, 1870-06-29
MONETARY AND COMMERCIAL
MONETARY.

Congress has been discussing the currency
question almost daily for six months, and tue
sav-of its ponde1angs, its diseassions, its
funding schemes, its committee deliberations,
etc, is, that it now goes back to the first cur
rency measure passed br the Senate this year
VIZ, the Sherman "a, 5,e1o.t0 currency bill.
passed By the Senate in Tebraars After the
Senate, having passed measure for contrac-
tion-the Funding bil.-wiish the House
would not approve, and after the House has-
ing passed a measure for slight IN
fation - tho SD, 600, 100 Currency bill =
which the Senate would net approve.
the Committee of Conference compromised by
adjoining and reporting I'LL which, if it
passed and became operative. woald produce
from - 0ip,. GEO to g. 1000 600 of contraction Of
the volume Of currency in circulation, bat
per contra, provides for free banking on q
specie basis. The specific provisions of the
bill arc:
/. An increase Of s55.o00.000 OF National
Bank circulation, upon tue same bahis Of re-
demption in legal lender notes as the present
national currency.
9. The Withdrawal Of an amount OF per
cent certificates corresponding to, and concnr-
rent with, the iucrease of National Dank
notes.
s. Free banking on gold basis. viz: Author
iz1ng the Issue Of an unlimited su1nnnt nf
deposit gold interest-bearing bonds Of the
United States. and take 50 per cent OF circula-
tiou Oh lie par value Of tho bonds, which cir
culetion they nttet redeem in coin at their
counters. and Mt useir releeming agencies in
New York. and against which they must hold
Is ret cc:.t reserve IN cui1. . -.
4. The withdrawal Of s25, ,0G0, 900 Of the
present kind Of National Bank currency from
banks it Eastern States, and redistribution
OF tic e1me Is it shall be applied for by banks
III Mes1ein ana eou1netn otates.
from tile form in which it nassed the
eena!e ose1 1on "9ntas aSo. ~ pio<
Mdes 3o1 t"o usunct elassss VI
hauena! Da1A cattenes, VIZ one 1eugeM-
aos !" =. .o es .ea, ana one .5 41n u
~ W Luz - W. ~, a.uns e..
ol naihs 2! me sane 5eSulaaons as arg now
nrosiaea N 1se Aatloah Curtsncy acI, e3e2pt
tnat III Tue case " tne specse,paynS oAnHs,
tue "o1as !l"1u1 money suat, IN AZ cases, g
1ncaA co1H u .te Uni1sa s.1tea- Wien t1ls
measure was Gadef dlseuss.on some months
nanks WONG oe ohhsea 70 aeceps toe goo
no:es q a. otn.t slesGit.!,asns pa1s, 7., a. Pas'
ior AZ debts thus oh!'EEin: these nanks 10 &C.
cept 3oi tnesf nlns tecslsaDi9 sosnesn'nS inat
eoula no. ~ aS5si IN tne teae.npt!9a - lnetf
OWL OWL; notes. This feature Wo'iid, 1t ieazt;
GElfse epeG9-pay:nG paaEs 70 eeno
Ine hotes o. AZ simll-f DAMS 10 Sem 1ork 1or
IeoemPtlon, ai!o Touio os4i5e 1ne keeplhS OF
5a1Ee Issefsgs N .ha. 1 cry az "eL as az nome;
NoiAls.ssa1uuts ~ LUIS 1eltute, ~ncn Hon!o
.
oansH IN th.s part VI Tue coaais7, II 10 prom
ablc ,nat Bans ca specie redemption basls
Ronsa ne oFeanTesa u tue cotton SIZES. as
SOUL ~ Eoeu u occaue = law. tae cur
Eencr lssafa by them would be circulated
near at nome, and would eFensna',y daee Gut
large proportion o. me present i3na ol ~
nonn oaIk notes ana sreenaacks Whlca
Hoa4a ~ naa .neaf way 70 the Aouhern ssstas,
anu .e increase ol currency ID CIRCULATION
III 39e NcI7he;n 'fates irora this car cause
Woniu Nc prooabis @ " equal 10 fao 5f,o99g29 or
so.up,Wm o. cnntlacsion whlsh would DO
&C ,aa p ans sasaa"1l ~ . 81 ABOUT IL per cent
aeainst the SattosUo ooo oi increased National
0as4L currency on tne pfcsen, 0asia IL u not
ESaS as1uah;e 1. oaai . .ms gaa wi WI PASS @ me
A. ". Ill., !s GI.e W .Ss liz, ~ ,t, ouss ~
~. p, -. % H. WI t ~ t'ouS uono H. M.aa LIS
cau.cucs ns ac .t iaesGnt ny t, een
a.. ;,,.naa ~ w. -, rea1t
49,, a. 80 is.;a ~ s,,cs;o y" ra.,t;o' e1te?.
INV 1rt s;xtcrn 1ort;n~ d,va 1rt;1 thc ~