The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-04-02

The House Banking Committee have had the re.
distribution bin under discusson TO-DAY, and =
washington telegram says that the four per cent
bond proposition meets win great favor In Con-
gress. An evening contemporary observes tina; 'the
principal object In the creation Of the national
banks was 70 make permanent marke, for our gov
eminent bonds. and 10 this end were the privileges
granted. This object has been served. and the real
question to-day is ought We To perpetuaie system
which pays double profits to the banks when We
are no longer doubt 10 The ready sale OF United
States securitiess The bank managers had best be
cautious how they deal with the question. Ready
acquescence In the demands Of the Southern and
Western countries that require their own bank cir
culation may turn out 70 be the only mode Of keep
ing their own profitable position. II too grzsping
spirit is shown we can warn them that the country
at large does not need much irritation to sweep
away their circulation altogether and give Us the
government greenbacks to take Its placen Just 80.
The solution Of the question Is very simple Abolish
the national banks. Substitute for their notes an
equal quantity Of greenbacks, with which buy and
cancel an equivalent In bonds.
The money market was vigorously active, ana
one-quarter Of per cent was paid In addition TO
the legal interest on call loans where the collate
rolls pledged were Of q miscellaneous character
Gold interest, one-eighth and. exceptionally one
fourth were paid ON loans with pledge OF govern
ment securities. Three-eighths was asked after
three O'Clock, at which time many accounts were
not made up but the banks waited until four
O'Clock and even later. These institutions CON-
plain OF dearth Of funds and utter inability to
accommodate. But 1t Ii openly charged that
the "ShylocEs'' who stand In front Of the
Stock Exchange alter two O'Clock orerlng
money at 'iancy'' rates secretly backed by down
town banks, whose officers think II good chance
to swell their profits. One bank to-day sent In ns
three per cents drew $500 In greenbacks out
OF the Sub-Trcasury. The domestic exchanges are
30 confused and the money market reported 10 dif-
ferently at the Southern and Western financial cen
tres that it Is dicut to make an approximate esti
mate Of the time for easy moneys One thing Ia very
evident-our banks cannot become any poorer than
they were at the close OF business to-day. Hence
forward they must steadily gain, but how speedily
Will be determined by the extent ana progress OF the
numerous enterprises undertaken with the spring
and the character Of the business with the South
and West. This condition Of the money market has
demoralized that for commercial paper. The best
double names are Offering at from twelve to eighteen
per cent discount The suspension OF an old and
well known importing house Is announced, but with
the intimaton that little forbearance on the part
OF creditors will enable them TO resume again
shortly.
The alteration In the English discount rate was
first felt In the price OF gold. which advanced quite
rapidly but fell of later in the morning advancing
again In the afternoon receipt Of the intelligence
that the Congressional Committee had decided to
port the resolution favOring the independence OF
Cuba The law authorizing the Secretary Of the
Treasury to anticipate the payment Of the coupons
was approved March II, 1854, and Is as follows
Resolved, &C., That the Secretary Of the Treasury
be authorized to anticipate the payment or interest
on the public debt by period not exceeding one
year. from time to time either with or without re-
bate of interest upon the coupons as TO him may
seem expedlent; and ne Is hereby authorized to dis
not necessary the payment Of the interest OF the
public debt provided that the obligation to create
The SINKING fund according to the act OF February 2
1852, shall not De impaired thereby.
The steamer Eagle took out Sos 900 in specie for
Havana and the Union $4,000. The Alaska, from
Aspinwall brought $S5o,ooo The prices Of gold TO-
dax a folloWR.-