Year: 1874

backs Against National Bank Notes.
LONDON, April 30.-The Times, COM
menting on the failure of the Senate to pass
the currency bill over the Presidents veto,
remarks that it is probable the danger Of
increasing paper currency has been per1na-
nentle avoided, and advises the substitu-
ton of Treasury currency for the present
National Bank issues.


Presidential Outgivings.


NEW YORK, April 30.-A dispatch from
Washington says allusion having been
made to President Grant about comprOm-
Use finance measure that would be acceptable
to both sides, the President replied he did
not know what force was intended TO apply
| to the term compromise unless it was an
agreement to carry out the pledges Of the
country. That might be considered COM
promise by those who originally defeated
every proposition offered during the discus
sion in Congress, and by so agreeing have
reason to believe such legislation would
meet with his approval.


Ii has been said that he promised in his
last annual message TO heartily support any
measure Congress might decide upon. He
did not intend any such construction to be
put on his language. If he had not made
himself understood, the more recent mes
sage would clear up anything like ambigu-
/ ity. One thing he had endeayored to make
plain during his administration. He was
for carrying out the solemn pledges Of the
Government at the earliest day possible
and a specie basis. The establishment Of
our currency on gold and silver had been
uppeTmOst in his mind whenever he sent 10
Congress his annual message. He had not
said what kind of bill he would approve.
1t was his earnest hope Congress would
] dispose of the question.


| The redistribution of S25,0O0,000 OF
banking currency with the S5,0O0,OO0 of
notes belonging to the broken banks and
banks in liquidation in the South and
West ought to furnish for the present all
that was asked for, and he had been as
sured, since the veto Of :he finance Till,
that the New England banks were anxious
| to reduce their ii cllatiOn, inasmuch as
| the bonds now held for circulation would
be released and furnish them with larger
currency capital than they now have.
| While our securities were worth in legal
tenders sixteen cents above par, and ma
tional banking notes were bound to be Sc
| cured under existing law at so much sac
rifce of banking capital, he did not wonder
that New England banks were anxious q
cancel their notes and get their bonds. In
fact, this suggestion came TO him early last
fall, during the stringency in the money
market, and be thought it worth calling
the attention Of Congress to in his last
message. Since then he had heard moth
ing to change his opinion on tins point.


Views Of the senate Committee.


WASHINGTON, April 30.-The Senate
Finance Committee, at special meeting
this morning, had the House currency bill
under reconsideration. The committee agreed
it ought to he amended by emitting th'
section which proposes to repeal th'
present law graduating the proportion
of circulation TO the bonds deposited as Sc
curity according to amount of the capita
of the various National Banks. An inter
change ofviews disclosed the certainty tha
the committee will recommend that all re
serves for circulation should be abolished
The other important question involved II


this bill and in the general financial sub
Jet, are yet to be acted on by the Finane
Committee.