Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-08-22
More Currency.

The is probability that $1,000, 900 more
currency will be put ilk circulation about
the time thu fall crops are to be moved.
The amount of circulation which has been
assigned, but not taken up by National
Banks, is 100000 OF this sum 50 $780,
600 have been assigned to banks upon ap-
plication, which have not yet been organized.
The remaining $4,500,000 are reserved for
banks most of which have been organized,
but which are not in active operation.
These banks are, without exception, in the
Western and Southern States. The assign.
ments were made in the order of priority of
application, and as the law provides no
period within which the banks shall make
deposit of bonds to secure their circulation,
the Comptroller has considered that the
time for reserviDg the circulation would be
discretionary with him. The numerous
emands for circulation from banks that
are desircus of Immediately depositing their
bonds, and the alleged necessity for more
currency in the country, have induced him
to make the order, which was recently
published, directing all National Banks that
have made application for currency to de-
post their bonds and secure the circulat on
within thirty days, or forfeit their right.
If any Of the present applicants do not de-
sire to deposit their bonds, there are a suf-
ficient number of banks who have already
applied to take no the reserve.
1t thus seems probable that the entire
seven millions will be put in circulation
within sixty days. Shoald this be accom-
plished, the conditions of the act authoriz-
ing the issue Of fifty-four millions will be
fulfilled, acd the time will have arrived
when the Comptroller, by the terms of the
law, is directed to withdraw from the East
ern Ststes twenty-five millions, and dis
tribute it in the West and South. The
National Banks very generally are refusing
to comply with the terms of the Secretary
of the Treasury relative to the reissue OF
National bank notes. The banks seem I'M
willing to be at the expense OF paying for
the printing of the new notes as provided
by the recent law, and as that portion OF
| the old law which authorizes them to take
| their circulating notes in such denomina-
| ton as they desire remains in force, many
\ banks have expressed their intention to re-
turn the notes of all denominations except
| the tves, which are not 10 be re.engraved.
Although the law directs that the banks
| shall reimburse the Treasur for the prir +
/ ing, there is no provision for collecting the
| SUM, and lawyers clEim that the law is in
operative. 1t is stated that the Secretary
ofthe Treasury will compel the bInks to
take notes of thu larger denominations,
which are to be reprinted, thus making the
| expense of reprinting propOrtionate among
the banks, and that be expects Congress to
sustain this action. The bill passed Con-
gress bya trick, and it was puoiicly stated
IN the Senate at the time to have a job
in it. After thorough debate it failed
passsge in the House in its original form,
and was only passed by being secretly
tackled to an appropriation bill, and crowd
ed through unobserved. 1t was openly
charged in the Senate that the bill was of a
suspicious character, and in the interests Of
the manufacturers of distinctive paper,
and of the engravers. ! he Comptroller of
the Currency was so little consulted in the
matter that he did not even know of the
passage of the bill. The banks make the
additional pont that there is no further
danger of counterfeiting the notes which
have been ordered printed, since the coun-
terfeit plates have been captured and de-
strOyed.