New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-19
in the hands Of the people o4 thalers equiv
alent in United States gold coin to 1851 72o9e The
German Government, within the last two years,
has coined about SS4 100000 thalers III gold.
THE REDISTRIBUTION BILL.

THE REDISTRIBUTION BILL.
INTEREST nASIFEeTED IN THE HOUSE IN TIIf sEN-
ATE BIII-oPINIoNs or LEADING REPREsENIA-
TvEs,
lFRos A REGULAR CORRESPONDENT OF THE TRiBusE'J
WASHINGTON Feb. 1s.-The interest among prom
inent members of the House with reference to the
Senate Redistribution bill and in the financial ques-
mons generally is quite strong az in the Senate,
although the subject has not yet been discussed in
the lower House That body is 80 equally divided
on the questions TO up for discussion that
none of the leading members will venture an Opln-
ION rs to the fate the House Of any financial meas
ure.
Mr. Farwell Of Chicago, although his State is emp
posed 10 be one that will he benefited by redstri-
button is opposed to the Senate bill reported by MI
Sherman. He is o member of the Committee on
Banking and Currency, and does not hesitate to cay
that he believes the House will agree TO some OF the
principles in what is called the free banking system
In conversation to-day, Mr.. Farwel said he did not
approve of the COMMITTEES bill tnow on the House
calendarl. and he was not convinced that it would
pass nor did he think Mr.. Sbermans BILL reported
in the Senate would pass the House. In his opinion,
banking should be free and the restrictions in the
National Currency act should be removed entirely
so far as quantity IL concerned. He would repeal all
that requires the Government to supervise the ac-
ton of the banks in their business; he would pro-
hibit the States from executing any usury laws
against the banks and he believes that money ought
to he loaned any rate il will bring. Many people
mistake banking and free banking, and cOnfoUnd it
with the simple Issue of currency. The business of
the country according to Mr.. Farwe is done not
upon the currency only five, six, seven per cent
Of currency il used in the transaction OF the business
of the country; the balance is Of bank credits
Mr.. IaTwell believes that the Government
does not confer national banking institutions, to
whom they issue circulation, privileges enough In
the management of their business to interfere In IL
If they iuterfered at all it should simply be in the
matter of the currency that issues TO these banks
But they do not pretend to have anything TO do
with that, but enter into the business relations of
the banks themselves saying what reserves on their
deposits they shall keep on hand. That matter
shonld be left TO their own good judgment. IL is
matter the Government has nothing to do with at
all lie is not in favor of "a limited amount of cur
reucy hut believes that the law should be so framed
that the people would be enabled to get such sup
ply of the currency as the business wants of the
country require, and when the Congress OF the
United States has amended the law that that can
lie done then their duty will I've ended. That would
be a fixed policy The volume Of currency would
adjust itself the wants Of the people, and specie
resumption would come in ITS own good time, as II
Will not come bN Legislative enactment.
Mr. Sheldon # Louisiana, a member Of the Ways
aud Means Committee. and coming from section
also supposed to be benefited by redistribution of
the currency said to-day that he had doubt that
the entire south would vote for more currency. He
believed that all the members from that section
would vote for Mr.. SheImaD's bill for redistribu
tion of S2j.0OOOO0 of National bank currency. He
also believed they would vote for the MerrimOn
amendment for increase Of $46000,000 of National
bank currency; he further believed that they would
vote for placing the so-caed forty million re-
serve among the permanent circulation thus remov-
ing from the hands OF the Secretary of the Treas
ury and finally he had no doubt that the Southern
delegation in the House would vote for Mr.. Came
ron's free banking amendment. He gave 30 opinion
as 10 the fate Of any of these propositions, II they
reach vote IN the House.
MI Beck Of Kentucky, also member OF the Ways
and Means Committee, entertaus the same views
with reference TO the Western delegation IN the
Uouse as Mr. Sheldon docs regarding tho Southern
members.
Nj Kelley Of Pennsylvania, o. the same Commit
tee does not think Mr. SherDans bill will pass the
House unless the amount to be redlstribnted is
largely increased. So far as free banking is con-
cerned he believed its passage by the House Will de-
peud largely upon the manner IN which II Us pro-
posed.
Nh. Kellogg Of Connecticut rdicuics the idea that
the West and Sonth are 10 be benefited by any re-
distribution scheme He Gays the money will go
vhert il is demanded and stipulation of Congress
can change it that it makes no difference where 1t
is issued; that any law like that proposed would
ONLY disturb business He docs not believe in ex-
pansiOn nor does he believe that the New-England
delegation will favor either expansion OF cOntrac-
ton Ne believes that majority will favor free
banking and provide for retiring greenba Ks as fast
additional national bank circulation II Issued, 10
~ t. get IL sight of specie payments.