The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-13
RECIPROCITY WITH CANADA.
A Currency Report ffom the
Treasury Department.
Passage Of the Geneva Award
Bill i'm the Senate.
INSURANCE CLAIMS EXCLUDED.

tested election case will bring about direct issue
In Congress on the Mormon question. After de-
elaring that Maxwell was not elected and that
cannon was elected and was entitled to the seat,
the House. by o vote OF more than two to one,
adopted resolution ordering an Investigation
into the alleged polygamous practices OF Mr.. Cam
non, the sitting member The large majority by
which this resolution was adopted is a fine indca.
ton Of the feeling in the Honse with regard to
polygamy in Utah and places Mr.. Cannon's expul-
sion beyond doubt when the report in his case is
submitted. The proposed investigation will open
anew here the contest between the Gentle and
Mormon elements in Utah, and the case will be
very interesting and important one.
Report Of thc Comptroller OF the Cur.
rency.
The Secretary of the Treasury sent to the House
Of Representatives to-day comprehensive report
from the Comptroller or the Currency in reply to
Mr.. Merriams resolution. 1t appears from this
report that the circulation has been distributed
among 81 banks in thirty different States,
$l6oQO,0oo OF which have been distributed among
banks organized prior to July 1870 and $685. 100000
70 banks organized since that time. The whole
number Of applications received for the organiza-
tion OF national banks is go, representing about
$4,000 600 capital OF these applications ITO, rep
resenting $12,000,000 capital, were granted,
but the applicants never completed their organI-
cations. Eighty three applications, representing
$6,OO0.OO0 were filed for future consideration. Two
hundred and nine informal letters OF inquiry, rep
resenting $19 ,000 and 20S applications, which
stated neither the amount Of capital nor OF CIR
culation desired, are at present on file. He also
encloses list Of banks in the States OF
New York, Massachusetts,, Connections, Rhode
Island, Vermont and Maryland, from
which the $25,Ooo,OOo viii be Withdrawn
under the operation Of section Q Of the act OF
July ~, 1870. The Comptroller states that within
the year following the passage Of the act an
amount OF circulation had been assigned to Ohio,
Indiana and Kansas and other States which
had 80 far exhausted the apportionment
that 1t became his duty to decline many
applications from these States and to give
preference to other States which had a
greater deficiency, as required by law, and the act
required that new apportionment should be
made OF the 1884, O00 600 the basis OF the census
OF 1870. but that the census returns were not re-
ceived until late in the summer OF 1872
and many applications were deferred until
such apportionment could be made; that
previous to November, 1872. the entire
amount Of circulation had been assigned and
additional applications could not be granted, ex
cept upon the failure OF parties TO whom the
privilege had been given to perfect their organtza
lions; that, under section IA Of the National Cur
rency act, banks organized are entitled to six
months in which to pay up the full amount Of capital
stock, consequently they are also entitled to six
months in which to deposit the bonds as security
for circulation. Owing to this provision and also
on account OF the high price OF bonds, the banks
were slow to avail themselves Of the privilege of
circulation. OF the $54.OOO,oOO authorized by the
act Of July II, 1870, $A77s,260 had been
issued on November T. 1871; 1920, 30 during the
year ending November l. 1872; s7,s67,459 in the
year ending November 1, 1873 leaving at that date
$5.649,051 unissued; and the Comptroller gives it
rs hts opinion that the whole of the remaining
circulation would have been isaued dur
ing that year except for the monetary
criGls OF 1879 He also quotes from his reports Of
1917 and 1S73 statements OF the imprac tcablty OF
the law requiring the withdrawal OF circulation
from the East and its distribution IN the South and
West, and recommending the repeal thereof. He
further states that even II the whole amount cir
culati0n mad been issued 1t would not have been
In his power without supplementary legislation to
withdraw circulation from the States in excess in
time to supply the demands from the States which
were deficient and calls attention to the bill now
pending giving him the necessary authority for
such redistribution.
Canadian Reciprocity with the United
States.
There seems to be some prospect that the nego.
tations now going on with view to new treaty
81 commercial reciprocity with the Dominion OF
Canada may terminate successfully Under the
Washington Treaty the enjoyment OF the shore fish
cries of the st. Lawrence were leased to the
United States for twelve years on condition that
their cash value during that term should be deter
mined by arbitrat0rs and the amount paid over to
Canada. Anew months ago Mr.. Rothery, an eminent
English juris-consult, was sent out by the British
government to make the necessary arrangement Is
for giving eject to this arbitration and he was busy
getting up facts and evidence when the Canadian
government suggested how much more reasonable
and profitable to both countries 1t would be were
the war OF their fisheries Merged as formerly, in
treaty of commercial reciprocity Com
munications between our government and
that OF Great Britain on this suggestion
resulted in the present EFFORT to ascertain II the
substitution can be made on terms satisfactory to
both parties. Mr.. Fish, secretary OF State, con-
ducts the negotiations on behalf OF our govern
ment, and Sir Edward Thornton, British Minister
mere, and the Hon. George Brown, Senator OF the
canadian Dominion, act as Joint plenipotentiaries
on the part Of Great Britain. The negotiations
nave been going on for some months, and it is un-
derstood that a rough outline Of new treaty is
now the subject Of investigation and discussion.
~. hotnery, the English law agent in the fishery
arpitration has gone to the Pacific until the result
Of tine latter negotiation Is determined but should
the treaty aii, the fishery arbitration will be at
once proceeded with.
The Canadians put what is deemed most ex.
orbitant value on their fisheries. They quote the
words OF eminent American statesmen from Benia-
MIN Frankin downwards In support OF their pre-
tensions, and they cite the great sums annually
paid for many years by our own and the French
governments In the shape OF bounties to maintain
their st. Lawrence fishing trades, as an inyauaple
training school for their respective nayies. Thev
produce statistics Of all In proof OF the great vaue
Of the nsh and Dish products annually drawn IRON,
the great deep along their shores, and thew show
extracts from onicial reports OF successive Minis.
tiers and special commissioners OF the United states
Treasury In proof Of the large annual cash value OF
tracts show that In 1862 had over 20 600 tons or
shipping engaged In the st. Lawrence nsneries