, 1874-06-20
TIE LAST CURI,ENQY BILL.

4uu1o bool4s ~ W. II REORGANIZATION IN I0n-
grcsB to pass somo kind Of currency BILL even
il 1t be nothing moro than to authorize tho
exchange Of a ton cont :" fractional" for two
nlcl<o1a. The bill reported by the second Cou-
foronco Committee is Of just As much value as
that would be, although 1t may provo to be con-
slderably vorsc. BY Way Of making money
moro plenty it proposes to talto from tho Eastern
States $500 900 Of The National Bank circula-
tion they now have, aud bostow 1t upon tho
WeBt and South. From tho hubbub that
has been creatod on tho subject Of
Redistribution Of tho currency" one would
suppose that tho WoBt and South wero famish-
ing for National BankB, that their mouths were
aB wide agnpe as NEST Of young swallows in tue
momentary expectation Of worms. That tue
Eastern states, whoro there ia more capital than
IN other sections Of the country, and where tho
rato Of interest il lower, prefer to retain tho cir
oulation thoy now have,-thcir business having
adjusted itself to tho existtng conditiont--ia
probably true, though they have shown no great
opposition to tho redistribution scheme. That
tho Wast mud South want tho privilege of
taking this circulation and paying for il, we
totally deny. Not long Biuco Western member
Of Congress, representing rural district, made
inquiries by letter Of each National Bank mud
each private bank In his district (about dozen
in number), to 1oarn low much Of the new cur
rency would DO wanted by his constituents in
case the redistribution bill should paaH. Tho
answers ho received wero that two or three OF
tho National Banks would like to surrender
their circulation, ono National Bank would like
to have an increase, and one or two
Of tho private banks would liko to be-
como National Banks. Tho not result Of tho
canvasa was that not a dollar Of now circulation
would haye boon taken by tho district in the az
gregato, although there would have been
triiling change in the local distribution Of tho
amount they now have. We know that some Of
tho National Ranks in thfa nity ratirine their
circulation Al fast as they eau collect 1t In,
while others are only restrained from doing 80
by the express desire Of tho Comptroller OF tho
Currency that they shnll retain it.
10 tako S50,000,000 OF circulation from the
Eastern states preauppoHos that there is
about s60,000,oo0 OF capital in tho West
and South waiting for tho opportunity to 60
into the banking business, or that TINT amount
would DO speedily Withdrawn from other employ
nlents for this purpose. What perfectly ab-
surd proposition this is! Politicians talk about
redistribution Of the currency as though 1t meant
that SEC, 100000 In money WAS to bo taken from
tho East and handed around to tho moody aud
deserving puoplo OF tho Woat aud South for
nothing It means no such thing. It means
that if there be any considerable number Of per-
SONS in tho West and South able to put up S1l5
Of security in order to get back 800 Of National
Bank currency, ind deHirous OF doing 30, they
shall have tho opportunity. II thoro be no con-
siderable number OF such persons, then tho TAX
ing away Of $4,000, 900 Of circulation from tho
East means contraction Of tho circulation by
that amount. That would be bravo way Of
making money plontier. It thB bill passes, wo
hope the President will veto 1t on the expreaa
ground Of it's aimloss stupidity