The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-13
RESUMPTION NEAR AT HAND.
THE BiNKS AND THE GOTERNMENT
AGREEING iron A PAN.


md Coid-siIVer 60 he IA Special Deposit.
The committee appointed to represent the
New York banks ia a conference with tie
officers ~ the Government. with view TO IA
clitatc tlct sumuti0uo l specie payment. s'cms
o. have boon very successful i'm it's negotiations.
phoy w.re: George - Coo OF the American IN
thunsc Bank benjamin j.. sherman of the Me-
cham. National, William J.. jenkins of the
Bunk of America. George i. Baker " ;hc First
National. Washington A. Hall of tie Oriental
Bank. and William A. Camp manager oi tho
C.cnru. II .use. They w,ntto Washington on
Friday morning and ou the same evening Ind
n conference fortlrco hours on Tie subject Of
their mission. John sherman aud William NJ
Evnrts were present on bDhulf OF the Govern
mont accompanied hy the Attorney General.
the United States Treasurer tho Assistant SEQ
Rotary ul the Treasury. and the ComiiroNcrOt
the Currency Tho conference was kept secret
as far as possible. In order TO submit the result,
of the conference to u meeting Of the banks ut
the New York Clearing House; but enough
transpircd II the mean time to show that the
result was satisfactory to both Of the parties to
the conference.
The meeting was held yesterday at the Clear
ing House To hear AMI consider the report OF
the Committee. William Dowd. President "
the Bank of North America. occupied The chnir,
and George Montague Of the seventh Ward Ma
honul Bank WIS Secretary. The following
Bank Of New York, Matt nal Banking Asso-
citation. Manhattan Company, Merchants Nh
honul. Mechanics National. Union National.
Bank 81 America PhcpiN National Trades
mems National. Fulton National Chemical Ma
Nonai, Merfhan,s ESshanG' Nntionai' tiaila,nn
seventh ward National National Bank Of the
State Of NV York American Exchange Ma,
broadway. Mercantile National. Pacific. Ma
uonal J. nix Of The Rrpuhlc, Peoples. Bank OF
tonal. Metropolitan National. National Citizens.
Nassau. Market National, ~. Nicholas National.
Corn ENshange Continental National Oriental
Marine National. Importers and Traders Ma
tional. National Park. National Mechanics
Banking Association Grocers'. East River Ma
ond National. Ninth National, First National.
Third National. New York National Exchange.
New York County National, German American.
Tho following letter from United States AS
sstant Treasurer HillhOuse was read;
o'"eF : .s $ Y Ass.T SsT T II is1s
sra In conformity with instruction. from the Treasury
projections for the eonsd ration Of The Clearing House
frst-Ilcrcaltcr drafts drawn upon any bank rcnrc.
senied IN the Slsar9s House A,.eSiaqn IN The eiS Of
CITY. may be presented to such bank at the Clearing
seconl-lercancr drsns drawn on the Assistant Treas
HTe1 u a. Sew lk nay be adjusted b, him a. hS clear
may be paid at M oncc IN uncd States notes Clear
Thild-Aer ihc 1T otJannary next raymen, Of check,
presented To the A~-ttaut treasurer by BANK
nectcl with the Clearing House may be- made 10y him IN
United states notes ON the acccl lance Of these propo
records in any other form that viii convey It's sane
ton am anthoed to conform to them So soon as the
Very respectfully. ll,oS,s IrLlHou.y.
SmuA~A cSrManaser ' GeaTns T mSa.e states
The following resolution was then unani-
mously adopted after some Discussion:
R,oirei. That In order facilitate the payment OF
drsns and checks ctwcen the Treasurer OF w United
York Clearing House l. authorized 10 make
rangemcnt with the Treasurer Of the United states as
Clearing House
George $. Coo Of the American Exchange
Bank. from the committee that visited Wash
ington. read the following report:
In view OF the proposed resumption Of specie pay.
ments on The i,t Of January next Il Is necessary 70
tancni Of that srea, object cannot be secured without
The cordial cooperation OF Government and the com
r.: qoySgn@sH cannot gTe.sry. cen for q. payment
whose exchanges all made through the agency II
not done secyicnt that the superior value Of tie
So,n pr9vdei o., Eonernment ier r.snpno WI cause
aud exhaust The Treasury supply II . not necessary to
can be noneo proiuce this result would come from
us natural oI.raugh %, ' 1 laws o. uadS' ..,,on
among iutelligcnt baukers l. tins How can thls
ures' when The Government freely ofcr. 10 meet its
have To- provide means hot tnlv To r, deem u"r circn
launs notes nut also To- lrocc hrr aIsrr obligations, q
depos'S and ihcr exchanges with each other and with
the people a, the same com standard standing ~ they
10 ~ lniutthit CONTACT anu iHuNun win every form
q industry ami exchange. upoh them Will mainly rest
the labor OF maintamms !hs coin measure in all CONNER
distinction made m the dny Transactions OF bank be
tween their deI osts OF sold and their deposits OF
Tency by treating tile former rs special iund, payable
Ii mus, be eyden, that ifth, discrimination continue.
70 he made alter resumption It will prpong the idea ot
declared 10 he rcs,o ed to an equality viii gold by be-
S9Inlns ~ rc9anso9lg. ana wh tnrrri4re ial,iy NE
practical denial hS tho hauk. OF the sincere purpose OF
the Go,ernment to maintain IT, resolution. but by al
iordng protection and facility 20 tho,e who draw com
from the rr a~ury will place tile moral force and power
mcnt
p,hed unul all dnc lions ~ me 1se OF gold com and
mcfcial transactions To- make resumption effective the
banks must cordially eo9l~ratc. by Practically treating
they dd before the war declining 10 receive all deposits
oekst,s il " a. iswa money INV .hon A." ai.o
sbo'l,l al eNl,ns arransenents IN which gold CON IS
OF January NJ H. the day OF resumption ana terminate
II the Government also iofhcsrng all further legisa
nCn gpsn ne sTrt WI I,e2nn1G inr Issue OF goi
ncaA TIE eqm.al NJ o lawful MONEY ~ al ~ diur'e
sw NH henrarnt domnin Over our I'm an
assured ~. entirely SAFE 20 leayc the circulating note
tc demands Ut TRADE ana the public interest ma> natu
But sum- ton Of coin standard can be successfully
reached only by the fearless disntr-tmrt NJ gold 10th
eonhicgt action a. vil manifest to the public mat they
ss,urnnce ~ il. rracucaliht, and permanrnce.
There - however a most serious obstacle standing
directly across the path 10 com resumption IN the coin
amt iurcihr silver dollar, not worth their
nominal aluc. which demands Tho first consideration
Tho treatment tlc~ cA enter into the current ut
circulation must he Wscly determined hcorr the ques.
ton the restoration of the commercial standard can be
regarded %. substantially scuct The Government by
law now demands tie entry ul It's silver coins into tile
currency anon equal rms with gold when out of every
ntu dollars worth % silver bullion creates more than
legal dollars and appropriate one OF them 10 it. own
At the urc.ent value Of silver bullion these inferior
dollar can hr uHdc az cost oi ~ lp1 cents Tie
Government is therefore drawing into IT. treasury a
prunt upon every dollars worth U SILVER bullion which
II purchase OF over twenty Ter c"num An indirect tax
Of thi, magnitude, unequal in its operation. imposed
rulhe h value thereof and ~ I0rci. coins Is
tAiuiy 70 most eNuHnrluar, AMI unumcly eNprcsr of
power uiI,r Constitution formed o. establish justice
and insure uuc .uc tranquility Just AT tie time when
the hes, Our. OF Tie people are enlisted in the EFFORT tore
establish Nhtnta rider and 10 return to harmonious tc
AuuuN OF value with ioresn CONS ana nations. tins IN
Aupci0le obstacle Is encountered, which, n adopted IN
practice VIII disturb anew domestic tranquility suhvcri
justice ami UcrIetuaic dlscurd IA all business relations
with other nations
The Committee considers that resumption
OF this X md must prove a national humiliA-
tion;' they believe that the banks have the
power and tho right 10 dofeAt it by declining
these deficient coins when offered themon do
post. aud 10 refuse them IA money in their
commercial exchanges with each Oher;" but
the Committee hopes that Congress will recon
slider and repeal tho law at an early day. The
report concludes: