The New York herald., 1873-10-28
W AS HING TON.

WAsHINGr0H,s Oct. 81, 1e7A
Tne experiment. OF Resumption OF Specie
Payment To Re Tried To-Dax.
The nrst step toward paying out specie was taken
to-day by Secretary Richardson in his oraer to ths
assistant treasurers, which Ii ~ follows%
The department having concluded to authorize.
,;y py way o. change IN currency paymentA the llm-
ply In the Treasury win permit It, you win please.
on and after the receipt OF this letter and until
they desire Il on scccSnt OF obgaaona
(out not In exchange for currency, a sum not to
exceed 70 In any one payment In silver coin.
This order was sent by mall and will reach
New York. Philadelphia and Baltimore to-mor-
row morning. when the limited payment Will
begin as prescribed. The United states Trea-
surer here win also pay under the same order.
The order will reach the other Sub Treasures
In day or two. Secretary Richardson also re-
quests them TO notice whether the silver paid
out enters into circulation or is boarded up.
II it Is not circulated the Secretary thinks It might
rest In the vault OF the Treasury as well ss III the
pockets OF the people. Reports received from the
Pacific coast show that locality to be abundantly
supplied with subsidiary silver coin. For this
reason orders were issued to-day to the superin-
tendents OF the mints at Carson and San Fran
cisco to run on gold coin and trade dollars
The demand for the latter coin from
China and Japan, particularly the last named c0un-
try ts improving Large numbers have also been
bought up In the United States by manufacturers
OF silverware for trade purposes. The Mint at
Philadelphia which has been running to It's full Ca
pactty on gold, was to-day ordered to change to
silver, and win hereafter, until further ORDERS be
occupied in the coinage OF half.dollars, quarters
and dimes at It's full capacity or about 100000 per
month. The amount OF silver bullion in possession
of the government is sufficient to run the mint at
this rate for some time to come. There
are In the various sub-treasuries at present
about $4,000 In subsidiary coin. The amount to be
coined daily will be about $4,000. which will DO
transferred to the assistant treasurers and BY
them paid out until otherwise ordered. The SEQ
retary desires to guard against boarding and
speculation as far as 1t lies in his power, and
should the experiment to be commenced to-mor-
row prove favorable orders will be issued to In
crease the disbursements. AS stated in these
dispatches yesterday, the amount disbursed will
depend upon the rate OF exchange. Much interest
Is manifested in this city In the experiment, as tho
daily disbursements at the Treasury are large and
the government creditors numerous.
New England Manufacturer and tho
Secretary or the Treasury.
One OF the largest manufacturers in New Eng
land called Secretary Richardson to-day, merely,
however, to pay MIN friendly visit. During the
conversation Mr. Richardson alluded to the recent
reduction OF expenses In the cotton mills BY tho
penses In other manufacturing establishments,
which led to general discussion Of the probable
effects OF the panic on the laboring classes this
winter. The New England representative said -
~ would have reason to anticipate very hard
times this winter were 1t not that thd
stock Of woollen and cotton goods was never
lower; and. while the mills may be compelled TO
run ON shorter time, the actual demand will re-
qure the services Of all the operatives this season.
The cotton crop has not begun to have Its innu-
ence. In 1850, when there was good reason for
apprehension and the prospect Of Internal trouble
tumbled everything to the ground, the market
was overloaded with the productions OF the mills.
Now there is no war or rumors OF war. The prod
ucts of the soil were never more In demand; ED,
as II to spite the farmers and grangers' tnoves
ment, when railroads would be glad to carry
all the freight they could get. ut the lowest
running rate, and whom the, crops are abundans
and require prompt shipment. the greatest grum-
blcrs are at swords points: Mr.. richardson said
.na' ~ ia1 - .s memory served him. he had
o's' .nown such a condition Of afairs. There
/ could be no doubt now that the cotton crop was
large and that good deal OF English capital would
be necessary to move the article II large exports
we're TO bq made; but there would be large de-
mand for the article at home How much the lead.
ing importers Of New York had agreed to furnish
In payment OF bills abroad would eventually have
much influence on the Price Of gold. The heavy
importers could tell more aSsout the future imam
cial condition Of Wall street tha.1 the Treasury
Department because they knew their Obligations
and what amount OF exchange would be required
to pay on their Indebtedness. In answer to tho
question 'Do you think gold will remain at thS
low premium now quoteds' he said, 'If you will
lay before me the exact condition Of AFFAIRS In ali
the European countries. and the condition OF
AFFAIRS in all sections OF this country, believe
could as nearly prognostigate the price
OF gold during the next four weeks as
the Weather Bureau can climatic influences from
It's daily reports. OF one thing am certain
that while railroad stocks subjected to the in
1uence OF canards and reports, on whatever based,
the credit OF the United States remains mistaken.
To-day Germany with her millions upon millions Of
silver is as greatly puzzled how to establish gold
basis as the merchants Of this country are to es-
tablish specie basis on paper money Germany
has abundance OF silver, and the United States has
abundance OF paper currency; yet the German gov
ernment finds 1t q more dnicult problem to solve
than the United States. This Is an anomaly In po-
lltica economy which tiles oil our well settled
convictions. Germany with her tons OF coin finds
no better investment than our fve per cent bonds,
and has expressed that confidence to the extent
OF nearly 5000 900. Exactly what benent specie
OASIS Will De elmer now or IN Sne future with the
governments creoit above that of any other
nation, am at loss to see.n With these remarks
the conversation ended and the old friend OF the
Secretary bade him good afternoon.
Jay Cooke & Co.
In the Supreme Court OF the District or Column
bia- before Judge Humphreys holding Bank
ruptcy Court, an order was made to-day to give
notice by publication to the nonresident defend
ants In the matter Of Jay Cooke a 90. Benjamin
p. Buckner is the petitioning creditor. This case
differs from all others brought either in Pha-
delphia or washington in charging that william
II. Terrey was a partner In the washington house,.
Tho Work Of the Post once.
The report OF the Sixth Auditor to the Secretary