The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-08
Mr.. George s. Goes Address on the
Return Of Specie Payments.
A PROMISE OF PROSPERITY.
How the Change Is TO BE Effected Without
Violence or Excitement.
III Apply 3 AN X L r s.
lBY TELEGRAPH TO THE HERALD.


BosToN. Mass. Dec. !. 1878.
The Merchants Club Of this city held its regular
meeting this afternoon which ran far into the
evening. The guests of the club were, among
others:-George $. Coe. President OF the Amcri-
can Exchange Bank of New York Benjamin
b. Sherman, President Of the Mechanics Ma
tional Bank of New York William l.. jenkins.
President of the Bank of America, New York: William
Dowd, President of the Bank OF North America. New
York; George Il. Baker, President OF the First Ma
tional Bank. New York. W. 4. Hall, cashier of the
Oriental Bank New York; the committee of the
Clearing House of the Boston associated banks and
prominent bankers and bank presidents in Boston
aud New England. The meeting considered to
be entirely informal, but there evidence of an
effort to get these together to discuss the pros
poets Of resumption Eustis G. Fitz of Boston, pre-
sided, and after the tables had been cleared intro
duced as the first speaker George Coe of New York
coE on THE BLESSINGS or RESUMPTION.
Mr. Coe, after reviewing the cause OF the issuance
of currency by the government during the war.
said I'VE may review the and see whether any
mistakes were made Of radical nature. The pay
ments of $50 100000 were made weekly in of
$4,000 900 each and it is curious financial question
that in one week. I think average Of
eight days the whole sum that we paid out was
returned upon us. and had only to pay
coin in the banks did not diminish during the opera
tons Of the but the ordinary transactions upon
coin basis were conducted with great facility; but
coin went out it became, it were considered in
evitabe that the government should Issue legal ten
der notes from the Treasury 1t seemed to be fore
gone conclusion arrived at all the country that
that proceeding was inevitable. But the way in
which it entered into not i'll such degree
to make it inevitable So soon as S5o,ooo,ooo Of
these rredccmable notes came into circulation the
suspension of specie payments became inevitable be-
cause when S5,Ooo,ooO went out from the
banks under the Treasury s1O,o00,OOO Of the
other kind came into the banks through
the disposition of the government, and
we found ourselves in possession of another IN eduin
than that which we paid out. Consequently. the
better medium preferred and the poorer became
the currency of the country. In other words. the
deemable character became. by necessity.
the cause Of the suspension of specie
payment, and specie payments once arrested there
draw the which produced it. and we have
reached this day. and now approaching the first
day of January. when we sincerely hope to find that
resumption is fixed fact and that it viii be practical,
safe and the best for the interest of the country PRO
lcnged applause)
RETURN TO PROSPERITY.
How shall come to it Must it not be by the
return to the cause of suspension--a return to the
place where it originated. and change from the
thing which have to that for which it was
substituted In other words, must not the
it's notes Must not the same condition which
| characterized the times prior to the war return
retrace the steps by which reached this place? We
| have learned from the war that this medium has
| functions which never before suspected. Can we
say we have learned to lean upon - substantial
| basis? l feel certain that the effect of rcsnmp
ton will be simply to gradually return
! to the condition which existed before
the war and return to the prosperity which we knew
then. believe that the legal tender notes will
tuay 20 in and specie gradually come out that the
will ha Snhs mt
being done to our monetary interests or embarass-
ment being accustomed and that by degrees the gov
eminent will find itself relieved from the necessity of
making fiat money, which is simply the fat of the
government and not substantial.
PROVIDED
The way to reach resumption is very simple. The
government has already provided $50 900 of gold
tor resumption. We believe that that will answer the
purpose for considerable time to come. We be-
licvc that for long time, during the course
Of coming years without violence. without
condition, will gradually 90 forward until
the whole object is accomplished. and like
the dawnng Of the sun we will never know how 1t
door il open. let the light in and everything will re-
turn to the healthy and natural condition of peace.
Now said Mr.. Coe, Il believe that we have started
in the right direction. All natural forces come to
mel and its reward will When We undertake to
do this all nature helps us. prolonged appause.)
believe there will be rush of people on the Treas
ury for gold when specie ayment Is resumed Inc
difference between medium and the other is
almost insensible now, and the lst of
January it will be obliterated. The work
will go by the natural course of things In this
way the banks in Boston must have what they had in
former times. certain amount OF coin It consti-
tues you may say the furniture OF the bank, the
furnishings OF the business Of banking the goods
in which it proposes to deal. Every city must pro-
vide itself in the way, and that need not be
done hastily. II makes difference whether
il be on the LIST or 9Th of January or July II am
travelling around this country and have in my pos
session check. reach st. Louis or Chicago, and 1t
is necessary for some purpose that should get it
changed into CON- must have the option of taking
coin its equivalent in check, so the
banks must have supply 10 give their
customers that option. believe that resumption Is
thu browning of the and with II pass away
all the consequences OF the struggle. and peace and
prosperity will cnsue-such peace and prosperity NJ
il has never before The speaker then discussed
population. railroad facilities. &c, and painted in
glowing colors the blessings Of prosperity aud hap
DincAs which solid financial basis would be sure to
bestow.
A. this was a pretty long speech the New York gen
tlemen who accompanied him did not address the
meeting except TO concur in Mr. Goes views. Brief
addresses were made by j. II. Bcalc. OF the Boston
graduated the merchants of Boston and the
bankers on the prospect OF an early settle.
mcnt of all our financial disturbances. Mr. Dowi
az New York, returned his thanks merely; also Messrs
T. r. Kdder. of the banking house of kdder, Peabody
x.Co.; l.. j. jenkins. Asa Potter, of the Maverick
Bank. Boston; Henry u. Hyde and John Cummings.
Of the Shawmut Bank.
The meeting very important and interesting
II tasted till nearly ten clock.
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