Rensselaer Republican, Volume 16, Number 21, Rensselaer, Jasper County, 31 January 1884 — BANK CIRCULATION. [ARTICLE]

BANK CIRCULATION.

Senate Finance Committee Reject Sherman’s Bill to Establish a Basis for Banking. » [Washington Telegram.] The Finance Committee of the Senate has refused to approve Mr. Sherman’s bill to establish a basis for banking, and also Mr.. McPherson's, which provides for an issue of circulation equal to the face of any government bond. Mr. Aldrich has not yet taken the sense of the committee upon his proposition to fund the fours into threes and pay the cash bonus. Mr. Sherman admits that his bill might be improved. The committee is confident of accomplishing something to stop the threatened currency contraction, but what it will be is not as yet apparent. The proposition of Representative Potter, of New York, to substitute 2 per cent, twenty-five-year bonds for the bonds now in existence was discussed by the House Committee on Banking and Currency to-day. No vote was taken. The committee is awaiting the action of the Senate Finance Committee before deciding upon a bill to report to the House. Representative Hunt offered a resolution declaring that the public welfare demands the benefits of the national banking system be substantially preserved and continued for the time being. The resolution was informally discussed but no action taken. Considerable opposition has been manifested to the bill recently introduced by Mr. Buckner, providing for the issue of treasury notes without legal tender quality, to take the place of bank notes going out of existence. The bill has not been considered by the commiitee. A member said to-day expressions of opinion regarding it on the part of members of the committee had been sufficiently general to warrant the’ positive prediction that the bill will not receive the approval of a majority of the committee.