The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-01-11
WASHINGTON.

WASHINGTON, Jan. 10.-The following is the
substance OF the national currency bill intro
duced in the House of Representatives to-day
by Mr.. Palmer of Iowa: 1t amends the national
banking laws so as to authorize the establish
ment of free banks. Parties making applica-
tons for charters must present to the Secreta-
ry of the Treasury as basis of security, FIVE
twenty SIX per cent. bonds, which must be can
celed by the Secretary and in lieu of them he
is directed to issue for deposit by the proposed
banking associations four per cent bonds, run
ming forty years, the principal and interest
payable in coin; the bonds to be non-taxable
by Federal, State or municipal authorities and
the interest on bonds which may be held in
Europe Is payable in money of European
countries. These bonds are to be convertible
at the option of the owner from coupon into
registered, or from registered into coupon. 1t
compels the Secretary OF the Treasury to re-
deem and cancel an amount of greenbackS or
three per cent. certificates, equal to IS per cent
of the circulating notes issued under the free
banking system; provides for the redemption
of notes in New York, as well as at the coun-
tiers of the banks issuing them; prohibits banks
paying interest on deposits; provides that the
engraving and printing of the new circulating
notes shall be issued in the bureau of engrav-
ing and printing of the Treasury department;
that each denomination of notes shall be on
distinct paper, and from lathe work dies bed
pieces and rolls never before issued in mart or
in whole for other notes.
DIPLOMATIC CHANGES
1t is said in private letter from Paris that
the designations of the French ministers at
London and Berlin we've owing to the want of
sympathy with the new French regime Mr..
barton, recently minister from Portugal to the
United States, has recently been transferred
in that capactyto Brussels
SENATE EXECUTIVE PROCEEDINGS.
The Senate in executive session to-day con-
frmed the nomination of Lorenzo Sawyer to
be Circuit Judge of the ninth judicial district,
and referred the treaty for the acquisition of
San Domingo to the Committee on Foreign
Relations.
ARMY ORDERS.
Brevet Major General Charles H. Smith,
commanding the 18th infantry, being next in
rank to Gen. Joseph A. Mower, late command
er of the department of Louisiana, has been as
signed to the command of that department in
place of Gen. Mower, deceased Brevet Major
General Robert Ayers is assigned to the COM
mand of the 10Th infantry at Little Rock, Ark. ;
and Brevet Major General j. j. Reynolds is
assigned to the command of the 25th infantry,
vice Gen. Mower, deceased, though Gen. Rey-
nods remains in command of the State of
Texas.
Capt. Charles w. Raymond of the Engineer
corps, who has been making some observations
on the Yukow river in Alaska, by order of the
military authorities, furnishes government
with some liz teresting and valuable infOrma-
ton, which furnishes the data for constructing
map OF that part OF the country Which will
be more reliable than any heretofore prepared
The Yukaw river is described as to breadth
and length as the third largest river in the
world. With reference to the resources of
Alaska Capt Raymond says that agriculture
is not among them. The timber of the Yukow
is small and of poor quality. 1t is possible
that valuable minerals may be found on the
tributaries of the river. Enormous quantities
of fish are found in the northern rivers, but furs
| are the great resources of Northern Alaska.
In concluding the report attention is called to
the prevalence Of disease and mortality among
the Indians, which is so serious as to threaten
the extinction of many tribes.