The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-05-11
Senator Morton on the Currency
Bill,

senator Morton on the Currency
Bill. o -
INDIANAPOLIS, May 9.-The Journal
this morning publishes letter from SEN
ator Mo'ton correcting misspprehensior
regarding the currency bill. he deniet
that the bill authorizes the new emission
Of U. 8. notes. A section Of the bill
likes the maximum OF U. y. notes al
tour hundred million dollars. By an All
Of June 30, 1854, 1t was declared that the
U. B. notes in circulation should not az
coed four hundred million. On March 4.
1858, an act was passed iorbidding a
further reduction OF U. 8. NOTES, The
amounts then outstanding being three
hundred and tiity.six million, The differ.
ence between this and four hundred mil.
lion-viz: iorty.four millionaire success.
i've Secretaries Of the Treasury and The
President have assumed the right
TO reissue at their discretion. This
right to reissue has been denied
by many lawyers IN Congress and oui
ot 1t The first section Of the bill, there
fore, declares the law to be what the
President and Secretaries have assumed.
II 10 be. 1t was the wish Of the friends OF
the bill that the torty.four million reserve
should be put In circulation. The other
section Of the bill, authorizing an increase
Of the bank note circulation TO torty.six
million dollars, to be distributed among
States having less than their. proportion,
upon the basis Of the act Of 1865, was the
first step that had been taken towards a
resumption Of specie payments BY Con.
greas. This amount was thirty million
short, Of equalizing the distribution.
Under the act Of 1896, the New England
States were entitled 10 less than forty
millions, but received ono hundred and
ten millions, and other Eastern states had
an excess oi nearly twelve million. Most
Of the friends Of the bill desired the re-
striction taken of as to the amount and
locality of circulation, 30 that the people
should be left free to estsblIsh national
banks wherever and whenever theirlocal
necessities demanded them. That the bill
would have produced some contraction
ot:he stock market In New York Ia true.
but 1t Is well understood that the reserves
Of tho Southern and Western banks kept
In New York have been used by NewYoik
banks almost exclusively upon call to
dealers in stocks, and have thus stimu-
lated an unwholesome speculation and
have been OF very little benefit 10 the
mercantile or manufacturing communities,
This bill, in effect, required banks out
side Of redemption cities to keep three.
fourths oil their reserve at horne, and
would have drawn come millions Irom
the stock market in New York,
which would strengthen the banks 10
which they belonged and would have pro.
duced contraction in a quarter where con.
traction would do no harm. Of the act
requiring the United States to make pro.
vision at the earliest practicable period
for the redemption Of its notes in coin;
no one denied the binding force Of that
pledge, but the question as to q practi.
cable period remains as open as upon the
day 1t was passed. That the Govern.
ment is pledged to redeem the legal.ten-
der notes in coin, and proposes to do 80,
should ever be kept in view. Yet that
period may not be deemed when there ia
great staguation in business, much labor
unemployed, the revenues largely falling
of, and much distress and suffering in
every part Of the country.
[signed,l , o. P. MoRroS,