Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-28
WARRINGTON.
Further Financial Developments
of Interest.
Comptroller Knox Offers a BIZ
of His Own.


Senate Finance Committee VIII this week
consider the House finance bill. IL is
thought by many conservative men that
bill may be framed acceptable to the Sen
ate combining the feature of redemption
proposed in that bill, yithtlse right to issue
additional bank notes. on the condition
that a certain proportion of legal tender
notes shall be Withdrawn at the same time,
and many are of opinion that, if such
bill shall be reported from the Senate Com
mittee, with a provision authorizing free
banking, it will pass the Senate and House
and receive the appreciation Of the Pres
ident.
Return OF Gen. SickIes.
a private letter from Gen. Sickles SAYS
he will return to the United States in two
months.
Comptroller hIi0x 20 Mr.. Beck.
The letter addressed to Representative
Beck by Comptroller Knox, dated yesterday,
and read at the request Of Mr.. Beck in the
House, calls the attention Of Mr.. Beck TO
his statement of Friday, that The CoRptrol-
Ter had represented 20 the President that
four millions of dollars of national bank
currency. was not taken, when there were
one hundred and twenty-eight applicants
for it. and that he had deceived the Presi-
dent and held the circulation to save TWEEN
ty-five millions of dollars to his friends in
the East.
The Comptroller asked MIR. Beck to
cause to be read in the House an extract
from his last annual report, showing the
difficulties in the way of the execution of
the act of July u, 1870. The substance of
the act is that, under the act of July II,
1870, the Comptroller is required, after the
SD, O00,O00 is taken up, to make requisi-
ton upon the banks of New York city,
Massachusetts,, Rhode Island and Connec-
ticat for S25,000,000.
And if those acquisitions are not com
piled with within one year thereafter, he is
authorized 10 sell the bonds and deposit le-
gal tenders in the Treasury. But there Is
no provision of the act for the return of
national bank currency to the Treasury for
redemption. The act is, therefore, inop-
eratiye, and under its provisions no con-
siderable amount of national bank curren-
cy would be returned for distribution for
eighteen months after the requisition is
made.
The Comptroller also asked Mr.. Beck to
read copy of the letter addressed by the
former TO ". W. Phelps of the Committee
on Banking and Currency, on the Sd of
February last, enclosing bill which he
prepared for the purpose Of promptly with
drawing So, 100000 Of national bank cir
cnlation from the Eastern States, and dis
tributing the same to the West and
South.
The bin of the Comptroller requires Ma
tional banks in the States named in the
letter to Phelps to deposit legal tender
notes in excess of 100000 of their circUla-
tion with the Treasurer, and requires the
Treasurer, Assistant Treasurer, and depOsi-
tories of the United States To as
sort the circulation of these banks and
return if to the Comptroller for deStruc-
ton. 1t authorizes the Comptroller, there
upon, to surrender to the banks the bonds
held as security for such circulation. The
circulation of the notes of banks which
have failed and are in liquidation are also
to be assorted and returned TO the Comp
tToller for destruction, and, Immediately
| thereupon, the amounts to be destroyed are
to be reisSued TO banks in the West and
South. The Comptroller is confident that
within sixty days after the passage of the
act he can supply every application from
the West and South for the next two years
with currency withheld from other States.
More MOieties-
The Committee on Ways and Means
this evening examined Jas. Z. Caldwell of
Philadelphia, who testified that a confiden-
| tial bOOk-keeper of the finn with which he
| is connected. stole seven invoices and other
| documents, and placed them in the hands
Of B. e.. Jayne. the Government Special
| Agent At New York. To avoid the loss of
business and credit that lawsuit would
involve, they compromised by paying $50
| 600. Next WIN. i. Wood anex-Govement
| Chief Detective, came to him saying that
| Mr.. Dana, of the Ne,c York SHl had
agreed to give him one thousand dollars
for an article containing all the facts in the
| Caldwell case. Witness consulted his
partners who said here is another dangerous
blow, and if this man has possession of all
| the facts and can spread them in such a
way as TO damage our credit We had better
close with his proposition. which was the
payment of s., 000-S1, 900 for Withholding
the article and the other $1,000 for his in
fluence at Washington. This money was
paid and Wood gave a paper signed by
himself, saying that from an examination
of the case he believed Caldwell & Co. did
NOT intaDd IN dafraud tba OovarDmpnt