Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-05-20
WASHINGTON.
Fifty Eighth Anniversary Of the Ameri.
can Bible Society.
Synopsis of the New Senate Finance
Bill.

| oyhOpSlS Vi tue view OeuHue f1uauCo
| Bill.
| WASHINGTON, May l5.-The follow
ing is carefully prepared statement of the
meaning OF the currency bill passed by the
| Senate, though no one seems to understand
1t. 1t Is telegraphed as the closest ap-
| proach to the solution of the riddle extant
The new Senate currency bill passed yes
| terday by that body provides for free bank
Ing, releases the reserves on circulation,
except five per cent, which is to be de-
posted in the Treasury for purposes of re-
demption in United States notes, and re-
quires reserves on deposits to be kept
by each bank in its own vaults, part of
which reserve shall be one-fourth part of
the coin reserved by IL as interest on the
bonds held as security by the United States
Treasury.
To prepare for specie payments, the
| bill requires the retirement of green
backs equal in amount to % per cent.
of the new national bank currency issued,
the retirement to begin within thirty days
after the amount of 81 ,00O, 900 of the ma
| tional bank currency has been issued. The
maximum amount of the United States
notes is fixed at 1882, 100000 and the re-
! tirement shall be in the reduction of that
amount until il be reduced to $500, 900, 900.
| The redemption section Of the bill pro-
vides that on and after July, 1878, the
greenbacks whenever presented in
sums of 81 900, or any multiple there
| of, may he redeemed in coin or bonds
| bearing A. per cent. interest in coin,
at the option of the Government, and it
shall be compulsory OH the Secretary Of
the Treasury to reissue the notes ex
| changed for bonds.
The best features i'm this bill are those
| which require reserves on deposit TO
| he kept by the banks of different parts
of the country in their own vaults, instead
| 80 l. L
| loaned for speculative purposes in Wall
street, and which provides that a part of
these reserves shall he constituted of one
| fourth part of the coin received as interest
on the bonds held by the Government as
security.
These provisions may serve to streng-
then the banks at home, and perhaps tend
| to keep up n better distribution of curren-
| cy, the volume of which, however IL seems
inevitable, must be increased if the bill
ever becomes a law. Thus there is to be
more or less of initiation under it and the
much talked Of Elasticity perhaps.
The provision releasing the banks from
| the maintenance of a reserve on their de-
| posits, except five per cent. deposited in
the Treasury for purposes of redemption is
a liberal one for those institutions.
The currency bill passed. 1t provides
! for free banking until grecnbacks are re-
| duced to three hundred millions. 1t pro-
vides that an amount of United States
notes equal to twenty-five per cent of the
| new National Bank notes issued shall he
retired instead of fifty per cent. ,as the COM
mittee recommended. Also, that the
United States notes may be exchanged for
| tifteen-year four-and-a-half per cent.
bonds, after July lst 1878. The commit
tee reported in favor of having them re-
deemed in ten years-five per cent. bonds
after July lst, 1879. But this provision
| wa aH N no
for the passage of the bill stood: yeas,
% nays, 10.
The Pensions Committee reported I'M
favorable upon the applications for pen
sions for soldiers of the war of 1872. The
committee favors the House bill, giving
eight dollars month TO each and no ques-
| tons.
WASHINGTON, May lS.-The Fifty
eighth Anniversary of the American Bible
| Society was held in the Hall of the House
of Representatives tonight, which was
largely attended. Addresses were made by
the President, Rev. DIR. VIM. A. Alba of
Pennsylvania, Rev. Alex. Mclean of New
! York, Representative Maynard of Tennes-
see, and Pref Julius IL. Steele of Massa-
| chusetts.
! 1t appears by the Secretary's report that
the receipts for the year were S664 ,436, in
Guiding 1888, 23S for publications, Sill ,2S4
! from legacies, Sll5,7 l3 from donations, and
the remainder of the sum from other
sources. The payments were $6ll ,72S.
! Volumes issued 990,572, including s32,070
from the Bible House, in about forty lam
guages, and 15S 500 sent abroad. The en-
tire number of volumes issued during the
fifty eight years were 30,972,7S The
gratuitous work for the year amounted in
value to $40, 644. The number of families
visited during the last eight years were
1926, las. The number of families found
destitute of the Bible were $50, 623. Desti-
tute families supplied, 323 ,537. Destitute
individuals supplied in addition, 267, l6S.
Sabbath and other schools supplied,
II, l59.