The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-01-29

on Banking and Currency came to some
rather important conclusions the other
day; conclusions which no doubs they
will report 70 the House in due season.
For the sake d getting o bSSlS oil hnan-
cIAl agreement and also to clear away all
side issues as speedily as possible, the
Committee, according to q special dlpatch
10 the New York Tribune, concluded TO
vote upon o number Of propositions. II
was at fret decided to report adversely
upon Mr., Kelley'S S.O5 bill. The question,
SHOULD the National banking system be
abollshcdS" was then put and decided
in the negative. The same disposition
was made Of the proposition to substitute
greenbacks for National bank notes. Hav.
ing got these questions out Of the way,
the Committee went on, In a series of
votes. to lay out q plan for q bill to i'm
prove the present banking System. The
following were agreed upon as the leading
lehUIes VI Lue uHh - #..
First Thatth0 restriction on the total
amount Of bank circulation shall be re-
pealed, which Is equivalent 70 author
izlDg Tree banking under the provisions oil
the present Law, except a. modified by
the Committees bill. av.
Second: That the requirement that
banks shall keep q reserve OF greenbacks
in their vaults to redeem their notes shall
be repealed; and that instead, every bank
shall deposit In the Treasury, greenbacks
amounting 10 8 per cent o. lis circulation,
as q Iund Tor the redemption Of its notes,
and shall keep this reserve good.
Third! That banks shail not be al
lowed 10 pay or receive interest on de-
posts with each other.
Fourth That country banks shall be
required 10 keep their deposit reserves at
home
Fiji That gold banks shall be allow.
ed TO issue notes 10 the amount oil so per
cent only on their bonds, instead OF 90, ss
at present.
If this proposed report is adopted by
the two honses oil Congress 1t cannot help
Initiating the currency. It's operation can
be easily illustrated. Suppose that any
person in Wheeling desires to engage in
banking under its provisions. All that is
necessary Is 10 go into the market and
buy say fly or q hundred thousand dol.
lars worth Of United States bonds. These
bonds are deposited with the Treasury
Department at Washington as security for
ninety per cent Of their face value in the
way Of National currency which the Gov.
eminent will print and issue TO the new
bank. There is nothing to restrict banks
and bankers Of thisysort from spripging
up in multitudes throughout the country.
Every one Of them will add so much to
the currency in circulation. Therefore Of
course the present volume of currency
will be as certainly increased as II the
Government itself should issue the same
amount Of additional greenbacks.
As to whether such measure can pass
the two houses is quite uncertain. 1t can
easily obtain majority in the House, but
to pass a bill increasing the currency re-
quires two thirds vote or an actual ma.
jority OF thirty.seven. The Eastern and
especially the New England members
are opposed to all such bills and will vote
nearly solid against it Taking the vote
on Wilson's imitation resolution as a
standard OF comparison, and 1t will be
found that the entire New England dele.
CATION opposed it Our neighbors from
Ohio were nearly evenly divided, eleven
out Of her twenty voting for initiation.
West of Ohio most OF the members voted
forit Indiana was solid Tor initiation. The
South and Southwest, with few excep.
tons, were forit.
We observe BY special dispatch TO the
New York Journal Of Commerce that It's
Washington correspondent Is Of the opin-
ion that no such measure can pass His
idea asto WhAtWill be done, or rather
what will not be done, is as follows:
The Committee on Banking and Cur
rency5 agreed to-day on bill enactinp
what Is equivalent TO free banking, Mr'
Mefriman's plan OF redemption being
added, 90 as TO require that all national
banks shall keep i've per cent reserve
in the New York Sub. Treasury to redeem
their notes when received. The Commit.
tee agreed to abolish the requirement oil
any other reserve with reference TO circu.
lalion, and to provide that country banks
shall keep their deposit reserves at home,
and to prohibit all payments oil interest
on deposit. .l
The committee voted to report adj
Versely ten for and one against the re.
port Mr.. Kelley's S65 per cent bond
scheme.
The committee is prepared 10 report to.
morrow, but the call on Il may be del
layed several days by the precedence Of
business reported by other committees
and made special orders or being priv.
LEGGED questions. -, i
There Is strong reason to believe that
the policy oil Congress Is To do nothing re.
garding the currency, except as 10 mat
tIs Of detail, during this session. The
infiSliOnlsts, indeed, are reinforcing their
courage by reports ofcanvasses thai seem
70 snow msjorities in their favor, but
tnese malotiues are largely made up Of
men who, In fact, have given nos}1ive
pledges against them, Under ibese c;,
cumsLances the AdmipIstIS,Ion go MI
prefer, and have in fact reonSstoS "v ,SUt
the measure adding the al nm mn 'n rS
serve to the existing greenback - as
be not persevered with, but that he Ivy
ject be let alone so that the Adminis,TS,
ton may have the benefit Of the existing
doubt and be enabled by alternate letting
out and hauling in to give all desired
aIaaNfaf0aRt 81 Ike 800 :. -, n