The New York herald., 1872-11-30

dollars Their circulation pro rata In excess OF that
amount.
Under this act it will be the duty of the
Comptroller, as soon as the amount OF cir
cnlation authorized shall have been issued
to make requisitions upon the banks indi-
Gated as prescribed. The s25,ooo,oOo OF cir
culation would be withdrawn from the fol-
lowing cities and States From four banks in the
city OF New York, s5O1s,OOo; from thrty-six banks
In the city OF Boston, ST. 403,0co; from ffty-three
country banks OF Massachusetts,, 100000; from
fifteen banks in Connecticut, $2,e97,000; from
sixteen banks In the city OF Providence s20ss,ooo
This would reduce the circulation OF all the
banks Of Massachusetts, of Rode Island and OF Con-
necticut to 100000, without reference to the busl
ness OF each. II the banks do not respond to
these requisItions, and as their notes are scat
tered throughout the whole country 1t will
be impracticable for them to do se-the
Comptroller Is required, at the end OF one
year, to sell a sufficient amount OF bonds
and redeem their notes as they come into the Trea-
sury until the whole amount required shall have
been returned. The notes will not come to the
Treasury for redemption unless first assorted by
the brokers and resod by them to new national
banks about TO be organized.
This will encourage the Objectionable practice OF
authorizing new national banks with circulation
upon the condition that currency shall be pur.
chased OF brokers in the market at from four to
six per cent premium, practice which
should not be encouraged or authorized by
law. The Comptroller therefore recommends
the repeal OF this section and the authorization OF
the issue OF $4,000 900 OF additional circulation an
nually for the next five years. to be distributed
among the States which are deficient This
with the $54,OOo,oOo Of circulation recently
authorized, will probably furnish all the
additional currency required during the
next five years for the establishment OF
new national banks in the States which are de-
fcient and virtually inaugurate a new banking sys-
tenn. The Comptroller also recommends that
the law be SO amended that national banks
may be organized in accordance with
Its provisions, without circulation, upon the
deposit OF $4,000 OF United states bonds
with the Treasurer, instead OF the deposit Of one
third Of the capital paid up and now required.
Three national gold banks have been organized
in California under the act Of July IL 1870,
with an aggregate capital OF $3S00,000
and circulation OF $1,4SO,000 based upon
United States bonds at the rate OF eighty cents on
the dollar. This currency is redeemable in coin,
is more convenient than the coin itself in the
transaction OF business and crcuates freely at par
upon the Pacific coast.
Other applications have been received for the
organization OF similar institutions and it is prob
dDlc tlldI KIM OF Will De C0nSlOer-
ably increased during the coming year.
General Porter Elected Vice President OF
O Car Company.
General Horace Porter has been elected Vice
President Of the Pullman Palace Car Company,
with headquarters at New York. General Porter,
who has accepted, was selected owing to his
large experience in the organization OF the ord
nance department OF the Armies of the Cumber.
land and Potomac The control Of the company
will be left in his hands, Mr.. Pullman, its Presi
dent, win leave the United States for Europe In
December.
General Babcock will be assigned to the position
of Secretary to President Grant, in place Of General
Porter.
The American Shipping Interest.
The Committee on Appropriations was in consulta-
tion today upon the executive and legislative bills
which have been perfected in order to be ready for
for the report of the Chairman on Monday. Mr..
Eugene Hale, OF the same committee, who has
taken greatly to heart the shipping interest OF the
country, particularly that of his native State OF
Maine, will submit at the beginning of next session
an amendment which proposes to change the Tariff
act OF last winter applicable to materials entering
into the construction Of American built vessels, SO
that the drawback shall apply to all materials so
used instead Of the classes comprehended by name
in the present bill, and also extend the privilege
OF engaging in the coasting trade from two months
in each year to four months In each year.
The Internal Revenue Laws-Tobacco-
nfsts Satisfied, but Eistillers Grum-
bling.
Various letters have been received at the office
OF Internal Revenue from tobacco dealers and
manufacturers in all sections, expressing them
selves satisfied with the law as it stands con-
corning their interests. Distillers however, have
been urging modification of the law, in order to
remove some of the impediments to the exporta-
tion OF spirits. The Commissioner will ask for q
slight modification of the law to meet the require
ments of the distillers
Sentenced to be Hanged.
Policeman O'Brien, who was convicted of the
murder of Samuel Cunningham, in July last was
to-day sentenced to be hanged on the 9th OF Feb
ruary next.
Treasury Balances.
The following were the Treasury balances at the
close OF business to-day:-Currency, $6,3 500 s3
coin, $72, 1o93 322 IL coin certificates, 800 900;
special deposits Of legal tenders for redemption OF
certificates Of deposit, $24,O2o,ooo
THE NORTH CAROLINA sENATORsHIP.
RALEIGH, Nov. %, 1872.
The Senatorial question remains about the same
with no prospect yet OF its settlement. The fourth
ballot to-day stood Vance "A; Pool II, and Mer-
rmOn, %.
HAVANA MARKET.
HAVANA, Nov. 49, 1872