The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1866-04-24
THE APPORTIONMENT OF Ma
TIONAL CURRENCY.

cu...,.,, ~ ,ho Troos,r,, N tho Cho;r,oan
-. S..-,,,.- a.
W tne 0eh"'o ri"hoe Ooiiini''eo' vi 'no
app0ruonment Oh national currency, was
presented TO the senate yesterday, and Or
dered to be printed:
Sin: Your motto Of the 10th instant, transmitting
Senate bills a54 and $50, and asking for certain
statistical information relative TO the apportion.
msnt Of national currency, was duly received. In
accordance with your request hand you herewith
\ tabular statement showing the apportionment
made directed also list Of banks, classified by
States, which would be affected by the passage Of |
the Senate bill 254 |
Senate bill 256 proposes To furnish circulation TO
those States and Territories which are not yet pro-
vided for, without exceeding the $780, 0O0 900 au.
thorized by the act Of June 3, 1854, by withdraw.
ing tho amount any State may have received over
twesty dollars for each inhabitant. By reference
20 the accompanying statement 1t will be ascer.
tanned that but three States have received or 80.
cured circulation in excess Of this amount per
oapitI. viz; Nassaohusetts. $50 448, 49, Connect
cut, $40. I446sO and Rhode Island. 80, $50. SB4.
Total. s59. 573. s37, which would probably be
enough 10 suppy the deficiency in other States and
Territorie.
Tn. hill ia se.mingly general In its provisions.
Int I'm s,ct n s;noIss ont these three States and
reduces their circulation TO a certain arbitrary
standard 1t practically SAYS: The circulation Of
national banks in Massachusetts shall be rdimin-
ished sixty per cent. the circulation Of national
banks In Connecticut shall be diminished ffty.two
per cent and the circulation Of national banks IN
Rhode Island shall be diminished seventy -four per
cent?
Apart from the imputations to which such a prop
osition would be liable think the principle upon
which the reduction is based is not A correct one
There is no necessary or natural proportion existing
between circulation and popu alton. One hundred
and seyentv.6ye thousand of the rural populatiop
of Ohio or Illinois do not need tenth part required
BY tho manufacturing and commercial communities
Of Rhode Islapd. A weIl.to.do farmer NAV not re.
ceye for his products more than S. 900 in the whole
year. and community Of farmers REQUIRE but little
in the way of banking facilities but skilled labor
capital, and machinery combined, produce mil.
lions The value of manufactures produced in
Massachusetts, exceeds by more than one hundred
and forty per cent the combined manufacture of
Illinois and Ohio, while the combined population Of
those States exceeds that Of BY more
than two hundred and twenty Ave per cent. Hence
any fixed ratios between circulation and population
an arbitrary ratio, and impracticable.
Senate bill No. 256 is an amendment to section
n Of the present national currency act and pro.
poses to withdraw circulation from banks by re.
dusng the ratio which it shall bear to capital. 1t
will affect banks in all the States more or less BY
q certain fixed rule The reduction is to be effected
gradually as tho circulation becomes worn and
mutiiated and Is returned for redemption. The
amount by which the circulation is to be thus di.
niuishsd opportunities $25, OOO OOO and it is pro.
posed, in anticipation Of this reduction to author
ire the issue of circulation to banks in States thai
have secured the least proportiOuate amount oil
circulation as II may be needed
If the committee shall determine that the reduc
1891 H. -. 80 A.. ,.sor,.J ,;.h, % IL.
'"'''eu ny 'h'ue VI 'ne fesot'0u Hsnt :" a''''
amend or repeal the act oil June D, lso4, trus
they will report iaVorably on the bill under cons'd
ersuon'
~A " =" =" pO,'1I' suae 'o''S u 80 80
S.Dl. a,h.,x;s. nv ,bs onsy.tioD Of law Of III
United States they will be compelled to wind u
after the first day Of July next. also think 1t
matter of great Importance that provision shOul
be made TO meet the wants Of those states "hic
nave been IN reoeiiOn'
nAnAns 'a''h'i0' a'o "e'e's'' W a''''op' VI
inaus''i"i interests Vi 'n' SCUM anu W S''n'u'A'
the pro'ecu0n OF 'nOse staples when ehtof 50 atse'
INTO the nhane'ai interests OIL inc country, AZ VI
same 'inie "ou,t W "''o POnos " "HViu :"
PooPie Of 'ns' section an opportunity " oeVoal
Pe0un'Ay n'o''0u ~ .no t SuG'O's Gu. n''.''
nAnoe % 'ne oO'ernmon' VI 'no n''o. o'a'es Hn
A'mu0n As oonsie's nA' AA'u~Vu 0n'''o oOn'iOI
lne currency Oh tno country anu 70 very cSn,io
erAoie extent Oh It's oshh'ns interests P'on'"'''n
inc interference Of s'a'e governments II, "oui
seem 10 Do the pam du'y Oh congress 10 make aa'
quAte provision 10 meet the business wants OF
sections OIL the country In the way Oh banking iaeh
ne'
Very respectfully yours, u,cu
Secretary Of Treasury
hon W. r E Sst,
nv i 'I'"oe ION1i