New-York tribune., 1879-12-06
NEWS OF THE CAPITAL.
FINANCE AND POLITICS.

MINOR NEWS.
The House Banking and Currency Commit
tee has authorized Mr.. Buckner TO report
his legal-tender bill for passage. Mr.. Bay
ards resolution taking the le2al-tepder quality
away from the greenback is gaining strength
in the Senate. More favorable reports have
been received from the Ute country. The
negroes still continue to come to Washington
from the South en- route to the West. Will
bur r. Smiley and General George Stoneman
have been appointed Indian Commissioners.
BILL TO FETCH OUT LEGAL-TENDERS.
Mr.. BCcKNER AUTHORIZED TO REPORT NEW
MEASURE IN REGARD TO BANK REsERvEs-wnY
TIE BILL WILL FAIL IN OBJECT.
tBY TELEGRAPH TO THE rRIBUSE.l
WASHINGTON, Dec. 5.-The House Committee on
Banking and Currency authorized its chairman, Mr.
Buckner to-day. TO report for passage the following
important bill relative to the cash reserve of Ma
tiOnal banks:
A hill requiring the reserves of National banking
socdions 10 be kept IN the STANDARD gold and silver
~ ,"ca s Ths " 81 %, he Revised
Statutes OF the United states is hereby amended
SECTION 5,I9i.-Every National banking association
in either OF the following cities Albany Baltimore Bos-
Milwaukee, Ncw-Orleans, New-York. Philadelphia.
ton and Washington shall at all times have ON hand
lawful money OF the United states tonehaf OF which
sh al be in standard gold aud silver coins of the United
staesl amount equal TO at least % per centum OF
the aggregate amount OF ITS notes IN circulation and its
deposits and every other association shall at all ines
have hard in lawful money of the United STATES
,one-haIf of which snall be in standard gold and
silver coins of tine United Sates) equal to
least ID per ceuum of the aggregate amount OF ITS notes
II So awa noney SHS Of ny M sspCsi a
Of the cities named shall he below the amount
ana When yer the lawful money OF auy oer association
shall be below 10 per centum ofts circulation and de-
6y making any new loans or DISCOUNTS otherwise than
by discountng purchasing bills OF exchange payable
required proportion between the amount Of
St. outstanding notes OF circulation and deposits and ITS
qurcd 10 coin has been restored And the Controller
of the Currency NAV notify association whose law
fuI money reserve shall be below tue amount aud pro-
portion Of coin rs above required TO be kept hand 10
make good sucn and IL such association shall
fan fo hiry days thereafter 10 make good its re-
of fu money aud IN the proportion Aforesaid,
fhe Controller may with the concurrence the sccrc
tary OF the Treasury. appoint "a receiver wind up
business of the association as provided IN Section 334
the balances provided for Section 5.l02 shan he
counted deemed any portion OF the coin reserves re-
qured by this act.
Mr. Buckner is reported to have said
that the main object of the bill is "to
effect distribution throughout the
try of a considerable portion of the com
that has accumulated in the United States Treas
ury. and incidentally TO release corresponding
amount of lega-tender notes now kept by the banks
as part Of their reserve That it would not
sarily have this effect is well known by every one
who is at an acquainted with National bank statis
ties
The amount of cash reserve required by law to be
held by the National banks October /, 1879.
was S93. 7sO,124. One-half of tins would be
S46,s9OO62 The amount of specie actually on
hand ia the banks at that date $40, I73, 732
so that If the Buckner bill had been law at that
time and actually in force, the banks would
Nave been required to increase their specie only
S4,716.33O. The increase of specie reserve in the
New-YorlI banks alone since October has been
many times that sum. The details as TO the coin
r.Serva are fo Iovys.