, 1877-10-19
AIDING spECIE.RESuMpTIoN.

AlDlnU SPEClE-NESU3lp
Ths rian hy vhIci, Tho TANKS Propose te
Aid In Securing Stcefc-I'aymcutn,
Nf.n rork Trtbunt. 0c!. II.
r. Is understood TINT the Committee Of Dant
era, to which tue matter Of aiding the uovrrn
ment 10 effect the enrly resumption oS specie
payments was referred In September, has sub
etanttally Improved Of the Coc rtan, and thas
printed slips, enl'o1TfnR that plan, With soma
notifications, hare been privately circulated
Among the banks or bankers composing tho tx.
ccutiyc Council pf the American Bankers, AZ.
ISOLATION. AZ further changes OF detail n,ay Ia
ina1u bn made before the formal offer Is sub
mfttca to the Secretary, II il lmpussiblc to ob-
tain the plan In full Mr. Coe explains It By
saying that tlIia problem OF resumption |. 10
make provision for more than s3i0, 00O, ,0nu legal.
tenders, *3oo,Moooo hank notes, ami st,ooo-
for reserve for $3.50, 900 legal tenders can.
not bc alcqiato WHEN tioso lcgat-tentlcrs, In
time, arc reserve for q, 800, ,oGD,oW other lia-
bauks must ctnvcrt tcir leenl.cnlcrs Into eoiu t
wien tho Treasury undertakes 10 resume, ahcss
tlse banks have ant1eipates1 resumption by other
aud adequate. rrM9vi:M{on M r for tlcir is1l1i!cs.
have cou,tnon task hcforo them; and, In trcs-
ct,sc uf tho acknowledged tiltIlcnty, s,ould net
together harnonously, as they did In 1861 when
bY NIL association OI Tue nAnka u NEW Dfk, los.
t0n. and Philadelphia, SIC, 0,000 Of gol1 WA
loaned to the Government, followed by success
siye loans Of n secoud anu third fifty millions Dy
the use Of tt,e oank machinery. these 1oana
Nsif stamesns ena ot T. IN about Oh eesy eaa VIZ ",
frum each payment at s5, 00U, ,000 that sum was
returned through commercial channels to tho
hanks, anl It was only after the issun Of tho
In coin. TINT the coin diaappearcd. In like matl.
uer tho banka, under the Cot plan, propose 10
unite, aud plogc, themselves IN furnish tho
Treasury with al1 tho gold TINT may 30 required
bg thu Government, from time to time, In re-
drerntng maturing bonds and rc!tring legal.
tenders, tho condition being that tflo Govern
Incnt sllall Issue to The banks new
United States bon.is to bs held by iha
banks by tlils plan are to have the, privi-
lege Of rclccfning these bonds either hy the
| payment Of gold coin, or tho substitution of
| u1itcd Stairs bonds OF any Issue, or legal
| tenders. Meantime, the National Banks will
credit tic Trrasury Of tho Ulted States Tor Tho
| wl)oIc amount OF tho bUnils purchased NJ gold
ats sassst to s2e1ss gE4sf IN tho p,te p.n !,
its can e effected through New York City hanks
through tho Clcarlnx. liouse; among banks Of
York correspondents; aud among: State. banks
and uthur National liankB, through their New
| York or redemption city corrcspun1enta+ All
these so,abi1ng banks rl! participate r. TIL, te
l
| secttrity required bY law.n
| When asked how tho banks would procure
the gold which they undertake to furnish tho
Nt,yCrnmcnt, Mr. Coc answered.: Tho n.no4us
I Of Eoltt In tho country IA esttmatcd by the Dl.
| rector Of tho Mint at $lh1, ,U00,OU The annual
production il FROM 840, ,O0O, ,0oo to $50 600 OU, TO
which must bo allcd the importatlons Of tho
precious metals. As tho balance Of trnde Is
largely til our iavor-tt.o 1aRt f8cal ycar e1G1,-
ON0,OOt-tte amount Of gold whcn We sllnIl re-
cciye this year, 'on balancc,' Ii varously cstl-
mated from 31,O00 ,OO to $40,W0, ,0OG. Tho
amount which this importat!on VIII reach m
tho country lnnkca to receive 1t. II wo Gull GIN.
ploy It as money, VIC can aud shall retain 1t.
Every bale Of cotton. every bnshel Of corn e1.
ported to Europe, H. equivalent TO draft on
for tho people or this country to decide wctllcf
to take this In gold for resumption purposes, or
In United Stairs bonds, at q higher price than
Europe holds them Ut. or In merchandise, which
In otsler TO scrt1rc this foreign gold, under tho
Goa plan, ~ well a. To retain our own protuc'
ttUu, 1t ID proposed that the banks make MI
inltal subscription Of $50 t0oO oo0 to the Treas
urY. It will 6o tho duty VI tho banks to cttl-
vert tho proceeds OF all aalcs as rapidly ~ ulay
be into coin Or cola finsls and also naturally te
convert thcit own a.seta ato so'. ,,o Ihey \ t1i.
rate. they secure the conTerslon OF the profit o.
those erops into tho moans Of specie rcsnnp
tlnn Those processes, 1t la argued, wtl accu'1'l
late coin and con aaseta, dollar Tor dollat, from
! eacA Of bonds. and Will Vradaallf bfinS Ill
J commercial transactions upon coin OASIS.
A necessary feature Of tho projected plan \
} ! the purchase. for account oil theso assoeiatst
ot ns ct sssa1nSs KhfSn: IT,
ure essential, IL is said with tlle leading Eurupa
hunks, by which audderl Withdrawals of coin n'a
be prevented, and rapid advances ,, II t,a , bS
rate abroad guarded aenlnst. IN oriol, the IL
= mcihods In tho conduct OF tlIB transaction