A New Banking System To Be Proposed

New York, Sept. 16.- A Washington disijatch says a member of Congress, who was a meraber of the Banking and Currency Committee of last Congress, statea that he shall advocate a system in the next Congress whioh will permit unrestricted free banking, conditioned only upon adequate bonded security for their circulation,. He believes that banking under the-sole condition of adequate security, should be as open to competition as any other business. Clinton L. Merriman, another menibor of the same coinmittee, has expressed like views, with the addition of central redemption. Tho member of Congress firet alluded to states that he in informed that the national banks will oppose any considerable increase of the national bank circulation, and a corrosponding withdrawal ot reenback notes, because that the withirawal of grcenbacks under snch circurastancos would so basten the neoessity of redemption of national bank notes as to utterly destroy the present proh'ts of national bank circulation.