, 1874-03-27

Ef4QUQAEkN LuUIE tllG lIlat
Gates Of this kind issued by. tho Chicago Sub
Treasury wore tahon ont by tho Merchanta Ma
tonnl Bank this morning. Tho certincatc8,
OF course, bear no Interest, tho object Of their
issue being to plovtdc, place OF eato deposit
for grcenbacks, aud at the Eamo time to furnish
in their Bead document that Will count rs To-
ral-tendor reserve when hold by National Bank.
Tho certificates arc nlado payable only to tho
order OF tho bank to whom they arc iasucd;
their numbers and amounts arc registered In tho
name Of the purity to whom they arc issued, and
the danger OF loss by ire or burglars is there
fore avoided. Tho yault~room in tho sub-Trea8-
ury is so limited that. for tho proaent, Con.
Webster only issues certificates IN exchange for
groenbnchs OF the denominations OF $500 aud
$1,000, though In the present plethora of cur
roncy 1t would bo convenience to the banks il
thoy could bo issued in exchange for 800 groen-
backs.
Tho Chicago Clearing- HOUSE Association Lave
sso s1 sSssee RoP sa 70 i o
Clearing-House balances by adopting rule to
accept such certificates made payab!a to the
oraor Of tue Mauagcr Of tho Clearing House. II
this plan woro adopted the banks could deposit
tional surplus of gteonbacks, and receive in
their place certitcntos payable to tho order Of
thu Manager OF tho Clearing House. but ''good
only in the hands Of any bank mccmbor Of tho
Clearing House." ~ 9hese would @ 81 circulate .h
roncy, and II any bank into whose hands
they came should want tho greonbacls 10 pay
out to depoaitors. tic Endorsement OF the Mana
ger OF tho clearinghouse on Que Of the certiti-
catcs would enable the bank to got greonbacla
OF any denomination it required at the SUBJ
Treasury.
Tho Now York Clearing House uses these Ger
tihcates to u large extont on the samo plan as
proposesa! here. nefero tho panic tue forty
held from flo.00D,o0o to s15.o00,00o Of
certificates. 'Asss statement for Sept. II,
1878, shows that they held .s108l0,600 OF
them and S21 1863, $50 Of Ercenbncks.. But by
Oct. IS tho panio Ind mado rush for groom
backa and National Dank notes, tho legal
tenders Of tho saue forty-oight banks had been
1edusoa 10 es,347 ,25o, aud tho United s.ates
certificates had neatly all boen presented OF the
Snp-Iroasury and rodcomcd IN groonbaoka, so
fortyeght banks ] on Oct. IS ' was only si76'ooo. @
But, in place Of them, tue banks had issued at
that dnto $1G,220, GOO Of Clearing House 1oan-
certificates. Tho grccnbacks deposited for tho
United States certificates are hold by the Trcns-
wisc thoy would DO Q practicnt increaso Of tic
currency. But tho changes in the amount OF
certificates outstanding show the domAtd for ctr
rcncy for actual use. Thus on June J., 1873, in
the asnal season Of plethora Tho public debt
statement shows tint there wero $3l, $50, 900 OF
the cortiicatca ousstanaing OH October lst tllore
were only S., 375, 600, but on Fob. 1, 1874, tho
amount outstanding had increased to $50 $780,
600.
SENATOR sHEaMAN's COMPROMISE ON THE CUR
nENCY QUESTION.
On the 23d, Senator Sherman, from the FL
nance Committee, reported the bill to provide
for tho redemption and roisBre Of lcgal-tonder
notes. aud for free banking. Mr.. Sherman said
the bill WAS compromise measure, aud was tho
result of great labor oil the part of the Commit
tee. Some Of its features wero not approved Of
by all the members Of tho Committee, and he
himself had given his adhesion to sono Of the
provisions With reluctance. Tho following is tho
text of tho bill:
lie 1t enacted etc Tint thu maximum limit Of United
States notes hersby liked at sB2 900, at Which
amount It shall remain nntA reaaced as hereinafter
sEo. .. That on tho 1st day Of January. 1876, tho
Secretary of tue Treasury Is auaorzcd ana required
urer IN The City d New York to auy holder Of United
statca notes to the amount Of slooo, any multiple
thereof IN exchange for anch noles, all equal amount
he may ut his option ssue in exchange for snd notes
M e9lal amount Of coupons or registered bonds Of
Tho tited states, in such form as lie Prescribe
sum, redeen,sIle IN coin Of the present. standard
yalue, At tho pleasure Of tho United .,a, sates, u
and bearing interest payable quarterly in such
coin at the rate u pcr cent PER nnnun1, and tue
stass notes so reccye Of Il they aro cancelled niay
isaue United States notes to the sane amount eitier
to purchsae redeem tho public debt or to meet ha
eat boats and tho interest thereon shall be exempt
from the payment of nil taxes dutte Of the United
Glatcs well from taxation In my form, under
bouds shall have set forth anh expressed upon thcr
face the above specified conditions, aa shRll, with
ter eounons DO mas payable At tho Treasury OF tue
GEO.. That National Banking as,ocatlons may be
II any ss sS NaE 91 9f IN f u
lank circulation equal to that Of tho State Of New
York, according te tue apportionment 1nado upon
troler OF the Currency, until each Hiata and
Territory and said District respectively has M
portions Of posos outstanding lii tho state Of Now
York. and all banks orgslzed under this Eectva uha
~ aub]cct to and 10 governed by the rules, rearso
tionH, Rnl limitations. and possess Tie Rights priy
lsges and franchises hereafter bu prescribed
" law to Nutional Banking associations: nnl that
redemption Of the per cent temporary loan cctlIf.
1cacs, and for AZ Increase Of N4tsonal Dank nose.
approved 5aly ~. ds1o, 10 snd ts hereby repealed:
no'es lei 10 u tho ss anoa % of sa It 10 isse Y
Natinna punking aBaaciulons, under the preceding
Treasury to retire m amount of United States mole,
e4ual 10 ~ per cont Of The circulating nolcs
- .sa.lol, which al.sl ne n further reduction
eeding aestion; mud such reduction shall continue
until tls aERreyate amount Of unel States notes ont
t authorized issus a,, ae at public aals liter ter
says moise f ~ q t th1 ne q a a1 Eee ot sae sacie
ani description peserCod ID s s o. ond iu soctto,
anu Cancelled.
SEo.o. That aech National nanktnp association nov
organize or hereafter to Ie organized, shall keep ati
MAINTAIN 40 part Of e Eeservu required by aw one
the United States Deposited security Tor cIrouai:n
.otes Or Government deposfts mud that hereafter ou
ole-fourth Of tue reserve now prescribed by law fu
National banking associhtions sa'l colhls of lapnco
no to n assoca!!on ayaiabls for hs redemption Of II
which balances no intoresa shall 10 patd
&c. s, That nothing IN ta uct shall 10 construed
nntloslzo any increase in tie public asbt Of he untte
Bs4.es.
LOCAL sTooE AND DoND MARKET.
Rlessrs. Preston, koan u Go. guoso as so1
lows this aftarn uon,
Rt:gf'sg, Ee!sing
United 8tatta 81 Of '81... .l20 1GuI4