The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-03-02
BULLION VERSUS PAPER
VAIL STREET REPUDTATES THE,r
G1L TENDER OPINION.

VAIL STREET REPUDTfTES TUEtr
GIL TENDER OPINION.
Paper Currency Everywhere Currcn, "
terdny-ForeiRucrs want Geld mud 80,
Get It-Birst Intrresi Day since ia. c..
Decisien-Thc savings Backs, Insur.".a
Companies, and Trust Compa .ic, NJ
ccivc Interest In Gree nbacks.
Yesterday being the first day Of the rnor,L
and the FIRST general interest day since the rror.,
cation OF the opinion Of the United States yun,.u.
Court on the legal tender question, much i,,o,...
was manifested throughout the communit, "a ,o,,.
the disposition OF the great financial instiintion. -
regard thereto. The various life insurance conn.,.
MES, trust companies, savings abnks and o,sa,
similar companies, holding millions Of dollar. urd.,
investment in bonds and mortgages their action ~
the receipt OF Interest was looked for to etabi,h
prccedents and fix a custom under the new and m.
| thorized exposition OF the law.
LIFE INSURANCE COMPANIES.
reporter Of TnE Sun visited the principal M.
insurance companies during the afternoon. and Wa.
| cour'eousy received by the several Presidents a,
unhesitatinqy answered his in'errogaiorias w
titus enabled him to state the situation as ,oov.'u
- 1Minai n Keo rort. Frederick l.. Winston
upwards Of si5ccm In crest pSyahie o ,0S,I
partially in Mar and sentembcri more in Jine aSd
eat due and rendered 10 ereenbncps The osn n,f
Ne corporation MO have not vet Pspo ,T l'T TS,
their oninion ~ received Rreenhack, W II continue d
,erne nser 70 @ cHnc' rcG or pT n oe' directors do
Mo Yort LtCe-MoIris Franklin. Pres dent rh,
funds are less extensively 10 bonds and
c SiSS al h StSrc ers on rTn csTe S n
wi continue 70 do so for the present
oo IN bonds and noTrScc. Received al p -.-cM ~
dered yestsrd'y IN e,ecnnack and win c9nus %
OF noliscs demand gold then the company must enc,
Wr.hfpoon-Cyrns Curtiss, President, has In, ,
mail amount in bonds ard mortgayes. and roc ,lven
settled the opinion Of tae s1Psewe Court Ti ysi
ouence should not now he indicted uron tle hOSsi
:, Neg Yori NE ,I,lsnrdnee and Trust Corpi-p-
bonds and mortaaaes. Judys Of each case s \ ny,
MP have edope1 no rue; Rcoly short and urslishr.
% cyact gold when get t, but will take curre1s;
If insisted upon.
the above may be ncoerted as sample OF al he n.
plies received. AZ general rule no attention Wa,
paid to the opinion OF the Sunreme Corrt and
interest money was received In currency In years
past.
ruE rrrsr COMPANIES
were more reticent than the life insurance eom.
panes, and in flct refused all information There
was much less interest due yesterday than 4 ore vii
be on the first OF June. and II was difficult 10 qsee,
tain what rule was adop.ed. Mr. John A. stewart
President of the United State. Trust Companv
which Is me heaviest Institution of the kind IN N.
city. having capital or 81 10000 received The ~
porer very politely. hu, declined giving any Infor
nation for publication to what they we're doing
or what tey proposei TO do in the future Tie "a
m,rked that he would give tre information rerson.
cali but did not wish TO have trer INSTITUTION sns
its business paraded IN Tire newspapers The re-
porter learned, however nom other sources that 40
decision has been NJ wed ~ re -7rdng me matter
bu that meeting ~ the Directors has been called
to consider II. In tie mean time they. IN common
with the other trust comranies, receive maturing In
lint do 10, a.F,s.-t a..
fact, lest u mi-ht emharrass their legal els bere
afer. Tie readers Of THE Sun Ill therefore
please consider this Information confidential.
rHE SAVINGS BANKS
were an doing business Yesterday on the aceustou.
ed greenhnck basis, receiving OIL interest due 10
currency and paving their own oblrations in tks
same represent tives OF value.
TIE GENERAL STATE or AFrAIrs
The rerorter called unon many Of the regular
hanks and bankers in Wall street and s vic 'njtyin
Quest Of Information on this Interesting suhest
There seemed to be unusual excitement IN regard
10 IL, although Il was the first interestp1yIng dI
since the decision. Business men, ~ o General
ming. ad not considered the matter fully and were
disposed 10 let things glide along as trey had been
be had on the subject The Rank OF America tbe
heaviest OF the old State banks. hsving n canta Of
sS0oOW. received interest coupons from Its Gus
toners and corresnondents'on greenhack b'sis
unless the coupons explicitly PAYABLE in rod
when instructed to demand gold Tor couponsoi
They also received all interest due Themselves
their CORRESPONDENTS or customers in currency md
this was the general rule throughout the city
FOREIGN CREDITORS WANT GOLD
Foreign holders OF American securities. toveyv
demanded gold on all OBLIGATIONS cove Cd Nv m,
recent decision. In most cases this was ressed
and the claimants refused the currency, thus leaving
the matter In aheyance. Occasionally the currency
was received under protest AGENTS generally he'd
not been instructed in the matter, and the payng
agent was AZ anxious to himself the receiy
Ing agent To secure Ills principal against loss And
lbus many claims remained unsettled at the close oil
business, though perfectly friendly relations existed
between the parties. aud no ones so'yeuey was
any Intelligent estimate OF the amount Of such
deferred claims, but they viii aggreratc o nretiy
large sum, and give rise doubtless to large batch
lawsuits.
ANoSo rus PRIVATE BANKERS
and financial agents business was very qgls, cur.
iency being given and received for interest md prn.
ciM' on all contracts either old or new md no
questions asked. he-srs. VI. X. Jesup & Co., ol
Pine street, who rerresept large railroad Interests
as Wen AS several heavy estates, receiving and
paying currency NJ usual, ana understood that such
course had been tnci'ly agreed 20 MI lround, a
least for the present Mr.. Iessnn cons idered that
,he street was governed moro ny custom than the
law IN snch matters, and that until cnson
was established the decision word not Affect the
street to any extent A. to foreign CREDITOR he W.
aware they were demanding PRINCIPAL and Interest
on AL contracts in gold; hut their demands Nd not
make custom. There would undoubtedly he inter
c hanFes OF views on the subject and some 'eAnte
rue ahortea soon. Bnt until that time green Jacks
would continue TO be the currency OF the street,
INT SIN
continues to receive rreenbacks in payment 'or ID
vtrt-ins and sub Grip ions and shines iO a at ths
usual Price Of two cents