Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-18

A washington dispatch says the House
on Thursday, much to, the surprise OF
everybody, perfected some financial legls-
lation bv passing, by some twenty ma
ioritv. bill to increase the national bank
circulation ninety-hve millions OF dollars,
and to cancel the three per cent. certif-
Gates now held by the banks to the extent
Of fOrty-five millions Of dollars as their
lleral tender reserve. The clause which
provided for the contraction of forty mil
lions of legal tender notes was stricken
ont, which makes the bill n of imitation,
bv increasing the. volume of currency
fifty millions of dollars. The first section
of this provides that ninety-ive millions
of bank notes may be issued to National
banking associations, in addition 70 tnTee
hundred millions Of dollars ~aGtisorized DY
law. This excess is 20 be issued to banks
now organized or to be organized under
the apportiOnment contemplated by the
act of 1865. If application for this Grc0-
lafion shall not be made within one year
after this act is a law by banks having
less than their proportion OF circulation,
Il shall be lawful for the Comptroller 70
issue such circulation to banking assoclR-
lions IN other States, not in excess, who
NAV apply for the same, givingth the prefer
ence to such as have the greatest deh-
cheney. 1t is provided that no bank here
after organized shall have a circulation in
excess of 5000 0 The second section
provides for the cancellation or as many
dollars Of three per cent. certificates as
there are new notes issued each month, at
which time the interest on the certificates
shall cease, and they shall no longer be
1 used for the reserve fund. The third sec
ton provides that there may be issued
notes 20 banks in States N Territories
having less than their proportion of cir
eulatiOn, TO be Withdrawn from banks
having an excess authorized by the act of
'65; but the amount so Withdrawn shall
not exceed twenty-five millions of dollars.
The Comptroller is to make out a state
ment showing this excess, and order a
rsauisitiOn for it, commencing with the
banks having q circulation exceeding one
| million, and e proceeding pro rata
with banks having a circulation exceed
ing three hundred Thousand dol ars, and
so on until the amount Is Withdrawn. II
the banks don't band over this excess
provision is made to sell an equal amount
Of their bonds, but no circulation is TO be
withdrawn until after the ninety-hve
/ millions granted by the first section shall
be taken up. The bill goes to the Senate,
where General Garfield believes It will
pass.
The RECEIPTS Of fractional currency for
the week ending to-day amount to S1b2,
500.
shipments to the United States
Treasurer United States depOsitO-
riss and N~ationaL-NOtes ..---..---s SBhVy.
Fractional currency - SIS, 555
The Treasurer holds as security for
national banks for circulation. 542,Atr5b
/ For public depOsits----.-..---- l6,St,OJ
| Fractional currency redeemed and
destroyed during the week--.--. 5sJ,5U
the week 90 7Jl
Total amount burned..-------- 2,24,B1
Bank currency issued for bills de-
strOyed during the Week----- 8l,ss
| Total amount issued therelor..--- 2,lj0,sS
| Balance due FOR mutiIated notes. 96,4 80.
299.5O4,O5.
The San Francisco Bulletin gives tie
/ following statistics of the passenger