, 1874-04-08
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MONETARY.

Tho topic OF anxious. not to any In gotne In
itanoes angry discussion, In business and fnan-
pial circleH to-day, was tho passage Of tho In
datfon currouoy bill by the United stetoa Senate.
True, ovory body expected It would be dono, hut
Its cffoot aoomol Bcarcoly loss startling. The
fact that croatos most anxtoty is tho bad preoe-
don't II sets for tho action OF Congress III tho
future. II in timo Of profound poaco, whom
tho revenues Of tho Government aro amplo,
with groenbaoks aud National Dank currency
worth only Bomo 88 conts on tho dollar, Con-,
progs passoB d law to tissue 900, 100000 moro
paper, tho inevitable ofocs Of which must
be to still further doproointe tho iasnos now In
circulation from to Ia nor cont, will not tho
next Congress mako anothor oqually fatal I'D
vance towards utter financial rusn2
Confcsaodly tho prosont legislation is to help
tho epoculasors aud gamblors In stocks, real o.
tate, and ovcrything olso, and whom did thoy
aver have money enough to satisfy them Wo
even heard 1t suggested that Oommunstio prn-
oiples lad got control Of Congress, Tor they wero
leejeloinR for the interest and at tho bidding OF
gambling npaoulators, and not IN accordance
With sound financial principles, or With tho viows
who think ind ask only tho honor, aud
pority Of the enti1o country, Tho ;!ls
brought to boar on him to save tho nation in this
hour Of Its financial peri7 It WAS asHortod that
no act Of his since tho surrender OF Vicksb1lreh,
or evon Of Richmond, would yield him equal
honor, It ia fonrol that tho inilationsts in
Washington know thoir man, for they would
hardly havo pushed thoir measure 30 vigorously
had they not been quite sure it would eacape
veto.
Wo repub]sh hero ....
THE n111. Aa PASSED DT THE SENATE,
SECTION !. That tho maximum amount Of United
6tatea notes Ia hereby liked at fi0U, ,O0O,0 ,0uu.
be ISSUED to- tho National Banking Asaocasions now
organize, and which may 30 organzoa hcroattor md
the several Btatca provided III Eec. Of The act
tllo "An to provide for tho redonption of per
ssssss ns d RaR1n Bn4 5a a
1870 md zach National Banking Association now
snn a t. ss sato 81
fourth part Of coin received By 1t as interest bonds
OF the United States, depoaited ~ security for crc-
lating uotas on Government deposits and TINT hero
acr only oncourh Of tho rcsarve now prescribed by
law for National banking ASSOCIATIONS shall consist Of
enption Of Its circulating notes from associations Ia
cities Of redemption. md upon which balances no In
tereat shall be paid.
Tho statute of July u, 1870, provides that tho
distribution shall be based on the census Of
1870, and that ii the circulation is not npplied
for within I. year by the States and Territories
entitled to IT, then 1t muy be distributed to
thoso States not having their maximum amount
Tint apnrGyod March 8. tgG5. This provides
that "Ono hundred and nifty millions OF dol
isra Of The entiro amount Of circulating
notoe t! authorized to be-. DO ., Issued sheli
States. in the District Of Columbia
md in tho Territories according to ropreaenta-
tive population, md the remainder shall DO ap-
portioned by tue Secretary of tho Treasury
among associations formed in tho several States
and in the Territories, having 6le regard for OK
Of eas saeh states Ssret fa 5 a
Tho banks aro required to keep as q part of
interest on thoir bonds in com. This is sheer
nonsense since tho first ecction of the bill ia
opposed to resumption Of specie payments.
Whit is bauk to do with 1ts coin il it cannot
sell it and cannot ply it out? Tho laat clause,
in relation to their balances kept in other
banks ia likewise incongruo,ss with the rest
of the BILL. It was part OF Senator
Shorman's bill looking to resumption Of
ssnate cut oil Che hoad Of tho bill aud loft tho
tail. The bill as it stands provides for an in
defInite po8tponoment Of specie payments by tho
Government, and then requires the banks to
accumulate idle coin in thoir vaults, and thcn
requires them to keep ali except ono-iourth Of
their g1eenback reBorye in their own immediate
custody (they haye heretofore been allowed to
keep three-ifftlB OF i. in tito banks Of rodomp-
ton citieB) and prohibits them from rccoiYinr
interest On this ono-fourth. What 10 to bo dono
with thom II they tako interest, is not stated.
Altogether, it is difficult to conceive any measure
more likely to preucnt any now bank from avail
ing itsolf OF the privtlegos Of tho National
Currency act than tlja.
It is proper that We should present tho moro
hopeftll view takon by some with whom we con-
veraod If imitation could be- made to ston whero
1t is,-if the people could rost in The certainty
that in tho not distant future, our currency
should appreciate to tho val,1o OF coin, tho
country could stand the mischief this bill will
do. Only 618,000,0Oo Of tie si4, 900, 900
Of grecnbacks reulain to be issuod and
how they are to ba nut into cir
tuiatiou wo do not remember to have seep
stated. They could be used to buy bonds. aud.
with the present reyenueg, thiR goomg to BIO the
only way to do it. Az to the $50, 900 600 OF bank
currency, it will take some time to get it out.
lily with the margin required at the tregout urice
nf honda oud hauro +ora IL = ;.,,., "a How.