, 1869-04-03

IheffdhtslLuiou nf TIC cn1EeneJ lot "hien n1 a&A
already passca the Senate. Doe inpatAnt 4ucT
ton In fts the ode is.e which h4s Developed oat
Il IL md which H. nnxa4ns lha astsnoe od the
Houss Committee On Banking md C0iTrney. III. he
changing IT The proportions II nalonal end 6sreabAe1
eHHeoer In the Ass1e<aie money - hA
tc Errenhaets shall Be contracted fifty millions and TIE
national currency lpurased tfy satlionA ANY nnve N
.hIs direction VIII Of cogzrc be opposed by -uJ Fa
uonA BANK IN e1isteose thai hss circulation, be
they find circulation psoAtah and want 10 keep
monopoly II t. 4 eaatraetn of tic E.c0hAet dfrn1a-
t&on- however With Tie lnezeAse Of National
Bank circulation. woud perhaps be the feature That
would znecs with the sszpslnA ospoehtoa hut National
BaEtA With the rsesent rropor+ions Of <recabsrks
md National Bank potes, co bxa1d Is ooh4ea
to 6ve = minutes thought to the Ecde'up-
tlon Of his circulating notea Thc1o afa
aways plenty Of grecnbaek1 and Bnpay because they
plenty. no holder ola Sxtoui Bank note earca to
nakr the cxchxnee But F1ppoee the proportion chaokh
convert two hundred millions o! g.ceahaeks intn
National Bank notc4, hy iA1tuS additional bank notrs
to new bsnk1 tn tho Wcss aad Boath. OF sny-*herc
se that the nussos bustnes sad csrtAf o! Tho eour-
try demanded It, md L Il plain that 6Tecnnaeks
would ho s-xa1ded - nearly Of The valuo of
gold. because r ~onh b apparent that
+. entirely within The power OF the saTetnnent to
rreem Tie atnotnt fhat would then be oat CndcT thl
st4e q thtnF National Bank noes would Be Presented
fer Redemption both At the redecuk AGENCIES ot the
hanks and At their counter1- When FrAeieA redemption
in ersnbaeks had been esabshed the banks could md
wood begin accumulate portion Of ther reserves In
gid tho premium whleh would bc much leas than
now, because the whoIe circulation woold hare been
etrrus hrned By the divtaon of the rcsponaby to
deem La sold between the banks and tic government
At ths junc41re, II the-t Wal 1 fool Il the bead
Of the Treasury Denanen he might atrnpt to force
The banks to 1aJ gold hforo they were able. but any
kenahlt t.ucss would that the interest VI the
government then aY In aiding the banks bv stopping
any tus.hc. contraction u s1ccnbsek. until the s1uwh
Il The Lasre4s ot tho country ehnua cAnse necessity
for much moro bank drraAton thar It would rracu
eaIy have to be dont on specie baass The only qoea-
Ton th.& can be ss1scd In oppoHitan to 4
pst<ramme for specie resumption on this xeu.
! era1 b1ats IL, whether thetr would be additional
csFltAl eno1Eh to Into BANKING Of which the
would be willing 70 takr the Increased National Bank
ereulatou, On this bead bantczs here c1prrss
belief that hundred millions ut addhouA National
Bank circulation available, It would BE- kcn
in the Weat and 6onth within 5e1f, eren with the
knowledge that there wa 10 be e1aa md concurrent
cuntr71on Of the s1tenbas II this Ia the gradually
1 increaalns capital og the West and South would
belief that cren lasxr amount hundred mill
ions a additional bank circulation would he taken now
warranted bJ the fk-t1 that not only ID The whol
4! The $QQ Q.aD af National Bank dfeul1t1o1 author
izcd by law kept out tho exIstins National Danks bu
great the demand for tnorc. that new bank. In wAn
Of circulation. aIu pa5tne premium Of md pei cea
for the bills of any bzukcn National Bank that thcJ
nAy eH erer 4 little circulation, fnsdc Of tn
&an0 go limit There h.s been 4 great o,te.y fo
"mnse cu,reoctH throughout the who1e Weat The tcs
Of whether there has ltea any ral necessity for II
you'd bc In ertlnE hC4her thefc capital tbs
would cau for roorr National Bank notes tcyoad EQ
onob increase thtEe had been Z enoenrTcat contrsc
ton Of the eF,<nbAekA, thus leaving only 4ls6ulo
sr~nbAeka out htc there Eas &so1oo1 600 u Nations
Batk notea
Day before yesterday the ways and Mc4as Cotnmttte
of the House asrr To rrpor bill ieeaiizink cnIu COZ
tgac:A To many this matter Of SURPRISE II It
enpaderrd that the recent supermc Court dedIou Vt
lied that rolnt Un9usonah.y thai drc.sI7n settled III
14,E. that onutfad made In the past sos e,ln
collected In coin BY legal proec On pretty cxtealIy
inquiry. howe1er. among bankers and buaiucaa nae1
| generally, re find That tho dee1sion o
the Supreme Court VA nok defnItet
| urAcsRtnod. and that doubt linsen L
The p1ble mind. Ii docs not, rerhAps, prevent Al,
tfan1aciona In cn II the present time in this pAtt
the country hut 1t da In other psrts Of the
Nv ehert the1c d dhpestion to cain, and frun
~he1r the of using IN kinds Of t1anaa
tiana and encouraging the keeping nf eon accounts
the bankx would eventually xIFeAd to the whole conI
tty. In the Light Of establishing this confidence bt
lCre Il would be well for CoaErrss to pasa thr law
that uscre ssaH be possible chance for doubt III
folo,Ft Ing l. The rt1o Asrecd upon by the cotiee:
-B< Il e@a4H ThAt any contract In writing htzrAttc
uade specifically IN cola And the conssd:Tetlo
Of rheh E3y be loan Of soln on .a!s Of property
which carried into the contract hare lr.'n A1us
I'd tho coin value therco! II the ttoe Of such tzc
rtndtsink Of such service la&E. ahAu b. lckA An
IL Z @ se T ,e s9 n i aa1
contract pfoof Of the real nj u b, siFcn
Below n-c tho closing quota.sons for eovrsnnct
bonds In Now Yok today. eompaErd with those Of %e
tcday. md With those Ct the corresponding day Of II
l yr1r.