Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1874-06-26
Teiegraphic News.
WASHINGTON.
CLOSING HOURS OF THE SESSION.
The Currency Bill Signed by the
President.

ORGANIZATION OF NATIONAL BANKS, ETC.
WASHINGTON, June y.
The President having signed the cur
rency bill to-day, business men may breathe
more freely. The tweuty-six millions of
reserve, as it is called, is now protected by
law, and cannot be tampered with by the
Treasury or Wall street gamblers. This
is perhaps the best result TO be hoped for
from the bill, and with the assurance thus
given to the country that there is no ire
pressibe conflict between the President and
Congress is really of great value.
The release of the reserves will. practical
ly, not amount to much, because the fact
is notorious that the banks have not re-
garGed the law fixing the amount of re-
serve. Their practice has been, very large
ly, to let it out, requiring, however, Govern
nent bonds as security, and cOmpensating
themselves for the risk they took by demand
ing higher rates Of interest, and they will
now do, in accordance with the law, that
which they have hitherto done surreptiti
ously, fraudulently and illegally.
The disturbauc produced by the redis-
tributiOn clause will be very slight. The
feeling that the monopoly banking system
will be overthrow, and that greenbacks
will be substituted for national bank notes,
grows steadily, and capitalists will be in
disposed to organize banks on bonds for
which they will have to pay present prices,
with this uncertainty rs to the continuance
of the system.
IL Is also said that the people of the South
aud West hold but few bonds, and are un-
able to buy them at present market rates
for the purpose Of depOsiting them in the
Treasury as security. The New England
members who voted for the bill notwith-
standing this clause acted wisely i'll making
this show of justice, but with less generosity
than might be ascri5ed to them if there had
been a reasonable prospect Of the Organiza-
tiOn of banks in the States whose quota of
currency the Eastern States now hold.
ORGANIZATION OF NATIONAL BANKS.
The Controller of the Currency is pre-
pared to receive applications for the organi-
zation of National Banks in all the West
ern and Southern States. Applications
may be made by letter, giving the names
of not less than five shareholders of the
proposed organization, which shall be ac-
companied with the endorsement of the
Senator of Representative of the district
where the bank is to be located, giving sat-
isfactory information i'll reference to the
character and means of the applicants.
The applications are to be considered i'm
mediately upon their receipt, and if ap-
proved the necessary forms for OrganiZa-
ton of the new banks will be at once trans
mitted.
Under the new appor:lonment all the
Western and Southern States, with the eX
ception of Colorado, Montana and Wyom-
ing, will be entitled to additional circula-
ton. The State of Indiana will be entitled
to about s., 800, 600, Ohio to about ST, ,O00,-
600, Minnesota to about 5000, 900, Ne
braska about S300,000. The other Western
and Southern States will be entitled TO much
larger amounts.
The following banks have been authoriz-
ed to commence business The Peoples
National Bank Of Rock Island, ILL.,, with
capital OF 100000; First National Bank
of ,Belleville, Sl25,0 Citizens National
Bank of Winchester, Ky, Sl26, 800; Mar
ion National Bank of Lebanon, Ky,
S60, 900.
National bank notes of the denomination
of ten dollars are now being issued to the
national banks as heretofore.
THE ADJOURNMENT.
At midnight both houses have agreed to
adjourn sine de Oh tuesday at four J.. NJ,
and after disposing Of some conference re-
ports will adjourn TO ten A. NJ. to allow bills
to be enrolled.
The second conference committee on the
Postal bill have just agreed to make news
papers prepay at two cents per pound.
Bound public documents are to be uniform
at ten cents, and if unbound at newspaper
rates. Exchanges pay postage, but all
papers circulate free in the county where
printed. Prepayment to commence jan
uary |, 1915.
The Senate has concu,red in the second
conference committees report on the Pos
tai Appropriation bill
The conference report Oh the tariff bill
has been beaten in the House by, yeas, so;
nays, 1873, Mr.. Starkweather having, in
five minutes speech, made an onslaught
upon the committee for agreeing to strike
out the clause restoring the tax on sales of
gold, &c. He charged that it had been
done in obedience to a howl set up in two
newspapers by New York stock iobbers.
The bill has accordingly been sent to a new
committee, consisting of Messrs. Maynard,
Starkweather and Beck.