The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-06-29
The Currency Act.

Il Anu SutteASy AOS
WARRINGTON, June 28.-The conStruc
ton placed upon the new currency bill
by Comptroller Knox took new turn TO-
day, which, 1t "a hinted, has been the 70.
suit OF an interview with Secretary Bris.
tow. In q conversation this forenoon with
Mr.. Knox, that official said he had erred
in his previous construction Of the mean,
ing Of the law from not having had, until
last night, time or opportunity to care
fully study it. he said his frat idea was
formed from o hasty reading Of the act.
he had urged that view upon persons
who called upon him. Nov, however,
Re finds that es.,
IT DOES NOT AFFEor THE FORMER Law
regarding reserves, except as far as re.
lated TO . reserve for circulation, which
was required to be deposited at the
agency Of each bank. Turning 10 the
law, he read Sec. 2, the very clause upon
which he based his arguments yesterday:
"Th0 moneys required by Sec. 81, act Of
June, 1874, to be kept at all times on
hand shall be determined by the amount
Iot deposits In all respects as provided Tor
In said section" Now, said he, turning
to the original law. Of 1884, the law pro.
vides that all banks in the Cities Of st.
Louis, Louisville, Chicago, Detroit, Mil.
Waukee, New Orleans, Cincinnati, Cleve-
land, Pittsburgh, Baltimore, Philadelphia,
Boston, New York, Albany, Leaven.
worth, Kansas, San Francisco and Wash.
ington City must at all times keep on
hand In lawful money at least 25 per
centum Of their circulation and their de-
posits, and all banking associations In
cities other than these named in the law
must keep 10 per centum, and when the
reserve Is below these amounts the bank
cannot, under the law, make any new
loans, or discounts other than on sight,
bills oil exchange, and cannot declare div.
idends to its stockholders.
UNTIL TIE RESERVE Is MADE GOOD.
Three-fifths Of the Is per, centum re.
quired OF the country banks might be kept
in one Of the cities named for the redemp'
ton Of circulation, and the banks in those
cities were required TO keep one.half de-
posted with the same banks as It's agent
for redemption. This made q reserve on
hand Tor country banks Of Q per cent, and,
ior the cities named, Of 12i, 10 secure de-
posits. This new law does not In any
way relieve the banks from keeping this
reserve on hand, but, instead Of keeping
part Of 1t in one Of the cities named, they
may
KEEP IT IN THEIR OWN VAULTS EN-
TIRRLY.
( In computing the amount OF reserve,
the banks may count the 5 per cent re.
quired by the new law to be deposited
with the Treasurer as part Of the 25 and
Is per cent required. The amount Is not
changed under the new law. For exam.
pie: A National bank here In Washing.
ION, which Is one OF the seventeen cities
designated, with 100000 Of deposits,
must keep 25 per cent, or $4,000. Five
per cent oil their circulation must be de.
posted with the Treasury, and that
amount being deducted from the go, 900,
the bank may keep the balance inits
own vaults, or II may keep half OF 1t in
New York, or In one Of the other cities
named. To keep 10 per cent the case
would be the same. Many members Of
the House are
ou1TE JuBIIGNT OVER THEIR coNsTRUC-
rs T1oN T>,
Of the law, and declare that that was the
true intent Of the act; but on the other
hand Senators say that the point was
raised inthe Senate that the bill Rbso.
lutely freed the banks from all require.
meni Of Q reserve, except tho 5 per cent
deposited at the Treasury, and the Senate
adopted the bill with that express under.
standing. One good effect Of the new law
will be 10 1--...
REPLACE THE PRESENT MuTILATED AND
WORN OUT ISSUE
Of National Bank currency with new
Comptroller Knox finds his authority
for holding his new opinion, that the de.
post for redemption may form part OF the
reserve, in the following clause In Sec. 3
Of the new bill, viz every association
organized or to be organized under the
National Bank act shall az all times have
and keep on deposit with the Treasurer
OF the United States, in lawful money Of
the United States, sum equal to o per
cent Of its circulation, to be held and used
for the redemption Of such circulation,
which sum shall be counted as part Of la
lawful reserve, as provided in Fec. 2,"the
section before quoted.
BRnGRroRT and Martins Ferry are each
trying to capture the town oI Etneville
and her Iron Works. Martins Ferry
moved on the Commissioners Ior annexs-
tion last winter. The inhabitants o.
Enaville, and particularly the owner