The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-05-11
INDIANA.
The Finance BiII-Leiter from Sena-
tor Morton.

tor Morton.
INDIANAPOLIS, May 9.-The follow
.irg is a summary ots letter published
10 this morning's Journal by Senator
Morton:
There appears to be misapprehen-
sion by portion of the press in regard
to the provisions of the finance bill
which lately passed the two Houses OF
Congress, but from which the Presi,
dent withheld his approval. The bill
is criticised as if it authorized q new
emission OF United States notes, which
would increase the difficulty OF return
to specie payments and thereby involve
a breach of national faith pledged for
the REDEEM ption OF those notes in coin.
The first section OF the bill and the only
one which relates to United States
notes, is in these words: THE maxi
mum amount OF United States notes
is hereby fixed at $4O0,OOO,OOO."
Reference is then made to the acts Of
January 80, 1864, April II, 1866 and
March 4tb, 1868, to show the effect Of
this proviso. The right of the Secre-
tary to reserve any part OF the forty~
four millions, or TO increase the clrcu-
lation Of these notes above three hum
dred and fifty.six millions, has been
continually denied by many lawyers in
Congress and out OF it, and a large
portion OF the press, and the question
cannot be said to be Tree from doubt.
At the last session Of Congress a mi
uority of the Finance Committee of the
Senate, through the chairman, Mr..
Sherman, reported to the Senate Tor it's
adoption the following resolution:
Resolved, That in the opinion OF the
Senate the Secretary oil the Treasury
has not the power under the exlstipg
law to issue U. S. notes for any portion
of the forty-iour million dollars retired
and cancelled under the several acts on
that subject,
My first impression had been against
the existence OF the power. but on fur
ther examination l thought it fairly
deducible from = comparison of stats.
tics, and personally urged upon the
President and Secretary the free use OF
the forty-four million reserve to check
the progress of the panic and alleviate
it's disasters. In his veto message
and in bis letter to Messrs. Clsain and
Anthony of the 2Sth OF September lsst,
the President treats the $44 100000
as being an existing reserve sum OF
money already in the treasury as much
so as q like sum received from taxes,
10 be used at the discretion OF the Sec
retary OF the Trersury for certain pur.
poses. He regards The maximum
amount OF Uuited States notes 50 f4OO,- :
OO0 900 and treats the $44, ,000.0 900 as
in actual existence. The first section
of the bill declares the law to be what
the President and Secretary have as
eumed it to be. 1t declares that the
maximum amount OF United States
notes ehslI be $400,000.000. That is
the amount beyond which the issue
shall not be extended. The other Sec
ton OF the bill authorizes the increase
OF the bank note circulation to the
amount Of SAC, 600, 900, to be distributed
among the States having lees than
their proportion, upon the basis OF the
act OF 1865. The new banks to be es-
tablished upon the terms, lisbilitIes
aud restrictions mposed upon the ex-
isliog banks, and being required TO
secure their bills by the deposit OF bonds
to redeem them in United States notes
upon demand over their own counters
or in one OF the redemption cities, and
with the additional restriction that all
banks, old and new, shall keep
one fourth OF the coin interest
they receive upon their bonds deposited
for the secnrity Of their notes. This
provision looks forward and was the
first step taken in that direction BY
Congress. The $46,000,000 provided
for came fully $4,000, 600 short Of