New-York tribune., 1874-05-05
WASHINGTON,

IE-OPENING OF THE CURRENCY QuEoIlo'
A TEST voTg IN THR HOUSE ON fh-pi0In '.,rronrcrr
DOZEN NEW FINANCIAL SCHEMES iNino nv, ,,n
- opospn RY MR. BUTLER AND MIX
DAWES.
IpY TELEGRAPH TO THR rRIBUsB.l =,
,r,,,oroN Nav A brisk skirnish over the
f,p,rency question came of to-day IN Ihe hou0'
With no other result than to show that there arc
.nrnho, Of members who want more bank clrcuia
,,on Cor the West and South but who Will not al
,bis time support measure for the transfer VI I'
.nIa;ion from the Eastern and hludie o'aNS, oo
,ause they think il would interfere WIN 'no ii"'
massage of the Free Banking bill Ihs class' s'i'oo
with those Eastern members who DeheNe ,ney
are representing the interests VI 'n0H
.onst;tnents in opposing any measure OF 70
distribution, made to-day on "Se to'o
hare majority of one. The question hrst arose
oD n preamble and resolution. offered by MI
southard of Ohio, reciting the extent Oh 'ht
.xooos of hank circulation in New-Englaho
.Dd Middle States and the deficiency In other sec,
tions Of the country declaring thatJustce
that the existing volume of circulation shoulu oe
eoualized and instructing the Banking a9u Cur
repcy Committees to report the necessary
20 effect such equalization. =,
There was some disposition to fight this but as IL
amounted 10 little moro than declaration Oh 1ne
opinion of the House, it was finally anoweu
10 pass without call of the 1eas anu
Navs Immediately after Mr.. kasson came
IN with the bill prepared by Contronei
Knox to redistribute within thirty days. twenty
millions of the surplus circulation OF the Eastern
and Middle States, in accordance with the lhten'loh
~ the act of 1870 Mr. Kasson moved to suspend the
rules and pass this bill, but before vote could
be had Mr. Garfield interposed with
nation TO 90 into Committee of the Whole on the
Indian bill and carried his motion by majority OF
four To avoid further contest with the friends OF
Kasson's bill. and in the hope that an arrange
nent could be made for an evening session.
Mr. Garfield then gave way to allow MI
Kasson 10 have q vote on his motion, or 10
suspend the rules. The necessary second was oD-
tanned without difficulty, but q direct vote was
evaded by motion to adjourn, which prevailed py
Yeas, 1O5; Nays, 10. The vote on adjournment was
however in effect test vote on the Redistribution
blll and was so understood by everybody,
No further attempt to pass the measure Is hkey to
be made unless IL should grow apparent that no sor
Of Free Banking bin can be passed through
both houses. About q dozen new financial
measures were offered during the BIZ
call in the House to-day. Among these was bill
by Mr.. Dawes providing for free banking, and fol-
the conversion Of greenbacks into a per cent SOyear
money thus converted to purchase and retire
FIX per cent bonds or to pay the ordinary expenses
of the Government in case of the recurrence OF an
emergency like that of last FALL when receipts 1el
below the necessary disbursements.
An elaborate bill prepared by Gen. Butler was in
troduced, in his absence, by Mr.. Hooper, who pro-
tested that he was nowise concerned in the author
ship Of the measure Its leading features are as fol-
lows; Additional bank circulation to States having
less than $40 per capita of their population
free banking when all the States have circulation to
that amount; retirement of United States bonds to
the extent Of 2 per cent of the new bank issues
tll the volume of greenbacks is reduced
10 S356,OOO,OOO, with exchsngeability of green
lacks and all gold bonds, the banks to
retain the coin interest their bonds and
deposit it in the treasury until their circula-
ton reserves consist entirely of coin. De-
Iosit reserves TO be kept by the banks in
their own vaults; no bank or bank
oiIcert to charge a higher rate of interest loans
aud discounts than 3-10ths per cent under penalty
Of forfeiture Of charter; all worn-out and mutilated
bank notes TO be sent to the Treasury and replaced
bv greenbacks. The object of this last provision
is 10 give to Government instead of the banks the
profit arising from the wear and destruction of bank
currency, which is estimated to amount to one per
cent year on the whole amount in circulation OF
over S35OOOOO