Daily Los Angeles herald., 1879-12-07
Morning kilograms.
Passeugeps doing s0utb

Passengers doing soutb.
MoJANE, Dec. G.-P l. Farland,
Miss Lucy Newell, Max Meyberg,
III X Van Nuys, Jacob Eberhart, r
A Ling, G H Gustave and wife, L
Rose,
Bank Legislation.
WASHINGTON, Dec. 5h.-The
House Committee on Banking and
Currency to-day authorized its
chairman, Judge Buckner, to report
to the House. for passage at the
first opportunity, the following inn
portant bill:
Bill requiring reserves of the Ma
tional Banking Associations to
I've kept in standard gold and sill
yer coin of the United States, in
lieu of lawful money:
Be it enacted, etc., That Sec. 519l,
Revised Statutes of the United
States, is hereby amended SO as to
read as follows:
SECTION 5191. Every National
Banking Association in either of
the following cities, Albany, Balti-
more, Boston, Cincinnati, Chicago,
Cleveland, Detroit, Louisville. Mil
waukee, New Orleans, New York,
Philadelphia, st. Louis, San Fran
cisco, Richmond, Charleston and
Washington. shall at all times
have on hand, in lawful money of
the United States, one-half of which
shall be in standard gold or silver
coin of the United States, an
amount equal to at least twenty
five per centum of the aggregate
amount of its notes in circulation
and its deposits, and every other
Association shall at all times have
on hand in lawful money of the
United States, one-half of which
shall be in standard gold or silver
coins Of the United States, an
amount equal to at least five per
centum of the aggregate amount Of
its notes In circulation and of its
deposits. Whenever lawful money
of an association in any of the
cities named shall be below the
amount of twenty-five per centum
of its circulation and deposits, and
whenever lawful money of any
other association be below fifteen
per cent. of its circulation and de-
posits, such association shall not in
crease its liabilities by making any
new loans or discounts otherwise
than by discounting or purchasing
bills of exchange payable at sight,
nor make any dividends of its
profits until the required pro-
portion between the aggre-
gate amounts of its out
y standing notes of circulation and
deposits and Its lawful money of
the United States, in the proportion
required as to coin, has been re-
stored and the Comptroller of Cur
rency may notify any Association
whose lawful money shall be be-
low the amount and proportion OF
coin as above required to be kept
on hand to make good such reserve.
and if such Association shall fail
=. for thirty days thereafter, so 10
make good this reserve of lawful
money, and in the proportion afore-
said, the Comptroller may, with
the concurrence of the Secretary of
the Treasury, appoint n receiver to
wind up the business of such Asso-
. citation, as provided in section 5234;
provided that neither clearing
house certificates nor balances pro-
vided for in section 5l02 shall be
counted or deemed any portion of
the coin reserves required by this
act.
Judge Buckner states that one
effect of the enactment of this bill (,
aside from the purpose Indicated by
its title, would be to abolish the
present distinctions between the
proportion of coin required to be
kept as reserve by national banks
in the cities named, and the pro-
portions required to be maintained
by all other national banks. The
main object of the bill is, however.
to effect the distribution of a con-
siderable portion of the coin that
has accumulated in the United
States Treasury, and incidentally
to release corresponding amount
of the legal tender notes now kept
by the banks as pert of their re-
serves.
The Banking and Currency Com
mittee yesterday took up the reso-
lutions introduced in the House o
few days ago by Republicans Price
and Fort, but, after briefly discuss
ing them, laid them aside for con
sideration at a meeting called fol
next Wednesday.
A prominent Democratic mem
ber of the Committee expresses The
opinion, based upon the tenor o.
the preliminary discussion yester
day morning, that the Committed
will probably take action at pres
ent upon these resolutions or II
regard to the Presidents and SEQ
retary Sherman's recommendation
therein referred to.
the south Nat solid for tne DemOc
Eacy.
WASHINGTON, Dec. 5.-Senato
Call says: "If, as events seem t
indicate, the North will be solidly
Republican next year. it is yer,
doubtful If Florida will fall int
line for certain defeat" Othe
Southern Senators declare tina
the South is tired of beini
the forlorn hope of the Democrat
10 party. These States only or