, 1870-01-13
Result Of the Texas Election
Officially Announced.

Special Despatch to The ChlctRo Tribune.
WASHINGTON, Janaary II.
FREE BANKING.
The bill introduced into the uouse By Mr,
Palmer, of 1oWa, last Monday, amends the Ma
tlonAl Banking law OF 1876, 30 u TO authorize
the establishment Of free bauKa in all sections Of
the country. Under the provisions Of the bill,
partieh making applications Tor charters must
present to the Secretary OF the TreasurJ, n the
bases of&ecu11ty, nye.taeuty tsi1 per cent? bonds
which bonds must be BY the Secretary cancelled,
aud, IN Lien OF them, he II directed 10 1ssue for
deposlt BY the proposed BANKING Aesoc!at!ons four
per cent bonds, running forty Jea1F. principal and
interest payable In coin. non.1axAble BY Federal,
State OF municipal n1thority, aud the interest on
boIda held IN Europe rsyaole IN European money.
TheAe four per cent bonds ate convertible st the
option Of the owners from co1pon Into registered,
sud from registered into coupon.
The bill compels the Secretary OF the Treasury
to redeem aud cancel an nnourt OF Kreenbac1s
or three Per cent ce1tincs1ea equal to seventy.nFe
per cent OF the circulating notes taBoed under the
FREQ banking system; provides for the tedeUp-
ton OF the circulating notes IN New YORK. aH well
aB at the counter Of the banks 1EsalnI thom {thuu
establishing tue Raue relative uniformity OF value
Of National Bank ndtes as Is recognized NOW on
dIa!ts drawn anJHh~re In the country On New
FORK bauks}: prohibits hanks frou paytng inter-
est on current deposits, thus helping TO check
the exhauHting d1at1 OF currency and capital
from the country to the great cities; provides
that the engraving and printing Of the new clrcu-
hitting notes shall he execoted IN the Bureau OF
Engraving and Printing Of the Treasury Depart
ment; that eaeh denomination Of notes shau be
on distinctive paper, and from latheWork,
dles, be1s p!ecet, and rolls Never before
used, tn part Or in whole, for other notes.
The benefits, In hr1et, OF the proposed Law are:
4 GaFiug to the government OF two per cent per
anDum On whatever bonds may be fssaet u1der
the Free Banking Ian aa ! baal OF security; grad.
nal absorption Of greenbacka (which airs now
nothing more nor less than protested government
paper1, and, Instead Of producing contraction Of
the aggregate amount OF paper currency OF the
country. would actually add tdelve aud q haf per
cent 10 the ptesert amount; and when The green
backs should be all redeemed, the baaka would be
compelled to redeem their nuteg n coin, AID thus
resumption would be accomplished without con-
yulslon OF even embarrassment; and the grestest
ot all benefits would be the establishment OF a
flexible lJsten Of bank currency, regulated By
the great commercial law OF supply and demand.
TO TIE ASSOCIATED PRESS.
RIVER AND HABBoR APPROPRIATIONS.
The Secretary Of War today Aenr 10 the Senate
reply 70 the resolutton asking for a detH,ed
statement Of all expenditures Gnae under the
provisions Of The act Of 1859, whicn appropriated
s., o09, 600 for river aEd harbor improvements.
Among the allotments are the following: Fer
for Green Bay aod white RIVER; for tc,s,f Fits,
tl<a, $50; for Des Molnes Rapids ard Fa1ls Ct tue
a. ior ;nos II TIL 4q Tor nonth tsa1u q H.
ist1ri Mver 90 $50; i:r 1eI nessee hye1. f4a,tp;
sor Rcea1e aasbor .oE cn:eseo
money was distributed IN other d'rec Ionk
1HE FRENCH CABLE B111-
The Senate Foreign Analzs comr!ttee con-
French Cable hlll They agreed to insert clapso
n The bln prohibiting . consolidation with the