Year: 1874




TIE NF1AroNISrs DETERMINED THAT THE RE


DISTRIBUTION ACT OF 1870 SHALL BE PUT IN


FORCE.


lBT TELEGRAPH TO THE TRIBUNEl


WASHINGTON, Apnl 23.-The Western inhatiOnists
are Determined that. if they can get additional
currency the Redistribution act Of 1870 shall be put
in force or they viii know the reason why" Two
resolutions the subject were offered in the House
to-day one by Mr. Neal of Ohio directing the Bank
ingaud Currency Committee to inquire and report
why the -, 900 have not been Withdrawn from
the States in excess, the law re-
qures; and the other by Mr.. Beck calling on the
Treasury for information as to how much of the
additional 600 authorized by the act of 1870
has been applied for, and how many applications
for currency are pending or have been refused
Both resolutions referred. Unless the Free
Banking bill should yet pass with some provision
for the retirement of greenbacks, which now looks
possible the Eastern banks. which would lose circu-
atioD by the operation Of the redistribution law,
might well get ready for the reduction for it will
certainly come


Mr. Kasson will, on Monday next. ask the House
to pend the rules and pass currency bill similar
to that reported from the Senate Committee on FL
nance about the 1st of February, and on which the
Senate spent so much time in discussion. ii simply
provides the machinery for redstnbuting $2j0O00O0
of bank currency which ii is proposed to withdraw
from the East and give to the West and South.
BILL To REDUCE THE TAX ON STATE BANK CIR


CULATION IN ORDER TO RELIEVE THE WEST AND


SOUTH.


lBr TELEGRAPH TO THE TRBUNE.l


WASHINGTON, April Ex-senator Davis introduced
bill to-day to reduce the tax the circulation of
the State banks to an amount not greater than that
on National banks. This he intends a measure
of relief for the business of the South and West,
tbo ;,Ao eta eufia for
want of a circulating medium. Mr. Davis and
those who will support his bill lhod that the dis
elimination, when il was made, was for the purpose
of driving out Of circulation State bank notes. and
could only be defended as a war measure The
necessity that existed when the tax was imposed
does not bow exist, and if the tax removed or
reduced, the people Of the suffering sections would
establish banks under State laws, which
could issue notes that would circulate in the
vicinity where they originated, and relieve much
of the present pressure. proposition Of this kind
will be strongly opposed by many Senator'S not
only because they think 1t unwise 10 relntrOduce
the State bank circulation but because they doubt
that it would give any relief. They hold that State
bank notes never could be worth as much as the
gTeenbacks or National bank currency and would,
therefore according the invarable law governing
currency, drive the latter out of circulation in
those sections where it issued, it did before
the war the gold and silver coin. The result would
he that the people of the sections where the State
bank notes were used would be obliged TO purchase
at O premium National currency when they de-
sired to travel make purchase at a distance. This
state of affairs would be much more detrimental to
business than the present dearth of currency if
there is any.


ANOTHER PRIVATE CONFERENCE OF THE INFIA-


TONsTs-A STATEMENT REGARDING THE Ma


TIoNAL BANK CIRCULATION.


GENERAL PRESS DIsPLTcHl


WASHINGTON, April ga number of Senator's
friends of the vetoed Currency bill, held private
conference in one Of the rooms of the Senate wing
of the Capitol this afternoon, to talk the mat
ter and agree on their future course Some of the
friends of that bill in the House also had an in
formal consultation to-day but came to no conclu-
sion thinking ii better 10 await the action of the
Senate on the veto. II is uncertain what day the
BubieS. will be considered.


The Controller of the Currency has to-day replied
20 resolution Of the Committee on Banking and
Currency inquirng what amount of the 1854 900 900
Of bank note circulation remains unissued. He
SAYS the amount remaining unissued ON the LIST day
of November was stated in his last report to be
$500 05l and statement is furnished the Commit
tee exhibiting the allotment Of this currency at this
time, giving the names of the different persons
and institutions TO whom the amount
was assigned. Since that time about
onefourth Of the amount has been
issued to banks which had perfected their organiza-
tions. leaving at this date, about $4,OOoo0O unis-
sued During the month of March letters were adj
dressed 10 all institutions and persons whose appi-
cations file, informing them that unless the
amount to which they were entitled was secured by
The deposit Of United States bonds, within thirty
days the balance unsecured and uncalled for would
be apportioned to other applicants, and in accord
ance with the terms of this letter more than
ene-balf Of the whole amount has been thus
reassigned. exhibited in statement furnished
the Committee In the distribution Of this currency
The Controller has followed as strictly as possible
the act of July H. 1870 which provides that the cir
snlaiion shall be distributed to banking associations
Organized or IN ha i'm States hav;n, loee