, 1873-01-20
SPECIE RESUMPTION.
Opiniorls OF Leading BnnltoFa mnu
merchants of Now York on shcrs
Mau,a,s Hill--Vio,vs Of tho ss Tribune"

Opinions OF Lending Nn11AcE" hHu
Merchants ot Now York on shers
1nu1a,s Blll--Vio,vs Of tho 'S Tribune"
nld NI4ernla.,, ~
Special Dtspatth to Tie Chicago 71'ibHnt
New Yong, Jun. 18.-yonator shcrmau's propS
oAition to rctfcom United Btatea notos nftbr the
first dny of next yenr, othor In coin or 6por cont
bonlH; to romoye tho limit from tho National
Characterization, after July, 1879 md to ropoal
tho requirement as to tho reaoryos from banlta
redooming their notes In coin Or legal-sonder
aftor January, 1874, are q aubje Of widespread
lntorbst and discussion among merchants md
bnnkorH Of this city.
notos arc likely to. DO presented In quantities
larger than eau be redeem ID iii coins Tho notes
aro distributed all oser tho country, anu could
not: 10 'apared to bo forwarded to Now
motive for the notohnlacrs attempting .;to, con-'
vert them Into gold 30 long "a tho ono had tho
eame value as the other. Tho only conceivable
danger Of d rush Of notos upon tho Treasury
dlewa aayg any. such combination would excito
groat public odi,1mt and bo fought by the banl.a.:
Tho ratio At which tho Treasury could pay tho
! notes would fall below tho amount Of ita
| impression would bo produced upon the atook Of
gold In tho Treasury. BosidcB, the Government,
1ndor this bill, would hayo tho option OF moot,
| ing these factlous demanda By ofrors of:5 por
stead or coin, which would defeat tic apaoala-
| tors. Mr.. Clews thinks the National Banks will
approve s!lcrman's plan, Binco it will mako their
| circulation worth It's faco In gold. In addition
wo Ind beforo tho war, wo should hayo $780,.
ooo,o00 OF representatives Of epecio, being legal
ea speooe sSsyie liz + as
very generally dosiro . stable currenoy, md tho
| bill would undoubtedly produce steadior con-
| dltion OF tile monoy market.
1fr: Duncan, Of Tho banking house of Duncan,
Sherman g. Co., said lle was inclined to agree
| With Senator sherman'e riewa on the banking
Byatom proposed. Uo believed that t1ero would
| 10 necessity for establishing. pointa for re-
| dcnption ut Now York, New Orleans, San Fran
iscS Vas 81. Of % tbs mprossion a % Kat tho Nptionei
Banks would not look with favor on tho ayatom
propoBed, as it would have disturbing tendency.
1t wns time, 1o said Tint stcpa should DO taken
to resume spocio Pamenta peesnae Iae nionGest
| will 1t be to rosumo. An imupdiato resumption,
howovor, ia not desirable or desired by tho busi-
noBs people gonorally. Tho impression scems
to DO that It would tend to too auddon redue.:
in tho Treaaury. Lie was Of tho opinion TINT 1t
/ ToulI DO utterly futile to nttompta resumption
Of specie payments. Besides, it may prove a
dangerous experiment. to givo tho Europeans
Try. This, However, would be prevented By
establishing in their mindH q confidence in ouI
| resources. Ho. uas Inclined to conaaor with
favor tho banding system proposed na agtor
/ toward the resumption Of specie payments.
AIr. II. D. Clatlln, tho dry goods merchant
thinks tho Government would not bc prepered
to rncot tho demand thatwou1d bo nlado on It fol-
coin, aud would DO likely to loso considerably ly
tho effort. Tho people Of tho South and Wcat
wore not ut all prepared for such moaauro
They would laugh at tho idoa In fact thcil
great objection to it was tue belief which they
entertain, that It would cauuo great reduction
in prices. Mr.. Clafn was not quito decided
ljnlsof as to this matter. .-.. -.
nIr. s. B. Chittentlon, importer Of dry goods
highly approved the provisions Of Bhernan'k
bill, ns regards tho circulation and reserves oi
the National Dan1ls. Concerning tho resump
ton, two objections occurred to lin. Ono was
that to make 1t optional with tho Score tary ol
| tie Treasury to redeem notes III coin or b0n19
was to give too much power to- ono man. Tht
secoud objection was, that tho period Of reslnp
| tiou WAS placed too near. Tho people soult
haro no faith in resumption taking place Will
go little time to proparo for 1t. Mr. Sherman
however, probably intendoa the date az q feeler
OF perhapa le placed It 80 noar to havo Bome
thing to conee1o to his opponents. : j; -. .
Tho Tribune approves bhcrmnn's proposition
| aud aces init determination Of President Gran
aud his advisors to got back to specie payment
during his second torm.
Tho Herald considers sherman's whole schom
crude, complicated, md imPracticabls. o.,