Knoxville Weekly Chronicle

THE NEW CURRENCY BILL

Under the currency bill, which has just passed both houses of Congress, a redistribution of surplus currency takes place, but we do not see that Tennessee is in any way affected. The bill provides for an increase of fifty-four millions of bank note currency, retires forty-five millions of three per cent. certificates, redistributes twenty-five millions from the excess held by the North and East to the South and West; and provides for free bank on a four per cent. gold bond. Legal tender notes will take the place of the three per cents as the banks' reserve, while the additional bank notes will supply the place of the legal tenders thus withdrawn, to which, however, must be added the twenty per cent. issue of bank notes. By this means the volume of currency is not disturbed. The redistribution will be beneficial to the South, and as the provisions of the bill are to make the change gradually upon the basis of the coming census, no disturbing causes are introduced into the financial world. Late dispatch indicate that Illinois, Indiana, Kentucky, Missouri, Louisiana, Wisconsin, Iowa and Kansas will gain in the redistribution, while Massachusetts, Rhode Island, Connecticut, New York and Pennsylvania will lose.