The New York Herald Newspaper, April 2, 1874, Page 3

WASHINGTON. se ‘The Debate on the Currency Bill Approaching Conclusion. THE SPECTRE OF FREE BANKING. The Amount of Currency Required by the Country. + LOGAN’S ARTFUL WAYS. The possibility of a new issue af tnoonvertidle Paper I regard with amazement and anciety, and, tn my judgment, such an issue would be a detrt- ment and a shame,—OUARLES SUMNER, Wasumaton, April 1, 1874. The Effort to Stave Off Final Action— Both Parties Wedded to Their Views— Logan Nursing the Skeleton of Free | Banking—Contest Between the Restrict~ ives and Their Opponents. ‘The Senate was considerably worried to-day by the continuance of that system of amendments and speech making which has so much served to stave of final action on the financial question, Up to thia time obstruction seemed to be the animannog policy of the “contractionisis,” and it would seem that some of the oldest practitioners, who are most skilled in managing parliamentary bodies, have resolved that the only hope of having their counsels Prevail is by this method, and thereby finally to restrain those who are in majority from going for- ward in their course. The condition of the bill is not materially changed since yesterday, though, What with more amendments and sprightly debate, the Senate really managed to have two significant votes, which argue that up to this time both sides, contractionists ana inflationisis, are still firmiy'wedded to their convictions, as pre- viously explained in these despatches, The first vote was on an amendment of Senator Davis to the amendment of Senator Gordon, naming Penn- Sylvania, instead of Maine, as the State according ww the proportion of which the bank circulation provided by the third section of the bill should be spportioned among the other States. This was Jost, though only by the very close vote of 25 yeas to 26 nays. Considerable excitement prevuiled in the Chamber owing to this unexpected result, and the President pro tempore had to rap vigor- ously to get the Senate restored to order. The Votes of Senators Merrimon, McCreery and Gold- thwaite in the negative settled the question. This amendment would give about $120,000,000 of in- creased circulation, whereas Senator Merrtmon gays that the couutry docs not need more than the $46,000,000 increase provided for by his amendment and possibly could do With less. He does not want any more than will simply loosen business and not change the present state of values. Senator Ransom, also irom the same State, says that at least $100,000,000 is needed. The intention to try the vote on Maine and New York was kept in abeyance by this test, though before adjournment it had been resolved among the Senators to test the question again on the State of New York. An equally important trial ‘was made by Senator Morrill in the direction of contraction. His amendment provided an increase of the banking circulation of $40,000,000. This was lost by a very decided vote of 30 nays to 19 yeas. ‘Then came up the spectre of free bank- ing, “pute and simple,” which so frightens “the Souls of fearful adversaries” that they depict nothing but madness, blight and ruin in the train of its ghastly reign, and since it was ban- ished by a vote when Senator Cameron brougnt the skeleton from the closet it has been carefully guarded by Senator Logan, who presented it again Jor contemplation and asked that it might be Javorably considered. He presented it as asub- stitute, just as he had dune once before, but with ‘two additional sections. Prior to this he said that he would introduce the House Free Banking bill. Considerable bantering occurred, and Senators Schurz and Sherman endeavored to get him to take a vote on the additional sections and after- Wards move the parent measure as a sub- Btitute for the third section of the bill. But Sena- tor Logan was quite as wary as the two able strategists who were trying to handle him; and then, to test the question of free banking, in order to know if the minority would support it, he moved to strike out and amend the third section by the insertion of a single word, “the,” before that of ‘banks,’ @ new vection. This was an artful measure as the others thought, and, amidst some good natured cross firing, it was evident that the triends of Senator Sherman were not to be caugiit Mapping. A strong disposition to get toa vote on Senator Logan’s proposition was manifested both by the author of it and Senator Morton, to which ‘was added an avowal of the desire to sit it out; but the love of dinner, and @ preference that the Inystery should remain in uncertainty, prevaiied ‘with the Senate, and the apparently inevitable waa Set aside by a motion to adjourn, on which Senator Morton promptly caliea the yeas and nays, But he could not influence the Senate at the late hour, and, by @ vote of 23 yeas to 25 Days, the adjournment was had, and so two im- Portant meusures remain undecided—viz., the third section o: the bill ana But there ts an evident determination to do something in tie latter respect which will put the cry for more banking facilities at rest, The sense of the majority is in favor of restricting at by convertibility, and, if the issue can be brought | up or will be permitced by Senator Logan, it may Undergo the restriction of being issued on a five per cent or other bond of redemption, Should this Plan be adopted it will virtually supersede the $46,000,000 amendment of Senator Merrimon; but, as the voting goes now, he, with bis friends, hold the balance of power, though there is this qilemma—the contractionists wili submit to tree banking only when they can surround it with safe- guards; the inflationists will take it only “pure | and simple.” Senator Merrimon wants his amend- Ment to pass. and can, uf he desires, prevent free banking, either with or without restrictions, irom | passing. If the issue is fought down and decided in the negative he can liave a chance, witn tne aid of the 8o-cailed minority or Sherman following, ot carrying his $46,000,000 amendment, Of course Senator Merrimon cannot contemplate free banking in either light with complacency, since, if carried one way or the other, he will be placed hors de combat with his amendment, which will then become a superfluous agent of relief to the Scarcity of circulation, which is contended for as ‘the basis of his amendment, as also the Free Bank- ing bill. So between the substitute of Senator Logan, with or without restrictions, and the Mer- rimon amendment, the latter has the best chance Oi utimate success, Nothing wiil impair this ex- cept aa exceedingly close vote on the third sec- tion, with “New York” inserted; nut the positive strength to carry that has not been developed yet, though there will be a revision of the forces to see ifa reserve cannot be brought up to elfect this. Senator Morton was very much provoked at the adjournment without a vote on the third section, as amended by Senator Logan, and several consul- tations were held by the Senators acting in con- cert with them, which manifested interest and a careful survey of the field, which, it 18 not too Much to say, is not as satisiactory as it was to ‘the “more money” men. The financial horoscope, at a late hour to-night, portends that free banking unrestricted cannot be carried in the Senate, but a vote will be had on the third section of the Finance Committee bill, which will not be a test on the general question, but will be for the purpose of testing the sincerity of tne committee in putting the section tito the dill. Atshouid thus pass it will not materially change the programme nor make it necessary to take it up for adoption when the bill goes to the Senate, Jor it may then be altered by amendment or sub- stitute, so as to obliterate or change it entirely, 80 ‘that it will lose ail Of its primitive taentity, If it faa. whieh je not unlikely, though a Jeading San. so as to make it | iree banking. | tf NEW YORK HERALD, THURSDAY, APRIL 2, 1874.—TRIPLE SHEET. ator contends tnat it will be carried, then the Merrimon amendment will be carried, as 19 generally conceded can be done. The deter- Mination is to sit the bill ont to-mor- row and perfect it; then it will be taken to the Senate from the Committee of the Whole, before whom it ts now, technically speak- ing, and placed on its passage, when the question | will be on the concurrence of the Senate with the | amendments offered in the Committee of the Whole. It will then be open to debate; but it is confidently hoped that a perfected bill will be had by the close of the week, unless the extraordinary efforts to postpone action thas far resorted to shall be continued. The method of convertibility to be adopted, as also the question of fixing the date of | specie resumption, are involved in s0 much uncer- tainty that at this time it is not possibie to fore- shadow events, A strong disposition prevails to allow the latter proposition to remain in abey- ance, and 4s to the former one, 80 much difference of opinion prevatis as to gold interest-bearing bonds that no conclusion can be reached yet. The Speeches on the Currency Bill in | the Senate—The Maiden Effort o: Senator Jones, of Nevada—Manifestation of Unexpected Ability. The special feature in the Senate to-day was the | maiden speech of Senator Jones, of Nevada, into which he glided smoothly from the stays of a ques- tion which he put to Senator Morton, and which evoked a reply not complimentary to Nevada. The nitherto silent atx miliion representative of “Honest Miners’ Camp,” infected with the influence of the | Sharp sparring, went over the question of contrac- tion and expansion oriefy, and the desire, 60 natural, of hearing a new speaker, together with his manifestation of unsuspected ability, created quite a sensation, and he was listened to attentively | throughout, He exhibited a remarkable tamillarity with the statistics of the industrial, agricultural and mining classes of the whole country, and created great laughter by his ready response to Senator Morton, when reference was made to gamblers, that those of Nevada would not call on the government to pay their debts, The opponents of expansion derived great satisfaction from Senator Jones’ speech, especially when he said that “increased currency, instead of being the spade of the husbandman, was the dice box of the gambler.”” He closed by appealing to the Senate to pause before proceeding to increase the limits of the paper currency of the country. He spoke as one of the most pronounced of “gold basis” ex- ponents, and said his plan was that the Treasury should hold gold and the government, through Con- | gress, declare for specie resumption on July 1, 1876, redeeming the legal tender in gold interest | bearing bonds and finally in coin, The possiditity Qf a new tssue af inconvertible paper I regard with amazement and anxiety, and, in my judgment, such an issue would be a detri- ment and a shame.—CHARLES SUMNER. The Currency Debate in the House—The ‘Western Men Prepared to Inflate Their Views—Want of Organization in the Respective Forces. The Forty-third Congress entered on the fifth ; Month of its first seasion to-day, with a record of having accomplished less in so long a time superior to that of any previous Congress. Both branches are now engaged in tinkering the finances of the country, and, with but few exceptions, nearly all the members are ‘more money” men, and would gladly take $7,000 or $8,000 a session for their do-nothing policy. The House to-day gave attention to the speeches of W. W. Phelps, of New Jersey, and J, RK. Hawley, of Uonnect- | icut, both members of the Committee on Bank- | ing and Currency, who closed the debate on the pending finance bill, so far as the committee is concerned, To-morrow prominent Western mem- bers are to inflate their views. The debate will extend into next week, aud how much longer no one knows. Mr. Maynard, chairman of the Bank- ing and Currency Committee, is in charge oi the bill. It is said that he is wholly indifferent about its future welfare, and when approached by mem- bers to give notice that he would at an early day move the previous question has replied, “Let the members talkit out.” This realiy leaves the bill without @ manager; for if the chairman Is indif- ferent no che can predict how many members will present substitutes or embarrass the measure with pet amendments. On the other hand, | there ts no recoznized leader of the oppos- | ing forces, as in the Senate, where the forces are well disciplined and present an unbroken front on every vote. When a vote is reached, the seventh section, providing for or- | | ganization of banking associations without circu- | lation, and the eighth section authorizing the | issue of 2,000,000 of notes a month, redeemable in | | gold at the expiration of two years, will be | | stricken out, What other razeeing the bill will | receive is not known. As to the paternity of the | | bill Mr. Phelps, in nis speech to-day, said it was the result of conflicting views and the eighth sec- | tion was what would induce him to support the | whole bill, For the same reason other members | of the committee will now oppose it. As already | stated, a principle which two-thirds of the House are in favor of will, when the attempt is made to | embody it ina bill, give rise to a great variety of opinions and amendments, and, if with no greater | success than in the Senate, where the members | are almost evenly divided, the day of an accepta- ble free banking vill to the majority may not be for weeks hence, The Public Debt Statement—The De- crease During March. The following 18 @ recapitulation of the public debt statement:— DEBT BEARING INTEREST IN Bonds at 6 per cent.. Bonds at 5 per cent.... | _ Principal. | | COIN. | Interest... +. i DEBT BEARING INTEREST IN LAWFUL MONEY. Certiticates of indebtedness at 4 pe $678,000 ion fund at 3 per cent 14,000,000 | Principal... $14,678,000 | | Interest... . 107,690 | | DEBT ON WHICH INTEREST HAS CRASED SINCE Ma- | TURITY. TH | Principal $6,852, | | Interest, 255,075 | | DEBT BEARING NO INTERES! Old demand and legal tender notes 382,076,837 | Certificates of deposit. 51,720,000 | | Fractional currency. 49,102,660 | | Coin certificates.. 37,045,000 Principal... Unclaimed interest, $519,945,497 | 19,064 $2,206,381,808 | 2u, 676,661 $2,296,058, 559 CASH IN THE TREASURY. wae $86,121,879 Currency..... Sain i 4,526,451 Special deposits held for redemption ‘of certificates of deposit as provided DY IWeevesseeeseeeseeesersceseerecess 61,720,000 | Total... sesseceeesees $142,867,890 | DEBT, LESS CASH IN THE TREASURY. April 1, Is74 . $2,152,690, 728 March 2, 1874, 2, 154,880,066 Decrease of debt during past month.. $2,189,238 | Increase of devt from June 30, 1873... 4,872,014 BONDS ISSUED TO PACIFIC RAILROAD COMPANIES, IN- TEREST PAYABLE IN LAWFUL MONEY. Principal outstanding........... $64,623,512 Interest accrued and not yet paid. 969,352 interest paid by United States........ 22,386,691 interest repaid by transportation of GE, Boies sdcovdeccsevessiasevess 6,051,367 Balance of interest paia by the United STALEB Le eeccceeceseceeeeeceee cesses $817,335, 323 The statement shows a reduction during March Of $2,189,338, The possibitity of a new issue of tnconvertidle paper I regard with amazement and anzxiety, and, in my judgment, such an issue would be a detri- ment and a shame.—CHARLES SUMNER, The Howard Investigation. In the Howard Court to-day the testimony of the clerks in the Second Auditor's omce was con- tinued as to the manner of disbursing money under the Freedman’s Bureau, Mr. Sims, the chief of one of the divisions in the Auditor's office, stated he did not think General Howard could have known or rectified the mistakes of other dis- bursing officers for which he was held respon- sible, The Judge Advocate made an argument favoring @ motion that ire submitted, reading the opinions ofthe Thira Auditor and Second Vomptrouer as part of his argument, wherein these officials de- cided that accounta conld not be opened | nome, sick and not paired; while those on that except when errors or and even then it was customary to art supplementary accounts, ‘The motion was to have several commissioners appointed by the Department commanders to visit the claim- ante who have made complaint, and take testi- mony under oath, to be forwarded for the use of the court; this to be done in the 174 cases presented, General Howard, by counsel, said that no man in any court could be condemned by the affidavit of a complainant. The motion of the Judge Advocate was then mended, 80 as to take full testimony in each case. The Court adjourned while the consideration Of this case was pending. The Sanborn Investigation—Who Is the Head of the Treasury Department. The Committee of Ways and Means are fully satis- fled with the result of tne Sanborn trial in Brook- lyn, and have sent for him to enlighten the Com- mittee by whose influence he obtained so favor- able a contract. The examination of Secretary Richardson and Assistant Secretary Sawyer has failed to give the Committee any information as to who Is the responsible head of the Treasury De- Partment, Mr. Sawyer to-day said he did not know, but was more diplomatic in his expresstons than the Secretary was yesterday. A majority of the Committee are of the opinion that Mr. Sanborn 48, and @ resolution will be offered in the House calling upon him for information respecting the Operations of the Syndicate, as a previous resolu- tion to this effect, sent to the Secretary of the Treasury early in this session, has never been answered. The Admission of New Mexico. The House Committee on Territories to-day had again under consideration Delegate Elkins’ bill for the admission of New Mexico as a State in the Union. No action was taken, but there ts every indication that the committee will report the bill favorably. The possibility q» a new issue af inconvertible paper I regard with amazement and anziety, and, in my judgment, such an issue would ve a detri- ment and a shame,—CHARLES SUMNER, THE DEBATE ON THE CURRENCY BILL. The Far West on Irredeemable Paper— Currency the Dice Box of the Gam- bler. fraud were shown, WASHINGTON, April 1, 1874. The Senate this morning resumed the considera- tion of the bill to provide ior the redemption and reissue of United States notes and for free bank- ing, the pending question being on the amendment of Mr. Gordon to that of Mr. Logan, which provides for the organization of national banking associa- tions in any State or Territory having a less pro- portion of national bank circulation than the State of Maine, and the issue of such currency on the basis of population and wealth, until each State and Territory has an amount of such bank circula- tion equal to that of the State of Maine, Mr. Davis, (dem) of W. Va, moved to amend the amendment by striking out “Maine” and in- serting in the place thereof “Pennsylvania.” Mr. Davis said, according to a calculation which he had made, the additional circu'ation under Mr. Gordon’s amendment would be about $280, 000,000 ; but if his (Mr. Davis) Amendment be adopted the additional circulation would be $110,000,000, Based upon New York, as proposed by the committee, it | Would be about $124,000,000. Mr. SHERMAN, (rep.) of Ohio, said:—Upon the basis of Maine the additional circulation would be About $263,000,000; upon the basis of New York, $110,000,000, and upon the basis of Pennsylvania it Would be over $110,000,000, Mr. Gorpon, (dem.) of Ga., accepted the amend- ment proposed by Mr. Davis. Mr. MorTON, (rep.) of Ind., said the people wanted more money and the country would come to specie payment when it could. There was no use to talk about specie payment now. He had noticed ina leading New York paper yesterday that inflation meant war; that inflation wouid be resisted by force of‘arms, Such statements were not more unreasonable than similar ones made on the Noor of the Senate. Mr. SARGENT, (rep.) Of Cal., said it was time to | enter one energetic protest against the assump- tion of the expansionists that they were in the majority. Why were they in the majority? Be- cause Massachusetts was unrepresented on ‘this floor, one Senator being dead and the other at side had every one of ther members absent paired. Mr. LoGaN, (rep.) of Ill., said:—This debate, day | after day, was a determination on the part of the minority to procrastinate, and he saw no use in going over the same argumentsevery day. The amendment of Mr. Logan having been offered as a substitute ior the third section of the commu‘tce’s bill, and he having accepted the amendment of Mr. Gordon, also the amendment of | Mr. Davis, which provides that the national bank circulation in those States and Territories having less than their proportion shall be, upon the basis of population and wealth, until h State and Territory has an amountof such bank circulation equa) to that 01 Pennsylvania, leaving tne section as reported by the committee, with the exception of substituting Pennsylvania for New York, was re- jected by—yeas 25, nays 26—a8 lollows:— Yxas—Messrs. Boreman, Carpenter, Conover, Cooper, Davis, Dennis, Ferry of Michigan,’ Gordon, ‘Harvey, Hitchcock, Lewis, Logan, Mitchell,’ Morton, ‘Norwood, | Oglesby, Patterson, ease, Pratt,’ Ramsey, Robert-on, cout, Spencer, Sprague und Tipton—25, i—Messrs. Anthouy, Bogy, Chandler, Conkling, Cragin, Fenton, Frelinghuysen, Goldthwalte, Hager, Hamilion of Inalana, Hamiiton ot texas, Hailin, Howe, Jones, MeCreery, Merrimon, Morrill of Maine, Morrill of Vermont, Sargent, saulsbury, schurz, Sherman, stewart, Thurman, Wadieigh and Windom—26, Mr. MORRILL, (rep.) of Vt., offered an amend- ment providing that the maximum limit cf trecttonal curreacy issued for circulation shall oe fixed at $40,000,000, and that the excess outstand- ing be withdrawn as early as practicable, ir. JONES, (rep.) Of Nev., saia it appeared to him as t/ tt was the Middie and Southern States which lacked prosperity. In his State they pro- | duced nothing but gold and silver, and that gold | and silver was given to those who brought goods there for it. 1t was good all over the world and would remain in this country were It aot driven out by vic.ous legisiation. Mr. MorTON said the people of Nevada had re- fused to take the greenbacks which Congress had made a legal tender, and he would like to know what would have become of the Raa i the other States had foliowed the exampie of Nevada? Mr, JONES said the rebellion could have been pa down for $1,500,000, 000 less than itdid cost. The rat Move in putting down the rebetiion was the | manufacture of irredeemable paper money, which demoralized the entire country and allowed debtors to pay creditors from thirty to fi'ty per cent less than they owed. As @ last resort, how- ever, he would have issued this irredeemabie paper money, and not at the very beginning. The loyal people of this country were almost airaid to inves- tigate the manner in which the rebellion was | suppressed. He believed it to be the duty of this Senate, the highest body in the land, to investi- rate this matter, because another rebellion might e raised, and a little investigation would show it might be put down at less cost than the jormer | one, which cost double the amount it should nave done, The Senate had voted to do nothing to pay this irredeemable paper money, He quoted irom the census to show that farmers received less than any other class for their tabor, and said the issue of more money would Qggravate speculation and the farmer eacu ear would get less sor bis products, The last hing wanted ia this country is banks, as they do but very little towards the production of wealth. The result of this irredeemable paper currency was to have the haunts and streets of the specula- tors covered all over with palatial residences, while tarms were covered all along with blisters in the shape of Lek es. No nation could be strong and dishonest. This paper money measured nothing but the hopes and the confidence of ve peopie. Mr. Morton inquired if there had not been gam- bhing in Caluornia, Mr. Jongs—Not in stocks. We buy what we think is valuable and seli it when we think it more valuable. We have never cailed upon tne United States government to relieve the gambier from nis Nabilities and for the issue of more money. (A plause in the galleries.) He had no doubt there was Money enough in this country now for every legiti- mate enterprise, As long aa it was easier to lounge at the seaside and to live a itte of ease than to labor, 80 long there would be a cry for more money. Gold had ali the requisites as a measure of value. The human heart is set upon it, and it will command the services of everybody. A piece of paper merely said, “Che honor of this govern- ment 1s pledged,” and the custo: ‘of the gov- ernment reiuse to take any steps redeem It. This currency, instead of being the spade of the nusbandman, was the dice box of gam- blers. RS ad in the galleries, which was promptly checked by the President He oped the Senate would ause before it put this country on the road to Bennrapecy andruin, He sympathized with the debtors of the West, but thought the superabund- ance of money got them into their present troupe and would get them into more, He hoped the Senate would 100k to the integrity of the country, as no country could be prosperous which inored the proposition tuat “honesty 18 the best policy.’ If money 16 80 scarce in this country why {s it the people do not give more for it? Why is it the value of piomecty here diders {rom that all over the worid / favored fixing the time for return to specie payment in January or July, 1876, and the people would put their houses in order jor it by that time. Gold would not circulate in the Souih, where peo- ple own 2,000 or 3,000 acres of land, do nothing, and wonder why they have not more money, Property 18 imflated up to the highest pitch, aud a man ish enoagh to oe the present price for it would not have money lo! only Way to get money is by industry and labor. Gold does not respect persons nor previous condition of servi- w le. The amendment of Mr. Morrill fixing tne volume of fractional currency at $40,000,000 was rejected— Yeas 19, nays 30, Mr. SHERMAN moved an amendment repealing portions of sections 31 and 32 of the Nationa: Cur- Teney act, 80 a8 tO require that national banks shail keep their lawful money reserve within their own vaults, iorbicding them to keep their reserves elsewhere, and providing tuat no national bank aban redeem its notes at any other place than over its own counter, MY. SHEKMAN gave notice that he would offer other amendments, one of which would be to re- instate the second section of tne bill in @ modified form, 80 a8 to provide for a return to specie pay- ment in 1877 or even 1878, Again he would like to see the fourth section reinstated, modified by striking out “seventy” as the ratio of legal tenders to be retired, and ingert tn tteu thereor ray 9 Mr. Logan offered as an amendment the bill in- troduced in the House of Representatives a few days ago by Mr. Merriam, requiring national banks to keep ve per cent of their circulation in the Treasury of the United States, 1o be used in re- demption thereof, bat subsequently withdrew it. Mr. CHANDLER moved the Senate to adjourn. vgs this motion tue yeas and nays were called, and the motion was adopted—veas 28, nays 25— and the Senate, at five o'clock, adjourned. HOUSE OF REPRESENTATIVES, Anti-Inflationists in the House. WASHINGTON, April 1, 1874, After Mr. Rarney, (rep.) of S. C., had replied to the statement of the Repubiican Central Vommit- tee of his State with reference to the recent ous- burst of indignation among the taxpayers, and Mr. CLYMBR, (dem.) of Pa, had reported a bill authorizing the Secretary of the Interior to sell certain unappropriated lands to the Mennonites of Russia, the Currency bill was taken up in the House, Mr. PHELPS, (rep.) of N. J., spoke against tne bill, and against the inflation of the currency. He spoke, he said, for the interests of labor in the fleld and labor in the shop, While the moral effects of @ depreciated currency might permeate all classes, rich and poor alike, the pecuniary loss, the mate- rial suffering fell on the poor man. ‘The rich man, the merchant, in the intinite variety of invest- ments could protect himself. Wall street, Beacon street and Chestnut street could take care of themselves, and throw off the burdens of a depre- clated currency or change them by alchemy into health, The poor man could not throw off a single burden, Therefore it was that as a representa- tive he should speak for the poor man. He spoke jor the farmers, whose ploughs were rusting in their furrows; tor 5,000 mechanics who darkened the streets of Paterson with their patient wating. They had asked for bread and had got a stone—for money, and Congresa had given them a rag, CONNECTICUT AGAINST INFLATION. Mr. HAWLEY, (rep.) of Conn, (another member of the Banking Gommittee), iollowed on the same side of the question. He argued that if the nation was pledged to anything it was pledged to the early resumption Of specie payment, it was pledged to the redemption of tne legal tender cur- rency, and that pledge should be kept. ‘the action of the conventions of voth great political parties was in favor of & speedy return to specie pay- ments, He characterized as unconstitutional the $44,000,000 inflation. He declared that he could not vote for tue pending bill, He knew that it had one good thing it, and that was the feature intro- duced py Mr. Phelps, providing for the monthiy issue Of $2,000,000 of gold notes as substitutes for an equal volume of legal tender notes, redeemable in two years; so far the bill was goed, for it planted @ mustard seed of resumption. It pegan to look toward real money by and by;.but he was not satisfied with the general provisions of the bill, He was not satisfied with any bul which did nut bear in mind the great primary sa 3 returning to the true staudard of value, ‘he practical redemption proposed in this bill he had seen On the jine of the Pacific Ratiroad; but there they termed it “three card monte.” He would vote every dollar of mere paper money out of his town and out of his State before he would consent to ten cents of inflation, and he would stay at tome | rom Congress all the rest of nis life rather than do it. He warned the House that ifit passed this bill it would be taking a step fraught with more evil to the country than the Kansas-Nevbraska bil, which had been so big with controversy and war, Would they, he asked, ever find it easier to go back toward specie payments than now? Would they ever have more virtue than now? He declared that te would not vote for any man for oftice, even nis dearest friend, who did not have sound principles on the question ot a return to specie payment. At tho elnse of Mr, Hawley’s speech @ colioquy arose vetween Mr. E. R HoaRy ( )-of Mass., and Mr. ELDRIDGE in regard to the i decision o! the Supreme Court, Mr. Eldridge de- claring that the decision Would have been differ- ent if two new associate justices had not been appointed at that time, and Mr. Hoar asserting peaeene decision Was made before their appoint- men The House then, at five o’ciock, took a recess till nalf-past seven, the evening session to be tor action on the bill for the revision of the laws, Mr. | PoLaNnp stating his belief that i¢ would be finished at this evening’s session. The possibility af a new tssue af inconvertible paper I regard with amazement and anxtety, and, tn my judgment, such an issue would be a detri ment and a shame.—CHARLES SUMNER, OBITUARY. Peter A. Hansen, the Astronomer. A telegram from Berlin, under date of yesterday, Ist ist, reports as follows:—‘“Peter Andreas Hansen, the German astronomer, is dead.” Hansen was in the seventy-ninth year of bis age, having been born in Tondern, Schieswig, on the 8th of December 1795, He prosecuted his scien- tific studies at an early age. In the year 1825 he was appointea Professor of Astronomy and Dt- rector ef the Observatory at Seeverg, near Gotha, which position he held very many years. He has written extensively on various branches of astronomical research, but he is best known as an author by his publication containing the result of his investigations on the subject of the perturba- tions of the moon. Encke opposed Hansen’s theo- ries, subsequently advanced, relative to the per- turbations of the planets, a fact which led toa very animated and iuteresting correspondence be- tween the two scientists. The letters were pub. lished in 1856, The memoirs of the Royal Saxon Association of Sciences, in Leipsic (1856, '67, '68), contain valuable contributions from the pen of Hansen, which were placed on the official record by order of the Governing Council. Rev. N. Cogswell. The Barnstable (Mass.) Patriot of the 3ist of March reports as follows :— Rev. Nathaniel Cogswell, a well known clergy- man and citizen, died at Yarmouth, on the 26th inst., at the age of seventy-eight years. He was born at Atkinson, N. H., in 1796, gradnated at Dartmouth College, and settled over the Congre- ational Church and Society in Yarmouth in 1822. le was the last of the old school of ministers in this county, the last of those who were settled for life, the last who remarried and lived and labored and died among the people and society of his first settlement in the ministry. Rufus Mead. Panama Isthmus correspondence of March 22 re- ports as follow Rufus Mead, Esq., late United | States Consul at Corinto, Nicaragua, died on board the steamer Honduras, off San José de Guatemala, at half-past two P.M. on the 11th inst. He had been a sufferer from consumption for a good many years, aud some weeks ago was attacked with in- flaimation of the stomach. He embarked on the 6tn and died as related, in spite of every attention given him on board. Captain Dexter delivered his remains to the United states consular agent ac | San José de Guatemala, The interment was to take place on the 12th, RIEL AT OTTAWA, The Government Unable to Unearth the Troublesome Legisiator. Orrawa, April 1, 1874, The House of Cominons has just adjourned until Tuesday evening next, A motion was made and agreed to ordering the member Louis Riel to at- tend in his place on Wednesday next, Detectives are still watching for him, but thus far they have been unable to unearth the troublesome legisia- tor, There were a great many Orangemen and a the gallery while the House was in seston. THE DEPARTMENT OF PARKS, At the meeting of the Board of Commissioners of Public Parks yesterday the proposals, for lighting the gaslamps in the public parks, of the Harlem Gaslight Company and of the New York Gaslight Company were deciarea the lowest for their re- spective districts; the Harlem Gaslight Company charging $3 25 per month for each lamp, and the New York Gaslight Company $36 per year for each lamp, The agg oy § proposals, irom respectively the Manhattan, New York, Mutual and Metroplitan companies, were referred to the President of the Board for consideration. | | mG 8 ! ANTI-INFLATION BANKERS, | Views of New York Bank Officials. FINANCIAL PROSTRATION FORESHADOWED, Pros and Cons on Congressional Blundering. Yesterday several presidents and other officers | of banks were called upon by HERALD reporters | with @ view of ascertaining what they think about the inflation projects of Congress, A few of those called upon were unwilling to speak their minds freely upon the subject, but the subjoined state- ments by @ few of the more prominent officers will be found of interest. it will be seen that the opinions given are by no means all oue way. The posstritity of a new tssue of tnconvertible paper I regara with amazement and anxtety, and, in my judgment, such an issue would ve a detrt- ment and a shame.—CHARLES SUMNER. The First National Bank, Mr. John Thompson, the President of the First National, expressed bimself to the reporter asin Javor of the Four Hundred Million bill, He said that people who took Mr. Secretary Richardson {or a {ool made a great mis- take, for he knew the Secretary like a book. He believed in him, for he was a smart, Shrewd fellow, and in matters of finance thus far he had not committed any serious bianders, con- sidering the circumstances by which he was surrounded, The idea of the Four Hundrea Million bill becoming a law did not frighten him in the least, Nor ought it to frihten any sensible man who understands anything about finance. He | did not look upon it as expansion. It was, in re- ality, nothing of the kind, It was a necessity. In nis opinion it was all nonsense to talk about its in- terfering in any way with the prosperity of the country. He conceded that in time there might arise @ necessity for another extra issue of legal tender notes, vut he did not think it would create any DISTURBANCE IN THE MONEY MARKET. It was true that the Four Hundred Million bill Was astep away from resumption of specie pay- ments, but bis idea was that people talked the most avout resumption who knew the least about 4t. It was sheer folly to think that we could re- | sume now, and he believed that soltd financial men | would say openly that the Four Muadred Millon | bill wag hot a thing to be scared atil they ouly spoke the truth, In alluding to the petition sent to Congress some time ago by certain persons, asking for resump- tion, and contraction of the currency, Mr. thomp- son said that one had only to glance over some of the names appended to it to see that many of the signers really wanted expansion. In explanation of this view of the matter he referred to the fact that it was blazoned first in the petition that tho signers represented over $500,009, 000 of capital. | ‘This tact had just the eifect on the West and South | that waa intended by some of the signers, in Is | opinion, and the cry went up, “What are these | men driving at? They want to cut our throats.” | There were among the bank officers in this city, he said, many who were expansionists and others who were hard money men. Those who were in- | flationists as well asthe others, in most cases, argued on the financial question simply from THB CONDITION OF THETR OWN RESOURCKS, each one for himself and his interests, und those of bis bank. In asserting that he did not consider the Four Hundred Million bili, or ratuer the jssue of the extra $18,000,000, an actual expansion. Mr. Thompson said that he was confident that Secretary Richardson would et in & great portion of the $26,000,000 he had already made use of before he would be called Bron runes. any of the $18,000,000, In other words, he did not think that the Secretary would be compelied by circumstances, judging from tne present outlook, to use $101 the $18,000,000. It ‘Was to be, in his opinion, a reserve for extraordi- Dary emergencies, whici he believed quite proper. “Only look,” said Mr. Thompson, ‘at the ix the Secretary was in when he bad to issue that $26,000,000. The pauic had stopped the in- come of the government, and, in addition to the expenses to be met tor the fbn g and the navy, &, he had to meet pension roils to the amount of $14,000,000. | What could he do? He did what he ought to have done, and the crisis passed over. I think he will | act with the $18,000,000 as he did with the $26,000,000, if compelled to use any of it, He was once asked, before rag gem by a friend of mine, what he was going to do with the $44,000,000. He repled, ‘I will make use of it iff must, and | will not touch it if { can do without it.’ That, | think, would be his answer to-day to any person who would ask him what he INTENDED TO DO WITH THE EIGHTEEN MILLION DOLLAKS.”” In relation to the proposition now before Con- Gress to increase the national bank note circula- on, Mr. ‘1hompson said that it was folly to sup- pose that the $46,000,000 which it was proposed to issue should be given to the South ana West alone, Said he:—“How can it be done. There is no capi- tal there to establish additional banks. Look at it, | A Man who wants toset be bank has to purchase | the government bonds. He pays $120 for a $100 bond, and he gets $90 only on the strength of this from the government, in notes, It’s a clear loss of $30 on the $100. How can be establish a bank in that way? If he can afford to lose $300 on every $1,000 Co start with, all very well, But it doesn’t , lvok probabie that any man would enter into such | @ profitabie business as that.” | The American Exchange Bank. Mr. John 8. Coe, the President of the American Exchange Bank, took quite a different view of the Four Hundred Million bill and the | action of Congress from that taken by | Mr. Thompson. He believed that it was wrong to give the Secretary of the Treasury the power to issu@ any part of the $18,000,000 at his pleasure. The power was altogether too great to be placed in tne hands of any one man tn the country. By using it he could at will disturb the finances of the country, He believed that the bill was wrong in principle, and that the finances of | the country would be much better to-day it Con- gress had let them alone this session. They would | have, in fact, regulated themselvés. The only | way the finances of any country could be made solid, 80 to speak, was to | PLACE THEM ON A FIRM BASIS, | He had no doubt but that the Four Hundred Million bill would for a time stimulate business, but it would be only for a time. would be,” said he, “like the whiskey drinker. He takes one glass and he feels | pretty comiortable; but by and by he wants wnother and another, and as he goes on drinking to stimulate himself the periods between his drinks become necessarily shorter. That's the | way it will be with this inflation bustneas, One drink will lollow another until by and by we come to & point where there will be disaster. Like the man who has taken so many periodical drinks of whiskey, aiter a time it will become a question | whether he will continue and die of delirium tre- | mens or lie down, send jor the doctor and give up | his drinking altogether.” Mr. Coe remarked, in | speaking 01 the proposed increase of tne national bank note circulation, that it was absurd to talk about Congress apportioning notes to any partic- ular section of the country, “It would not matter @ bit,” said he, “if every dollar of the national bank circulation were depostied in one interior town Of some one of the States. {t would have to come out and go Where capital was." | The possibility of a new issue af inconvertivie | paper I regard with amazement and anxiety, and, in my judgment, such an issue would be a detri- ment and @ shame.—CHARLES SUMNER. The Metropolitan National Bank. The President of the Metropolitan Bank was an- willing to talk freely on the subject of the } Four Hundred Million bill, bat in a brief conversation the reporter had with him he declared that the issue of the $18,000,000 | was @ good thing for the country, He | said it would be folly not to increase the vol- ume of the circulating medium now. The needs of the country demand it. He had nothing but a Jeeling of pity for those men who talked about the “dangers of the future,” that would be brought about by the increase. They did not seem to take into consideration, he said, the fact that since twelve years ago our population has increased by millions, And yet, when it was proposed to issue en ugh currency to go aroudd @ howl was set up about the ruin that was to be the result, In his opinion if in two or three years from now another issue would be found necessary and we were in the same position we are now, he would regard the fact as an evidence that THE COUNTRY WAS PROSPEROUS. “Talk about the legal tender being only 60 many promises to pay,” said he, “why, they are guar- anteed by everything that can be called the prop- erty of the United States. ‘They are guarantee by the ange aatpority as BEVER-HITTY 40) | gotoa hi | Stole horses, humbering, in eee in his talking abont s $1,000 note issued by is ag not being guaranteed /” As the President of thig bank was not willing to have nis name mentioned in the paper, and reiused to converse with the reporter as a reporter, it may be as wel) to show, by the speech of Mr. Jovn K. Wiliams, made at a | Meeting of the Cleartng House Association, on the 27th! September last, what he thinks about infla tion, In that speech he aaid:—What ia the mat- ter? The matter is simply tais—we are too rich in wheat, pork and cotton for our fiman- Glial pocket, That’s all, Don’t be alarmed. We are not poor, we are not frightened; we are only in want of a tow millions of greenbacks, to take the place—and a little more—of those we have sent West to move wheat t. fhe merchants are sound; the country te sound, We are richer to-day than we ever were before, but our volume of currency 18 too small for Practical uses, Are we, indeed, 80 far behind our Cousins as not to be able to help ourselves to the needed remedy when it is within our reach? Can it be possible that all the capital, the surplus funds @nd the deposits of tne New York banks are not good for & Ireasury deposit of $30,000,000 or $40,000,000 of Treasury notes? But the banks must be re/used becanse there is no specific law to direct & technica! officer of the ‘Treasury in this case! Such a deposit iu the assoctated banks of New York Would cure this brokers’ panic—and that’s all it is— in fiiteen minutes! and, most itkely, not one-quar- ter of the ameunt would be touched. I say again, Sir, you are made poor by your sabstantini roues d_ by hegiect of those who ought to provide all the sprains, becessary to do the business of the country without jar or friction. This is what is the Matter, simply and truly. Now for the remedy. You all know that when the Bank of Engiand, in 1843 and 1844, received its present charter, Sir Robert Peel separated the discount from the issue department. He gave us im this country credis for the idea, which originated in the law of this Fret. pane. in 1838. That was the drst law exer pase in the civilized world that required bank bills to be secured outside and independent of the bank. The English statesmen suw and caught the idea. They partially adopted it. They mi the maximum of Circulation £14,000,000, the amount the government owed the bank. circulation above that was to be se- cured to the bang by a deposit of an equal amount in coin. Now this, to us, $70,000,000 circulation, seems a mere bagatelle, and i¢ would be to this Vast country. And the bank bas three times since 1844 had to increase the volume by paying out its reserved notes in violation of its charter. It does Not hesitate to do so Whenever an exportation of coin 13 excessive or the rate of interest is uncom- fortably high. What then? Then the bauk applies to Parliament for an act of indemnity, and it is granted forthwith. This, then, is our remedy. The Treasury holds $44,000,000 of treasury note which ought to be used precisely as the Bank ol Fogians uses hers under stmilar circumstances. In England the bank don’t ask consent; it meets pressing wants of the community with sure immediate remedy—the issue of more notes. r, Williams, {t will be seen by the above, is @ hearty mflationist. - Tho Park Bank. The President of the Park Bank is opposed to the Four Hundred Million bill becoming a law, He said that the great trouble about our finances was that we had an irredeemable currency. He believed that the Issue of the $18,000,000 was only a dose that would gtve but temporary relief. If the infla- tion business was once begun the doses would have to ve repeated every now and then, and no one could tell when the end would be. If the goveru- Ment was in straits he believed that, instead of increasing the volume of the currency, tt should BOON, money and get it at as low interest as pos- sible. the and M The Hanover Bank. President William H. Scott, of the Hanover National Bank, said:—*I have no objections what- ever to giving you my opinion regarding this bill. Tam opposed to it. It ig an unnecessary measure. Money is easy and plenty of it can be had at five | per cent. Gold has already felt the effect and has gone up about three per cent in consequence. ‘The im medtate effect will be that people will rusn into the street to make fortunes, and you will see more transfers of stocks iu the three months following the final passage of this bill than you have ever seen before in the same length of time. ‘The dry goods trade will be lively for a time, but I | fear that the payments next spring will not be quite as rapid as the sales will be this spring. Real estate will improve and the sales will be at good figures lor a time, but there must be a reaction after ell this fictitious increase [i ues, just as there was last fall and two years ago. ‘The passage of this bill will make the paper dollar leas than eighty-six cents, This must affect the prices of everything eveatually. The sale of $5,000,000 of gold by the Sub-Treasurer will not help the market twenty-four nours.’? The possibility of a new issue af tnconvertidle paper I regard with amazemeni and anxtety, and, in my judgment, such an issue would be a detre | Ment anda shame.—CHARLES SUMNER, The Foarth National Bank. Mr. A. Lane, cashier of the Fourth National Bank, said:—‘The President ts absent from the city, but I certainly do not hesitate to say, it I amt asked my opinion In regard to this Four Hundred Militon Currency bill, that Iam opposed to it. The first effect will be to awaken industry, It may start mills again and give employment to many, but the ultimate result will be vad for the coun- try. After business gets settied again and gold goes to the figure which it must reach, on acconnt of the decrease in value of paper, everything must her figure. These are, of course, my Ws, and in no wise represent any one Personal else.’* The Nassaa Bank. President F. M: Harris, of the Nassau Bank, said:—‘l certainly am opposed to the threatened inflation of the currency. There is nothing to commend it to business men; and, although its immediate effect may be well for industry, the re- sult in the end cannot tail to be more or less diastrous. The effect of the movement is already apparent on gold, The effect oy trade will not be apparent before next winter, will undoubtedly make things brisk for a while, and, I think, ‘oreezy’ alter & while.” The Continental Bank. Mr. C. F. Timson, cashier of the Continental Na- tional Bank, said:—“I have not read the bill, but | regard this enormous addition to our currency as disastrous, The effect has been felt already, It will require a rise o! two per cent in all securities throughout the entire country to float this issue | and the general decline in stocks which must eventually follow.” State Bank of New York. President P. W. Duer, of the Bank of the State of New York, saiq:- should think we were opposed to the bill, Still, bankers are all contractionists: it is for our interest to be, We are comsequently Opposed to a jurther inflatton of the currency. Our Opposition, however, seems to be of very little value, as the bill is sure to become a law.” The Presidents ot three banks on Nassau street dechned to say anything on the subject, saying that they feared the power of Congress, and ‘ask- ing as a favor that their reasons for keeping silence should not ve given. MASSACHUSETTS SENATORSHIP, The Eighth Joint Ballot Taken in the Legislature, but No Choice. Boston, April 1, 1874, The vacancy in the United States Senate caused by the death of Mr. Sumner {8 not yet filled. ‘rhe eighth joint vote was haa to-day. resuiting in no choice, ana indicating that the contest is to be | prolonged almost indefinitely, ‘The vote stood as follows:— Whole number of votes Necessary for @ choice, Henry L. Dawes.. E, Rockwood Hoar. B. R, Curtit ). F, Adams. N. P. Banks, .... Wiliam 8, Wasnbarn John G Whittier... Henry L. Pierce Wendell Philips. On account of a fast day coming to-morrow, the contest will not be renewed antil Friday, ana in ‘he meantime the members will have an opportu- yr *y to consult their constituents, — [t is not antici- peated, however, that the consultations will effect aby material changes. za Be Phere INDIAN RAID IN TEXAS, WasHINnoTon, April 1, 187 The following nas been received here :— HeapQuarrers, Fort BuIss, Texas. ASSISTANT ADJUTANT GENERAL, Headquarters De+ artinent of Texas, San Antonio:— IR—I have the honor to state that citizens of | San Elizario, about twenty-two miles [rom this post, report that a party oi Indians, supposed to be from the, Fort Stanton reservation, visited that town about ten aays go, during the night, captur- ing six horses and killing two, The citizens also report that on the night of March 6 another party, algo supposed to be Mescalero Apaches from the Fort Stanton neighborhood, visited the town and the conflicting ac. counts, from ten to twenty. An armed party of citizens of San Elizario traiiea the stolen stock as far as Guadaiupe Pass without overtaking them. They delayed making any earlier report to me, knowing that there was no cavalry at this post available for scouting. Very respectially, 1. 9 Captain Twenty-ffth infantry, commanding. GOOD FRIDAY IN PENNSYLVANIA, ae DiitaPecrnma, April 1, 1874 Aitofiey General Dimmick nas decided that Good Friday ts a legal holiday in this State, and the banks and other public olfices will be closed,