The Portland daily press., 1874-06-10
WASHINGTON.


WASHINGTON, June 9.-fhe currency bill re-
ported by the conference committee provides
that banks are not hereafter required to keep
reserve for circulation, but the reserve is to be
determined at all times by the amount of de-
posts. All provisions in the previous act re-
stricting;the amount of bank circulation are
repealed, as is the provision for redistribution
of 25O00,000 currency. All banks must keep in
the U. S. Treasury in lawful money of the Unit
ed States the sum equal to 5 per centum or
circulation for redemption thereof, which will
be counted as part of the lawful reserve and
when circulating notes of any bank be assorted
or reassorted and presented for redemption in
su ms of $4,000 or any multiple thereof, the
same will be redeemed in u S. notes. Bank
notes unfit for use are to be destroyed and re-
placed as now provided by law. No bank will
be compelled to redeem its notes elsewhere
than at its own counter, except as above stated.
Any banking association desiring to withdraw
its circulation in whole or in part may take up
with legal tender notes its bonds on deposit
with the Treasurer of the United States
in sums not less than $4,000, whereupon an
equal amount of the circulating notes of said
bank shall be redeemed by the treasury of the
United States and destroyed.
The charter numbers of the banks shall
hereafter be printed on all bank notes issued
to them. United States notes in circulation
shall at no time exceed 1882 900 900, which
sum shall be reduced by returning an amount
equal to 373 per cent. of the amount of circu-
lating notes heaeafter issued TO banks until the
maximum U. S. notes outstanding be $500, 000-
600. said notes SO retired to be cancelled and con-
stitute portion of the sinking fund and inter-
est thereon at per cent. will be added annual
ly to said fund, but if the surplus revenue is in
sufficient for this purpose the secretary of the
treasury is authorized to sell publicly after ten
days notice sufficen. U. S. bonds of the de-
scriptiOn prescribed in this act for u. S. notes
to be then retired and cancelled. ttf
Indian Troubles.
Inf uiio &c Of hon rfo
of movement on the part of the Commanche
and Cheyenne Indians to make war against the
whites and in general and the people of Texas
particularly. They evince determination to
move against the Fort Sill reservation agency.
and after committing deprcdatOnS thereto
move forward on a raid into Texas.
Nominations. T4Ls
The President sent the following nominations
to the Senate to-day: w. G. Whitman, Asso-
cate Justice of the Supreme Court of Idaho;
Roger S. Greene, Associate Justice of the Su-
preme Court of Washington Territory; Chas.
trict of Wisconsin; Franklin w. Oakley, U. S.
Marshal for the Western District of Wiscon-
sin; Capt. Orlando HI. Moore, to be Major in
the 9th infantry; Lieut.. Col. August V. Kautz,
to be Colonel of the 8th infantry; Maj. James
P. Ray, 9th infantry, to be Lieutenant Colonel
OF the 10Th infantry. eas
Treasury Balances.
day:-Currency, So, 179,608; special deposit of
legal tenders for redemption of certificates of
deposit, $58 900; coin, $S2, 431 ,5S9, sncludng
coin certificates 1882, 500, 500; outstanding legal
tenders, $685., 100000.
Congressman WOodf0rd's Financial
Scheme.
1t is stated that Ex-Governor Woodford of
New York has suggested to Speaker Blaine and
other leading members of the House the fol-
lowing basis of financial measure:
First, To destroy all legal tender quality of
circulate simply on the faith which the people
have in the security afforded by the deposit of
government bonds. This security is one dollar
in bonds at more than par in gold for each 80
cents of bank notes issued thereon
Second, Having done this, to authorize free
banking. He claims this would secure prac-
teal redemption, because it would make a
practical difference between the value of the
bank note and that of the greenback. Wher-
ever there should be a surplus of bank notes at
any money centre they would be sent home for
redemption and the more valuable greenbacks
demanded, while in a time of stringency, the
bank notes being absolutely secured by the de-
post OF bonds, would be readily accepted and
freely used. -
BallOting for Senator at Rhode Island.
NEWPORT, sJune 9-The General Assembly
met at Newport to-day at noon, and balloted in
the separate Houses for a United States Sem
ator with the following results:
In the Senate, A. E. Burnside Is, Henry
Howard g. N. f. Nixon 5, William B. Law
rene renee 3, Charles Hart 2, William Sprague P.
Sheffield, Amos G. Barstow, George III. Brown
and r. g. Hazard one each
In the House, whole number 70. General
burnside o. Dixon H. Barstow 9, VIM
Sprague g. Sheffield 5, Thomas A. JenckeS 3,