The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-06

OF over $l5,0U'UO0' winch Wa prompoy put ont In
purchasing bonqs, a. he&pesdlest way Of reliev-
Ing the demand for Currency. II recourse could
not have been hadstosthe reserve, the secretary
would have BEEN Under the necessity OF selling coin
to obtain the currency necessary to pay the
government Indebtedness. or would have sus-
pended currency payments That there was no
doubt as to the right to issue all or any por-
ton OF the reserve was best shown by
the limited amount OF The currency balance
when the minimum amount Of legal tender notes
was In circulation. Now that but 31s,000000 OF the
reserve remained, with no authority to exceed the
$4OO OOO COO limit IL would necessary to hold 1t
in reserve for any emergency. There was no reason
Tor experimenting any further expansion OF legal
tenders beyond $3.50, 1000. There had been much
criticism as to the power OF the Secretary OF the
Treasury to contract the value Of greenDacks. II
the proposed act fixing the amount at $780, O00 Ooo
became law, IT would not, as he had already said,
change the existing law, and the minimum would
still be 900, to which point In his opinion,
II could again be reduced. With regard to increas.
ing the national banking circulation, the addition
OF $40, 100000, with redistribution Of $25, OOO'
in accordance with the existing act would I'M
douotedly give those portions OF the country
clamorng for more banking facilities all the capt.
tai they needed for years to come, and he had now
no reason to believe that Congress would pass any
measure which would not meet Win his unquali'
fei approval. w 80
Termination OF tho txLauor2 OF the
Alabama Mixed Claims Commission-
Amount To BE Paid the British Govern
ment.
Henry Howard, Esq, late Agent OF her Majesty's
government, under the American and British
Mixed Commission, Will dis0urse the money
awarded by it to British claimants-a little less
than 81, 900, O00-which sum Is to be paid by the
United States to the British government by the
26th Of next September. The money viii be paid
by Mr.. Howard to the claimants or their legal rep
resen tatives. The amount thus to be disbursed
is included In the estimates OF the Department OF
State. The business OF the Commission was closed
to the entire satisfaction OF all its members.
Thomas G. Cox, Esq.,, the late Secretary and
Discussing Oficer Of the Commission, to-day re-
ceived the following letter.
LONDON FOREIGN OFFICE. March 10, 1874. ;.
SR:-The Mixed Commission having concluded
Its labOrs, and your duties in connection with It
being terminated l am directed by the Earl Of
Derby to thank you on behalf OF Her Majesty's gov
eminent for the services you nave rendered as Sec
rotary to the Commission.
His lordship has great pleasure in bearing testi-
as my %5e e
cate and sometimes perplexing duties, and he has
no doubt that the successful termination OF the la
bOrs OF the Commission in the period allowed by
the treaty, was in great measure owing to your
efforts. am your most obedient humble servant
TENTEkDEN.
Dividends to Creditors OF Insolvcnt Ma
tiOnal Banks.
The Comptroller Of the Currency yesterday de-
clared dividend in favor OF the creditors
OF the First National Bank Of Mansfield,
Ohio, Of twenty-five per cent; also the
Merchants National Bank Of Petersburg,
Va, OF twenty 1--WE per cent. Dividends were also
declared during the month OF March as fOlOws:-
National Bank OF the Commonwealth, New York,
fifty per cent? First National Bank OF Petersburg,
Va, twenty-five per cent; First National Bank OF
Carlisle, Pa twenty five per cent; First National
Bank OF Washington. d. G., twenty per cent, max
ing in all dividend Of fifty per cent. A dividend
will also be paid to the creditors OF the First Ma
iional Bank Of New Orleans of twenty-five per cent
as soon as the necessary schedules can be pre-
pared. making dividends Of sixty per cent In all,
to the creditors Of that bank.
The Financial Bill Amended and Under
Confederation I'm the Senate.
The following Is the Puanse hiu as amended and
as 1t now stands before the Senate
bill to provide for the redemption and reissue OF
United States notes and for free banking.
sentatves OF the United States OF America In Con-
gress assembled, That the maximum amount OF
To ~ ooe Nn nAeu a. pay
ton, In addition to such circulation now allowed
by law, shall be issued to national banking assOca.
tons now organized and which may b0organlzed
hereafter; and such increased circulation shall be
distributed among the several States as provided
in section OF the act entitled IAN act to provide
porary loan certificates and for an increase Of
tional bank notes." approved July IL, 1870.
SEC. 3.-fhat each national banking association
now organized or hereafter to be organized, shall
keep and maintain, as o part OF Its reserve re-
quired by law, Onefourth part OF the coin received
by it interest bonds or the United States de-
posted as security for circulating notes on gov
eminent deposits; ana that hereafter only one
fourth Of the reserve now prescribed by law Tor
national banking associations shall consist OF
balances due to an association available for the
redemption OF its circulating notes from associa-
tiOns III cities OF redemption, and upon which
balances no interest shall be paid.
SEC. 4.-That nothing in this act shall be con-
strued to authorize any increase OF the principal
OF the public debt Of the United States.