, 1873-10-21
FINANCE
An Improvement Of Feeling
Everywhere. i,
Gradual Restoration Of
Confidence.
Tho New York Banks Preparing to
Resume Currency Pay.
Incnts.
Determination to Stop the Pool
ing Of Greenbacks.
Favorable Reports from Bos-
ton.
Tile Manufacturers Resuming Full
Time Again.
Determination to Stop the Pool
ing Of Greenbacks.
Favorable Reports from Bos-
ton.
Tile Manufacturers Resuming Full
Time Again.

NEW YORK.
Speciat Dfspatch to The Chicago Tribune,

-, NEW YORK.
Special Dfspatch to The Chicago Tribune,
RESUMPTION OF LEoAL-rEEDEn PAYMENT,
New YonK. Oct. 20.-Tho subject Of the carly
resumption Of 1egal-tendor paymontst iB tho
chief feature Of interest In financial ciroles out
eide Of the stock-jobbing rings. When the
banks went into thcir pooling arrangements at
Tho beginning Of tho panic, it was generally
known that 1t WIS with tho object Of protecting
tho weak banks, which otherwise could not hive
withatood tho pressure. This arrangement had
awaya boon Objectionable to aomo of the strong
or ban1s, which Ind sufficient vitality to stand
alone, and when tho combination was first Bug
gested, 1t WAS not carried through without oppo-
sitlon. Indeed, it WAS widely known In banking
circles, tint Quo prominent institution
obstinately refused to onter tho pool
until it was threatenod with ex-
pulsion from tho clearinghouse whom It re-
luctantly acquieaccd. The pooling Of grcen-
backs has been particularly unpleasant to those
banks TINT have an abundance Of that kind OF
currency and measures have been suggested
for the speedy dissolution Of at least that part Of
tho pooling arrangement which rolatos to green
backs.
Ono reason given is, that some banks ovado
tho obligation imposed by tho Clearing House in
this poo, for example, such Of tho banks US are
disposed to comply with tho terms Of the COM
pnct arc placed ut disadvantage by other banks
| not go acrupnlously honorable. which receive
groenbackB In tho ordinary courso Of busi-
| ness, and, inssend Of placing them In
| tho pool enter them in thoir
respective books us special deposits, sacred to
the exclusive drafts Of dopositors, when in real-
| it.y tl1ovp 1,pn n1:H taonu
veniont to their individual needs. Again, these
| latter banks secure grecnbackH which should 60
into tho pool, and exchange them for National
bank notea, and Pay these latter oyer their coun.
banks with strong currency reserves torenew
full payment OF greenbacks.
Tio pay-rolls Of manufacturers have been tho
only large sums paid ont By 4 certain class of
bo faeair preenam on | legal snders s wos s0psss hss
ranged as high as per cont, and is now reported
the certilcation Of banks will bo regarded with
| NJ much confidence rs ffamorly.
PROMINENT FIfANUIERs INTERVIEWED.
Several prominent tinancicrs were interviewed
by reporter of the New York Tribune to-day,
| regarding this proposed resumption Of legal
tentor payments. Some Of these interviews
will be found below:
The officers Of tho First National Bank said
80 ali tho time. Probably dozen other banks III
the city arc md have been. doing 10 over siuce
tho beginning Of the panic "Our own businoHs,"
sald thoy, ''ia from tho country; and we have
shipped currency to country banks as they have
demanded it. Tie result is, that at present We
arc getting currency in return fastor thau RIO
arc called upon to pay it out. Indeed, very fow
Of tho best banka III the city have suspended
The aannon 1snIs u fft theaa
hunks was doniod cont duo him. Tho pooling
process aystom, by which tho associated banks
haye united In tho apparent suspension Of cur
oy vii ee IN
broken up by ,tl' the action Of tho !, soundor
dielous to announce that they pay
all demands in currency; an tney 49, 10 furnish o3 GUS
for and In caso these notes do not hold out, they
will in violation Of good faith to their brother
hood flint il, to tho Clearinghouse Association,
furnish customers with grccnbaoka, preforring
of Congreae. It ii quito apparent that these
solid banks who have furnished e20,000,000 on
loa n cortihcatos, in ordor to carry dozon weak
banks through the s.ruggs are now no
is aae.dy strongly Subjected 0' that
tloy manipulated their greenbacka into gold and
National Bank notes, rather than haye tho pool
ing suction forced upon thom."
PRESIDENT TAprAN,
OF the Galatln National Banl, said that tho
discussion among bank officers as to tho timu
whom currency payments should be resumed aud
OF pary faSons s1 eey
that ond, and another purity desiring to put 1t
Off. Some claim that there has boon no BUS
ponsion. The timo when resumption will bo
tone Of feeling and tho increasing strength
by tho first part Of next month the
stop may bo taken. The pooling Of groenbacka
S o "fe oo woa ss
Mr.. Tappana opinion, would have great influence
J in encouraging depositore. Transactions IN dis
counting reviewing old discounts, and making
ho ssa arc s nGw arEe hyng s1ag
banks aro ready to favor merchants Us fur Of
, | they can.
Al q nlembor Of tho Committee of Nine ap'
pointed to report on noeded reforms IN tho bsnk: IL
no meeting yet. because eomo Of then
arc alHo members. OF tho Loan Commit
Too, aud have, Of late been too bus,
to hare time to do anything olao. They woult
I 4 thorough consideration Of the subject woult
allow, Changes III tho pano certifying checks
which was III practice bofora tue panic, and !!
the lnotllotl OF business botWoon banka, Woull
probably be recommended, aud there is MO q1lcs
tion but that tho Committee will report that th'
syHtom of allowing iutorost on deposits shoult
= DO abolished. Concerning othor reforms, taeg'
might bo tlitforonoo Of opinion, but thor
! would bo none about tho advantage Of thl
i chhnge.
y Of Vorn,yle Il Co., bankers, sad llo Aad bcon 81
buny Of lato aa TO bo la,ablo to give tho aubjoc
o1 tho resumption Of currency payment oaraf,l
:: tho incroaso OF confidence consequent upon tn
! soundor footing OIL which transactions arc nu'
= made aud tho tightening ot rocent difficulties
ii resumption might reasonably be expected hofoy
| Itnun Tny IN U hui In fuk 0f hHv ,