The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-30
NEW YORK HERALD FRIDAY JANUARY 80 184-rRrP1E SHEET

united states. sum equal TO nve per rent OF It's
circuiatlon, TO be held and used only for the re-
demptiOn OF such circulation. aud when. the CIR
ouiating notes OF any such assocaton or associa-
lions shall be presented assorted or uasssoyted
thereof to the the TTeasary s or 20 inc
Assistant Treasurer III the city OF New YORK the
same shall be redeemed IN United states notes,
bv the Secretary OF the Treasury to the
respective associations Issuing the same.
and he shall notify them severally on the
first day Of each month or otener, at his discre-
+ ton. OF the amount OF such redemDtions. Where
upon each association so notified shall forthwith
deposit with the Treasurer OF the United States a
sum In United States notes equal to the amount OF
ITS circulating notes 80 redeemed; and when such
redemptions have been reimbursed, the circuiat-
ing notes so redeemed, or II worn mutilated or de-
laced, new notes instead shall be forwarded to
the respective associations, provided that each OF
said associations shall reimburse TO the Treasury
the costs OF redemption aud or supplying new
notes IN place OF those redeemed; ana the associa
tons hereafter organized shall also severaly REIN
burse to the Treasury the costs OF engraving ana
printing their circulating notes; and provided
inrher that che entire amount OF United States
notes outstanding and in circulation at any one
tame shall not exceed the sum OF $4OO, 900 900, now
authorized by existing laws
. SEC. THAT any association organized under
this act or any OF the acts OF which this Is an
amendment desiring TO withdraw its circulating
notes, In whole or In part may upon deposit OF law
lul money within the meaning OF said acts In sums
Oh not less Than $4,000 with the Treasurer oil the
united states, withdraw prOportionate amount
OF bonds deposited in pledge for such circulation,
amount Of the circulating notes OF such association
equal to the amount issued on such bonds.
SEC. 5.-Ihat sections 81 and 81 or the said act be
amended by requiring that such of the said associ-
atoms shall keep its lawful money reserve within
It's own vaults at the place whexe its operations of
discount and deposits are carried on and all the
provisions or the said sections requiring per-
uniting any Of the SAID associations to keep any
portion OF It's lawful money reserves elsewhere
than In It's own vaults, or requiring permitting
the redemption of its circulating notes elsewhere
than NJ It's own counter, are hereby repealed.
SEQ 6.-lhat upon all circulating notes hereafter
issued or hereafter to be issued, whenever The
same shall come into the Treasury in payment or
on deposit Tor redemption otherwise, there
shall be printed, under such rules and regulations
as the Treasurer may prescribe, the charter nun.
bers OF the associations by which they are sever
ally issued.
SEC THAT associations without circulation
may be organized under the provisions OF the said
act, upon the deposit with the Treasurer of tue
United states OF not less that $4,000 OF United
states registered bonds. as provided in section 10
of said act, and associations already organized
without circulation are authorized to withdraw
their bonds IN excess OF $4,000
SEC. S.-That the secretary of ths Treasury Is
hereby authorized and directed to issue at the be-
snn On eaG s7 an a. e ave n rom and M
| not bearing interest, payable in gold two years
after date, OF such denominations as he shall deem
cXpedlent, not less than $40 each, in exchange for
| and as u substitute for the same amount or the
United States notes now in circulation which shall
be cancelled; and any excess of gold IN or here.
after coming into the Treasury The United States
alter payment OF interest upon the public debt and
to meet the currsnt expenses OF the government.
shall be retained as reserve for the redemption
OF such notes.
Caucus of Democratic and Liberal Mem
beers OF thc House ON the Question Of
Financc-A Great Diversity Of Senti-
ment Expressed.
The democratic, conservative and liberal men,
bers OF the House met N caucus tonight in the
room OF the Judiciary Committee. The meeting
was largely attended. Mr.. Nblack OF Indiana
was unanimously elected permanent chairman, and
Young, Of Georgia, and Parker. Of New Hampshire
were elected secretaries. The only members
OF any note absent were Wood, Potter ana
Cox, New York, and Beck OF Kentucky
The chairman stated that the caucus
was called to elicit the views Of the democratic
ana conservative members in relation to the great
questions now before the people of the country,
the greatest of which he considered to the SUBJ
| ect OF finance. A general discussion took
place, which did not indicate 80 great
diversity OF views at first seemed prob
able. Mr.. whitehouse. Of New York. spoke
in opposition to either contraction or
| expansion and was strongly in favor OF
deprlving the Secretary of the Treasury Of the
| power OF producing either. He was followed by
Mr.. Durham, OF Kentucky, member Of the Com
mittee on Banking and Currency who was in favor
| or allowing things to remain as they were. Mr..
| Randall also OF the same committee, made very
able address, He declared himself in opposition
to innat,On but in favor Of the 4OOOO0OOO Of legal
tenders, and thought that Whatever OF this
amount still remained unissued should be In ma
tlonal currency. Mr.. Cook, OF Georgia, favored
increasing the currency, and said that the people
OF his State lacked the necessary means to trans
act business and move their cotton crop, and IN
this he was endorsed by all the members present
from his State. Similar views were expressed by
Hereford, OF West Virginia; Mr.. Grassland. of Ken
lucky, and members from the West Mr. w. r.
Roberts, of New York. spoke strongly in cOndenna.
ion of the present national banking system. He
said that in no other country in the world was
there q similar institution; that of all the
monopoIies which cursed the nation this was
the greatest; that 1t was like a gigantic Ieech
draining the very life blood OF our commerce and
our agriculture. He favored the gradual cancella.
ton of the bank currency and the substitution of
national currency ana the passage OF law which
would prevent the Secretary OF the Treasury from
contracting or expanding the currency at his
pleasure, and to fix the volume OF the currency at
s4Oo,ooO,oOO. Mr.. Shoemaker, Of Brooklyn, followed
| IN defence of the national banking system and in
| favor OF allowing AFFAIRS TO remain as they are.
Mr.. Hamilton or New Jersey Expressed ike Benti.
ments, Mr. Holman. Of Indiana made q very able
| speech. He took the same position as Colonel
Roberts, in opposition to the national banks and
| In favor OF national currency, ana declared
that the only salvation OF the democratic
party was in opposition to the present and past
| I'm ancial policy OF the government, and be said
! that any party which endorsed 1t could have no
| hope OF future. He offered resolution en-
bracing these views, not, he said, for action to-
night but for future c0nside ration. On his con-
Guiding the caucus adjourned, subject to the call
OF the Chair. The session was entirely harmo-
NOUS, and. though the views were warmly pre-
sented and vigorously urged, spirit OF harmony
permeated the entire discussion: The desire was
to agree upon some basis Tor future action, and
another caucus will soon be held.
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