New-York tribune., 1878-11-25
PRICE FOUR CENTS.
PREPARING TO RESUME.
TIMELY INQUIRIES ANSWERED.

| TIMELY INQUIRIES ANSWERED.
LEGAL-TENDERs LIKELY TO BE RECEIVED FOR Gus
TOMS DUTIEs-NoTEs TO BE KEPT AT PAR
| EVERYWHERE.
| Secretary Sherman has answered Baltimore
bankers that legal-tenders and gold will
probably be received alike for customs
duties. Actual redemption, he says, can
only take place at the Assistant Treas
urer's office in this city. The Government
will, however, take care to keep its notes at
par throughout the Union.
A TALK WITH SECRETARY SHERMAN.
A REPLY TO SOME BALTIMORE QUEs1IONs--THR
UNITED STATES WILL MAINTAIN IT'S NOTES AT PAR
THROUGHOUT TIE COUNTRY, AND RECEIVE
THEM FOR CUSTOMS DUES.
WASHINGTON, Nov. 24.-Yesterday afternoon
Secretary Sherman had talk with delegation
of Baltimore fnanciers, with whom the subject OF
resumption was discussed. The committee con-
sisted of Messrs. W. w. Taylor, president of the
National Union Bank; Mr.. John Lauren Norris,
president of the First National Bank and Mr. b.
A. Vickers, president of the Marine State Bank.
Mr.. Taylor explained the object of the visit, and
submitted the following questions:
First-Are United States legal-tender notes to be
received at the Baltimore Custom House on and
after January /, 1879 in payment of customs
duties at their face valuef
SecOnd-Will United states legaltenders be re-
ceived on and after January /, 1S70 at their face
value in the purchase of United States bonds from
JkirdwWill United States legal-tender notes be
redeemed i'll gold at the office of the United States
Treasurer in Baltimore on and after January l,
1871
FOurth-Win standard silver dollars be issued in
exchange for greenbacks IN Baltimore on and after
January l, 1879, and contTarlwse; that is, will
greenbacks be issued for the standard silver dol
larsi
IUth-Will there be an issue of certificates for the
deposit of silver with the Assistant Treasurer Of
the United States at Baltimore, and will these GER
tcates be treated silver c0in III payment OF GUS
tom duties and other Indebtedness to the Govern
meuti
Sirth-WiI the Government, after January /,
1879, continue the issuance of certificates of de-
posit of legal-tender notes. commonly known as
Clearing House certificates !
In reply the Secretary said i inferred, gentle
men, from the appointment you made with me,
that some such questions as you now propose would
be submitted to me; but as the law requires me Of
fcially to report to Congress in little more than a
week upon the very topics you suggest. 1t would be
manifestly improper for me to now discuss them in
such detail as frankness would require.
But l may say a few things which will
substantially answer the the object of this inter-
view. 1t Is true that actual redemption is confined
by the law to the office of the Assistant Treasurer
at New-York. This is wise provision; for 10
would be inexpedient to scatter the redemp-
ton fund so that it would not be readily
available Redemption IN New-York, the chief
commercial city of the country, establishes the
equality of the United States notes with coin, and
this is the man thing. and carries with 1t their
equality in all parts of the United States. The diff
ficulties suggested by the Baltimore banks could DO
met by either of several expedients:
"First-This department can now, by express
provision of the law sell exchange coin for
hia has haan
ton Baltimore, Chicago and other leading ports, at
| the same premium for gold the market rate at
New-York. This could be continued after January
| l. when at New-York the rate Will be par and
therefore the same elsewhere
Second-United States notes being at a parity
with coin, can, think, under existing law, be re-
ceiyed for customs duties and this is the only pur-
pose for which coin is required by law to be paid to
the Government by a citizen, and it is the purpose
for which it is usually desired. If there is any
doubt upon this point, Congress may expressly au-
thOrize it.
"Third-If United States notes are taken for du-
ties in New-York, they must be taken for duties IN
every port of the United States Otherwise an I'M
constitutional preference would be made in favor
of one port over other ports in the United States
"Fourth-After resumption United States notes
must be held and maintained at par for all purposes
in all parts of the United States They can be trans
ported easily and speedily, while coin cannot be so
readily and cheapy moved. 1t would seem that II
we secure absolutely the conyertIblity OF United
States notes into coin at the chief commercial city,
we practically secure the same conyertlblllty
at every other place In the United states.
Exchange is usually in favor of New;York, but q
temporary premium elsewhere Will be insignificant
and cannot exceed the small cost of transporting
United States notes TO NewYork. That may occur,and
has occurred when specie payments were the rule
everywhere and is less likely TO occur now when we
have uniform paper circulation. current III all parts
of the United States ~
MY general answer, therefore to you is that
the United States will maintain its notes at
par in com in all parts of the United States,t
and will do SO by the, redemption Of such notes
as are presented to the Assistant Treasurer at
New-York, and by the receipt of United States
notes for both customs duties and bonds.
think this can be done without change OF the
law but as to this Congress must be the judge The
Treasury will treat United States notes and coin
as an exact equivalent in all transactions with the
Government and then all business everywhere IN
the United States will adapt itself TO the same
standard. Having stated this much, do not think
that ought to 90 farther and perhaps in my desire
TO be frank with you. may have broached quss-
tions that should await the opening OF Congress"