New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-02
CURRENT TOPICS AT THE CAPITAL.
NEW FINANCIAL MEASURES BEFORE THE sEN-
ATE COMMITTEE,

WASHINGTON. Friday. May /. 1874 .
In spite Of it's failure thus far during the present
session to devise any bill relating to the currency
that has been at all satisfactory to the majority OK
the Senate the Finance Committee has gone dill
gently about its consideration of the House bill dur
Ing it's daily meetings this week, and Will proDaDy
report It's abors to the Senate early next week. Inc
first section of the bill repeats the requirement. for
banks to keep on hand reserve account OF their
circulation, and it is believed that no materlal
change will be made in it, The third section when
requires each National bank to keep sum equal TO
five per cent of its circulation in legal money in the
United States Treasury for the redemp
ton of its notes, the Committee finds
to be quite crude. Treasurer Spinner was examined
to-day especially in relation to the necessary
machinery for etfecting redemption. The Dill pro-
vldes that when the circulating notes OF any Dank
shall be presented at the Treasury in sums OF Slo
either assorted OF unassorted, they shall be re-
deemed. If the law does not require the asserting
of the notes before they are presented LOT reaenp
ton, it is certain that assorted notes VIII ever
come TO the Treasury. The Committee Is therefore
now considering whether it is better to require TINS
asserting to be done before redemption OF at me
Treasury Department., and the cost charged 10 Tue
banks whose notes redeemed. Ihe committee
b bfRoS' at i'' meeting '0-H0'''"' ''' ~
THE LATEST AND HEAVIEST BACKED FINANCIAL
PROPOSAL.
It is expected that joint resolution will be intro
duced into the House early next week. liking the
limit Of the legal-tender currency at SiOO,OOOOOO
Its friends believe that this measure, pure and
simple. Invested of the Objectionable features in
the late Senate bill, will meet the approval OF
the President, especially as it gives what he
has particularly asked fora distinct legalization
OF the right he has claimed to issue the 44,OOO,OOO
reserve. In addition TO this, effort will be made
to repeal the restriction requiring the banks to keep
a reserve against circulation. The ground is taken
that it is useless to require National Banks to retain
so large an amount of idle means in their vaults,
while their circulation is already so amply Sc
cured by the bonds deposited with the Government.
Leaders of the financial majority in the House in
innate that these two measures are likely to con-
sttute all the financial legislation that Will be at
tempted during the session with much chance or
success. 1t is intimated that neither the Rouse nor
Senate Committee will oppose the removal OF inc
recruitment as to National Bank reserves.
ASSIGNMENTS OF UNIssUED CIRCULATION.
The Controller of the Currency, in response
to a resolution today transmitted to the Com
mittco on Banking and Currency statement
exhibiting the amount Of circulation unissued, of
the S54 900 authorized by the act of July H. 1870
OF heamount unissued 81 19 800 has been assigned
to banks already organized, and S3.073,5OO to
banks in process of organization total, Si,2l, 30.
This amount has been assigned TO So different appl-
cants in 90 different States, the amounts averaging
about $4,000 to each applicant. The amount Issued,
the number of applicants, and the States to which
such ASST 0nments have been made, are as follows