The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-07-11
.pycl.sl plsps iii, 10 us baltimore sun.

.pecisl Disps tch 10 tne baltimore sum-.
Redemption ofNati0rni Bank Notes
ImpuftanE Inforrnaffon SAVING 0
Bank Tnx-New Loaa. -
WASHINGTON, July 9.--Fhe Treasurer Of
the United States, and redeemiBg agent un-
der the new currency act, Is beset with cor
respondence from assistant treasurers and
Irivate parties all over the country asking
information concerning the redemption of
national bank notes, as provided in section
third of the act named.
Mr.. Graves, superintendent Of the national
bank redemption agency in the Treasury
Department, gives the following Important
information in addition to that communion
ted in circular number eleven, regulations
governing the redemption of national bank
notes. Under that portion Of section third
requiring every association to Keep on de-
post in the Treasury of the United States,
| in lawful money, sum equal TO i've per
centum of its circulation for the redemption
of such circulation, any person is permitted
to send bank notes, assorted or uDassorted,
and of any national bank whatever, to be
sent in packages by Adams express under
Government contract, in sums OF one thou
sand dollars or multiple thereof, for which
returns will be made in new legal tender
notes under the contract.
The expenses for eXpressage and asserting
the notes will be charged to the banks by
which the notes were issued, and not those
by which delivered, in proportion to the cir
culaton redeemed. The notes redeemed
will be assorted among the two thousand
national banks in the United States in the
| following manner: Assorting-tables, with
| tifty.two tills the size of the notes, Will be
provided. The two thousand banks will be
divided into fifty sections ofabout forty banks
each, arranged alphabetically. The notes
will be twice aSsorted-hr>t, among the fifty
sections, and second, the notes OF each Sec
tion will be assorted among the banks in the
| forty sections. The notes fit for circulation.
| it is found, constitute a very small fraction
of the total received thus tar-about one
| tenth.
These notes, after assortment, will be re-
turned to the banks which issued them.
Those unfit for circulation will be forwarded
| the Comptroller Of the Currency, who will
| furnish new notes, the banks being required
to make good the amount charged TO the
five per cent. fund for the redemption OF
their notes. The redemption OF national
bank notes is now as free as legal tenders,
except that they must be sent in larger sums.
| The Superintendent states that under the
new bill the redemption agency is in receipt,
or in process Of collection, of about nine mill
lions to date.
| TIE SAVINGS BANKS TAX.
| Some papers continue to assert that the
| bill designed to relieve Savings Banks from
tax upon their undistribued surplus earn
ings had not become law because it had
not been approved by the President. This
is an error. On July I'd Commissioner
Douglass was informed by the State Depart
ment that the bill had not passed. Not being
satisfied he made further inquiry, and found
that it bad been approved. Ii was bill for
the relief of savings institutions having no
capital stock and doing business solely for
| the benefit of depostOrs, and provides that
no further internal revenue shall be COL
| lected from said banks.
THE NEW LOAN.
It is understood upon good authority that
there is no truth in the story that new syn
dictate is to be formed to place the new loan.
A delegation of bankers from New York and
elsewhere has protested against continue
ance of Mr.. BoutweiPs system OF organizing
syndicates. The more ctfecIual mode, they
believe, will be to allow independent action,
open to all bidders, for the syndicate is a
close corporation. Some Of the heaviest
bankers and dealers in the country were eX-
cudcd under the Boutwell, system. There
is about one hundred and seventy-hve mill
lions of the loan vet to be placed.