New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-19
WASHINGTON.
7, CURRENCY BILL THAT MAY BECOME

VISIONS FOR RETIREMENT, REDEMPTION IA
CHANGE, AND OBSERVATION-DISCLOSURES BILL LIS
OBJECTIONABLE THAN WAS FFARED-PRobAhiL-
Try THAT 1T WILL PASS AND RECEIVE THE Sic
NATURE OF THE PRESIDENT
lBr TELEGRAPH TO THE rRfBuNEI
W,surNGroN June Ex-senator Wright OF the CON
ference Committee on the Banking and Currency Dill
aao ,anort tn the Senate to-day. The first five sec
Of the bin reported nearly identical with the
hill reported by the previous Conference Committee.
The PROVISION IN Ssectlon of that bill, limiting
the amount OF legaltender notes to SSS2'oOOooV' Is
retained The three other sections of the bill are
almost identical with the bill transmitted TO the
Comm ttee on Banking and Currency by Mr. Knox
the Controller of the Currency the Sd OF Febru-
ary last except that the present ball provides 1or
the redistribution of S55OOOO00, instead of S2oOOO
COO The bill also differs from the previous CONFER
epce bill IN striking all of the bill referring to
the retirement of legal-tender notes as Natlonal
bank notes are issued, and the redemption of Ma
tona bank notes in coin or in United States bonds
ct any future period.
Tie bill provides for the redemption Of National
bank notes at the Treasury, in amounts OF Sl,OOO
and at the OF the banks upon presentation
but abolishes the present system of redemption
agencies in the redemption cities % that the re-
demption of National bank notes in sums less than
$500 can only take place at the counter OF the
bank while by the present law mutilated OF other
notes may be redeemed in any amounts at the re-
demption agencies in the different cities.
The present bill releases the reserve required to
be held on account of circulation. The average
amount of cash reserve required TO be held for cir
culation by National banks is estimated 'C be about
SOOOOO0O; but the National banks the LIST of May
las; held an excess of cash reserve on circulation
and deposits of about S4soOOOG0 over the present
lav 4 70 eatir M
even with the repeal of this provision the banks.
in the aggregate, will continue TO hold an excess
beyond it's requirements, so that the total amount
of reserve released by the operation of the bill Will
probably not exceed Sl5,OOoOOO
The amount of National bank notes in circulation
of banks which in liquidation and which have
cIused business is more than Sj.0O0,0O0. The bill
provides for the asserting and return OF these notes
10 the Treasury for redemption, and it is estimated
that, in addition 10 this amount, not more than
S12O0O.G0O will need to be withdrawn from the
New England States during the present year for the
purpose of supplying applications from the West
and South OF tle circulation to be withdrawn,
about S2O00,OOO viii be taken from banks N New
York and S6OO0oOO from banks IN Baltimore, and
the balance from New-England.
Much greater interest Is shown in the report Of
this second conference than In that of the former as
its friends have great hope that il will be adopted
by both Houses and signed by the President
FULL TEXT OF THE NEW CURRENCY BILL.
GENERAL PRESS DIsPArcH.i
WASHINGTON, June 1S.--The following is the full
text Of the Currency bill submitted by the Con-
ference Committee to-day
SECTION l. Tue act entitled " An act 10 provide Ma
tional rurrency secured by pedge or UnIed states
bonds aud TO Proyss 0T 'He ser % Se hereafter
known as me National Bank act
SIC q That Section 81 of the National BANK act ne 20
hat
for shall not be required 20 Keep on manu- any
their peciive circuaJOns but the moneys required
by said sretiOu Kept at al times on hand shal ne
determined by the amount OF deposits IN AL respects DE-
provided ,Or IN the sad section.
8. That every association orsaBiZed OF 70 De
the several acts amendat0ry thereof small al all umes
and have Geposi; in the Treasury OF The United
States in lawful money OF the United states. SAN
equal five per eentum of It's circulation to DC heid
and used Tor the redemption or saeh ercuatlon whch
sun shall counted part OF ITS lawful reserve as
provided Section OF this act and when the circu
sorted shall be presented FOR redemption IN sums OF
400 multiple thereof TO Ihe Treasurer OF the
limited States, shall De redeemed IN
United notes. All notes so redeemed shall be
charged by the Treasurer United States the
respcctive issuing the same, and shall
notify them severaly on the nrst dav OF eaen month or
oteneT his discretion OF the amount OF such redemp
lions whenever such redempIo1s for any associa
non shall amount to the sum OF $500 sucl association so
notified shall forthwith DEPOSIT Win Tue treasurer ol
the United States sum n United states notes equal 10
the amount Of ITS circulating notes SO redeemed ana al
notes National banks worn. deiaced, muniated or
otherwise unfit for circulation shall when received ny
Assistant Treasurer or az any OeslElateu
depository OF the UnIied states, be forwarded
Treasurer OF the United States for redemption, as
provided herein; ana when sucA reaenptons have
shall be forwarded 10 the respective associations by
which they were issued but II any such notes are
worn mutlated. defaced. rendered otherwise unit
for use they Orwarded to the Controller OF the
Currency and destroyed and replaced as now provided
by Jaw Provided. that OF said associations shall
reimburse tine Treasury the charges ior transpora'
tOn and The costs Tor asserting s1eh notes ana the
associations hereafter organized shall also severay re-
imburse the Treasury the cost OF engraving such
ively and the assessed upon each association
snail be ia proportion to the Circulation Iedeeei and
be charged the fund on deposit with the Ireasurer
anu provided further That so nuch o. section " OF said
National Bank act requiring or permitting the redemP
Of circulating notes elsewhere tnan at It's own
counter except as provided 1oI N MS seeoh hereby
SIC 4 That any association organized under TINS act.
or any the acts of winch this amendment,
srng withdraw its circulating notes. In whole or II
part, She deposit OF lawful money with the
OF the United states IN OF ess than
5000. take up the bonds which said association mas
deposit with the Treasurer for the security OF such
cuating notes winch BONDS shal De assigned 10 the
bank tie manner specified IN the lsh section Of the
National Bank act; ald the outstanding notes Of said
noes deposted shall De redeemed at the Treasury OF
the United states and destroyed, as now provided by
laws provided that the amount OF the bonds on deposit
TOR circulation shall not be reduced below sS0,OCo
hc Ia1 tne 81 as hs e OF s9a
Treasury prescribe cause the charter memners OF
the association TO be printed upon all National bank
notes which may be hereafter issued BY him.
6. That the amount OF United states notes out
standing ami 70 he issued as part OF The circulating
medium shall not exceed S3s2OoO 600 which
said shall appear each monthly statement OF
public Debt ana no part thereof sna De held
SEC. l. That so much of the act entitled IAN act to
provide for the redemption Of the three per cemtum
Temporary loan certificates and FOR increase Of
National bank notes as provides that no circulation
said act until after the S6i,eeOo granled in Section OF
said act shall taken up. j. hereby repealed
reney uuder inc direction of the Seer eary the Treas
ury 10 proceed forthwith and he Is hereby authorized