Year: 1874

BANK NOTES FOR THE WEST AND SOUTH.
AN EFFORT TO BE MADE TO PUT THE BANK CuR


REYcY BILL THROUGH THE HoUsE-yIEws Op


CONGRESSMAN PHELPS on THE sUBJECr


IBY TELEGRAPH TO THE TRIBUsEI


WASHINGTON, April 26.-The bill to enforce tho
provisions of the law OF 1870 redistrlDutine
S25,OO0.OO0 bank currency, which Mr. Kasson VIII
try to put through the House tomorrow by a SUE
pension of the rules, is the same which was
first reported to the Senate Finance Committee. IL
will be remembered that after loading it with
amendments the Senate dropped it and took up the
new bill, substitute which finally passed. Its
author is Controller Knox, whom the inhatonists
are so fond of accusing Of neglect to enforce
the old Redistribution act Ia order to
favor the Eastern banks The chief object OF
putting the measure through the House al
this time is to make a demonstration to show the
country that the infatonists are not altogether de-
moralized by the veto and are Still able TO accom-
plsh something toward giving more currency to the
West and South. A secondary purpose Is to get the
measure in the Senate as House bill 80 that II can
be the speedily passed IN case the project Tor
compromise Free Banking bill fails. number OF
members who believe that tho redistribution onght
to be made will vote against Mr.. Kassons motion.
for the given by Mr.. Phelps in his remarks
on Saturday Speaking Of the bill, Mr.. Phelps then
said:


At the very beginning OF this session, recognizing
Injustice to the South ard West In withholding tho
s25OcoOOO which act OF the previous Congress had
sought take from States having an excess and to dis
tribute TO the deficient States conferred with the Con-
troer Of the Currency and found him ready TO sympa
tbze and assist At my request the Controller OF the
Currency prepared bill which was calculated TO cor
rect the defects IN the bill Of XLId Congress- and 10
devise au efficient method by which this $25 100000 OF
circulation could taken from NewEngland and given
to the South and West. the Sd OF February this bill
SO prepared was sent to me- This bill, 10 my opin-
ion was we'll calculated TO accomplish the object for
which IL was drafted 1t brought informally before
the Committee Of which have the honor TO be MEN,
Der. No action taken upon 1t by the COMMITTEE
with reference reporting it 10 the House, presume
for the reason which operated upon my mind and it
was this: IL bill was passed by which the South ana
West should promptly receive these s25ooo0oo the dc
sire OF this House to remove all restrictions from tho
business of banking would naturally abate Tue COM
mtee on Banking and Currency by majority, ana my
self among them believed that these restrictions were
unjust and ought to be removed. We were, therefore,
at that time unwilling to report any Dill which wouId
weaken In the House the bill which subsequently, was
reported which offered banking TO all This s tie
bill which is already introduced into the Senate.
This is the bill which l understand
the gentleman from Iowa, Mr. kasson, VIII
call ND for the action Of the House on MONDAY neAT
and beg TO say now that While l believe mat the
twenty-five millions should be taken just as fase from
New England as 1t be, yes and from Ne" jersey,
and ought to be given to the South and West yet shall
vote against this bill. Whyi For the reason winch
presume was the reason that Influenced the Committee
not to report it February last, that the twenty-five
millions are only sop; that to distribute 1t but props
up system that il faulty aud unjust, aud tDa, Wna We
want IL not twenty-five millions or u hnnured mhbion5
of fresh currency but destruction OF the monopoly,
a nd free banking for all citizens ana ior all s'"'es