New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-16
WASHINGTON.
The New Currency Bill Just Passed by
the Senate.

the Senate.
WASHINGTON, May l5.-The following
carefully prepared statement Of the mean
ing of the currency bill passed by the
Senate, though no one seems to understand
it, is telegraphed as the closest approach to
the solution of the riddle extant.
The new Senate currency bill passed yes
.erday by that body provides for free
banking, releases the reserves on circula-
ton, except five per cent which is to be
deposited in the treasury for purposes of
redemption in United States notes, and
requires reserves on deposits to be kept by
each bank in it's own vaults, part of
which reserves shall be e-fourth part of
the coin received by it as interest on bonds
held as security by the United States, to
prepare for specie payments. The bill re-
Guires the retirement OF greenbacks equal
IN amount to twenty-five per cent of the
now national bank currency issue; the re-
tirement TO begin within thirty days after
the amount of $l,000,000 of the national
bank currency has been issued. The maxi
mum amount of United States notes is
fixed at $3S2, 100000. and retirement shall
be in reduction of that amount until it be
reduced S3Oo,0OO,000.
The redemption section of the bill pro-
vldes that on and after July, 1873, the
greenbacks, whenever presented in sums of
$1,000 or any multiple thereof, may be re.
deemed in coin or bonds bearing four and
one-half per cent interest in coin, at the
option Of the government, and it shall be
compulsory on the Secretary Of the Treas
ury to reissue the notes exchanged Tor
bonds. The best features in this Dill are
those which require the reserves on deposits
to be kept by the banks of different parts
of the country in their own. vaults, instead
of sending them off to New York to be
loaned for speculative purposes in Wall
street, and that which provides that part
of these reserves shall be constituted of
one-fOurth part of the coin received as inter-
est on the bonds held by the government as
security. These provisions may serve to
strengthen the banks at home, and perhaps
tend to keep up better distribution OF
currency, the volume of which. however, IL
seems inevitable, must be increased it the
bill becomes law.
Thus there is to be more or less OF lntia-
ton under it, and the much talked of elasr-
icity Perhaps the provision releasing the
banks from the maintenance of a reserve
on their deposits. except five per cent de-
posted in the Treasury, for purposes of re-
demptiOn, is liberal one tor those instftu-
tiOns.
Southern Methodist Claim.
The Claims Committee considered the
claim OF the Southern Methodist Church
OOulpdUS, VI NdSuNlIiCs loI
nearly $5OO,0O0. No final action was taken.
Died.
Mr.. Hoyt, of the firm of Hoyt, Sprague
Il Co., died this morning of pneumonia.
Sentenced for Life.
Policeman John DOYLE, indicted for the
murder of his sweetheart, Mary Lawler,
the second degree and was sentenced to the
State prison for lite.
Eads Has Captured the House Committee.
The House committee, by vote of five
to three, voted in favor Of the Eads' ietties
for the mouth of the Mississippi
Baxter RecOgniZ ed as Lawful Governor
of Arkansas.
Attorney General Williams has given an
opinion in the Arkansas matters referred to
him by the President. He says it would be
disastrous to allow the proceedings by
which Brooks obtained possession Of Office
to be drawn into precedent. There is not a
State in the Union in which they would not
produce conflict, and probably bloodshed.
They can not be upheld or justified upon
any ground, and in his opinion Elisha Bax-
ter should be recognized as the lawful ex:
ecutive of the State of Arkansas. The
President will to-day issue a proclamation
in accordance with this opinion.
The Presidents Proclamation.
WHEREAS, Certain turbulent and dsorderly per-
sons pretending that Elisha Baxter, the prese Mt
executive of Arkansas, was not elected nave com
bined together with force and arms to resist MS
authority such executive and other authorities
of said State and
whereas Said Elisha Baxter has been declared
duly elected by the General Assembly of said State
as provided in the constitution thereof, and has
for long period been exercising OF said office, into
which he was inducted according to the constitu
ton and laws of said State, and ought by its cta
zens to be considered as the lawful executive
thereof
/ whereas, 1t is provided in the constitution of
the United ates that the United States shall pro-
tect every State in the Union on application of the
Legislature or Of the executive when the Legsla.
| ture can not be convened, against violence; and
whereas, Said Eli sha Baxter, under section four
of article four of the constitution OF the United
| states and the laws passed in pursuance thereof
has made application to me to protect said State
lence; and
where's, The General Assembly Of said State
convened in extra session at the capital thereof
| the eleventh instant, pursuant TO . call made by
said ElishA Baxter, and both houses thssoof have