The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-10
WASHING ToN.
Another Initiation Scheme Re-
ported to Congress.
THE FAMOUS FINANCIAL COMPROMISE. /"
Antag0niSm to the Declared Policy
Of the President.
JUDICIAL REFORM IN ARKANSAS.


WASHINGTON, u. c., June 9, 1874.
The Agreement OF the Conference Com.
mfttee ON Finance-An lnnation Meas
ure Reported-Will the PRECEDENT Sign
Its . -.ss
At last the conference committee on the finances
have agreed on measure which is substantially
Just what was stated in these dispatches some
days since. The bill completed by them was pre-
sented to the Senate this afternoon, and will come
up tomorrow morning ior action, when II Will
pass the Senate and thence 60 to the House, whore
u win also pass.
With the exception OF Representative Clymer, OF
Pennsylvania, the bill was agreed to by all the
members or the committee. leading in1aronist
Senator says tnat he IL confident the PresidsS,t
will sign the BILL while the contrary 0pinicT Il
tertained by q Western 8 itor. d bi..uys,ss
very intimate frlc ~ :, 40 president. but
who. nevertheless, disaerees with hlm on
the financial question. He says that the President
has made up his mind to kill the republican party.
He Is going to btfurcate IL and organize o new
party, taking sides with the hard-money men OF
the East and the democrats OF the South. The
latter influence he win secure by alternating from
them TO certain degree-in the way he has done
Ia Arkansas-the negro influence and the political
control OF the carpetbagger elements and this ne
win proceed to do In Louisiana after manner
entirely his own.
Senator Ferry, OF Michigan, who has labored
unttrihgy TO assist the compromise to q speedy
and successful end is not entirely satisfied with
the bill, as Senator Sherman insisted upon mis-
original idea or the application OF the greenbacks
TO be retired to the payment of the expenses of the
government. &c. Senator Gordon, 0. Georgia, wno,
with Senator Ransom, OF North Carolina, has
mainly represented the views OF the South In the
direction OF increased circulation, Ia satisfied
with the hill, and does not yet know whether he
VIII support it, as he has not yet been able TO posi-
lively make up his mind. Thus there exists the
protested but doubtful faith and confidence OF the
majority OF both houses that the President will
sign the bill, while on the other hand there are
friends OF the President who continue to assert
that ne VIII approve nothing which does not come
up to the standard Of bis letter and veto.
The following is the full text OF the bill:-
BE IL enacted, &C., that the act entitled, can act
70 provide national currency secured by pledge
or United States bonds and to provide Tor the cir
Culatton and redemption thereoi,n approved June
3 1864, shall be hereafter known as the National
bank act. tftttta.
SECTION 2.-That section 81 OF the National Bank
act be 30 amended that the several ASSOCIATIONS
therein provided Tor shall not hereafter I've re-
CURED to keep on hand any amount or money
Specttve Circulation, but the moneys required by
said section to be kept at al times on hand shall
nj respects as provided Tor in said section.
SEC. 8.-That section % OF said act and the sew
oral amendments thereto 50 far as they restrict the
amount Of notes Tor circulation under said acts be
n Inc nrss section q the act ci July Is, 1870.
section Of said sct mil.ne ths circuiation Of gold
relating 70 tina redistribution OF 600 OF clrcu
lesing notes be and are hereby repeated; that
q ana sSs RUSS ana
nssSon 400 po'iSsss ne ssSss privileges and
3 e 81 "a ws ny
by the National Aappina act.
snd scss amsndstory Whereof. ANAL st al ttmss
6n.a ssass money sSs 6assd
states, sum equal 70 i've per centum Of lss clrcu.
such circulation, winch sum small be counted as .
part Of Its lawful reserve, a. provided in section
q 81 ss as waea 6s o nGss
$1,000, or any multiple thereof the same shall
notes 50 redeemed shall De charged by
the Treasurer Of the United States to the respec.
notify them severaiiy on the Irsl day Of each
month, or citeuer at hts discretion, OF the amount
81 sucH r ana a aGa @
Of $500, SUCH association 50 notified shall forth.
with deposit with the Treasurer Of tue United
amount OF circulating nores 80 redeemed; and all
notes olnatlonai banks, worn. deiaced mutilated
when received by any assistant treasurer or
1t any designated depository OF the United states
ior red as ,rovasa hepem and When sucs
redemptions have been 81 reimbursed the circu-
iating notes So redeemed shall be forwarded TO the
respective associations BY which they were issued;
but II any VI such notes are worn, inutated, de.
laced or otherwise unit Tor use they shall be tor.
warded to the Comptroller OF the Currency and
Qe2trOye ana replaced. now provided by law:
provided, That each said association shall relm-
tine ae r
the associations hereafter organized snail also
severaiiy reimburse to the Treasury the cost
ordered by each association respectively,
and the amount SO assessed upon eacn
tion redeemed, and charged 10 the fund on deposit
with the Treasurer; and provided further. That 50
much OF section 80 OF the sald National Bank act
bank OF It's circulating notes elsewhere IMAM at It's
own counter, except as provided iur IN TINS sec.
SEC 5.-1nat any ASSOCIATION organized under
THIS act. or any OF the acts OF when this Is an
notes In whole or In part, may, upon the deposit
or law l money with the Treasurer vi the tinted
States, III sums OF not less than $4,000 take up
with tue treasurer lOr the security OF sncn
circulating notes. which bonds snail be assigned
~ the bank IN tue manner specned IL the nne
teenth section OF tile National Bank act, and the
outstanding notes or SAID association, 70 an
amount equal 10 TIE legal uOles uepoSlIeu, suAu pe
redeemed Uy. the Treasury Of the United states
and destroyed, ~ now provided ~ law. provided
that the amount OF bonds on deposit Tor circula-
ton shall not De reduced below SOC, 600.
SEC. 6.--That the Comptroller OF the Currency
shall under such rules aud regulations as the sec.
rotary oil the Treasury NAV prescribe, cause tue
Charter numbers OF the association " be printed
upon all national bank notes winch may De here.
alter ISSUED NY him.
SEC. THAT rne entire amount OF United States
notes outstanding and IN circulation at any one
Tune shall not exceed the SUM OF $685., uoO, 000,
Whlch snail be retired and reduced In toe follow
Mg inanuer only, to wlt:-Within thirty days alter
circulating notes 10 tue amount or $1,000 W. shall
lrom time to time be issued to the LatiOnal banE-
ing associations under TINS act IN excess Of the
llgnest outstanding volume thereof az any time
PRIOR W sueh issue, II small pe the duty ol the sec
!eIary VI tue Treasury ~ retire al amount OF
united states notes equal to three-eightts 81 the
clrcuating notes so issued, when SHAH 0e IN re.
auction o. the maximum amount VI $SS2, 0oo00o
nxeu py mis- act, and such reduction shall con.
uuuc Until tue maximum amount OF unlteu
states notes outstanding shall be $4,000. Ovu:
aud United states mites 80 retired snall
mr.