The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1878-11-28

BALfrnoas BAxxrRs DISCUSSING Fas 81 zlDY
RxsynP1IuH Ac1.
70 Which John Shsrusa Makes > LsaghJ
Rsply.
BOND STATEMENT.

BOND STATEMENT.
Washington, Nov. 23.-The 1reasu
ry now holds $3i6, 405, 200 in Unite'
States bonds to secure a bank circula
ton, and $l3, S33, 400 in U.itsd State
bonds to secure public deposits; Uni
cd States bonds deposited on account
subscription loan, $500, 500; Unitet
States bonds deposited for circulation
for the week ending to-day, 1921, 200
United States bonds held tor circula
ton withdrawn, for the week ending
to-day, $555, 0o0; National Bank circu
lation outstanding currency rates
1921 ,s92, S4l; gold rates, Sl,46s, $50
internal revenue receipts to-day, 81,
000, 046; custom receipts, $276, 42S: re
eeipts of National Bank notes for re
demp,ion for the week ending to day
compared with corresponding pcriod
last year, 1S77-$i, 32l 900; 1852,
S33, 600; receipts to-day, $576 900.
FAvORING RESUMPTION.
A committee of Associated Banks O.
Baltimore, appointed to consider and
report upou the action expedient b,
Baltimore bankers, expressing their
sympathy with, aud cooperation iH
resumption by the Government OF
| specie payments, the first Of January,
had an interview to-day with the Sec
rotary Of the Treasusy, aud submitted
a series OF Questions.
Tue Chairman said the questions
were suggested ia consequence of the
the lawproviding that resumption shall
take place i'll New YORK.
The questions prepared and submit
ted are:
1st. ''Are United States legal tender
notes to be received at the Baltimore
Custom House on and after January
fret, 1879, in payment of custom dues
at their face vaiue9
I'd. "Wlil United States legal ten
ders be received on aud after January
first, 1879, at their face value in par-
chase Of United States bonds from the
Treasury?
Sd. "Will United States legal tender
notes be redeemed in gold at the Office
OF the United States Assistant Treasu-
urer in Baltimore, Oh and after JaEu-
airy first, 1873!
4ih. 'Will standard silver dollars be
issued in exchange for greenbacks in
Baltimore on aud after January first,
1879, aud cOntrawise, that is, will
greenbacks be issued for standard sill.
yer dollars
5ih. ''Will there be an issue of certi..
ficates CT deposi, of silver with the AS
sistant treasurer of the United States
al Baltimore, and will these GER
tiflca'es be treated as silver coin in
payment OF custom duties and other
indebtedness to the Government
9th. "WilI the Government, after
January first, 1879, continue issuance
OF certificates OF deposit of legal ten.
der notes. commonly known as Clear
ing House certificates ~
Secretary Sherman replied:
IL informed the gentlemen from the
appointment you made with me that
some such questions as you now pro.
pose would be submitted to me, but
as the law requires me to officially re-
port to Congress III little mere than Il
week upon the very topics you suggest
it would be maniicstly improper for
me now to discuss them in such detail
as frankness would require, but | may
say few things which will substan-
TALLY answer the object OF this inter-
view. 1t Is true that actual resump-
ton is certified by law TO the office of
the Assistant Treasurer OF New York.
This is q wise provision, for it would
be ineXpedieni to scatter resumption
funds, So tina. it would not be readily
available. Redemption i'll New York.
tac chief commercial city OF the coUn-
try, establishes the equality OF United
states notes with coin, and this Is the
main thing aud carries with 1t their
equality i'll all parts of the United
States. The difficulties mentioned by
the Baltimore banks could be met by
either of the several expedients.
lot. This Department can now by
express provision of law, sell o. ex-
change coin for greenoacks. This has
been done tor years at Boston. Balti-
more. Chicago and other leading
points, at the same premium for gold,
at the market rate at New York. fhe
rate will be par, AMI therefore, the
same elsewhere.
I'd. United States notes being at
par with coin, can, think, under the
existing law, be received for custom
duties, and this is the only purpose
for which coin is required by law 10
be paid to the Government by ciii-
zen, aud il was the purpose for which
it il usually desired. Ii there is any
doubt upon this point, Congress may
expressly authorize.
3d. ST United States notes are TAX
en- for duties in New York, they must
be taken for duties III every port in
the United States, otherwise an IN
constitutional preference would be
made In favor of one port over other
ports i'll the United States.
4th. "A'ter resumptionUBitedS
notes must b. hell and maintained at
par for purposes at All parts of the I'm
tied States they can be transported
be SO readily and cheaply moved. 1t
would seem that If we secure abso-
lutely the convertibility Of the United |
States into coin at the chief CONNER |
ciai city we practically secure the /
same oonvertibiiity at every other
place in the Uaited States. Exchange i
Is universally in favor of New York I
bat the temporary premium elseW here
will be Insignificant aud canLot ex-
iced The small cost of transporting the
United States to New York, that may
.nd has occurred when specie pay
nents were the rule everywh here, and
; less likely 10 occur now when we
iayc uniform paper circulation cur
'ent in all parts of the United States
'iy general answer, therefore, to you
5 that the United States will main
ain its notes AZ PAR in coin in all parts
II the United States, and will DO so by
exemption Of such notes as are pre-
eenicd to the Assistant Treasurer al
sew York, and by the receipt of Unit
d States for both customs, duties and
'onds. think this can be done with
at change OF law, but as TO this Cop
'ress must be the judge The Trcasa-
y will treat the United States noies
nd coin as an exact equivalent in az
with the Government,
nd then all business everv9 here
q the United States will adapt itself
D some standard. Having stated this
iuch | do not think that | ough, to
irther, and perhaps, in my desire to
e frank with you, uity have proach-
4 questions that 4aoGld nave awaited
&C opening of Congress