The Sun.
London, England, 1869-01-19 00:00:00

MONEY .I.ID 13 U.SIN

(From the Philadelphia I Ledger, Dec. 30.)

Wo learn through the medium of correspondence from
Washington that the Committee on Banking and Currency
have under consideration the recommendations contained
in the report of the Comptroller of the Currency in rela-
tion to Bank reports, banks in voluntary liquidation, the
periodical stringency in New York city, panics, specie
payments, and free banking. It is reported that the
majority of the committee seem to be in favour of the
Comptroller's plan of remedying the system of requiring
quarterly bank reports to be made on a specified day, by
which the letter, and not the spirit, of the law has been
very easily complied with, the banks being careful to ex-
hibit the required amount of reserve at that time. TLo
Comptroller contends that the actual working condition of
the banks can hardly be expected to be shown when the
day of making the report is known in advance, and re-
commends that section 34 of the Currency Act be so amended
as to authorize the Comptroller to call upon the banks for five
detailed statements or reports during each year,fixing upon
some day that is past, as such a change would bar theprepara-
lions now made about the end of each quarter, and pre-
vent outside operators from conspiring against the bank
and the honest trade. The evils of the present arrange-
ment mentioned are no doubt true, and the remedy sug-
gested, it is believed, would be adequate to the end. The
committee, we understand through the same medium also,
seem favourably inclined to the proposition of the Comptrol-
ler that banking associations going into voluntary
liquidation be required to provide for their out-
standing circulation in lawful money, and take up their
bonds within three months, under penalty of having their
bonds sold at auction in New York city, and to pay such
association the excess of the amount required to pay its
outstanding circulation. This, he claims, will remedy the
present partial system authorized by section 42 of the
Currency Act, by which a banking association may go
into liquidation, pay off its creditors, do no business,
and yet reap all the benefits of a circulation
guaranteed by the Government. In some cases two or
three have owned a bank, gone into liquidation, done
business as private bankers, avoided taxation, evaded the
requirements of the CurrencrAct, and still retained the
most profitable feature of a National bank. The establish-
ment of a central redeeming agoucy is not so generally
favoured. Pretty much all outside of New York will op-
pose it. In regard to the periodical stringencies in New
York, and the loaning of money by the banks in large
amounts on call, by which the reserve fund is handed
over to the tender mercies of Wall-street and its purlieus,
decisive action will bo recommended by the committee,
but exactly what is unknown. The same may be said
of the proposed squelching of the causes that bring about
apanic, no theory of the number advanced seeming to carry
with it sufficient power of conviction to be called the
plan, though Comptroller Hulburd's idea of holding in re-
serve a certain amount of Legal-Tender notes in excess of
the amount of money in regular circulation is the ono
most discussed, and has the most supporters and the most
opponents. Regarding a return to specie payments and
free banking, an attempt to enumerate the various theories
by which the former desirable object may be attained
would lead too far into the mazy labyrinth of financial
propositions; while it may be safely said that the com-
mittee aro disposed to act favourably upon the most of
the recommendations of the Comptroller, but the question
of specie payments being such a vexed one, it is not at all
likely that the report will favour his propositions un-
amended.

(From the Philadelphia Public Ledger, Jan. 1.)

It tis stated
to
on
thheisthfoirritt 3
00 i
ng Report,
311:s,millions more,
. ,c thatt
th,vi
siMllyres.
ahCrooavvmstmahviasitns igtonnoeaf rdtdlhVi
itrei
addition
we may expect five millions surplus which the Government had last year,
on various accounts, among which are the finishing up of
the bounties, the reduction of interest from conversions,
and the withdrawal of the compound interest notes, and
the surrender of pensions. Mr. Wells further estimates
that an increase of thirty millions of receipts from the same
source of revenue may fairly be looked for, with an ordi-
nary efficient collection, and an ordinary honest adminis-
tration. He believes therefore that it is within bounds to
regard the Treasury as master of a clear yearly surplus,
from this time fcrward, of one hundred millions.
A

---
valuable library of books in reference to the
history of the Pacific Coast of the United States, it is re-
ported, has for the last three years been in the course of
formation by a gentleman of San Francisco. The history
of the Early Discovery of Upper and Lower California,
Western Mcxico, Oregon, British Columbia, and Alaska,
is amply supplied by works in English, French, Spanish,
and German. The collection numbers over thres thou-
sand volumes, and is said to ha the largest and best in
the world.

UNVILLE and Co., Belfast, are the largest
.olders of Whisky in the world. Their Old Irish Whisky is re-
cumuieutled by the medical profession in preference to French
Brandy. Supplied in casks and eases for home use or export&
tion. Quotatioas ou application to Messrs. Denville and Co.,
Belfast; Cr 4, fort-Loilaings, Strand,London W.C.—[Ad
vertiscinent