The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1884-06-07

The Comptroller OF the Currency, mp N
being asked what he thought OF tie
present financial situation. said be be-
leved that it was improving. The
banks in New York aud other money
centres has lost largs part of their
country deposits. but he-thought TINT
rs soon as confidence should be restored
money would hiw again iuto it's usual
channels as it did after. the pauic OF
1873.
Some of the best and most conserva-
tive people in New York" he continued.
'think that great pr Rress has been
made, aud that through the summer
money will be dull and rates low.
From all that can be learned from .he
bank examiners who are watching tue
situation, the country banks seemed to
be in good condition"
Upon being asked what legislation. Il
any, would probably restore COZ Fl ience
Nc Cannon said: tt think the McPher-
sou bill ID the simplest and most avail.
able OF the measures that are in condition
tor immediate action. Il it should be.
come law it would increase the circu-
laiion Of the country by more than S]0.-
O0O 600 and would contribute greatly to
the restoration of conf lonce. There are
now lyii < in the vaults OF the Comp
trollers Office bills, all ready for issue
to banks to replace wore and mntilated |
currency. These notes could be made
Immediately available il the McPherscn |
bill should become law, aud every ua-
tiolal bank In the country would receive
circulation equal in amount to ten per |
cent. OF it bonds now on deposit This
currency, under the provisions of the
Mcpherson bill. would be seut TO every
city, town and village in the country
where there is a national BANK, aud thus
not only increase thc aggregate ciroula.
uon but everywhere Restore confidence.
Tnis would not be AN iuh .tlon measure.
because the calling of three per cent.
bonds and cons, qnent retirement OF
circulation would, to certain extent.
offset the increase.
'Uuless the Mcpherson bill, or some
other measure giving relief to our banks,
IS passed by Cohgres,-and the Nc.
Pnerson bill seems to be the only one
that is likely TO be reacbed-there will
be contraction of the currency during
the summer aud early fall, and it i,
possible that more fiuaucial trouble
Onay occur when it becomes necessary to
move the crops"
NOTES.
Mr.. W. H. V,pdeaLilt has transferred
10 W. X. Vanderbilt another lot OF Unit.
oil States bonds, s,amouuiing in the aggre.
gate to about 81. 900, 600.
the Senate has agreed to the confer
anee report on Ihe Agricultural Appro-
priatiou bill and passed the District OF
Columbia Bill. The House ,iut r, solu.
tion apprnpriating 100000 for ths relle,
of the Louisiana Il pud sufferers was
am m-nded 30 AS to apr pirate the unex-
psnded balance of the o Olio food fund,
amounting to about $4,000.
The Committee OF Commerce of the
House reported unanimously in favor of
the bill authorizing the construction oi
bridges from Staten Island across Staten
Island Sound to New Jersey ut Eliz ,beth
aud Perth Amboy. The Lii has now
oetn approved 10y The Commerce Com.
mittees OF the Senate aud tue House and
itS passage is expected.
The House has completed tho consid-
Grafton OF the Legislative, Executiye and
JudicAl Appropriation bill but fiual
action was postponed. An amendment
was adopted providing that from and
after Jane 80 there shall be no more tbs n
43 internal revenue. collection districts.
It further authorizes the President to
consolidate and reorsanize the customs
collection districts on or befor October
/, so that the same shall not exceed G7
in number.
MeSsrs. Hit, Clements and Belmont.
of the House Committee on Foreign
Affairs. have Ageed TO report to the full
committee measure authorizing the
President to open negotiations With the
Government of Great Britain for a re-
newal OF the Canadian reciprocity treaty.