Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-07-14
THE RUTLAND HERALD.
FRIDAY, JULY s, 1870.
The New Currency Bill.


The country has been looking with ea-
ger anxiety to the final result of the cur
renoy bill that has boon pending before
Congress. Much surprise is expressed at
the announcement that the Committee of
Conference, on the disagreeing votes of the
Houses, had agreed on the bill, and on re-
porting it. The committee were greatly
divided, holding long session, with much
disputation and yielding on both sides,
but by these mutual compromises brought
the matter before the Senate, and it was
adopted by that body. Tho conference
report will be undoubtedly adopted by the
House, and the bill become law. The
bill provides that the amount of national
bank circulation, to be issued in lieu of
the three per cent. certificates, is fifty-five
millions, instead of forty-five millions, as
the original bill proposed. The clause re-
distributing twenty-five millions Of exist
ing circulation is retained.
This disposition OF the question can
hardly be called victory either for the
may be considered as compromise be-
tween the two factions. 1t is held in
monetary circles that the retirement of
forty-fve millions of three per cent GER
tifeatcs will be fully counterbalanced by
the issue Of fifty four millions of national
bank notes, so there will be no coutrae-
tion. On the other hand, those who are
opposed to further expansion of the cur
rency hold to the idea that the issue OF
the fifty-four millions of bank notes will
initiate the currency inasmuch as the with
drawal of the three per cent. certificates
will Offset that. However, we can but re-
gard the bill in its present form as an in.
fation measure, although rather small
The Withdrawal of the three per cents
will not cqualize the issue of the Fl -fnu'
millions nf national bank notes. h-c>n-r
the certifru'e- heing held ~ the reserve
by the banks have not 2ou. forth into the
general circulation uf the country aud
have not really been felt. II will prove
10y experience that ii is Impossible TO keep
the national bank notes from getting into
circulation, and for this reas on it will cre-
ate imitation.
Some of the Western members must
have come down from their high expan-
sion views and accepted substantially the
original proposition of the comHittee.
If the objections urged by the Western
members, when the former report was
under discussion, had any weight, then
the present measure has nearly ~ much
contraction in il as the other. This bill
substantially authorizes the establishment
OF new national banks at the SOnth and
Wrs, with ffty-four millions of additiona
currency, md will withdraw twenty-fiy,
millions of currency from the States h.v
ing more than their proportion, and plac
ing il in s a;t- where there IL IA deficiency
after the new census, and the authorization
OF free banking on gold basis. II il
should prove that the Western and South
a IL States shall not be able 10 establish
ba,, ks that will issue the entire amount
st;np lated, even if they should succeed il
us;po he entire amount, the initiation will
not be Ia rye at the best. At any rate, We
shall have ~ currency bill, and the ques
,inn will be tried by the people.