Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1878-12-18
READY TO RESUME.
What Our Bankers Say About

| Dut q IoN
the Resumption Act OF 1873 goes into
effect. The especial clause OF this Act
relating to specie payments is as follows
And on and after the first day OF Jan
uary, A. d. 1879, the Secretary OF the
Treasury shall redeem, in coin, the
United States legal-tender notes then
| outstanding on their presentation foI
redemption at the Office OF the Assist.
ant Treasurer of the United States in
the city OF New York in sums not les,
! than fifty dollars" As a matter ol
course' this Act has been the object ol
much controversy and its result ol
much speculation. Bankers especially
| aud through them, merchants generally,
have been watching with interest the
| attitudes OF the Eastern banking firms
and their preparations for meeting the
day.
In order to ascertain the views and
preparations of our bankers, a REGISTER
reporter made tour Of the banking in
stitutions OF the city. He was generally
we'll received, with one notable eXcep-
ton, an Autocrat OF the money changers
whose rush of business ran away with
his good breeding. All Of our banks,
National and otherwise, apprehend no
difficulty about resumption, and few
have made any special preparations.
The following interview will answer as
fair sample OF the information oh
tanned:
MIR. Cashier, want to get some in
formation i'll regard to resumption and
its effect, if any, upon our Wheeling
banks"
"Well, | hardly know what to tell you.
IT you ask separate questions, | can tell
better what you want"
Very well. Are you making any ac-
cunulation of coin, in anticipation of
demand for it?"
NO indeed. In the first place We ale
not obliged to furnish gold for the re-
demption of bank notes Ii man
We're to bring i'll these national bank
notes We will give legal tender Treasury
notes. If he wants gold and is willing
to pay express charges for bringing il
here We will gladly send for it,"
"Will you make any difference now in
gold deposits, or have you received gold
on special Deposit" ..
I'VE never have. Why, you see, il
NOuhi bV htsti iOd't WI oui
boarder who charges for his accommO-
dation."
"Will your coin deposits be changed?'
well, not that can see. There are
people who will keep the first gold they
get to hoard, but this will not last long,
no longer than the novelty. After Il
while what gold we get will circulate
quite freely. AS an instance OF this l
may cite the reappearance OF silver.
You know the rush there was for it,
some people even advertising it iOr
change. Now no one cares for 1t, from
its simple plentitude; and so it will be
with gold, the more SO rs it is extreme
ly inconvenient to handle"
What is your opinion Of resumption
i'll general"
Gust this. In the first place, ii re-
sumption or rather the scheme Of re-
know there is difference OF opinion
about it, it is about over now. 1t
has been discounted long ago. Ii it
succeeds it will deserve much credit,
and I see only one thing in the way.
That is the value of gold. II it should
fluctuate, goodbye, John Sherman!
Thousands would rush into speculation,
all the gold would be bought up and
where would your resumption be"
will there he any change made 10y
the National banks%
"Not necessarily. Their issue does
not demand redemption in gold SO long
as they have a sutiicicncy OF legal ten
ders. 1t is not even necessary Tor
them to keep on hand an amount
of legal tender equal to their
outstanding notes, for even were they
retlcemable in gold, it would not pay a
broker to gather them up and pay eX-
press charges upon their passage here
and the transfer back of the gold.
"Then after considering all things,
your are Of the opinion that resumption
will work smoothly
"As far us Wheeling is concerned, |
am satisfied il will do so. In New York,
things seem To bc going along all right.
You might sum the whole matter up as
iar us We are concerned, 10y just saying
We will feel no difference
This closed the conversation, and,
thanking the cashier for his courtesy,
the REGISTER took its departure.