Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1874-05-21
Amended Currency Bill.


Amended Currency Bill.
A special to the st. Louis Globe,
also favorable to contraction, says:
The amended bill abolishes all re-
serves on circulation, but requires a
coin reserve of One-fourth OF the ln-
terest paid on security bonds. Scott's
amendment, making it one-half, was
defeated. All reserves required
within ninety days Of passage to be
kept in bank vaults. All redemption
is to be over its own counter. Free
banking is to be- established under 1t.
A five per cent. redemption reserve
Is to be kept in treasury notes OF
banks to the amount of $1,000, and
orders, when presented there to be
redeemed in greenbacks. The other
provisions of the bill provide for re.
demption on aud after the lst Of July,
1873, In gold bonds, at four and one
half per cent. interest, instead Of
Jan. Ist, 1877, and five per cent. bond.
The continuance OF bond is changed
from ten to fifteen year,. These are
all the features which might proba-
bly, secure the Presidents approval.
The other aud chief change-that of
providing for theretireunent OF green
backs to the extent only of one-fourtn
instead of one-half, as proposed, that
is, twenty-five cents instead Of fifty
for every dollar of additional bank
circulation-will doubtless insure a
defeat. In the bill passed by the
| House, for which the Senate measure
is u substitute, no date for greenback
convertibility or resumption by bond
was provided. No retirement OF the
| greenback circulation to any extent,
and no coin reserve, were required.
| To this extent the Senate measure Is
step in the direction of resumption.
The Inter- Ocean regards the bill as
amended infinitely better than that
vetoed by the President; thinks If It
shall become law 1t will aid in Civ
| Ing n stability to values which the
country has not known for years.
The Des Moines Register says:
1t Is safe to say that the Amended
| Bill will excite the opposition OF the
| East and the wrath of Wall Street.
Its provisions require banks to keep
| the whole Of their reserves at home
instead Of with redeeming agents In
New York City, would take from
Wall Street It's gambling capital. 1T
has always had the reserves OF Vest
ern banks tn gamble ON. And it al
ways will have, as long as there are
any such reserves at all, Ii IL Is In the
pUWer of Itself or It's money to keep
lheni.
i A Washington dispatch to the
Western Associated Press, dated 10Th,
has the following:
i The President to-day unequivocal-
4 ~ condemned the currency bill pass
cd by the Senate. He considers the
bill as originally reported by the
| finance committee, "a measure Oh
compromise, and though not such a
! measure as he would wish to have to
provide for specie payment, yet he
would have been willing to accept II
~ IL compromise with the South and
West. The amount of issue he looks
upon as step In the wrong direc-
tiou aud an attempt upon the part ol
imitation Senators 10 claim by the
new demand what he clearly refused
To recognize in his last veto message.
/ lie now urges the leading men In
the House to have the bill 80 amend
| pa H. to make IL consistent for him To
sign il in the event Of the Senate con
curing in the amendment. Ihe
resident also desires that Congress
shall do something If only to give
effect tO the redistribution act. Ell
/ their this or the original Senate bill
will receive his appr0val-otherwise
his veto can be relied on.
In reference to the amended cur
rency bill, IA special telegram to the
Chicago Tribune, which paper favors
contraction, says:
The bill is declared by Senator
| Sherman to DO shorn OF all Its vital
forces, and the character changed 80
AZ to be uDrecognizable. Instead Of
making provision for future resuinp-
ton, the bill, in its present shape,
| provides for permanent depreciation.
| Wright, to whom had been assigned
the the duty Of leading the advance,
performed his work right CALAMITY.
Merrimon, always impracticab'e wa.
allowed to play the part OF a guerrilla,
a character he IL well qualified by
nature to fill. Allison did fair duty
ON the skirnish line, and the rank
and file were always I'm their places.
| II is impossible tonight to predic'
the fate Of the bill In the House, but
the imitation Senators pretend to say
that they are assured the President
will not veto the measure II II passes