issue of the currency, while the country at large suffers the loss which its issue has caused in the depreciation of the currency and the consequent disturbance of values. The interest on the 330 millions of bonds deposited by the banks as security for 300 millions of circulation is estimated at 18 millions of dollars in gold. This sum, under the proposed plan would be saved to the Treasury, while the notes would be cancelled and their places supplied by greenbacks. This scheme. has been attracting the more attention in consequence of the opposition raised by the banks against the redemption of their notes in the metropolitan centres. We publish below a copy of a bill for this purpose, which was introduced into the House of Representatives by Mr. S. I. Randall on the 7th January, and referred to the Committee on Banking and Commerce: Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is hereby authorized to issue, on the credit of the United States, such sums as may be necessary for the purposes set forth in this act, not exceeding in the aggregate amount three hundred millions of dollars, of treasury notes, not bearing interest, of such denominations as he may deem expedient, not less than five dollars each, which said notes shall be lawful money and a legal tender for debts in like manner as provided in the first section of an act entitled "An act to authorize the issue of United States notes, and for the redemption or funding thereof, and for funding the floating debt of the United States," passed February twenty-five, eighteen hundred and sixty-two. And the provisions of the sixth and seventh sections of said act are hereby re-enacted and applied to the notes herein authorized. SEC. 2. And be it further enacted, That the amount of said notes issued in any one fiscal year shall not exceed one hundred millions of dollars, aud the same shall be used only in exchange for notes issued by the national banks under the authority of the United States, in conformity with the laws regulating the same, and for the purchase of such portions of the national indebtedness as may be necessary to carry out the true intent of this act. SEC. 3. And be it further enacted, That the said national bank notes so received in exchange for the treasury notes authorized by this act, shall be by the Secretary of the Treasury forthwith cancelled in like manner as though they had been returned for cancellation by the banks respectively issuing them, and the certificates of national indebtedness, and bonds on deposit for the security of said notes, shall be transferred to the commissioners of the sinking fund, which is herein established, at market prices, to the amount and extent that the several banks whose notes have been thus returned would be entitled to receive the securities therefor. Sec. 4. And be it further enacted, That the Secretary of the Treasury, the Attorney-General, the Secretary of the Interior, the Treasurer of the United States, and the Comptroller of the Currency, shall be the commissioners of the sinking fund, who, or a majority of whom, shall receive the evidences of debt and bonds purchased in accordance with the provisions of this act, and forthwith stamp upon each, so as to make it unfit for further use, "Belonging to the sinking fund of the United States,' and stall cancel the signatures thereon. They shall hold said evidences of debt and bonds until their respective maturities, and until then all accruing interest shall be paid and is hereby appropriated to the said commissioners, who shall purchase other evidences of debt and bonds, to be used and held as herein provided for, and so from time to time as money may be received from such sources. SEC. 5. And be it further enacted, That immediately after the close of each fiscal year the Secretary of the Treasury shall publish an account of the condition of the said sinking fund in at least one newspaper published in the cities of Washington, Baltimore, Philadelphia, Boston, and New York, and he shall, at the first meeting of Congress thereafter, report the same to each branch thereof. SEC. 6. And be it further enacted, That so much of any law or laws, as are inconsistent herewith shall be, and the same are hereby repealed. As our appreciation is well known of the important part the national banks play in the finanial affairs of the country, we need scarcely say that we disapprove of the plan set forth in the foregoing bill, and think it likely, if adopted, to cause serioes commotion in monetary and industrial affairs. For the present, and until the nation shall have recovered from its financial troubles, the more of steadiness and stability we can confer on our banking system the better. Until we have funded our vast floating debt, thoroughly absorbed the disbanded soldiers into the disciplined army of peaceful workers, and restore the equilibrium of our tottering, overstrained financial machinery, it would certainly not be wise to run the risk of causing further disturbance by closing any of the banks. We have never objected to making these institutions pay their fair share of taxation; but in the present financial situation we do strongly object to so sweeping, dangerous and revolutionary a change as that contemplated by Mr. Randall and his friends. Waiving all considerations of the overwhelming objections of a political and financial character which oppose the plan of increasing the volume of the Government legal tender notes, Congress has a sufficient argument for rejecting the scheme in the fact that it would unsettle and weaken that financial stability which every motive of patriotic and enlightened statesmanship combines to lead them to strengthen and support. Below we give the returns of the Banks of the three cities for the past year : 250,881,168 July 7. 257,534,833 14.. 259,133,434 21. 255,965,018 10.860,147 23. 256,612,071 Aug. 4. 11. "18. 25. Sept.1. 7,545,513 27,796,904 242.067,063 9,495,463 24,045,857 196,808,578 77,602,688 535.834,778 80,559,022 545,339,668 603,556,177 523,098,538 579,342,488 713,575,444 713,575,444 623,656,381 613,698,301 696,447,630 .. 8. 26-,941,668 6,381,600 27.807,834 28,506,288 218,119,450 225,191,282 225,107.991 2 4,814,647 224.394.663 Dec. 1.. 8.. "15.. **22. 29. 263,011,668 14,957,007 31,393,849 202,889.177 61,485,458 649,081,442 260,620 027 14,582,050 31,794,653 203,676.822 60,946,857 647,315,736 258,452 330 13,991,200 31,797,665 206,458,271 63,994,309 556,150,833 13,231,917 32,433,429 202,029.877 64,816.962 587,150,839 13,185,222 32,664,526 63,000,687 515,917,939 258,255,514 259,354,761 200,811,290 *No returns from National Bank of Redemption. No returns from the Traders' Bank. The course of the National Banks has been as follows: Hartford. Prov. & Fishkill.. We compile from the official returns to the Legislature the following statistics relating to the railroads in this State, and their operations in the fiscal year 1865. The capital account presents the following in relation to stock, bonds, &c. and the cost of the several works; Housatonic. Cost of Miles Naugatuck 1,100,009 295,000 34,065 57.00 1,465,629 New Britain & Middlet'n. 75,000 2.47 117,470 N. H., N. Lond. & Stongt' 788,538 766,000 50.00 1,454,040 New Haven & Northamp'n. N. York & N. Haven. 2,980,839 2,000,000 170,871 62.25 6,815.232 N. York, Prov. & Boston.. 1,755,281 500.000 62.00 2,568,000 Norwich & Worcester.. 2.363,600 580,000 9,262 Rockville 97,750 33,000 45,688 The earnings, expenses, &c., of these several companies for the fiscal year There are also two horse railroads in the State, viz.: the Fairhaven and Westville, six miles, which cost $150,000, and the Hartford and Wethersfield, nine miles, built at a cost of $200,000. ERIE RAILWAY EARNINGS. Earnings and cash receipts and payments of the Erie Railway for the year ending September 30: The above to be stated without reference to the amount actually collected. Pavonia Ferry. 6,513 83 |
