The New York Herald Newspaper, April 7, 1874, Page 6

“PAPER MONEY, Another Chapter trom the Teach- ings of the Fathers. - Inflation the Bane of Vations, the Buia of Commerce and the Robber of the Poor. + What Was Thought by the Creat Men Gone. The Opinions of Clay, Webster, Jack- son, Benton, Van Buren, Craw- ford and Calhoun, LESSONS FROM THE PAST. Wasineron, April 6, 1874 If the Nood of irredeemahtc paper money with which Congress now threatens 5 wther to de- puueh the currency cannot ve stuyed, at teast we may place cleariy upon record the foliy and erimi- | natity of its issue, as adjudged by the best and wisest statesmen who have preceded the present Congress in those Seats of honor aud trust, as well asin the administration of the government, We have heretofore given copious extracts from the records of the Jathers of tie Republic, of the framers of the constitution and of the early Prest- dents of the Uni States apom this question, They ali concur in the danger aad criminality of irredeemadie paper, Whether issued vy the general government, by States or by private corporations. To-day we submit to our readers another inm- pressive series of opinions jeft on record by our facver statesmen upon this question. They include among them the names most em*nent for intellec- tnal power and practical sagacity among the last two generations of the public men of America. if Gongress will proceed, in the teeth of all the les- sona of experience and of political authorities such as these, to throw the financial atairs of the country inte chaos by the issue of still more mil- tious of irredeemable paper, we are determined, wt least, that they shall do af with their eves open, We will begin with HENRY The great statesman ¢ American policy while & warm [riend to a! ai bank with a cu rency based on specte and uniform ihrougnout tae Union, was a liledong enemy to an irredcemable ourrency. His Views to this often urged, but never more for than im & speech in the Senate on the Sub-Treasury September 25, 1887. Mr. Clay said :— ‘The great evil under which the country whe Suspension tie DANAS LO pa! guard to th nat of bank pn the same pmer iw suture, olay. Meet were ly but, tabors is - taem with the exchang uy. if there which rhe mercial w no adequate » bone can exist, JEREMIAH MASON, ure of things, ues. Pia er New Engiand iawyer sud Senator, whom Dat arded 4s the ablest man whe sat in ¢ thas wrote in isl »ward suspension o honorable or wise motives for or ad i caunot wn as TO a put down probably the uation issues of onstitation, as ground against te paper money in a diseussion in House of Represetatives in isl, on a pill pr ing t evenue ouly an le de the coll currency of the United + $. Mr. Webster said :— Wars and invasic ¢ not always the most cercain destroyers tional prosperity. ‘the come in no quest suape. Luey abnounce the general se Not ur their own approach, 4 preserved by the geperal alarm. evils of a debased coin, a depr rency or a depressed aud alli so with the plausibie and in paper money syst im the shape Peuel. y au easy paym the paper cur- 80 WL edit. Not insinuate themselves , accommodation and id Out the most 1allaci to! debts and a lgtte faxauion. It 18 easy ior a portion of the fp unagine that government may properly conunue w receive depreciated paper because tuey have received it and because it 1% more con- vement to obtain it than to obtain otver paper or specie. But on these sub- cts it is that government ought to exerc r wisdom and cavtion. itis boulud evil before every man fecls 11, and to sures to guard against it, be measures attended with twi ary incon- ventence judgment, the ‘evil de- man’s the immediate attention of Congress, Tue great olyect is to setue ibe question Cuat our legal currency is to be pre , wil that we are uot about to embark on the ocean ot paper money. Aguin, in a speech on the Bank of tie United States, delivered in the Senate on the or Ma 1832, Mr. Webster thus spoke. Nothing more forci- ble or directly applicable to the present financial condition of our country could be quoted than these words of wisdom :— Asoond eurreney \# an essential and indispen- sable security iur Che (rusts of industry and lonest serprise. Every wan ol 9 y man who desires stly posseases or t sty carn, tas a dir IY a Sitie cicculating med Tency is one o t of political evils, It Gadermine ues uecessary lor the support of tbe Bocial s and encvusages propensiues destructive o Bas it Wars against io- dustry, irags ers the evil spirits o ut ali the con h paper mouey. inventions to the sweat tyrauny, op- ny pression, «x @Xation ar ligntly on the happine mass ‘ nity, com- With @ fra u y and tie rob- sommitted by depre aper. Our own fas recorded o ruction enougn and more than e ih ¢ r zing tend- ency, the injustice aud tne able oppres on the virtuous ani wel S “ degra’ paper currency, anvhorize waw way Way countenanced by governine Again, in a financ Hof Maren 1s, 1894 Mr. Webster deciare: 1 do not think any government can exciusive paper system without and thereby causing lepreciats mediate convertibilrty of bank not be an indispensable security for their value. And stil! again, in s epeecn in the Senate on lst December, 1426, Mr. Webster de: : By paper money ip its obnoxious sense | under- Stand paper issued on credit alone, without cap tal, Without funds assigned for its payment, res’ ing only on ihe good Jaith and ‘he future ability of those who issue it. If we understand by currency me money of the country, and that which constitutes a lawful tender for debts and is the stat asure of value, then, undoubtedly, notn- ing {8 included but gold and sliver. Most un- questionably there 1s no legal tender and the can be oo legal tender in this country une the anthority of this goveroment, any other but ld and silver, This is a con- stitution principle, periectiy piam and of the very highest importance, The States are expressiy prohivitea (rom making @hything but goid and siiver a tender in payment of debts, and, although mo such express prohibition is applied to Congress, | yet, a8 Congress has no power granted to it in thus Feapect but to coin money and to reguiate the Value of foreign coins, tt clearly has no power to substitute paper or anything else lor coin asa tender in payment of debts and in discharge 1 contracts, ANDREW JACKSON, That distinguisued soldier, who immortalized ‘Ris administration by a Straggle with the greatest bauking monopoly the country had then ever seen, | A AMAO MA Neer Ja cold anelien en te CoeMM LL AO Bk QCCR shape rarer me | wed, NEW YORK onty safe basis Of 4 national currency, [b his Message to Congress ia December, 1499, Jacksom thus wrote ‘Phe great desideratum tn moaern times is an em cient check upon the power of banks, preventing that excessive issue of paper whence arise those fuctuauions in the standard of vaiue which reuder uncertain tue rewards of labor, Lt was supposed Dy those who eatablisbed the Bank of the Unit States that we should derive from that iustitution ali the security and benefits of s sound currency, and every good end that was attainable wader thas Tovisiow Of the coustitution which authorizes Jongress alone to com money and regulate the Value thereol, But it is scarcely becessary BOW to Say that these anticipations Lave not been real- * % If we cau ultimately witness the Suppression of all bank bills beiow $20 tt ts aw Parent that gold a! silver will take their place and become priacipal circulating Medium: and we shall soon gain, in place of the Bank of the United States, a practical reform in the whole paper system of the country, The at- tainment or such ® result would form an era in the history of our country which will be dwelt upon with delight by every true triend of liperty ahd indepe.dence. which our paper System has so tong collected trom the earnings of labor, In his aunual Message to Vongress, in 1836, Jackson laid down the following principles :— lc is apparent from the whole context of the coustiiuuon, a8 Well as the history of the times wiuenh gave DIrth to mm, that it was the purpose of the Ovuvention to establish a currency consisting of (he precious metals. These, from ther pect lar properties, why ndered them the stand d o! value in all o' wutries, Were ado} us, as Well to establish its commercial standaru in reierence to fortigu countries by & permanent Tule, as to exclude the use Ol a mutual Medium of | exchange, such us of certam ieultural com- moaittes recognized by the statutes of some States as a tender tor debts, or the stilt more pernicious expedieut of a paper car. Trency. The last, irom the experience of the ovils of the issue Of paper during the Revoli- ion, ad Decome su justly GUNOXLOUS as Hot only oi use in the constiiution forvidding . UE fe in the Convention which on to grant power to Con- arter corporations, Variabieness must ever he a currency of whicn the prec: the hie! lugredient, or Which can be expanded or contracted without rezard to the principles that regulate the Value of tose metais as a standard ta the general trade of the world, the progress of an expansion, or rather a depre- XCOSKIVE DUUK ISSUES, 18 . the iaboring classes. hen, by the depreciation tn consequenee of the of paper in cireniation, Wages as Well @s some EXorpttant, tt 1s Son ound that the Tol adulteration is a tari? on our home t of the countries wher goid and stiver ¢ aud maintain uniformity and Moderation iu prices. Ib ts then perceived that the ennancement of the price of lubor produces a corresponding imerease in the the emission aiso to prod Lthe p he characteristic of us metals are not price of produc until these. products do Rob Sustain competition with similar ones mower — countries, and then — both inanufactured and tural! vdactions p cease to bear exportatic be country of the urious currency, because Ui 2 sold tor cost. ‘This ws the proce ne 1s ban- isued by tue paper of tue banks. Pheir vaults are Soon exhausted to pay lor foreign commody The NEXL step isa sloppage Of specie Payment—a total degradation oi paper as & currency, unusual depression of prices. tie ruin of debtors the unulation OF property us the hanus of creditors nd cautious capitalist Again, in Jal reweill address to the peo- pie o} the United states, he reiterated these sound in the tollowing emphatic language :— constitution of the United tates unques- puudly iufended to secure people a circulat- r medinm 0. ver Bat the establisn- ny Congress, with tue eLV Yin pay fs rrumate states upon the circulation the uted one of son's uera wad subst Hon! currency "iM its place. Was not easy fur Men engaged in the ordinary pursuits of besiess, w otion had not been } only drawn to . to Joresee all the ra Pucks GL @ CUITEDCy eX¢ ely vt paper, ) that acco surprised re obtame nes Tis! nts of tue d lus uow proved the mis- nd it rests remedy m being tounded on public ud having Of isell ho Uiriunsic value, ox ud sudd: ae 5, the g property iwsecure the wages of teady and ur MARTIN VAN The most emphatic declarations against a mabvle currency, Whether of navional or State © be jound in Mr. Van Buren’s Message wale President of the Unt On the 4th of Septemoer, issnes, te Congres: There can be no doubt that those who framed and adopted the con: a, huving im unume- diate he depreci ted piper of the conied- to prevent tle recurrence of They gave to Congress ex- Pp powers to coin money and co regu- late the value thereo.; tiey ‘refused to give it power to establish corporations, the agents then, us now, chiefly employed to create a paper cur. rence, they protubited tle States wom making anyuung out gold and stiver a legal tenuer lu the payment oi debts, and Ue first Congress wirected by posite jaw that the revenue should be re- ceived in nothing but goid and silver. After giving a resume! 0+ the memorable paper ex pn Of 184 Wo 1837, in whieh the banking capital of the couatry was increased twenty-five per cent, the paper circulation ex- panded flity per cent and the loans and discounts increased over forty per cent im the short space of three years, Mr. Van Buren exhib ted the vast increase of debt, foreign and domestic, individual and corporate, which, with the inflation reierred both in the Mr. Van to, had produced the pante of 18% United States and Buren ada oti countries We have witne: YANCY OF Pas oney and oti limes of me spirit Oo} speculation, the sane Saud at length nearly tue same overwhelming catastrophe, Again, 1 Wis third apnnul message, Decemoer Isa, Mr. Van Buren said; — the goverpment and country re- euities occastoned in Great Britain, 2 byt S37, When a partial ow nts of the tormer, pre and serious ¢ rassments, tuouwk th lad nO paliauon in suc LF CUMS LULCeS: Leged ut yusly taken ton of that which lad . There was nothing in wie uutry to endanger a weil uan- isUiruuion ; commerce was deranged yar; every branch of manatacturing s crowned With rich reward, and the abundance of ow harvests had jus by Lo Lurel iudustry W more than usual leit our ind storehouses filed with a surplns It is im the midst of this hat an comabie and deprectated paper cur- reney is entaticd upon the people by a large por- tion Of the banks. eW dangers to the banks are also daily dis- closed jvom the extension Of that system of ex- credit of which they are’ the piilars. 1 by the jucilities atlorded by the banks, mere as become too commonly the basis of Many Of the banks themselves, uot con- t with largely stimulating this system among have usurped the business, while tey Stability of the mercantiie.community ; nh become borrowers ins’ i of lenders: establish their agencies aby they deal wuai, ulsatis- travagan Aid largely in Stocks and merchandise * legitimate u of their as Red with t and the exerets ol their own capital y lawial privileges, raise by lurge lov additional means tor ever variety of speculation. * * * ‘he paper cy rency Which might serve for domestic purpo: useless to pay the debts due in Europe. * * * The intensity of the pressure on the comiunnity is in proportion to tue previous liberality of creait and consequent eXpansion of the currency; sales of property ure made at the ume when wu means of purchasing are most reduced, and the worst Calauuties to tndividuais are only at lust arresied by au open Vidiatiou of their obligations by the panks—a refusal to pay specie jor their notes and am imposition upon the community ol a nnetuating aud depreciated currency.” WILLIAM H. CRAWFORD. yhis eminent statesman, who wos Secretary of freasury nine years, under Madison and Mon- and was @ javorite candidate for the Presi- cy in 1825, thus deneunced the evils of unlim- ited paper banking in 1820, The reader will see that his language is directly applicabie to the pres ent situation of the country. The federal government has by its measures con- | tributed to the spuit of speculation and ol adven- surons enterprise which at this moment so strongly character: the citizens of this republic, The system of credit, which tn the infancy of our com- Inerce Was indispensable to its prosperity, if not to xistence, has been extended at @ period when the dictates of sound discretion seemed to require | that should be shortened. ‘This state of vuings no less uniriendly to the duration of our republican institutions than it 18 adverse to the deve mento! our national energies, Since the commencement of the iate war tts velteved the number of banks in the United States has been more thau doubled. ‘they have been established in the little inland towns and villages and have brought distress and ruin upon the inhabitants. t Tbe pi pt system gi fi “it which has been in- | trodaced by the agency of banks and by the inevit- | able effect Of the measures of the general govern- ment las produced an arti(icta) state of things Which requires repreasion ratuer tian extension. ‘The issue of Yreasary notes for the purpose of aile- Viating the general distres# would tend to tn- if ut is { | it will lighten the great tax — n irre. | ” | and give to it a which Irom degreasing. je suiered, there might be some plausi! ‘as0n urging the issue or essary notes Pie atgeare 1 alleviation. This caunos be urged in its | favor; it 18, therefore, indetensible, Spon the | Sfound of expediency as weil aa of princip! ie. Where the experiment (of a paper currency) has been made directly by government issues have quickly ensued, | been the immediate conse | Pertment has been attem) / Of banks it has invari ; Salucary restraints bem ) Moneyed tustitutions whic! | the vital principle o: whose being is gwin, they have not simply been leit to the guidance o! their own cupidity, but have been stimulated to exces- , YC issues to supply deficiencies in the public revenue. . Iu the same paper Mr. Crawford cogently de- | Bounces “the want of stability, morality and intel- | Agence inthe government which undertakes to | Substitute a paper for a metallic currency.” ALEXANDER J. DALLAS, This emiment Pennsylvanian, Secretary of (he | Treasury from 1814 to 1816, thus deciared vo Con | gress in bis report of the tormer year te true lo | Trine as to a forced legal tender currency. W: that his auticipations had been verified :— Whetuer the issue of a paper currency proceed from the Nationa Treasury or irom a national bank, the avceptance of the paper in a payments and rece:pta must be forever option With tae citizens, Tue extremity ot Not be apficipated, when any honest ened statesman will again venture up | berate expedient of a tender law. RICHARD RUSE, | Who was Secretary of the Treasury during cue Whole Presidential term of Joun Quincy Adan: thus weow in lis annual report of Decembe: 1321 1b is the preservation of a good currency that can dione impart stabitty to property aud prevent Those ‘uctuations in its valge hurciul alike to 1a- dividaal and to national wealth, THOMAS i. BENTON. The name and iame of “Old Bullion’ as the great defender of a sound, redeemable curreucy, uecd no introduction or encomium at our hands. Mr. Benton was the life-long advocaye of hard money. and belkeved that gold and silver coin was the only currency contemplated by thé constitution. a depreciation has here the ex- d through the ageucy failed. instead of unposed upon the have been employed, | In his speecu in Feoruary, 1881, against a national , bank, Mr. Benton said :— ld and silver is the best currency fora re- pubiie; it suits ihe men of middie property and the working peopie best; and uw L were going to estaolish a workingman’s party, it snould be on | the basis of hard money—a bard money party against a paper purty. Mr. Benton further objected to a paper money | bank on the 1olowing grounus:— {t tends to create public debt by facilitating public loaus, aud substitucng uniitmiled suppies i paper or Limited supplies Of coin, lt tends to uggravate, the equality of fortunes, to Take the rich richer’ and the poor poorer, to mulhply Dabobs and paupers, and to decpen aud widen the gull which separates Dives from Laza- Tus. A great moneyed power Is lavorable to great saute. Jor it is the principle of money to luvor money. it 18 unfavorable to small capitalists, for tt is the princips of money to eschew the needy umortinate. £0 is injurious to the laboring clas: ve no iavors and ave ey wiso to acquire raise whue wages remain at the silver loLioNM. It tends to make and to break fortunes, by ihe fux and reflux of paper, Profuse issues and sad den contractions perform bis operation, transic ring wiilions ivom the actual possessors of prop- y tv the Neplimes who preside over the ux and X of paper, In another argument, in 1834, Mr. Benton thus summed up the merits and advantages of a gold | currency. lost ail As the American people have almost nowledge of that metal, and the aavocates of the system of irredeemable paper money have | been very busy in and out of Congress in dispar- aging its merits, let us put upon record the nine distinct and prominent advantages whitch Mr. ben- ton ascribed to a hard money, currency :— Fursi—it bas an intrinsic vaine, which gives it currency ali over the world to the tuli amount of thut Value, Wituout regard to laws or circum- stances. decond—It has a unitormity of value, which makes ! It tue salest standard of the Value of proper Which the wisdom 0: man has ever yet discover, Third—its portuvility, Wich makes it casy tor the travelier to carry it about with hun, Fourth—lts mdestrucubility, which makes it the sadest money that people could keep in their houses. Fith—Its inherent purity, which makes it the hardest money to be counterfeited and the easiest to be dejected, and thereiure tie salest money for the peopie to hundie. | m—lis superiority Over all other money, which gives to its -uccessor the choice and com- mand Of al other money, Seventh—lts power over exchanges, gold being the currency which contributes most to the equai- ization of eXchange, and keeping down the rate of exchange to tie Lowest and most uniform point. Fighth—lts power over the paper money, gold being the natura: enemy of that system, and, with fair play, able to hold ti in check, Nivth—it is a constitutionai currency, and the people have a right to demand tt for their curreney as long as the present constitution is permitted to exist, oJ JOHN C. CALHOUN has been largely quoted of late as in favor of an irreaeemable government currency. It is true that some of lis speeches appear to bear out this assertion; but it is also true that the kind of paper currency favored by Mr. Calhoun us a gov- ernment issue was heaven-wide asunder from the irredeemable greenbacks and national bank issues which the modern professed disciples of Mr. Cal- houn’s financiai views insist upon expanding. In the first plac tuat the governtent paper which he advocated should never be made a legal tender. Iu his speech on the bil authorizing the issue of Treasury notes, in 1837, Mr. Calhoun said that such national notes would be as stable in valne as gold and silver ttself “provided the government he bound to receive it exclusively with taose metals in al! its dues, and that | it be lefe pertectly optional with those who have claims on the government to receive it or not, It wWiil also be a necessary condition that notes of too small a denomination shail not be issued, so that the Treasury shall have ample means to meet all demands either in gold or stiver or the bills of the governinent at the option of those who have claims on it? “With these conditions,” said Mr, Calhoun, “no further variations could take piace between It and gold and silver than that which would be caused by the action of commerce It will thas be seen that Mr. Calhoun’s national currency was to possess three vital elefnents, all of which are conspicuously wanting in the cur- reucy advocated by our Congressional expansion- | ists. Furst, it was not to be a legal tender at all, but the creditors of the government were to re- ceive it or the specie at their own option; second, the government itself was to receive it for customs revenues and all other dues: and third, no frac- vional currency nor small notes were to be issued, thus making the Treasury notes really nothing more nor less than @ more convenient promise to ecie on demand, system, private and corporate, was the real reason for his so far departing, even in theory, from true financiai principles as to advo- cate government emissions of paper money based upon its own credit and not directly upon specie. What do the champions of the present national bauks and of uniimited tree banking think of the following doctrines taken from Mr. Cainoun's;writ- ings:— We have made banking too profitable: far, very far, too protitabie, and | may aud, infuen | of the most ample sources of this profit and in- fluence may be traced to the connection with the | government, and ts, Of course, amon; prominent canses of the strong am m- | cessant tendency of the system to ierease, which even its friends see must | overwhelm either the banks or the institutions | of the country. * * * There can be but one | safe and consistent remedy—the rendering bank- ing, a8 @ business, less profitable ana influential and she first and decisive step towards this i disseverance between the banks and the govern- ment. I pass over otherimportant objections to the connection—the corrupting influence and tie spirit of speculation which it spreads tar and wide over the land. Who has not seen and de- plored the vast and corrupting influence brought to bear upon the Legisiatures to obtain charters, and the means neceasary to participate in the profits of the institution? This gives a control to ‘the government which grants such favors of ® most extensive snd pernicious character, ali of which must continue to spread and increase, if the connection should continue, until the whole community must become one contaminated and corrupted mass. BOARD OF HEALTH. Dr. Day yesterday submitted to the Sanitary Committee a report from Dr. A. McL. Hamilton, setting forth the special, painful gud dangerous diseases to which horse car drivers ‘are subject in consequence of their long hours of work and con: Saale excessive | Mr. Calhoun declared expressly 8, Mr. Calhoun’s intense opposition to , . Une 4 we | finaily | APRIL Passage of tho Bill Inflating the Currency to $800,000,000. ‘Manly Denunciation of Opposing Senators. Sd Schare’s Burlesquo Utopian Scheme—Rejection of Provisions for the Salvation of the Country's Credit. Wasninoton, Aprit 6, 1674, The morning hour having expired, the Senate resumed consideration of the bill to provide for the redemption and reissue of United States notes and fort banking, the question being on the motion of Mr. Merrtmon, (dem.) of N. ©. to strike out | $ the entire bil, with the exception of the first and | Second sections as amended, These sections tix the amount of United States notes at $40,000,000 | profound peace, witn al! the ele! and provide for the tasve of $46,009,000 additional national bank circniation, 1, '1874.-QUADRUPLE. SHEET. TEU Stic |THE SENATE'S SHAME, |2S2°"7tF%. 7. | First 1s not & It had Xchangeab!e for coin. ever been subject to the Bow ad ene doy wien was uttered, add to will of Congress, and no currency could be the currenc, raising prices will add fast whien every year could be tinkered diticulties, iy New vera i the midst of all aressional majorities or Congreasional combina. rponey, soup houses have n established during tions. ‘the past winter to save people from starvation. |. Thtrd—It is infirm because it is arbitrary, being RePouTER—You are, then, of the opinion that tm fixed by Congress, creasing the currency will add to the present em For this bili he could not vote, because it de- | Darrassment in business ? clared @ departure trom the principles of honesty | |4NT—Certainly, Congress should stand by and gorranes. It proposed to put out and keep | the pledges made at the time when the out the whole $44,000, reserve. It proposed io | Money Was inangurated. The currency should put out and keep out redeemabie bauk paper, | main as itis, To contract would be unjust to the Temporary relief might come {rom it, bub i Id | debtor, a8 he wonid be required to pay lus debe im only smooth the DISASTER Such # policy ernment Was pi | Senators upon th | trate of the nati | this policy, Mr, STBWART, to the commerce the saddest vote Mr, Mr, ANTHONY, und abundance, sides the declarations of the | Of that political party whieh chose most of the | Senate was about to ada tar, rency of the country, and in way to AND DISTRESS HEREAF TSI spurns the experience of every epoch of history, trainples upon and violates the | faith of the nation, Every department of the gov- ledged to redeem vis paper, be- Ational Conventions i183 oor, as well as the Chief Magis- ion, WhO was aiso pledged against (rep.) of Nev., sata the passage of this bill was astep in the wroug «direction, and great disaster would be sure to follow. The losses and business of the country would be immense, and this day would joug be remem: bered by the American peo; He thought this he had ever seen in the senate, and it promises great evil, KELINGHUSEN, (rep.) Of N. J., moved to ad- Journ. Lost, by 27 yeas Bho nays.” ; (rep.) of Ry L., Said —In a time of ments of prosperity aud with money plentifal, the ely tO the paper our- lolitg so reiused to in- Mr. SHERMAN, (rep.) Of Ohio, said the edect of | Set the siightest measure looking to redemption, {he motion would be to strike out the fifth and sixth sections of the bill as reported by rhe com- mittee, and they had been unanimously agreed | upon by the committee. To strike out the fifth and sixth ‘tions would be by inference to authorize an increase of the public debt. BANKING RESERVES, Scorr, (rep.) of Pa., moved as an amend- to the section authorizing the tacrease of Mr. meut | $46,000,000 national bank currency, the iolowing:— | Aud exch wational bankins ass ‘calter to be o1 med, shies p of its reserve, required by law. one mn received by it a» interest on the bor tates deposited as security fur e or government deposits, and tha fourth of the @ part the ¢ nude ol the United Ling notes: r only one- t f redemption, and upe paid The amendment was.accepted by Mr. Merrimon, THE NATIONAL DRBT. Mr. OONKLING, (rep.) Of N, Y., moved an addi- | tional section, as follows :— That nothing in thts act shall be consteued te authorize au increase of the principal of the public debt of the | United States, Mr. Morton, (rep.) of Ind., noped this section would not be adopted. It might be that some time to use tue additions! green- rry on ihe government, as was the case nthe Se reserve Lo meet the current expenses of the yov- rve had been reterred to a# uecessary to meet the public necessities. He (Mr. Sherman) did not approve of that action, and had declared over and over again that the act on the part of the secretary Was 0 unlawful oue, fhe amendment of Mr. Conkimg was rejected by yeas 24, nays 27, as follows :— Yeas—Messrs. Allison, Anthony, Bayard, Chandler, ‘Coniding, Davis, Fenton, ghuysen, Hager, Oragin, t M ‘viand, iatmilton of Texas, Hamlin, of Vermont, Sargeant. Saulsbury, nan, Stewart, Thurman wud Wad: fh, Hamiiton K leugh— Navs—Messrs, Bogy, Boreman, Cameri He thought such ‘and all laws of po action contrary to all experien piitreal economy, and woud enter is protest agatnst it by his vote. A DEMOCR the Chief Magistr Wwendations of the Secretary of the Tre: Mr, THURMAN, (dem) of Onto, Said : mons’ detiberation the dominant party in this h—in disregard of the recommendations of AT REPUDLATRS, INFLATION. Alter four race, im disregard of the recom- jury and im utter contempt of the experienced Finance Com- miitee—haa adopted a measure proposed vy one of the mtnorty, 1 adopted tbe me: Thurman) could take no credit which his democr: (Mr. Merrimon) 1 cussion it Was resei Carolina to shape country. He (Mr, republican party, to which he belon, tion, (Languter, simply meant tha! he giteat republican party bad asuve-of a democrat, he (Mr. in this triamph atic friend from North Carolina had achieved, ii their dis- ‘ved [orthe pine woods of North ne financial destumes of this laurman) would disband the though he gel Was Very old on This ques- ) The action of the senate to-day | tno tan of his age would ever | 8gain see in this country the money referred to by | Our torelatners a | but he relied upon anor ernment to set right | believed there were men enough in the retary had to use the legal tender | | tion, THE PLED Mr. SARGENT, the Dill trampled here. This vdmin a pledge contrary in the West to sec any parcy perish try with irredecmabie curre Mr. sc: can citiz who javored the t ted, but the day i curse the’ day Was not far o! their senses and si neu, Who would Mr, CARPENTER, to say that those themselves to remain sient, i ‘They had resoived to say nothing, * te turn the Tigut be a vote, aud, when smitt other, Mr, FLANAG | would be vetced, } Ol the President would bat add to his great fame, Mr. MORTON said there would be an opportunity to reply to these most extraordinary speeches, and he would avai! himself of tt; but for the present he Carpenter, | Clayton, Dorsey, Ferry of Michi ioldthwaite, Gor don, Harve Hitchcock, Ingails, Johnston, Lewis, | Logan, McCreery, Merrimon. Norton, Norwood, Ozlesby, Patiorion, Pease, Ramsey, Robertson, Tipton, . Boutweli, Edmunds, Mianagan, Morrill Mame, Jones and Sto mu the affirmative, were paired with Messrs, cl, Wright, Brownlow, Sprague, Spencer and Ransom, whe would have yoted in tie negative. dir, HOWE, ca of Wis., offered an amend- ment to the%econd s alter cireulatmg notes to the ainount of $100,000,000 shall be issued to natioual banking associations it Shai! be the duty of the Secretary of the Treasury to retire an amount o1 United States notes equal to seventy per cenium of the issued, Which shal! be in further reduction of the volume of $400,000,000 fixed by the preceding see- tion, and sui all continue until the whole o1 the 3 culatiug notes sual! ve ixsued, Rejected—Ye 5; Nays, 30, Mr, MORRILL, (rep.) Of Vt, offered as an amend. ment to the first section the lollowing:—“Provided that no part of the increase of United States notes hereby authorized shall be held to plac directly‘any money in the United States Treas- Rejected—Yeas, 22; nays, 31. FREE BANKING REJECTED, | Mr, Bayarp, (dem,) o! Del., offered as an addi- , Uona! section ihe following: priation. “That the tax of ten per centum now imposed | by law upon the notes oi State banks or State banking assoctations be and the same is hereby Tepeaied.” Rejected—yeas 12, nays 39, THE SUBSTITUTE ACCEPTED. The question then recurred on substituting Mr. Merrimon’s substitute, as amendea by Mr. Scott, foy the bill of the committee, and it was adopted— | yeas 29, nays 24—as 16llows Yras—Messrs. Allison, Boj Koreman, Cameron, Car- penter, Clayton, Dorsey, ferry of Michigan, ‘Gold- | thwaite, Gordon, Harvey, Hitchcock, Ingalls, Johnston, | Lewis, Logan, McCreery, Merrimon, Morton, Ogles! | Patierson, Fease, Prati.” Ramsey, Robertsou, Spencer, ‘Tipton. West and Windom—29. | ox 3 Ays:—Messrs, Anthony, Bayard, Chandler, Conkling, in, Davis, Fenton, Frelinghuysen, Hager, Hamilton of Maryland, Haimiton ot Texas, Hamlin, Howe, Jones, | Kelly, Morrill of Vermont, Sargent, Saulsbury, ‘Schurz, | Scott, Sherman, Stewart, Thurman and Wadleigh—24. i the Whoie it was then reported to the Senate, the question being, **Wili the Senate agree to the bill as ugreed upon by Committee of the Whoie ¥? SPECIE RESUMPTION DEFEATED. | Mr, SHERMAN then offered as 4 substitute for the entire bill agreed uppn in Committee of the Whole the vill originally reported by the Fmance Com- mittee, with certain modifications extending the time jor specie payment to January 1. 1877, and providing jor the retirement of filty per cent of the greenbacks in propurtion to the Nauonal Bank currency issued. Mr. SHERMAN again spoke of the importance of | having something in the bill looking towards specie resumption, aud appeaied to the Senate to have such a clause in it. Mr. Howk moved that the Senate procee executive business. Rejected—Yeas 25, nays 30. | _ Messrs, MORRILL, of Vermont, HAMLIN, (rep.) of | Me., and others said they would vote ior substi- | tuting the bill omered by Mr. Shermen for that | agreed upon in Committee of the Whole, but | would vote agatust its fina! adoption by the Senate. | They would vote tor substituting it, béeieving it to | be better than the one agreed upon, though it did not meet their views entirely. Mr. CONKLING and Mr. HaxitTon, (dem.) of Md., said they would vote for hoping that if it be | substituted for that agreed upon in Committee of the Whoie it couid peturther amended and made | acceptabie. | _ The question was then taken on the snnstitute of Mr, Sherman and it was rejected—Ycas nays ut to 0, ‘AMONG THE CLOVER." Mr. Scnvnz, (!ib.) Of Mo., offered the following aga substitute to the bill agreed upon in Commit- tee of the Whole :— And the Secretary ot the Treasury is hereby in putting toto circulation the full maximum $400, 00,000 of Umited Stater notes, 10 take such as will ‘hot tail to prevent any additional issues of such directed, | | 1 i | | kton, who would have | The bill having been considered in Committee of | directly or | ry Whichmay or can be held for any future appro- | vulating notes so | 7 | act ontitied “An A | States, deposited ) erument would forbear. (rep.) of Cal. nat the wetion of i hd the iramers of our constitu. EOF THE ADMINISTRATION, said the passage of down every hope of tue people, er department of the gov- © Wrong Which had been done nistration had been elected upon to this til, He (Mr. Sargent) <t and sh or the leader of to Hood the coun- b any party pe who attemp! Oy. KZ sui he felt humiliated as an Ameri- re niiemen vex bene- ity. rit might think thems Was not far distanc when they | The our they suave such a yote. iY when the people would recover ave themsciVes fromm these stittes- jead the country to ruin, rep.) of Wis., said he only arose upon his side lad agreed among order that there en upon ove check, (rep.) of Texas, hoped tne bill and Said such action ou the part PASSAGE OF ‘SHE BILL. The bill Was then read a third time and passed by—yeas 28 to nays 24, as follows :— s—Messrs, All Harney. Tipton, West and Windon Nays—Messrs. Anthony, Conkling, Coope: Crapin, Davis, Fenton, Fi |, Hager, Hamilto of Maryland, Hauiltoh of Texas, Hanlin, Howe, Jone Kelle; Messrs. Gordon, Clayton, Lo u eCreery, Merril | Patterion, Peuse, Pract, ection that within thirty days | ¥, Morrill of Vermont, Sargent. -auisbury, 8 volt, Sherman, Stewart, Thurman and Wadleigh—Total ison nun, Cameron, 0: Michigan, “G Jobustou, Lewis, orwood, Oglesby, ertson, Spencer, churz, Brownlow, Mitchell, Sprague, Conover, Ransom and Wright, whe would have voted for the bill, were paired with M . Bayard, Flanagan, Boutwell, Morrill (of Maine), Stevenson, Stockton and Kdmunds, against It. TEXT OF THE MEASUR The bill as passed reads as follow: A Brut to fix the remlatic inaxaini dat $40 addition to sneh < issued to nati and wiicn waged clreuin! several State inc the coin received by ct leposits, the reserve now pri associations shal ¢ auable tor t The Senate, at journed. The following 0 tf national banks, and for other pnrpe national banking a |} hereafter to be organized, shali Keep and wai part ot its reserve required i ss0cia lions inc bulances no interest shall be paid. A MERCHANT ON wno would have voted hmount of United States notes au the "st— oles ts um amount of United Stuics 0,0) AUN). That $46,000,000 in notes for circulation, in ir irewlanon now allowed by law, sia bauking associations now org it be organized hereaiter, and s.ic shali be distributed — amo as provid in: section. 1 of the to provi he redemption of the ir 'y loan certificates, aud tor an notes;” approved July 12, 187 tion now Oo: Mm porary 1 bank intain as & law one-fourth part of the st on bonds of the United it as inte: $ security for clreulating notes on gov- that hereafter only one-fourth of ribed by law tor national banking onsist of balances due to an associa- he redemption of its circulating notes ties of redemption, and apou which half-past six o'clock P. M., ad- INFLATION. pinions of a retired merchant on | the financial question has been given to a re- | Porter of the HERALD on condition that his name should not be used :— REPoRTER—Whi at do you think will be the effect should Uongress pass the bills now being discussed having in view the increase of the currency? Mercuant—The effect will be unfavorable, chants and other: measure, retrain ing that Congress might The reason is 4 Mer- ‘3 engaged in business have, in a ed from making contracts, fear- increase the currency, miply that to make a contract under $700,000,000 currency and receive pay under $800,000,000 he would lose the difference, which, under ordinary circumstances, would exceed the profit on the trade. currency Will not raise prices to re) The $100,000,000 added to the add to the property further than present the add{tion made to the | currency. And the man wjio parts with his property | under the $700,000,000 and receives his pay under the $800,000, 000 wi per cent, and tni ill Lose on the transaction fourteen iS Will show Itself in the purchas- ing power of his money; and the only way’ that | business can be done safely will be to buy and sell | for cash, or buy and sell on credit, and compel the person from who: on bond and tnor to call in their per cent; and, a: depreciation on the money. m you buy to take the risk of the Parties having money rtgage will find it to their interest joans and invest the money in property, im order to secure them against loss, mount of | If gold goes up paper money must go down, cent easures | 3 money goes down, property, of notes from falling into the hands of the speculators and | necessity, must go up. The laboring man will re- | guire an increase in his wages, for tae reason that consumed the stock gambiers of the country, and also from remaining in the astern States. But le will cause seh additional establish a nauonai bank the secretary of the Treasury will furnish them an ample supply of United States | bonds on which they may obtain Ueir national bank that the currency ve not depreci- . but that itbe ela in volume and | strictly stable in vaine, or, if th not be necom- | plished, he will so judi the depreciation ai | of the currency that the debtors of the country be re- | | heved of @s large a8 possible a part ‘of their ) burde! while the creditors shall not sur loss. But cretary will take care fer that among the debtors so benetited shall not be those who, by overtrading and reckless speculation, involved | thenisolves in heavy liabilities, and who now desire to Pay a less value than they owe. The Secretary of the | Treasury wiil take special Care that the laboring men | and the men o! small means, to whow the trasi compa- nies, ings banks, national and site banks and em- | Bloyors owe over $1,000,000 in debosits and unpatd wages, in | do not suifer any los: | them, and that’ the 250,000 maimed soldiers and sailors and the widows and orphans, who receive pensions uunually, be” not robbed of an | part of the vaine of such pensions through suc’ | depreciation of the currency, And the Secretary of the ‘Treasury is furthor directed to inguire, on the first day of each month. whether there is an equal distribution | per capita of the currency as between England and France and the United states and also in the differen States and Territosies of this Union, and whether every citizen of the United States can get his notes discounted &ts conveniently low rate of interest; and, if he finds that such is not the case, the Secretary of the Treasury ‘whereby authorized to make jurther additions to the eurrency, until the circulation per capita, as above, is fairly equalized and until every citwen of the United tates can get his Notes discounted at such rates of inter- est as he desires; and the Secretary of the Tre: Will steadily continue such additions to andl gy ry citizen of the United States has enough, nd Until the country 1s entirely relieved or ita present public. debt and of any further necessity of borrowing mone; Abroad tor the construction of rallrouds and other publio improvements, 40 hat all the interest now paid, on, such put opt at ome, and when accom. piuied the pad of the ‘eins 7 thal! forthwith re. same le yinent withont any st wo URES orthe country.” (Laughter. 4 The CHAIR ruled that the substitute was not before the Senate. The amendments made in Committee of the Whoie were then concurred in without a division, INFIRMITIES OF OUR CURRENCY. ‘The question being, “Shalt tho bill be read a third time and passed ” Mr, CoNKLING said no money issues of leaai tender currency to be fairly and impur- | tially distributed among the people of the West and South ; | and when any community iu the West or South desires to | gold. ings bank wilt conty atthe same tine Secretary of the Treasury is turther | e | | the price of family will go Parties of the money. I | having a evrrenc | fienity with the the up havin articles with in premium tne his on say: st and clation suffer less by the dep: he farmer has ‘@ deep interes ey of unchangeable vaiue. The dil farmer, W has been the high price of labor and articies consumed on his farm and ip his family, thus adding to the cost of what be produces. And when his product | arrives in Liverpool it is sold in compett- | Hon with the cheap countries oi Europe. [t 18 | true the wuole only the surplus, price obtained 10 at home. I we ciate it. The currency being of less v: | require an adMitional | W the price of everythin he value of such debts due | this Will add to the emp His wheat, corn, roduce, without any additional advance in the | paciion with tae line serra it'ts there soid in com- ie like articles produced und l. ReroaTER—Who, then, ; agree creasing the currency ? MrROHANT—The debtor and speculator. Havin made /ils purchase on time, thai which he bor goes up with tn pocket. pledge disregard present time for 18 abundant and more currency tons of the @ cheat, It is always will wal ms sells at the high watered currency and puts the difference in his cuties in the agricultural districts will be ti creased rather tuan diminished. The cry that where crop is not sent to Liverpool, and it is equally true that the r the surplus regulates the price increasé the currency we depre- alie, it will amount to be added ig we buy; consequently, arrassment of the farmer. bee! and pork will cost more to 18 W be benellted by in- boy he currency. ie Pays his debt in the é increase in t) price, R&PORTER—Suppose Congress makes the increase from $700,000,000 to $8 se eee and siop; what will be the effect om the country end business generally t MeRcnant—The effect will be bad, principle will have been broken and & solemn 000,000, af BOW proposed, A great led. There is no excuse at the increasing the currency. Mone interest low. The present di 1s «Wanted in certain poi country is @ delusion and reasonable to suppose that if a portion of the country is m want of circula- uon it must produce Wul command money. Portion of this great country Who want money an thing of value that ‘here are people in every nt it; it is #0 to-day to the city or money 141 Sue kL @ currency of greater value than that existing a6 the tame of img the contract. It is equally an- Just to the creditor to increase the currency by the waterlug process, as he will receive less than bhi upon when he parted with his property. The only thing to do at this time 1s to do nothing | woes Si pte eos it wlone until 8 more fa ; e rives, vol f the establisnment is a naka Or erteahe wich will enable the American people to compete successtully both im the home and | loreign markets. Business {8 now at @ stand; Broadway is to let, Let Congress pase a@resolution against any increase of the currency - and contidence would be restored and the wheels ol commerce move OD a8 usual, To unsettle the | country py changing the measure of value would | place the busiuess of tue country in a position to | be upset by a panic more disastrous than the one | that We are now just recovering trom. We might | by good fortune escape such a calamity; butis us Dot best Lo invite so great & misiortune by kt | over a precipice to ascertain how far we can dose | Without falling, Congress should reduce the ex- | pauses of goverrment to an amount inside of the | ineome, pass the appropriations to keep the ma- chinery of governinent in motion, go nome and leave the peopie to themselves to recuperate and unproye their condition, THE METHODIST MINISTERS. Devotions and Temperance—Dr. Die Lewis Interrogated on the Womon’s Crusade—Reminiscences of the Past Ago—Adjournment Over Conference. The Methodist ministers have held their last | weekly meeting during the Conference year of | 1873-74. To-morrow the New York and the New | York East Conferences will sit in annual seasion— the former in St. John’s Methodist Episcopal | church, West Filty-third street, this city, and the | latter in Simpson Methodist Episcopal church, | Clermont and Willoughby avenues, Brooklyn; and the brethren who now compose the Methodias | Preachers’ Association will not meet again as auc® | for turee years—perhaps never. Some who are | now here will be transferred to country appoint | ments too far distant to allow them to attend the | weekly meetings. Others, now in the country, will come to the cities and will meet, from week to week, with the few bretiren who manage | spend the greatest part of their ministerial lives is | the cities. And thus the personetle of the mectthg Will be changed, though it will continue to be com- posed of the travelling and local preachers ot New | York aud vicinity as heretofore, Yesterday, being the Orst Monday im the menth, was devotion day. The numbers present on tuese ; occasions are usually smaller than on other days, but there was a better gathering, numerically, yesterday than there sometimes is. The prayera and experiences rotated around either tie ap proaching conferences or the temperance move ment. Some reminiscences of a past generation were brought up by the venerable and Rev, rather Silliman, who has passed his fourscore years, | filty-eight of them passed in more or less active | service in the mtuistry of the Methodist Episcopal | Charch. He entered the Conference in 1815, and ts one of three only now uving who entered in the class of that year with him, They belong to the | New York East Conference. Father Davis, aa- | 1 . | other veteran, who has seen almost ay ini natural and ministerial years as Father Suliman, | gave a little sketch of his early ministerial tife and ‘experience. He was the first man to establisa | Methodist preaching in Willamsburg, waen it was set olf irom the Flushing Circuit, in 1835. . His con- gregations were so small that he was sometimes uiraid he could not speak of them in the plural nam~ ber. But after walking to Middle Village on Sunday mornings aud holding service there, and wai back again and preaching in Williamsburg in the afternoon, he went out on the hulls or bigh ground, began to sing, gathered a crowd around » Dum, taiked to them and then invited them inte hia littie church in the evening. In this way he gath- ered @ congregation, What a striking contrast | between the Willlamsourg of to-day and chat of | forty years ago! Father Davis was tue first aiso te | lurnish Methodist preaching in Astoria, where the “Rey. A. C, Bowdisn is now stationed, and trom | whence he reported that over 200 persons had been | converted during the Conference year, 100 of | whom had already united with the Church. There also the Conterence collections Lave quadrupled and quintupled, and the place in which they wor- slup has become too strait for tnem, and the society is planning to enlarge their church edifice. Father Davis was amazed at the contrast between | bis first appearance in Astoria, when, after walk- ing all the road irom Williamsburg to hoid an evenipg eervice there, there was not one whe asked him if be wanted a cup uy tea or @ place to | He down, aud he had to tramp the same road back at night. This veneraole brother is an Engitsh- man by birth, and in his early life was favored with the mimistrations of such fathers of Wesleyad | Methodism a3 Jabez ales 2 Bramwell, Richard , Watson, Adam Clark, &c., in Liverpool, At the age | of twelve years he joined the Wesleyan body, and | at the age of elghteen be began to preach aaa local preach in which capacity he came to | America tu 1827 and took appointments ga above. Rey. George Lansing Taylor, who has been tor a | couple of months or so travelling in the South for | his health, related a few of his religious impres- | sions of that section and its people, They are | hungering for the bread of lite. There are now | ministers enough to supply the demands sor preaching, and he believed this spirit of Joa | tor the word of God would be the redemption | that Boone. There is a regular famine down there for hearing the word of the Lord. Dr. Dio Lewis, who Was present, was invited to | address the preachers. ‘at the Doctor, an ex- ceedingly modest man, who said he was as much | afraid of the reporters as he was of darkness, but | who nevertheless eyed them with an evident de- | sire for newspaper notoriety, simply set himself up | to be interrovated by the brethern, and theo | answered their queries. This is his favorite style | of address on the temperance question, in connec- ' ton with the women’s movement, He does not care to give advice or opinion about the legal | aspects of the question, but says to those who want toshut up grogshops by law, “Go anead.” He, | however, thinks the better way is to get up a moral sentiment against the tramec | which shall enforce the laws. Of the | 1,775 rumsellers in Ohio who have been | pledged against the business, over 800 them have been converted to God, and not one of the 1,700 has yet violated his pledge. He thought that was a far better record than any constable, im | Massachusetts or elsewhere, could show. In his | own city of Boston, the most law-abiding city in | the worid, as he believes, and where they have the most stringent excise law in the world, there ure ‘S liquor places where drinks are sold openty over the bar. ‘The Parker House sells from $3,000 to $5,000 worth @ day, and yet after two days’ trial recently it could not be proved that Mr. Parker had sold a glass of liquor over his bar within the last two years. Another case of Mr. Young, a hotel keeper, on whose premises the constables seized $9,500 worth of Hquors, wines, &c., Was acquitted because of the inability of the prosecution to snow | that he had sold arink over his bar. Yet it te matter of public notoriety that these men make their principal hotei profit out of this branch of their business. The Doctor having su; ited to the preachers (hat he would like to address them on some Monday morning on the physiolo; aspects of public speaking, he was invited to do sa on April 27, or such other time a8 mignt be con- venient to him. ev. Dr. Curry, Mr. Atkinson and Mr. Wheatley were appointed & committee to nominate oMcers to be reported at the next meeting, two weeks hence, to which time the preachers adjourn ‘A woman’s temperance meeting will be held in the parlors of Association Hall to-day, ut three o’ciock. A central organization, to consist of two ladies trom each church, is to be effected at that time, pls “MORAL HBROISM.” Mr. Henry D. Tyler will deliver an interesting lecture on ‘‘Moral Heroism,” at the Northwestern Hall, Ninth avenue and Thirty-sixth street, thie evel , at half-past seven o’clock, for the benefit of the Bethany sa Mabe Soctety. Rev. William | M. Taylor will preside. MB, ELLIOTI’S BEOITATION. Mr. 4 0, Elliott will recite, from memory, Byron’s ‘Manfred’ to-morrow evening, et Bleecker Building, No. 278 Bleecker street, near Morton street. THE MANHATTAN OLUB, At a general meeting of the Manhattan Olu held at the club house, 96 Fifth avenue, on the 2d inst., the following resolutions were unanimously adopted as @ declaration of principles :— The Manhattan Club, disclaiming con ane Mid REY, Wl pote ed declares tus DUrpose wean lowing political doctrines: ‘ Firt—Freo trade: meaning that dues and taxes be laid with FY to re all for On special interests or mon wo, specific, w save the governunent Tee reat cat the trader from oppression, Second—liard money ; meaning the return of govern Ment and people to Kpecie payments, Third-Frve ships; meaning that Americans be free to e1 jew to revenue only, and not MRT CL parpesh see wagon. cheap supplie: and by to wie fener rey ong" A a