain estimates and cal- | ulations, and the committee decided to | NEW YORK HERALD, WEDNESDAY, APRIL 1, 1874—TRIPLE SHEET. THE SPRING TRADE. Despordency and Gloom Among Merchants. THE INFAMY OF INFLATION ILLUSTRATED. Dulness in Dry Goods, Gravity in Gro- ceries, Inactivity in Iron and Lethargy in Liquors, The possibttity of a new issue of tneonwertible in my judgment, such an tssue would be a detrt- ment and a shame,—CUARLES SUMNER. extending from the middie of March until the middie of Apriiis usually by far the busiest of the year, But this year it seems that the tremendous financial blunder of Congress has destroyed all contidence among business men, and the greatest merchants in the land stand aghast at the rapid depreciation in money values caused by the seem- jug determination of our so-called legislators at new and plethoric issue of notes, The greatest depression is at present permeating business cir- cles in regard to this measure, and leading mer- chants in the different lines of trade are appalled at what they deciare must follow such reckless legislation, The Dry Goods Trade. Yesterday reporters of the Henaup visited the principal dry goods houses of this city who are engagea inthe wholesale trade. It was found | that business was very dull, and leading merchants, | particularly one whose name is a household word | in this city and all over the country, declared the | prospect was exceedingly bad and that no con- fidence existed whatever as to a brisk resumption | of trade. In foreign importations of dry goods the falling off from the imports of the corresponding weeks in the previous year was very significant, The toreign dry goods importation for last week amounted to $2,588,487, whereas the amount im- ported for the corresponding week of 1873, at the port of New York, was $3,531,657, a decrease of as bad in domestic goods. To use the words of the representative of the leading dry goods house of this city, a gentleman whose judgment has always proven to be correct, and whose experience in the management of a gigantic business has given him a world-wide experience, “There never was a time in which business men have had less faith in financial systems from which we might learn; but our representatives shut their ears and close their eyes to what is going on in other countries, and it seems that there is no integrity or honesty in pub- business men is not heeded. Undoubtedly the standard of the national credit will become de- based, and although these gentlemen at Washing- ton have been four montis tiukering at this prob- Jem o1 finance, yet they are as far as ever trom a Tighteous decision, and it would seem that they may dilly-dally twelve months longer lor the pur- pose of secretly aiding the hordes of speculators and gamblers who have contrived to invade cer- tain channels of trade. It nas very often occurred that schemes of a like nature intended to affect the sound business interests of the country have been projected and a pretence of action has been oifered to the public, when in fuct the pro- jectors did not by any mMesus intend to carry Out the scheme, but merely to affect the markets in the interest of the gambiers. As quick a3 this object was eifected anu large sums of money had accrued to the speculators, it was then deemed advisable, almost at the eleventh hour, to luk thei ni in oblivion, its original and only Object havilg been achieved. Should this tufation scheme be carried, which is not so probable as | some people may think, the United States will | become in the moneyed centres of the world a by word and a shame. ‘As it 1s, the suspense in awaiting the action of Congress is tully as damag- ag as the actual passage of the bill, for every | merchants have of the result to come from such maniacal or dishonest legisiation, In domestic | manulactures all the leading manufagtyrers ar | holding back, aud the demain nad tatlen Of toaciok be immense, year there is nothing doing and the prospects are as black as midnight.” At every feos visited on Broadway the same story was tol The advance in gold has been ol- lowed by a corresponding decline in domestics, and the mills througuout the country, since tne passage of an inflation measure, have in nearly every instance slackened their labors, Ginghams, prints, sheetings and woollen goods declined in value, and the public do not seem dis- posed to buy. Country merchants visiting the city are just now like the angels—iew and far ve- tween—and the great wholesale firms have becowe suddenly timid in importations, as they deciare that they must first of all dispose of the large stocks that they have on aand. Should Congress pursue its reckless and wondrous conduct much longer and finally drop into the piuall which they have been digging tor the country and themselves, it 18 caiculared that many manulacturing firms will suspend laoor, and the inevitable result will be a repetition of the panic of last september. In the iargest dry goods houses the clerks and porters, who were wont to beso busy at this time of the year, have littie else to do but admire their clothing and fold thelr hands, ‘Ihe registers of the downtown lo- tels on or avout the ist of April are generally filed with the names of country traders who come to the city to make their spring purchases; but yesterday it was found that these customers who Visit the city every year were absent and the gen- eral paralysis had benumbed them, ‘this country trade 1s ole of the most protitable sources of rev- enue accruing to the downtown Toough many of these people come to buy on credit, at three, four and six mouths, their hotet Ht ihe paid at once, and their loss is ivlt very eenly, in » oollens there ts an absolute stagnation, and although it 18 now the time tor the sheep to be shorn, there are large quantities of wool ou hand and strong eflorts are being made to dispose of tue stock on hand velore any turtber contracts are made, The market is choked, and in the reguiar and conservative line of business tne sales are very Slight, aud What little traitic exists 18 among the speculators and gamblers alone. Laces and otier perishable but valuable materia:s have slackened up, and it is noticeabie that vast quantities of goods are lying in bona, aud it 13 Known to be one of the dullest seasons ever knownat the Custom House. Tbe despon- dency in the dry goods trade is very general, and leauing mercaants do not hesitate to say that tie fault 18 entirely with Congress, and that its policy is a desperate and suicidal one to pursue. They ail assert thal the inflation policy will destroy busi- | Dess as thoroughly #8 Magdeburgh was de- siroyed by Tilly, The ribbon trade is very duli just now, and dressmakers state that families are cutting down expenses and o1 the hide-and-seek game piayed at Washington. One fact is patent beyond doubt, and can be proven to any one’s satisiaction by calling at the wholesale houses on Broadway, and that is that the spring trade is a mere fiction and that its vol- ume has decreased with gloomy rapidity. In some Oi the leading houses several empioyés nave been discharged, and there will be probably a stil greate| are speedily-taken to restore confidence to busi- hess men When the President’s opportunity comes to veto this currency miquity. Groceries, There are those Who never take the pains in times of panic or financtal distress to investigate the matter who labor under tue mistaken belief that eatabies and drinkavles that are considered necessities ought not to be affected to any great degree in price by the puilings and haulings of Wail street speculators or Congressional finance tnkers by which the price of gold is placed at a certain figure to-day and the up or down course ts regulated for certain stocks to-morrow. In fact, it is the common saying among the good people who their candlestick maker that the worthy trio tallow and tin go up, but that they aever hear when they godown. Strange as it may seem, however, it is a fact that cannot be demea that groceries have, like most other things that are necessary to the well being of ordinary mortals, received A VERY SEVERE SHOCK from the way Congress has dilly-dallied over the finances for the past four months, As compared With the prices for the same period last year the paper I regard with amazement and anxiety, and, | That period of the spring season in each year | Washington to increase the national currency by a | the National Legislature. France and England have | lie men, A crew of speculators have | possession of the small majority which | advocates this dishonest inflation scheme, | and the counsel of honest and practical | channel ot business is choked by the tear that | an extent that the losses to trade will tuevitably | At the very busiest season of the | discussion has become active on tie proposed | hotel keepers, | heads of families are beginning to [eel the effects | reduction of employés uniess measures | pay daily visits to their grocer, their baker ana | always hear when the wholesale prices of flour and | | prices of groceries nave tanen vmconelderably. In conversation yesterday with a member of one of | the largest importing grocery firms in this city @ HERALD reporter was informed that the trade bad, in point of fact, not a8 yet fully recovered trom the blow it had received last September in com- mon with every other trade, Business in the wholesale grocery line was at that time very ac- tive and ali the houses had large stocks on hand, and, in anticipation of a lively trade during the winter as usual, heavy orders were given to meet the expected demand. The panic did sad havoc with many firms who had expected too mach, aud had had the effect of making nearly ali the dealers cautions as to what ought to be done with | their stocks already procured. AFTER THE PANIO, according to several of the deaiers with whom the reporter conversed on the subject, things were getting along very nicely, when the rumors as to the financial intentions of Congress put everybody on bis guard and made the wholesale, houses lec) rather uncertain a3 to what the ruture would be | for their business. ‘The result’ was, ag has aiready been intimated, a feeling of ancertainty that has Veen and stull is almost as bad as the panicky feei- ing of September, with this exception, that Whereas then everybody knew what the disaster Was that had come but iew now pretend to be abl for the general business of the coubtry, aud two- thirds of the Wholesale people fear disaster 11 Con- gress does not come to some FINAL POLICY AS TO THE FINANCES OF THE COUNTRY, and that very soon, It is not to be taken for granted from’ all this, however, that the retail | trade is very seriously disturbed just now by the geuerai feeling of distrust in the Wholesale trade, at least 80 iar as impending trouble under certain | Wasaington contingencies are concerned, but lor | all that itis being materially affected by the gen- | eral situation. ‘The retailers depend upon the wholesale trade, of course, for their goods, and if they are compelled to pay a higher price this week Jor a certain line of articles than they had to pay last week they very naturally put t | the goods when their customers pay them a bus: ness Visit. Still it may be true in some instances thar the retailers do not always, as some of their customers contend they do not, pay any heed to A FALL IN PRICES in the wholesale trade, That, however, is a matter to be sevtied at all times between tue buyers and the sellers, and with which the general Wholesale trade has nothing todo. ‘To give an idea of the dutference between the prices jor certatn articles, commonly regarded as necessities, the following table is appended:— 1873, Ie. a 12340. fe) Se. | ‘3c. 4Te. Bige.a 9c, Bic. a He, 15e. : $140 si ‘The prices given above for coffee and teas are for the best Kind, Information irom the wade goes to show that the consumption in coffee is very dull Jor the finest kind, necessary as it has become to the breaklast tavie and almost every family, Cod- over $1,000,000, Silks, shawls and other | f<n and mackerel have fallen off trom iust year’s costly goods have had a great damper , prices $3 to $4 a hundred for the fine goods, not- put on them suddenly, and it 1s fully | withstanding the catch is much less than tiat of the previous year. The demana Jor them, parties in the trade say, 18 very limited; and they claim that it is so for these articles and lor coffee and | other articies called neces-ities of the hou old because of the determination apparent amoung householders since the panic to “haul iu sail,’ to adopt A RIGID RULE OF ECONOMY. “You see,” said a wholesale dewler to the re- house can’t get money as easily as she used to, and by giving her personal attention to ber kitchen lung as two pounds were made to last when Brid- and all r regular visits control below stairs.” This being 80, It 18 easy to see that ar- ticles that are rated among the luxuries are not in very active demand, Sardines, for instance, ure now $1 less per dozen in boxes th re lust year. Ali French goods, in fact, are in very imited demand, less per hundred weight; molasses ts 15 to 20 cents per gallop less tor the uner grad the common grades being about the same as last year. In every instance the wholesale grocers calied upon laid the whole blame 01 the duiness of the trade and the fail in prices to the uncertain stand of Con- gress as to the finances. “We are ali,” said ove of them, “in a quandary. There 18 a total want of confidence among the trade, and no one knowe exactly what is best to be done, If Congress had not touched the tmancial question at ail it would have been better, and if it had not I think that trade of all kinds would have settled down to its proper level, and we would be much NEARER SPECIA PAYMENTS than we are now. The only possible way for us to do anything like an active business under the present uucertain stand of affairs is for those of us who have been fortunate enough to have a good stock of everything on hand to put down prices as we have done, otherwise we could not sell certain goods at all. As to the inflation policy, there is not a business man in our trade or in auy other that is not opposed to inflation. Tue only Men Who are in favor of it now are A SET OF RASCALLY SPKCULATORS, who care nothing tor the solid business of the country so long as they can gratify wneir selfish | ends. Congress has kept the busiuess men in the country too long in suspense, and whatever little relief the extra issue of yreenbacks may give now comes too late. i inflation Was to do good Con- gress should have decided the question two months ago. What we now fear is that Congress may pring i otuer bills ‘reguiating’ the finances, and is this | WANT OF CONFIDENCE IN THE NATIONAL LEGISLA- TURE that keeps us in suspense and stagnates business generaliy, The safest thing tor the country, finan- | cially speaking, in the opinion of business, men, is | the speedy adjournment of Congress.” | The possitatity ay a new issue af inconvertidle paper Iregard with amazement and anxiety, and, m my judgment, such an issue would be a detri- | ment and @ shane.—CHARLES SUMNER, | The Liquor Trade. The liquor trade, at least so far as importea liquors are concerned, has also been materially aifected by the unsettied state of the Anances and the tomfoolery of Congress in dealing with the fnan- Cial question. It has become necessary during the past two months for many of the wholesale dealers to extend the credit of their.customers in | the retail trade, in order that they might make | both ends meet, As to the wholesale trade itself, the dealers compiain of a considerable falling oif 1n business, and many of them are losing a great deal of money by re.son of not having a large enough stock on hand to satis.y ali the demands Made upon them, and who were ieartul if they hud some time ago ordered a heavy stock’ they might be losers by it. On the other hand, there are maby Who are rather in a fix because of the | fact that they have had for a long while a heavy Stock on hand, and have been obliged, in order to sell at all, to lower their prices, In the matter of champagnes one large irm, baving & good stuck on hand, in order to | MAKE THE TRADE LIVELY are now selling their goods at $2, gold, less than most importers are charging on the import price. As one of the firm remarked, they could “afford to do this, ior the reason that there are plenty of people who have the cash who are always ready to pay tora good bargain.” The prices asked by firms like this jor champagnes are as follows, per basket:—Piper Heidsick, $24 50; Mumm’s, $23; Moet & Chandon, $22. ‘Ihe dealers complain that there is great dulness in the sale of rare wines and fine vrandies, and that where they last year got orders by the dozen a week from private lam- ilies they scarcely now get one a month. They cluim that, in addition to the financtal troabies, the strikes here and there throughout the country have done mucn to curtail the demand for good liquors in large quantities. every one else, they say, economizing, and are un- Willing to spend much luxuries any more than the middle classes are for the higher grade of tabie necessities. Hence there isa great lalling off in the demand for the fuer goods and @ consequent stagnation in the trade hat 18 causing the wholesae men to pray devoutly for the adjournment of Congress and a fixed finan- Clal state of things for their future guidance, Iron. The iron trade, by reason of the same causes Which have deadened business in other trades, has been almost at a standstill since Congress has been in session. The reporter paid a visit to sov- erai of the large tron houses in the city yesterday, and the plaint of every one was the same, The panic had given the trade a staggering blow, and just as it was getting on its legs again, hoping that the worst was over, in came Congress with its financial notions, creating @ distrust of the future which effectually laid it on 1t8 back. One of the heaviest iron firms in town, and which, like every other large iron firm, deals extensively in but # very small stock on hand, and they felt that it would be ‘the part of prudence to increase their stock to meet any heavy demand might be made upon them, the uncertatu policy of Congress stared them full in the face and deterred them from doing 80, The fact 1s, according to the statements made to the reporter, that the trade was never duller since the war than it now is, ‘Those called upon for imformation claim that they have been placed by THE FINANCIAL TINKERS AT WASHINGTON between two fires, If they go to work and get in a large stock, and the result of tie Congresstonal policy would be to stagnate business more than at present and thus cut of a large demand for the goods, they would come out heavy losers, On the other hand, tf business should suddenly revive for @ short time, by reason of the President's signing the $400,000,000 bill (aud they ail seem to agree that, if the resuit is a revival o( business, it can ouly be for @ snort time) and they shouid not have @ stock on hand suiicient to meet all demands, | they would be losers just ie same. The railroad | panic, that, whenever to fathom What disasters may yet be in store | le “rise” on | porter, “it all comes about because the lady of tne | she isenabled to make a pound of cotice last as | Hominy and cornmeal are $1 | the | Capitalists are lke | money at present in | railroad iron, states that they have had, since the | | companies say, the reporter was informed by the frou men, that their materia! 18 wearing out fast, owing to the fact that they have not dared, #inee the panic, to give any large orders ior new mate- rial, and that they are undecided 28 to | Whether they will give any orders until | the financial policy of the government is fixed aelinitely. They are, some of them assert, to enter into any expensive undertaking, lest might be badly dainaged and lett consider: of pocket by some sudden financial experiment of | Congress, One of the iron deaiers frankly cone Jessed that he believed, if the $409,000,000 were Signed by the President, business 1n every depart. Ment of industry would be stimulated; but, he added, quite sivuificantly, “Phe trade is opposed to tue idea of inflation, I think, to a man, and if we had our own way we would rather see the present outstanding circulatins medium considerably con- | tracted, Yet, white this indauon we are about to | Bet bestowed upon us will do us good probably for 4 while, there is pot a man in business who does uot Jee! in his heart that it will be followed by. | _4 PANIO FAR WORSE THAN THAT OF SEPTEMBER, | Which will bring suflering to the rich and the poor alike—bankrupicy to the nation, m tact? Of course, Owing to the duiness in the iron trade, the , as compared With those of last year, have very much, The feliowing table will show lecrease from the prices of 1573, a8 given by One Of the leading drims in the olty » 1373. sz, Common i 4 7 Pgs 0 ans 0. iron, ordinary sizes Refined tron ensene FF oo 72 50 103%) round and sjaare...0 0220002 98 00 7 0 ¥4 and 344, round and square .. 103 09 82 oD 3h and 4, rolnd and square, 12 25 90 03 100 00 7 0 A 113 00 80 00 pes Found ani square 109 99 a @ } é, round and square J S*i6, round and square i 95 08 d4, round aad square ro 100 | $16, round and square . 150 40 ai we Ovals, hali ovals and haif rounds— | x 9 | 3a 0 102 50 | 4y and 9-16. ow 107 59 | Baha 0 92 oo 0 00 oo 156 00 w 135. 0 00 1000 00 10 00 0 10.00 | , The above is a fair sample of the way the unset- | tled condition of monetary affairs has knocked the | Price of iron down, and what may be expected if \ things go on from bad to worse, The possivility af a new issue af ineonvertidla paper I regard with amazement and anziety, and, | in my judgment, such an issue would be a detrte ment and @ shame.—CUARLES SUMNER, | MASSACHUSETTS’ SENATORSHIP, | eng | The Voting Yesterday in the Legisla« | ture—Dawes’ Men Determined to Hold Out. Boston, March 31, 1874, After seven days’ voting and as many days o} | energetic, active canvassing, the vacancy caused by the death of the late Senator Sumner is not filled, In fact, there are no indications of harmony among the opposing factions of the republicans, and the only man who by any possibility can be ; elected must be acceptable to the democrats, It | seems like fiction to write of the democrats con- trolling the election of a United States Senator in Massachusctis, but the assertion 18 nevertheless an undisputed fact. The republicans are more at loggerheads than ever, The tollowers and sup- | porters of Mr, Dawes, the assumed Butler candi- date, will not yield an inch or listen to any overtures looking to a compromise. In the language of the lamented Sumner to Mr. Stanton, they are bound to “stick.’? In the Convention to-day the jargest vote of any during the canvass Was thrown, but it did not indicate any material change or waveriag among tue legislators. Dawes took the lead, a8 usual, and had 95 votes. Next came Hoar with 78, followed by Curtis with 76, Adams with 16, Banks with half a dozen, Governor Washburn with and the poet Whittier and Congressman Pierce with 1 each, As 138 votes were necessary for 4 choice there was no election, and it is not likely tuere will be one for several duys to come, The supporters of Mr. Hoar, or a great many of them, may, after a while, make | overtures to the democrats to unite upon sucha man as General Banks, The Dawes men are having a social jollification | at the “remont House this evening. ‘They are very enthusiastic, and declare. their intention of standing by their man to the bitter end. The ques- tion of whether or not a convention will be held , on Thursday (Fast Day) is becoming a perplexing ' one, The day is a legal holiday in Massachusetts, while the law regarding the election of a United States Senator provides that a vote shall be taken daily, except Sundays, until an election is had, A legal opinion will be rendered to-morrow, and pro- bably to the effect that Fast Day cannot interrupt the progress of the eiection. If tiis is the decision there will be considerable growling among toe ; Country members, | WESTCHESTER TOWN ELECTIONS. The annual election for local ofMcers m the | Various towns throughout Westchester county took place yesterday. Although @ iarge vote waa polled the occasion was marked by unusual quiet and order, which even the eager strife of party | Tivalry failed to disturb. The contest in each town, excepting in those places where the success Oi the candidate was a foregoue conclusion, cen- tred around the more important officer oj | Supervisor, the result being always accepted | as a fair test of party strength and progress, | Since the democratic stronghold of the county | has been cut off by the Annexation act, the mana | gers of that party, in what remains of the county, © seem to be foundering in a quagmire of uncertainty, | unable to agree as to the best manner of extri- cating themseives from the dilemma. Owing to | this and other demoralizing dissensions it is not improbable that the day’s work will secure a gain for the republicans in ‘tie Board of Supervisors. As there are no jacilities jor obtaining inermation from a majority of the towns the correct returns from all of taem canuot be Known until to-day. In White Plains E, Horton, repub! elected Supervisor by 125 majority; W. can, wi i. Cutter, , by 121 majority, and W. Hi. Huestis, Justice, majority. The You ‘$ charter election, also held yester- day, resuited in tue choice of Josepi Mastet | detiocrat, for Mayor, by 151 majority. The alder- men elected in tree of the four wards of the city are as follows:—First ward, Abram 8. Radel | independent; Second waid (not heard irom) Third ward, John Ss, White, republican; Fourth ward, Henry R. ticks, republican, Joho H, Wil- liams, repuviican, was elected Supervisor. Accords tug to the latest returns the political complexion of the Board of Aldermen will be the same as it was last year, | 4 CASE OP SMALLPOX IN BROOKLYN, A Woman Dies Abandoned by Every | One=Her Companions Flee from the | House and Keep the Secret—The Body Found Decomposed—Buried in Potter's Field. | A few days since the netgnbors noticed that the house occupied by Annie Seabury and two or three girls, 1 North Fifth street, near Bighth, appeared to be deserted. The attention of the police was. calied to the fact, and finaliy, with the consent of | the owner, the doors were forcea open, Tuere was | @ horrible stench emitted from the rooms, and the windows were thrown open to allow the offensive smell to escape, One of the bealth officera was called in, and in jooking into a bedroom on the second floor he discovered the body ol a woman, | which proved to be that of Miss Seabury, on the bed, well marked with the smallpox. How long the uniortanate Woman had been dead it was linpossible to tell definitely, but decomposition , had made considerable progress, and the efiuvia | arising from tue body was terrible. It would appear that the girls residing with Miss Seabury, on discovering the nature of ner illness | hasvily gathered up their clothing and fled from the contagion, leaving her alone in the house to die from neglect. The health authorities wrapped the body up in the bedclothes and buried it in Pote ter’s Field, and then disiniected the house. The people who reside in the vicinity aver that | the deceased and the giris who resided with her | belonged to an untortunate class, ALL FOOL'S DAY, , As the universal license to make {ools on the firsy of April is unrevoked it is certain that before sun- | set many wide awake citizens wili be made to ask silly questions, A corresponding quota will have papers pinned to their coats, or eagerly pick up valueless parcels, carefully enwrapped, “with in- tent to deceive.” All such victims will, of course, be oy a at. If they be not foois the year round, as well as on this day, they wiil join in toe mirth, And so get as much pleasure out of Ail Fool as those who toil hard to produce the diversion, ————__—_ The possibility of a new tssue af inconvertidie. paper Iregara with amazement and anciety, and, in my Judgment, such an issue would be a det ment and a shame,—CU ARLES SUMNER, :