The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-12-06

NASA1N SSAAAAAAAkhak va NaAAAAAk anu
Currency to-day authorized the Chair.
man (Bucknerl to report to the House fOI
passage at the first opportunity the follow.
ing bill;
A Bill requiring reserves Of national bank
ing associations 10 be kept in standard
gold aud silver coins Of the United States
in lieu Of lawful money.
BE il aIIcItd, &c, That section 5l9l oi
the Revised Statutes OF the United States
is hereby amended so as 70 read as fol.
lows:
SEC, 5lOl. Every national banking asso.
cGtion in either OF the following cities
Albany, baltimore, Boston, Cincinnati,
Chicago, Cleveland, Detroit, Louisville,
Milwaukee, New Orleans, New York, Phil.
adelphia, Pittsburgh, 1t. Louis, San Fran.
cisco, Richmond, Charleston aud WASH
ington, 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 tho United States, an
amount equal to % per centum Of the
aggregate amount OF It's notes in cir.
cllatiOn and its deposits, and every
other association shall at all times
have on hand in lawful money
ot the United States, one'halt Of which
shall be in standard gold or silver
coins Of the United States, An amount
equal 10 at least Is per Centum Of the
aggregate amount Of It's notes in Circula-
ton and OF its deposits. Whenever the
lawful money OF an association in any OF
the cities named shall be below the amount
ol 25per Centum Of its circulation and
deposits, and whenever the lawful money
ol any other association shall be below Is
per centum OF lis circulation and deposits
such association shall not increase Its
liabilities by making any new loans or
discounts otherwise than by discounting
or purchasing bills Of exchange, payable
at sight; nor make any dividend OF its
profits until the required proportion be.
tween the aggregate amounts OF its out.
standing notes OF circulation and
deposits and Its lawful money Of the
United States in the proportion
required US to coin has been
restored; and the Comptroller 0I Currency
may notify any association whose lawful
money reserve shall be below the amount
and proportion Of the coin as above re-
qnired to be kept on hand 10 make good
such reserve, and II such association shall
fail for thirty days thereafter TO make
good Its reserve OF lawful money, and in
proportion OF the Aforesaid, the Comp
troller may, with the concurrence Of the
Secretary oi the Treasury, appoint Te.
Ceiyer to wind up the business Of the rs.
ISOLATION, Rs provided in section 5,2S4,
provided that neither the clearing house
certificates nor balances provided for in
section 5,l92 shall be counted or deemed
any portion Of the coin reserves required
by this act.
Judge lluckner states that one effect Of
the enactment OF this bill, aside from the
purpose indicated by its title, would be 10
| abolish the present distinction between
the proportion OF coin required to be kept
IS reserve by the national banks In the
cities named and the proportion required
10 be maintained by all other national
banks. The main object Of the bill Is,
however, TO effect distribution through.
out the country OF a considerable portion
Of the coin that has accumulated in the
United States Treasury, aud incidentally
to release corresponding amount Of legal
tender notes now kept by the banks as y
part OF their reserve.
| The Banking and Currency Committee
also, to-day, took up the resolutions intro
ducel in the House few days ago by the
Republicans Price and Fort, but alter
briefly discussing them, laid them aside
Tor consideration at meeting called for
next Wednesday.
A prominent Democratic member OF the
committee expresses the opinion, based
upon the tenor OF the preliminary discus.
sion this morning that the committee will
probably take no action ut present upon
these resolutions, or in regard TO the
Presidents and Secretary sherman's rec.
concentrations therein referred to.