New-York tribune., 1878-04-27
LEY rrLEGRArn TO TIE TRIBrNEL

icy TELEGRAPH THE TRIBCNE.l
WASHINGTON, April 26.-Mr. George S. Coo, Mr..
Joseph Segman, and Mt, Frederick ID. Tappen,
bankers of New-York City. were at the meeting OF
the Banking and Currency Committee this morning,
and were examined at length by General Ewing and
his associates in regard to the possibility and advs-
ability of the resumption Of specie payments on the
1st Of next January.
Mr. Coc. who was first examined differed with
the Secretary of the Treasury in some of his
opinions. He said he thought that the opera
tions of the Resumption Act will produce speedy
and final retirement of the legal-tenders and that
the Secretarys plan of rcissung them MOTTO any
great extent be carried ont. Gold and SILVER, he
said in all ages of the world have been the
recognized representatives, of value, and the
people have only accepted the paper issued
by the Government as representative OF
value because the law has compelled them to 90
so when this law is no longer operative no theories
of the fnanciers will to Overbaance the life
long habits of the people IN regard TO gold and sill
yer the actual currency OF the future VIII he III
large degree the National bank notes. The fOunda-
ton of these National bank notes is he said, the
bonds of the Government which, after the 1st' OF
January, will be payable principal and interest. in
coin. Property is real value, and cOn he said. al
though only representative of property value Is,
III consequence OF the confidence WCh comes Ol thc
worlds unvarying experience, a real value TO all in
tents and purposes; any representative of value
in property or coin Will circulate freely among the
peope, and that form of representative which -
most cOnvenienti TO handle will naturally be the
actual circulating medium.
Mr.. Coe anticipated disaster in consequence of
the carrying out of the Resumption Act. Conf
dcnce in the ability of the Government to meet all
Its obligations is. he thought, general, and there is
no reason to apprehend any overwhelming
pressure for the redemption of legal-tcndcrs,
which are and will be scattered over the
country The amount to be redeemed, he
said, is about $780, 10000, and to meet 1t
the Secretary will have at his command about
$3.50, 900, 900 of coin by the 1st of January. This
amount lie considered ample for the purpose, and he
illustrated the manner ia which he thought the coin
paid out of the Treasury will find It's way back and
be ready for rclssuc before the original store is c
hauSted. -
lie sad a small amount of money in this way often
serves 10 pay large amount OF debts. Mr.. Coc was
decidedly of the opinion that resumption on the LIST
of January is desirable and feasible.
Mr.. Tappn and Mr.. Segman did not make any
formal statements, as they said the whole ground
had been covered by Mr.. Coe, with whom they
agreed. They, however, submitted 10 an extended
relative to the recent contract and the probable
operations of the Resumption Act.
general press dispatch says that the associates
of the Syndicate have made formal request for
the IS, 900 900 of zig per cent bonds which, under
the contract, they are authorized to receive in the
month of May. The bonds will he issued as rapidly
as practicable, making $lj,00O.O0O thus far taken
by the Syndicate.