New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-15
WASHINGTON.

THE MEANING OF THE NEW CURRENCY Arr,
I :. LONG LETTER FROM THE CONTROLLER on ,,,.
cursENCY TO TIE SECRETARY or rRE,sr,,v
INQUIRIES REGARDING THE BEARING OF ruy Ar,
Upon FORMER Lsws-THE QUESTIONS sUBMIrryn
TO THE ATTORNEY>Gi,SERAL.
IBY TELEGRAPH TO THE tribune
WASHINGTON, July 14-The meaning Of Ger.
tain portions OF the new Currency aof bearing una,
former laws was not sufficiently clear to tine Cobtol.,
OF the Cnrrenev and the sth inst ne addressed ou
letter TO the Secretary Of the Treasury making certain
inquiiies and submitting certain questions N,
decision Tbstseoretary at once -ubmts the letter "a
the Attorney enera aud asked thathe q ~ the prss
az official interpretation. The latter officer la.
not yet inished hi, opinion. but II Will be- prsaulsa,sa
In a day or two. The following the pOnt, Of the
Controllers letter:
The act Of June g. iss4. authorized the .sue o. AN,
90Coo Of Eaticsni Da9A.s crch'at, ,. ms aei sa
sljOC0O0 OF the entire amount OF circulating notes
70 associations IN tho states, In a.
District Of Columbia, aud IN the TerrOries
according TO representative populafoY, AMI The re-
mainder shall be apporiOnei by the Secretary Of The
Treasury among associations formed IN The -eyea
Sstrs IN the District OF COLUMBIA, and IN the Trro
rtos having que regard To- the existing BANKING capital
resources and business oi SUCH state D-sct % Tern
Tbe act OF July H. 1870 authorized the issue Of a.
OcD0OD Of National b'nAlHs crcdldloA To Dc ds'uDad
me nc, Of june % 1874 provides for the wrhdravA
Of .F o., from fno.c stnes which cN.ss and
mlkt. IL the duty the Controller al the Currency
issue circulating notes without delay. a. apptcAons
therefor made not To exceed the suih O' e50"ol
10 associations organized to De organiZ 10 tlOs
states ana Territories having less thd in"r pflppfuoa
circulation, under appOrtOnmru maze on TIE base
OF population aud OF wealth, shown ~ tue cturos OF
the census OF 1870 and further provides that tue Whs
amount Of circulation withirtSn ana redeemed ron
banks transacung bu5ines. snail not exceed SJ00sa
and that sucI circulation snail b. WIthdraHh aud
deemed a. II shan bo necessary to suppb tue cltcu@
ton previously issued t. the banks ia those states
nay less An
that 1904 oD previous
a. ls,t not al prrh
sued ana the Secretary OF the Irca,u inquiries whether
Il Is lawful 10 distribute such riIOn OF the siN0f
as remains gued and unused, aLd h5' lht dmOini
of tho SjjiO.OOOU a. retired by
with the acts OF March 3. 1868, ana july H. 800 Tee
Secretary also ask, whether a. Is dwfu 10 fcd 'Huus
the $50 OF circulation under tue law 81 June ~.
1874 to any state having less than It's proportion unm
shall receive It's .diI appOrtoAnebt, 40 ptONl"eu
previous acts 49,.
In the sixteenth section OF the National Bank act nh
that association, alter hdHlug
with provisions of TINS act pre- mlniry To the CON-
meuCemeut OF banking DuslLcss undcf III. pIo'l'lona
and before IL shall be authorized 10 bc.n bu-iucr htu
transfer and deliver 10 the Treasurer Of the United
States any United States registered bond, bearing inter-
est, Of an amount not less tDdn s5D.Vs, nor les
tnan One-fhrd OF the capital stock paid IN. Ine act OF
June 20, 1874 authorizes the Withdrawal OF hOnIs VI
deposits Treasury security for circulating LOtt
with this prOyisO that the amount OF bonds on dep0st
for circulation, email not be reduced oeOW .3i0s aud
the question II asked whether NaiOudi baBkS
with "A capital OF $4,000, may be Organized
upon the deposit OF $4,000 Of bonds, ana whether Ma
tional banks with capital not loss than $1,000 NAV
ORGANIZED upon post OF thrd OF t"ir capital
stock In United States bonds with tie Treasurer oi ia
United States.