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

WASHINGTON. Expansion of the National Bank Circu- lation Agreed Upon. REDEMPTORY PROVISIONS REJECTED | Growing Arrogance of the West and South. “WE CAN RULE IF WE WILL” The Admission of New Mexico---Appointment | of the Late Judge Hall's Successor. The possibility q a new issue of inconvertible paper I regard with amazement and anxiety, and, in my judgment, such an issue would be a detri- ment and a shamé,—CHARLES SUMNER, WasHINatTon, April 2, 1874, The Victory of the Inflationists in the Senate Yesterday—When a Final Vote May Be Reached. In the Senate to-day the debate on the Financtal | bill was at once vigorously resumed, and the third | section, as proposed by Senator Logan, was taken up. It being evident that there was no disposi- tion among those who have controlled things thus far to have anything to do with the dill, in any shape or manner, and that the faith to which the majority seem from the first to have been pledged ‘Was still strong in them, s0 far as securing relief by an increase in the circulation, General Logan, ‘with that cunning and shrewdness which he has displayed throughout this contest, came to the re- liet of the expansionists, and having concluded that neither free banking nor the third section of the iil could be carried, he withdrew it. It has been evident all along that the Merrimon amendment, increasing the national banking circulation to $400,000,000, was the only mstrumentality whereby any increased bank- img facilities could be secured, as has been intimated in these despatches, and so it was at once brought up by Senator Merrimon as a sudsti- tute for the third section, and it quietly took the Place of the latter, Senators Sherman and Thur- man, two of its hitherto strongest opponents, voting for it. The measure was adopted by the significant vote of 82 to 19,and once more the forces of the majority were brought shoulder to shoulder, though a division has existed vetween them on almost every issue which has come up since the adoption of the amendment striking out the fourth section of the Finance Committee's bill, Senators Sherman and Thurman yielded be- cause they congratulated themselves that the majority had come down trom the prospect of carrsing $240,000,000 and were satisfied with $46,000,000 increase. This was the most important event of the day and secms to be regarded as @ moderate and conserva- tive course of action. Butitis evident that this was the bone of contention in the way of a hearty co-operation and harmony which wiil be required | 80 much in perfecting the bill, and it may now be said that, with the provisions of this amendment tor an increase ot the national banking circulation observed, the road is straight for the majority m the Senate to have anything they want in the way of settling the Financial bill to their satisfaction. Nothing emanating from Senators Schurz, Conk- Mug, Thurman or Sherman, with a view to giving shape to this bill, will be treated witn favorable consideration. The remainder of tne day was taken up with the usual succession of amendments quietly brought out one alter another with the apparent impulse and Senatorial gravity which abemergency in the discussion Of an unripe bill would ordinarily seem to warrant. They are im- med fately taken to beart for earnest treatment and | disposal, and atter having been well analyzed and {| commented upon, they go through the annealing | process of the voting, and, in most cases, come out | spoiled by the operation. This was true to-day of | an amendment offered by Senator Frelinghuysen, | which Senator Morton opposed because it required the hoarding of gold in tie Treasury Department | and would make it scarce in the market, Though | respect(ul attention was given this eflort by the | majority, who seem, as they have progressed in eecomplisbing the work which they have cut out, | to be more peacefully inclined toward the opposi- ton, it was lost by a vote of 21 nays to 15 yeas. Senator Sauisbury added an amendment prohib- | iting the Secretary of tie ‘Treasury from paying interest except on the excess over par value of bonds deposited in the Treasury to secuie circulation. This was lost without a recourse to the calling of the yeas and nays, Then came an amendment, offered by Senator Davis, providing for the withdrawal of $50,000,000 national bank circuiation irom the East and its redistribation in the South and West, The Joss of this amendment by a vote of 31 nays to 20 yeas was the jorerunner of the triumphant carry- | ing of the Merrimon amendment, which was designated some days since in these despatches as __ the ouly one among the amendments which was sure to be aaopted by the Senate. In the range of discussion to-day much of importance was devel- oped, both as to the appreciation of greenbacks, the relieving of a paré of the demand for gold, the advisubility of a tax on tea and tobacco and the ac- cumulation of gold by the government so as to con- trol the gold market. Not the least interesting | was & rundom dissertation on the amount of reserve which ought to be kept by the national banks, and a disposition was undoubtedly maai- . tested to make the law us generous to them as possible, Senator Morrill oferead an amendment, which was finally withdrawn, having for its pur- pose tne redemption in greenbacks by the national banks of their issue, at the Treasury Department. Senator Thurman offered a very importanc amend- ment, which looked aa if it were equitable in more regards than one, to the effect that alter June 30, 1874, and at subsequent dates thereaiter, certain proportions of the duties to be paid to the gov- ernment be receivable in greenbacks in leu of gold, as is now necessary. The day was not with- out its compensations, and @ disposition was man- Mested at its close to perfect the bill, and the sitting-out process was urged. But Sen- ator Anthony, in some references to the observance of Good Friday made a motion that when the Senate adjourn it do so until Monday next. This was ruled ont of order, The financial question was voted to le on the table, by a vote of 23 yeas to 21 nays, whereat | Senator Morton grew exceedingly wrathy and | protested against this procrastination. The peni- tentially inclined Senators were about to put their question o! adjourning over to Monday to a vote, when, by a stroke of Senator Morton's policy, Senator Logan moved that the Senate do now adjoarn, which was changed by unanimous con- sent to a favorable vote for an executive session, after wilich the Senate adjourned. Probable Passage of the Pending Fi- manctal Bill in the House by a Small Majority—A Legislature Controlled by Bad Blood and Dyspepsia. ‘The talk on finance in the House goes bravely on, To-morrow and Saturday will be devoted to private bills, Monday following is “everyboay’s day.” 80 a further inflation of the Congressional record, with speeches on finance, will be deferred until the issue of Wednesday next, The prophets of the House predict that the debate will close on ‘Thursday next, when the amendments wiil be reached, but it is not considered cervain that this process can be made, Tuesday may find the House ready to vote, and not untii all the amendments have been disposed of will the motion to call the Previous question he seconded. Then, when the oil of the committee Is squarely betore the Com- mittee of the Whole for consideration, there will come a contest Whether it shall be voted on asa ‘whole or section by section. A Southern member, who has been connected with the national banking business since the banks were Mrst established, aud has given mucn | in my judgment, such an issue would oe a aetri- NEW YORK HERALD, FRIDAY, APRIL 3, 1874.-TRIPLE SHEET, atvention to the pending bill, says it will pass by a | Majority of thirty. It ts, he says, an average bill, meets the wants of the South and West, is mod- erate in all its plans, aud cannot be objected to ex- cept by rigid contractioniste, A member who tas served many terms says the fate of the bill depends _ entirely upon the time of day the vote is taken. If | it is late in the aiternoon no one can afford to pre- | dict; if early in the session the sober judgment of the House will prevail and a status be fixed which subsequent action will not change. Hus reason for this is that the atmosphere of the hail of the House tn the first two-hours does not vitiate the biood, provoke dyspepsia, aggravate existing ailments; and the average Congressman can act | wisely ; but alter that the House gets unruly. The accuracy of this statement ts confirmed by Speaker Blaine, who finds it more dificult to pre- serve order in the latter part of each day’s session than in the cariier part, A short time ago, when the House was on the point of ad- journing and the buzzing of the restless members Was more confusing than the bum of a cotton mill, the Speaker passionately exclaimed, ‘My God, what a House this ia to manage!’ Those interested in the House voting wisely on the ques- tion of finance are advised to pray fervently that the vote may be taken early in the day. Falling Off of the Revenue and the Pro- vision for the Sinking Fun}. During the course of the debate on the financial question to-day Senator Sherman, chairman of the Finance Committee of the Senate, confirmed the accuracy of the HeRaLp despatches of Monday Inst as vo the sinking fund, and he made the start- ling announcement that we cannot provide for it from the revenue, which, he said, has greatly fallen off, Besides, the remarkable and unlooked for task fell to his lot of explatning for the benefit of some of the Senators the modus operandi whereby the Secretary of the Treasury was dl- rected by law to provide for the sinking fund, The Vacated New York Judgeship— | The Appointment and the Disappoint- ments. The President today nominated William J. Wallace, of Syracuse, N. Y., to be United States District Judge for the Northern district of New Yor, vice N. K, Mall, deceased. Mr. Wallace 1s spoken ol by members of the New York delegation a8a gentleman of culture and great ability, in every way fitted ror the important office, Mr, Rogers, of Buffalo, now in Europe, declined (by telegram) to allow his name to be used, saying that he nad no ambition to assume the responsible duties of the Bench. Ovngressman Duell, of the Twenty-fourth New York district, was strongly urged; but the President declined to appoint him for the same reason for which he refused to appoint Mr. Lowe, of Kansas, to the vacant Judgesnip In that State. That was becauge he was @ member of Voigress, and the | appointment to the Bench would tmpose upon the people of Kansas @ large expense in holding a special election to fill the vacancy, This un- paralleled regard on the part of the Executive for the State treasury of Kansas and New York con- vinces those who have recently talked with him on the question of finance that he is giving the sub- ject his most earnest consiceration, and will not, 80 far as it lies in Mis power, impose an unneces- sary burden on anybody, Besides this, the Presi- dent remarked that he did not consider it good policy to fill vacancies from among those holding | an elective office, and, going still further, he said, with the nighest appreciation oi the qualifications of the Congressmen mentioned, such was the pre- vatling prejudice among the people that 1t would be questioned whether Congressmen were capabie of making upright judges, The possibility af a new tssue of inoonvertidle | paper I regard with amazement and anxiety, and, | ment and @ shame.—CHARLES SUMNER. Favorable Report To Be Made on the Admission of New Mexico. The Rouse Committee on Territories, by a vote of six to one, have agreed to recommend the pas- sage of a bill for the admission of New Mexico as a State in the Union. Necessity for the Early Completion of the Hell Gate Improvements. In the House Mr. Meilish, of New York, pre- sented memoria’ of the East Side, the West Side and the North Side Association of the city of New | York in favor of increased appropriations for the removal of obstructions at Hell Gate. They recite that the annual loss arising from these obstruc- tions 18 $1,500,000; that one in flity sailing vessels | entering the passage sustains injury by being | | forced by the violence of the currents on the rocks and shoals, and that 19.408 vessels passed the Gate | in four months. In consequence of the exhaustion | of the appropriation, work has been suspended at | Hell Gate since the 20th of November. They were relerred to the Committee on Commerce. | The Polaris Survivors Asking Relief from Congress. Jn the Senate to-day Mr. Cragin, of New Hamp- shire, presented a memorial signed by the survi- vors of the Polaris expedition, setting forth the privations which they suffered on the ice floe dur- | ing @ period of 196 days, and that they are still Suffering physically and pecuniarily; that they were promised a handsome reward by Captain Hall when they shipped, and that the German government gave the members of its expedition $1,000 each. They ask such relief as may be proper | in the premises, and that the Esquimaux, Hannah and Joe, be included in any measure for relief, It was referred to the Committee on Naval Alfuirs, Admiral of the Navy. Should Admiral Porter be taken away the office of Admiral of the Navy will be abolished, The senior officer will be Vice Admiral Rowan, who is a native of Ireland and who has been in the naval service of the United States since February 1, 1826, of which time he has seen twenty-five years of sea service, The Busteed Impeachment Case. The sub-committee of the Judiciary Committee Of the House to-day closed tne hearing of the tes- timony in the Busteed impeachment case. | Chairmanship of the House District In- | vestigating Committee. Congressman Robert S. Hale, of New York, has placed in the hands of the Speaker his resignation as chairman of tlie House Committee on the Dis- trict of Columbia, His resignation is said to be imduced by the failure of the House to sustain the various recommendations of the committee lately. Representative Harmer, of Pennsylvania, is sec- ond on the committee, but it is said will decline the chairmanship. Mr. Cotton, of Iowa, stands next on the list, and will probably be the chair. man. The President to Visit New York To Day. The President will leave Washington in the noon train to-morrow for New York, and will probably return on Monday. The New French Minister. The new French Minister ts to be welcomed here with a round of dinner parties by Secretary Fish, Sir Edward Thornton and other members of the diplomatic corps. Itis thought that France will follow the example of Great Britain and Germany and build @ legation here, The possibility of @ new tssue of inconvertidle 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 CONFLICT. —-—_—_ Adoption of Amendment Increasing the National Bank Circulation $46,000,000— Rejection of Measures Looking to Redemption—Paper To Be Taken for Customs—The Record of Infamy. WASHINGTON, April 2, 1874, The morning hour having expired, the Senate Tesumed the consideration of the bill to provide for the redemption and reissue of United States notes and for free banking. Mr. MBRRIMON, (dem.) of N. C., offered asa sud- stitute for the third section of the bill, as reported by the committee, the following :—"That $46,000,000 in notes Jor circulation, iN addition to such circn- lation now allowed by law, shall be issued to national banking associations now organized, aod | which may be organized hereafter; and such m- | creased circulation shail be distributed among the several States, as provided in section 1 of the Act of July 12, 1870.” | Mr, ConwLing, (rep.) of N. Y., inquired what haa | | June 30, h | for hard money, and wanted to see the bill defeated | tuereaiter at the rate | meet, | the motion of Mr, Anthony so as to provide that become of the amendment for free banking offered by the gentleman irom Illinois (Mr. Logan.) THE INFLATION STRATEGY. Mr. LoGay, (rep.) of lll,, said he would withdraw that amendment to allow that of his friend trom North Carolina to be offered, It was very evident that there were a number of Senators in favor of more curreucy but opposed to free banking, and as he wanted a vote, he would not press hisamend- ment. Mr. SaULSBURY, (dem.) of Del., offered an amend- ment prohibiting the Secretary of the Treasury from paying Interest on bonds which have been, or may hereaiter be deposited in the Treasury to secure circulation, except on the excess of the par valoe of such bonds over the average circula- tion of such associations during the current year, while such bonds shall remain on deposit tn the Treasury to secure such circulation. Rejected without & division. GRASPING AT A STRAW. Mr. Davis, (dem.) of W. Va., offered a substitute for that ot Mr. Merrimun, providing that $50,000,000 of national bank circulation suall be withdrawn from the dtates in excess and issued to the States having less than their proportion, Rejected, yeas 20, navs 31, as fuillows:— Yuas—Messra, Anthony, Conkling, Cooper, Cragin, Davis, Fenton © Freunghuysen, ger, | Hainilion ot Maryland, Hamilton of Texas, Hamlin, Jones, Kelley, | Morrilt of’ Vermont, Sargent, Sauisbury, Schurz, sher? wan, Thurman and Wadleizh—20, Nays—Mesers. Allison, Boxy, Clayton, Conover, Ferry of Us gan, Goldthwaite, Gordon, H. Johnston, Lewis, Logan, McCreery,’ Merrimon, Miccnell, Morton, ‘Norwood, Uglesby, Paiterson, Pease, Pratt, Ramsey, Robertson, Spencer, Tipton, West aud Winaom, THE INPLATISTS AGAIN TRIUMPHANT. The question then recurred on Mr, Merrimon’s substitute and it was adopted. Yeas, 33; nays, 19, a8 follows :— Yxas.—Messrs. Allison, Bogy, Boreman, Carpenter, Clayton, Vonover, vavis, Ferry of Michigan, Gold thwaite, Gordon, Harvey, ‘Hitchcock, Ingalls, Johnston, Wi an MeCrery, Merrion, Mitchell, Morton, Norwood, Oglesby, ratterson, Pease, Pratt, Robertson, Sherman, Spencer, Thurman, and Windom—3s Nays.—Messra. Anthony, Boutwoll, Chandler, Conkling, Cooper, Cragin, Ferry of Connecticut, Frelinghuysen, Hager,’ Hamilton of Maryland, Hamilton of Texas, Hamlin, Jones, Kelly, Morrill, ‘of Vermont, Sargent, Saulsbury, Sewart and’ Stockton—19, NO REDEMPTION—FOR GREENBACKS OR THE COUNTRY. Mr. FRELINGIUYSEN, (rep.) 01 N. J., offered an amendment similar to thac submitted by him a jew days ago, ‘for the accumulation of gold coin in the Treasury, with a view to the resumption of specie payments at some iuture day, Rejected by yeas 16, pays 31, ANOTHER STEP. Mr. THURMAN, (dem.) of Ohio, offered as an ad- dittopat section—Tuat trom and after June 30, 1874, one-twentieth of the customs dues shall be paid in United States legal teuder notes; aiter 1875, one-tenth, and after June 30, 176, one-fiith of the customs dues shall be so paid. Mr, WRIGHT, (rep.) of La. fered as an amend- poene to the section of Mr. Thurman tue follow- Dg henever the same can be done without violat- ing tne pledge made by the act of February 25, 1862, for the payment of the interest on tbe public aebt and providing & spking lund.” Mr. THURMAN accepted the amendment. Mr. Scort, (rep.) ol Pa., said the ameudment, if adopted, would undoubtedly cause the aefeat of the vill in the House of Representatives, The pro- vision was one affecting the revenue, and, there- fore, could not be originated in the Senate. The | Senate, some time ago, passed a bill to repeal the income tax. Tiat bill did not propose to raise revenue, but took revenue out of the Treasury; and the House, on the ground that it was a bill pertaining to revenue, refused to consider it. Mr. HAMLIN, (rep. } Ol e., Said he wou.d support the amendment of the gentleman from Uhio (Mr. Tnurman), in the hope that the adoption of it would cause the House to lay the bill on the table— the better for ihe country. (Laughter.) He was somehow. Mr. Thurman’s amendment was rejected—yeas | 19, nays 27. ir, SAULSBURY, (dem.) of Del., offered an amend- ment to the first section of the bill, authorizing the Secretary of the Ireasury to redeem jegal tender nutes on the 1st of January, 1876, in sums of $1,000, and any wultiple tuereoi, at the rate of $100 in com ior $110 in currency, and six months of $100 in coin lor | $108 in currency; on the lst of January, 1877, $100 in coin for $106 in currency, and six months thereafter $100 in coin jor $104 in cur- rency; on the 1st of Jandary, 1878, $100 in coin tor $102 in currency, and in six months thereatter he shall redeem them at their face value. Rejected— yeas 7, nays 31. Mr, MORRILL, (rep.) of Vt., offered as an amend- ment to the substitute of Mr. Meirimon the bill recently introduced in the House requiring na- tional banks to keep ao amount in United states notes equal to five per cent of their circulation on deposit in the Treasury of the United States, to be used only for the redemption of suca circulation, and providing that 1% shall be redeemed in green- acks. ie Aiter some discussion the amendment was with- rawn, Mr. ANTHONY, (rep.) of R. 1, said to-morrow being Good Fri @ day observed by the whole Christian world, he thought the Senate should not {t had been customary «dur ng the loug ses- sion to adjourn over that day, and he theretore moved to lay the pending bill aside in order that he might make the motion to adjourn over. Upon this motion the yeas and nays were called and the motion was agreed to—yeas 22, nays 21. ‘The bill was laid aside, and Mr. ANTuoNY moved that when the Senate adjourn to-day it be to meet on Monday next. Mr. MORTON, (rep.) of Ind., said this motion was calculated to waste the time of the Senate, Mr. ANTHONY said when he was accused of wast- ing the time of the Senate by @ Senator who haa | not spoken more hours than he (Mr. Antbony) had mioutes he would detend bimselj, but not until then. (Laugiter.) | Mr. Tirron, (liv.) of Neb., said if the Senate ad- | | journed over to-morrow on account of its piety it would take some Sunday session to make Up lost ume. Mr. FERRY, (rep.) of Mich., movea to amend the Senate should meet on Saturday. He was will- lug to give one day, but hoped there wouid be a Session On Saturday to make up for it. ‘The motion of Mr. kerry was agreed to, and the Senate proceeded to the consideration of executive business. The possi’vility af a new issue of inconvertidle | paper I regard with amazement and anxiety, and, in my Judgment, such an issue would ve a detri- ment and a shame.—CHARLES SUMNER. The Discussion in the House—A Warn. ing from the West and South—They Can Control the Government if They | Choose—A Little Family Row Among the New England Members—Free Bank- ing Pro and Con. WASHINGTON, April 2, 1874, | The House at two o’clock resumed the considera- tion of the Currency biil. | Mr. NILES, (rep.) of Miss., argued against the | bili, as having @ tendency to disregard the pledges | ot the government. UNEQUAL DISYRIBUTION. Mr. Harris, (dem.) of Va., made a speech upon the finances, aud predicted that Copgress would do nothing equal to the emergency; but would talk and resolve and resolve and talk until the end of the session, without passing any law that would give substantial, vona side relief, Some palitatton might be offered to an outraged people, but nothing more, He argued that there was not circulation enough im the country, that for the whole country being $1672 per capita and that for Virginia only ¢3 25 per capita, while the average circulation of | France and Germany was $25 50, He complained particularly of the unequal distribution of cur- rency through the country. While the South was entitled to $89,000,000 1t had only $38,000,000. The reason was that New England was represented by experienced statesmen and had the chairman- | CG ship of all tne important committees in either | House, Well might the East, with one foot on the | South and the other on the West, entrench itself behing 118 money bags and exclaim, “We want no | more money,” Mr. BURCHARD, (rep.) of Ill, said he was heartily 1n favor of some leatures oi the vill, but he did not think {t Would afford to the South and West what. Was expected. If would not increase the amount of loananic Sa bg in the West. He Was in favor of removing the monopoly irom the bavking sys- tem of the Save ore fie was also in favor of rediic- ing the reserve of banks from twenty-five to five percent. He had never regarded tiat provision | as a security tor depositors. A SUBSTITUTE, Mr. WILson, (rep.) of Ind., gave notice of a sub- stitute which he proposed to offer for the pending bill, In part, lt was substantially the same, buc in some respects it was diferent, A leature common to both was iree banking, which he thought would remedy a leading defect In the currency system, the limitation of currency by law. He iaia down a8 an unanswerabie proposition that the amount 1 currency should be governed, not by law, bat by the demands of business, What was needed Was a currency system that possessed the qaality of elasticity, It should be free to expand or to contract according to the wants ol legitimate | trade. To bis mind this was not only a reasonavie conclusion, but it was supported by the experience of history. He did not believe in the redistribu- tion policy. He was willing that New England should have ail the facilities for ousiness that it new haa, and all he asked for was that the South and West should not be deprived of itke facilities. A WARNING. : Re warned New England that the South and West could control the government U they chose. but, 1 they did, it would be on the principles of justice to all aud equal rignts and privileges to ail. He jeared, however, that that was uot the spirit of the Bast. Mr. Dawes, (rep.) of Mass., did not understand ob What ground Mr Wilson arraimaed New Mug | land for any vote of her Representatives against iree banking, It did not occur to uim that they had given a single vote against free banking. So far ds he understood tie ‘one of public feeling in New Englund it Was as much im favor ol iree bank- ing as Was the public s nttment of the West or south. Ali that New England desired was that tree binking should be hedged in with saleguards, 80 that the country shouid nov have a repetition of “wild cat currency.” Mr. MAYNARD, (rep.) of Tenn., suggested that the votes 01 the New Kagland members had been with only one exception against making the Car- rency bill a special order. ar, Dawes Ventured to say that if Mr. Maynard brought in a@ bill jor tree banking, properly guarded, he would find po objecuon to it on the part of New Engiaoa. Mr. G. F. Hoax, (rep.) of Maas., id there had never been @ period since the organization of the government when the people ot New Engiand did Not hold to volicies to Wuich the people oi the rest of the country did not subsequentiy adhere, and he Was sorry to hear that his colleague (Mr. Dawes) apologized jor or finched from any attutude which ew + ngland had taken on this floor, (Noise and coniusion.) A PAMILY ROW, Mr. Dawes (with some manifestation of feel- ing)—I do not know what occasion my colleague has to say that I was apologizing for tue attitude | oi New England. I was giving my idea of the sen- timent of the peopie of New England on the question of iree banking. If i have aoue it in a Mapner that jooks like apologizing I do not understand the nature of a@ lair. and candid statement beiore the House of what I be- | heve to be the tone of public sentiment in New England, lam not here watching any of my col- leagues to see wether ! can tind occasion to set Mysei! above them as standing up tor the rignts of New England better than they. (Laughter and encouraging remarks.) Mr, WILSON—It is very evident that these gen- tlemen cannot harmoniously settle the attiture of New England ior themselves, and I certainly do NOt’ propose to settle it for them, Mr. HAWLEY, (rep.) of Conn, (amid great noise and coniusion)—As representing one little section of New England, I can tell you what my position is, Ido not care how much money there isin the country; the more the better 1 it is good money ; I do not care how muco capital there is im the country, the more tie better, It is capital that they wantin Indiana more than money, and it is because we have been in Conuecticut 200 years and have saved every dollar we have earned and have put it in the savings banks that we happen to have money. Let the gentleman report a bill that will withdraw legal tender notes and establisn jree banking and I will vote for it, heaven’s suke, do nor disgust the people any more with “wild cat currency.” Belore Iwill vote for one dollar.ot expansion I will consent that you take ali circulation irom my next door neighbors, If you cannot find relief in any other way provide Jor more .ree banking. I speak for cause, Mr. BUTLER, (rep.) of Mass, 1 think | should be allowed to say a word bere. (Laughter.) I have the advantage ot neitier having to apologize tor New England nor for any vote i have ever given while representing ter on this floor, Ihave given votes ior tbe country, thauk God! and I thought L was doing my duty to New Englaud when I never arrayed her or her interests against the interests | of the whole country, I am not willing to flood the country with this irredeemabie paper money issued by corporations, in order that they may make money out of 1t and withdraw the money of the people, the greenback currency, Which Is the only baste on Wich all the bank paper is sustained, The gentleman trom Connecticut (Mr. Hawley) is quite willing to have tree banking if he can tiave more bank paper in New England than elsewhere out of whica bankers can make profits and have ail the chauces of grinding the poor man. He is willing to Nave that sort of irredeemabie paper which these bankers can issue without price and without tax in order that they may suppiy it to other people ard take toll on it as it goes along. That of irredeemavle money tnat he is for, am agaist. Letustake the taith of the nation, all the there is in ‘he counrry, save the greenvacks, and put itall behind the greenbacks as a piedge tor their redemption, That is my policy. Iam done. (Laughter and contusion.) Mr. WILSON resumed bis remarks and contended that the currency should be so adjusted that every section of the country would have equal iacilities for the traisaction of business. He believed that that result would ve accomplished by free banking. But if be could not xet iree banking then he woud vote for the next best proposition, That was, to take from the States that nad an excessive circu- Jauon and distrioute that excess among the States that had not their jair share, Mr. KELLEY, (rep.) of Pa., gave notice that at the close of the deoate he wouid offer his Three- Sixty-five bill a8@ substitute for the bill of tae committee, The House then, at five o’clock P, M., took a re- cess till hali-past seven. ‘The evening session was occupied with the dis- cussion of the Currency bill. The possibility of a new issue af tnconvertible paper Iregard with amazement and anviety, and, in my judgment, such an issue would be a detri- ment and a shame.—CHARLES SUMNER. TAMMANY ON FINANCE. The General Committee Splurges on the | Action of | Financial Situation—The Only, for | ig the Kinst | That kind! | roperty of the nation and the weulth of | the nation, all the power of the nation, ali that | ‘THE INFLATION BUBBLE, | | Additional Views of Bank Officials on the Financial Situation. | | | | The possibility af @ new issue af inconvertible | Paper I regard with amazement and anziety, and, | in my opinion, such an issue would be a detri- | Ment and @ shanie.—CHARLES SUMNER. | | THE DANGER OF INFLATION There seems to be a good deal of interest mani- fested by the general puvlic in the views of the | financiers of tnis city concerning the monetary Situation. The statements of the bank presidents, | Published in yesterday's HERALD, as to What they | think of the Four Hundred Million bill and its reia- | Wons to the future prosperity of the country have excited considerable comment, and, under the cir- cumstances, the /ollowing additional views of bank oMcers, a8 expressed to HERALD reporters yester- | day, will doubtless not be without interest to the | seekers after light on the inflation question. Gallatin National Bank. Mr. F. D. Tappen, the President of the above bank, on being asked for his views in relation to | the present financial question, said:—‘I am very | strongly opposed to inflation, and went in person protest against such mistaken legisiation. I have not the slightest hopes, however, that the Presi- dent will veto any bill that Congress chooses to pass. 1 firmly believe that this tmfation of | currency is going to be of great and material in- | jury to the progress o1 the country, and those | Congressmen who nave assisted in the movement | willeventuaily find out the weakness and fallacy | of their action, The whole thing appears to me | thoroughly unconstitutional, and if Congress can tnis year legalize the issue of $44,000,000 of na- tional bank notes it may in a like manner issue $100 000,000 more neXt year, and then no one wili | have the most remote idea how he stands, I am also opposed to free banking until there is # change In the course of our ship and we are steer- ing towards specie payments by a contraction of | legal tender paper. There suould also be some | Proper restrictions to govern the bank issue of | paper, so as to keep it withio proper limits,’? Mechanics’ Banking Association. The President of the Mechanics’ Banking Associ- ation stated that he was strongly opposed to any inflation, and that it would be of far more service to the country if legislators would apply their in- genuity to some scheme leading towards a resump- ton of specie payment. This flooding the country | with paper may create a@ {aise prosperity for a | Short space Oj Lime, but it will surely result if an- | other crash, Manuiacturers and others through: out the country have at present very little con- fidence in the general credit, and this inflation | business Will naturally make them even more chary | of their customers, | Bank of the Manhattan Company. The President of the above bank being absent on business in the South, Mr, Gillespie, one of the di- Tectors, and now acting in charge for Mr. Mor- rison, said:—‘+l am, personally, very strongly op- more paper than we require. move, and will not really be of any benefit to the South and West, for whose relief the issue purports to be made, If the South and West get the money it Will ali eventually return here to pay their in- | debtedness, and then, I suppose, next year, they will be as badly off as they ever were—perhaps | Worse—and Congress will give them $50,000,000 | more. What the South and West had better dois | | to produce crops, and then they will find plenty of | money to buy tueir goods, They must get some- | thing of value out of their land, and then they will | find plenty of our greenbacks at hand. As it 18 | now there is really plenty of money; but during | the present Jegisiation there is a decided want of confidence, aad people are holding their ready | cash until things are definitely settied one way or | ) the other.” Mechanics’ National Bank. The President of the Mechanics’ National Bank | sald that inflation was entirely uncalled tor and | | quite unnecessary. Instead of moving us forward | he thinks we are being thrown back, and there 1s | no knowing how long” that may be kept up, as perhaps next year Congress will make another | before tue committee in Washington to enter my | posed to any more inflation, as we already have | It is entirely a jalse { 3 purposes. If the South and West were to pay More attention to legitimate business and cultivate their crops they would find a surer road to riches than by the speculation on a jalse proa- berity caused oy this extra issue of paper. What | we really are much in need of is central redemp- | tion of national bank notes—some central place, | where a redemption agent shall have power to re- deem all national bank LoLes—in fact, a species of | clearing house, For tie summer season these na- | Uonal notes are a perfect nuisance, and are often | lent ont in large sums, tor irom five to ten days, without interest. More currency may have the | effect of making business prosperous for the time | being; but it will probanly lead to another such | fiuaucial crash as we remember last september. | The sooner we are prousht down to hard cash the better, More currency this year may cull lor more ry And there 18 ho knowing where We shall PD, | The Chemical Bank. | President Jonn J, Jones, of the Chemical Bank, | said:—“I am decidedly opposed to the tncrease of | the currency, The people have been anticipating | the pasaage of just such a bill as this tor some time, and they are preparing (or it. The prospects of the President vetoing the bill are berter this morning. ido not Kuow that a pauic would be inevitable, It might pombe be avoided, but the results would be disastrous. In suort, 1 believe in redempuon and free banking.” The Central National Bank. President W. A, Wheelock, of the Central | National Bank, said:—«1 don’t hesitate to say that | Tam in tavor of inflation. { believe the result to | be exaggerated. I see some men's names | to the petition circulated around New York, | who, if there is not @ litte inflation, will | be very nard up before long. It is very easy toget | petitions signed in New York, as John Foey iound | Out. 1do Dot believe that President Grant will veto the bill, for he has no policy in opposition w the expressed will of Congress.’’ The Merchants’ Exchange Bank. President Wiliam A, Thomson, of the Merchants? Exchange Bank, said:—“I am not in favor of in- Nation, but believe tn the redemption by the banks of their currency in the city of New York. [ believe im banks keeping their reserve fund at home instead of in tae hands of cor- responding banks. Nationa! banks should not pay imterest on deposits. Lvery national bank shou d be required to keep its accounts with other national banks instead of with brokers, This new issue of greenbacks will be eventually ruinous 10 business; the eect will be seen two or three years hence, It puts off resumption of specie pi | ents for ten years, For nearly thirty-eight ye: Ihave always seen that like causes produce like | results. There is plenty of money to be had, Wi it | Were not so all over the country why would ban $ throughout the West sexd their money to New York in such jarge quantities instead of keeping It | In their own boxes? It’s all vad, and tue only hope | [have leit is that the President wil veto the bill.”? The Tradesmen’s National Bank. President Richard kerry, of the Tradesmen’s | National Bank, sail 1do not favor the bill, I | believe that the banks should be required to re- | deem in the larger cities. 1am an advocate of iree banks, and believe that no restrictions lurther than the wants of the community and the require- ments of satety suould be put on banas. Ii legat | tender is on a firm basis it will overcome all | dinicultics, Banks put out tuetr money on crops | ad libitum, and, as a rule, | believe in peopie managing their own business. Lhe evils of this | Movement in Congreas are already appaceat, and Mi they only stop wita the AdAILION O1 $44,000,000 15 | Wail bot be so very ba | ieee = Phe German-American Bank. Mr. O. H. Schreiner, cashier of the German-Amer- ican Bank, sald:—“L am opposed to the bill now | before the President, by which our paper currency { 4s to be iurther inflated, and | am glad to see the determined opposition of the HERALD. If the pa- per dollar is ever to become worth the gold dollar the government must cease increasing the green- | back Issues as well as fix an inflexible limit to their | amount, The growing population, with !ts con- stantly increasing demands and uses for currency, | will then gradually cause 1t to apprectate in value | Until it shall approximate gold. The inauguration | ofa regular and systematic redemptton im green- | backs of the national bank (ssues and the preven- tion of the excessive Mow of interest deposits to | New York would he desirable auxiliaries thereto, | ‘Phe fifty-nine Clearing House banks of New York increased in deposits from December 6, 1873, to j January 24, 1874, $60,000,000. or | $25,000,000 of this increase, in | but six of the fifty-nine--these six being | those most prominent in paying imterest on country accounts. Thus Wall street speculators | issue of $100,000,000, and soon, This overissue of | are giusted with money, which, but for tnis per- Paper will naturally tend towards increasing speculation, and stocks for the time may rise; but as everything 1s on such an insecure jounda- Congress Condcmned—Democracy, Spe= | tion a natural feeling o/ distrust and want of con- cle Payment and Free Banking the | fidence will be spread tuat may result disas- | redemption is in Panacea. What we want most is @ central re- The Tammany Hall General Committee, at their monthly meeting last evening, took up their chief | business, the now all-important question of the Bnancial situation. William H. Wickham was called to the Chair, As soon as the meeting was organized communications were received from Thomas W. Gides, Thomas Owen and Nathaniel Turpenny, of the committee from the Twenty-first Assembly district, tendering their resignation. This, of course, was accepted, and William Wood, Bernard Gormley and Wiluam J, Kenny appointed to take their places. MINOR MATTERS. The sub-committee of tne Committee on Organization reported that, afver care- , fully considering =the matier they con- cluded that the petition oi Walter Gibson, and other residents of the Twenty-first Assembly district, to chauge the method of conducting pri- mary elections could not be approved. The plans suggested by the gentiemen in question would, the committee thought, furnish no correction for the evils complained of, and were, besides, tin- practicable if notimpossibie, A number of rea- sons Of littie or nu interest to the general public were assixued by the committee for their conclu- clusions On this subject, FINANCES AND CONGRESS, Peter B. Olney then presented the following Tesolutions, a8 eXpressive Of the Opinion of the Lammany Hall General Committee on the present financial situation, the action oi Congress in reier- ence thereto and the necessities Of the present condition Of affairs :— TAMMANY ON FINANCE. Whereas the gross misinanagement by the present ad- ministration of the nauonai jinance has resulted in a mouetiry panic, causing disaster and ruin w all classes | ofthe bitsiness ‘community, depressing the trade and coumerce of the whole country nisery om the laboring man; t action of Congress indicates bringing want and whereas tue the furtuer quent depression of paper money, while no steps are taken ‘0 brit about the gradual resumption of specie payments ani to restore the tnances of the coun try to @sound and healthy Sond on and spereas the ruiuous and disgrace(ul policy of the present is to be continued, Wherevy the bonds while the legal tender notes due on demand remain dis: honored and Papen, fre no plan for ther ullimare bperation, whereby the power danger- ous to the rights and liberties of the citizen and hitherto without! precedeut among freemen to make or ruin the iutoly i tbe a coner ie of business Ls it placed utely in the peuds of the secretary of the Treasury, Wigs mty at be afieretion nereace ‘or dinigiat the volume of currency, violation ot the law, has exercised rebuke trom Congress, whereby an oppressive und OUtrAgoUs System of apies and informers, obNOXioUs to a free people, is maintained by the Treasury Lepartment, and the re e farmed out for the profi ot a tew favoriues, and the good taith and rof the country most injuriously y is the ouly currency recognized by the consti.adon—the Baltimore Convention advised the return to specie payments, the Utica Convention did the same last Uctober—therefore, That we hereby reaffirm these sound demo- ines and deplore and condemn the recent ngress, because it is calc c the evila which now opp jour the country. she principle: interests of coinmercial honesty and and ‘every consideration ot the national ionor interests, through sound finance, the moral demand the speedy adoption of measures tor the sate xradual resumption of specie payments and the re- demption of legal tender notes. Kesolved, Chat tf the amount of circulating mediam in the country is madequate to the necessities of commerce the remedy canno: be found in the further icrease of anirredeemavle paper money, but should be provided jor in a judicious system of tree banking founded ona currency redeemable in specie ot its ¢ volame Of currency should be regulate Jaw of supply an. demand, LIBERAL REPUBLIOAN G. MITTEE, The Liberal Republican General Committee met last evening, at its rooms on Fourth avenue Thomas K, Stewart in the chair, Samuel J. Glas- sey, Who had just returned trom Washington, re. ported to the committee that the bill known as by the dniversal NERAL COM. the “Davenport Registration bill,” reqairing al! | naturalized citizens to rewister their certificates of citizenship in a United states Court, and placing the control of the registration of foreign bora voters in the hands of the United States Commis- sioner, had been rejected by the Judiciary UVom- mittee on Wednesday last. James A. Colvin, of Harlem, representing the Twenty-first Assembly district, offered the 1ollow- ing resolution, which Was unanimously adopted :— Resolved, As the sense of this committee, that we are inexorably opposed to any action of Vonyress loosing vo an inflation of the curren: ai tg the best interesis of the country a ep toward the Tepudiation of the most sacred obligativns of national onor, Tue committee then adjourned. ease Of an irredeemable currency and the conse- | nd obligatiuns of the | government are paid at a premium vefore maturity, | and who recently, In plain | this power without | quivalent, and the | | trously. | demption of bank paper, as, even with the present | issue, these national notes are a pertect drug on the market, and are really at a discount, as they | are someting jent for eight or tea days without interest, Bank of North America. The President of the Bank of North America has only lately come into ofMice, and naturally modestly | objected to giving any statement on the grounds | that otuer bank managers were more experienced than he was. He eventually said that he saw no ‘use whatever in intiation—that it would be of no real beneiit to the West and South, as the money ) Would ultimately come vack here, What we want | is some centrai redemption of nat:onal notes—say im eitner New York, Boston or Philadelphia; that | Would be of far more venetit to the country. | Bank of America, | This bank is one of the old hardpan school, and | its President, on being asked his views in regard , “NO more currency; we don’t want what we have got. I am very strongly is | that to inflation, opposed to ipfation, and one of those = ill-advised | will probably ruin the finances of country. It wiil not be of | possible benefit to the South and West, as the money will all eventually return here, It goes to relieve their embarrassed credit, to take up their | paper; aud their paper is nearcy all held here, Lt is | ridiculous to issue more paper when what we have at present 1s often a drug on our hands, When we | can, we take it in at one window und pass it out | at the other, Sometimes we have lent $100,000 in national dank notes ior ten days, without interest, in order to get « check chat would be paid us in greenvacks. If the government were to num- ber ali the national banks and make them stamp their number on their notes, it would be of great service to us, as we then could sort them with greater rapidity. At present about every national bank makes use of the same plate, and consequently we have to read every note in order to find out where it came irom, This extra issue ot cur- Tency will do no possioie good, ana the sooner we come down to hardpan the better. At present we have inflated rents, inflaied prices and inflated | stocks; and if we were dowh ata specie basis every one would kicGw how he stood. Rents | Would go down. provisions would be cheaper, the stock market would fail to its proper level, and | fancy speculation would be kiiled.'! think measures it the Bank of New York. | The President of the Bank of New York was out, | | but the Vice President said that they were all | strongly opposed to inflation, and of the opinion | that all banks run on a secure basis would take | the same view. The only ones that could fuvor this extra issue of currency would be those who are Noating raliroad bonds and other securities that might become salavse on @ rising market. City Bank. | , | ‘The President of the City Bank said that he had nothing much to gay on the subject, but he was most emphatically opposed to anything like infla- Uon, as instead of going back we should make a | forward move and gradually call in the paper | with a view to & gradual return Co Specie pay- ment. There is plenty of money at present, and not the slightest necessity tor any more, If Congress gives ns forty-six millions Of paper this year, what is thee to prevent (ts giving us one hundred millions tyear’ ia Step Was mace in the road to specie payment things would soon | come to thetr proper level, and, although times might be hard at the Arst, everything woulu be | sound belore long. mi | Marine National Bank. | ‘The President of the Marine National Bank said he did not “see any great objection to the Four Hun- dred Million bill, a8 We already had $356,000,000 and the only $18,090,000 left Lo put out. Lam quite satistied with the increase of paper, if they will only hurry up and settle things, this state of uncertatuty is what is doing more damage tuan anytaing else, as CAPICALSES Will DOL Luvest thelr money, and preter , locking it up until they Kuow what they are doing. \ aaa’ | Leather Manufacturers’ Bank. The Presiaent of the Leather | Increase of paper money, aad said chat inflation Was @ Step in the wrong direction, There was no | need of more paper, as at present there ‘was more tan sullicient to answer all the slightest 000,000 lately issued, so there was reatiy | | Manufacturers’ | Bank expressed himself strongly opposed to the | | nictous system, Would find use in alleviating the geueral needs of the interior. There is a great | and universal law, independent alike of govern- | ments and individuals, Wuose working are ail ' powerless to prevent. Individnals may concoct | visionary schemes and Legisiatures or Congress | May enact laws, yet its stent but resistiess 1orce moves toward ‘the attainment of its results as | surely as the hours run their course. This law—of | demand and supply—has always regulated the | price of everything in proportion to the abundance | or scarcity of money, and will do so in the iuture, |The value of an irredeemable curreucy is no less governed thereby, in proportion as its supply exceeds the amount which can | be circulated at the standard of goid. | fne cry for more currency only demonstrates | that the mass of property is heid at too high | prices, and that holders are unwilling to find re- | her at lower rates; nor will they, until the increas- | ing value and demand for currency, with the | amount of legal tenders unalterabiy limited, shall | compel them thereto as the only resort to obtain money. We have permitted a stimulated prosper- ity, and a seeming increase of money, resulting | from an over-supply of irredeewaple currency, to deiude us into extravagant liviag, hazardous business, Injudicious enterprises (especially in | railroad building), and their train of depis piled mountain bigh. We must therelore retrace our steps, unlearn our visiosary experience, and real- ize that it was not our riches o¢ property that nad so much increased, but that their measure—our d@oilars—had decreased in value. So long as the public confidence docs | Not sustain the government by accepting 1ts paper on a par Value With its gold, there is a sign of weakness which should protest against any jurver issue of the currency. The quesiion with the friends and advocates of specie resumption has | been, “How can greenbacks be made equal in value to gold?” So sudden a contraction could not be more productive o! evi! consequences than wil | @farther inflation. ‘This is the very last way of re- turning to a gold basis. The Shoe and Leather Eank. President A. Y. Stout, of the Shoe and Leather Bank, said :—“I am opposed to this bill, of course, | but do not believe that the consequences will be | so disastrous as anticipated. The addition of | $44,000,000 to our currencey will not make a great | deal of difference. it will undoubtedly postpone | redemption. it will depreciate the value of the | dollar which our government will not take to-day at its face valuation; but I believe that redemption depenas more upon the conservative policy ol the Treasury than anything else. & hope the Presi- aené will veto it.” The Importers and Traders’ National Bank. . President James Buell, of the Importers and Traders’ National Bank, said:—“I have already given my views on the subject of free banking. I | am deadly Opposed to inflation, 1 believe in what | may be called central redemption, and to that end suggest that as fast as currency is calied for by new banks legal tenders shouia be retired to the extent Of @t least $100,000,000. This should go on j until that limit was reached. This reduction of the volume oF the redeeming agent would increase its value and would put son the high road to specie redemption ; but we are moving In the op- | posite direction,”* The possibility af a new tssue of imeonvertidle | paper I regard with amazement and anciety, and, | inmy judgment, such an issue would de a deiri- ment and @ shaine.—CHARLES SUMNER. | A Whole Family Butchered and Cut to | Pieces—Terrible Comseqaences of Fe-= | male Faithlessness and Jealousy. | SAN FRANCISCO, April |, 1874 | A despatch from Austin, Nev., to-night, gives the particulars of a horrible tragedy in Smoky | Valley, in that State. It appears that Christopher } Reckstem had been for a long time jealous of his wife in consequence of attentions paid to her by a | young man named Norton, and they lad frequent | quarrels about him. Yesterday a man named Osterhans went to | Reckstein’s nouse, and, receiving Do respouse to | nis demands for admission, Sroke open the door. | On tne floor lay the naked body of Mrs. Reckstein cut into pieces and the head splitopen. At her Jeet were the bodies of their two littie girls, their heads nearly severed from the bodies, and near | by were the dead oodles of Reckstein and young Norton, grappled as in & death strugm@ie. Reck- stein grasped in his right hand a large bowie knife | covered with blood, and in Norton's right hand | was a dragoon pistol, two chambers of which Were discharged, There is no living witness to the ter- ) ribie adaur.