Daily Kennebec journal., 1878-07-15
Specie Payments Aug. 1.

BANKERS AGREE WITH SECRETARY SHERMAN
THAT EVERYTHING Is FAVORABLE FOR RE-
SUMPTION.
Secretary Sherman returned from Manhattan
Beach about noon yesterday and went at once to
the Sub-1reasury, where he found deleg alton of
the old syndicate a~ sitlng him per appointment
secret conference was held, in which the follow.
ing gentlemen took part; Treasurer Gifllan, Gen
HilIhouse, Ernest Lueke of August Belmont 4 Co. :;
Jas Hood Wright of Drexel, Morgan 4 Co. Geo
Bliss of Morton, Bliss X Co.; Joseph seligman,
and Ii. c. Fahnesock aud George Baker, of the
Fnst National Bank. 1t was afterward represent
ed that mere formal Interchange of views took
place in regard to the practicable ' of resuming
specie payments 10 advance OF the period SET hy
law. Ine Secretary said that he proposed no new
loans and no new measuies. What he was mainly
anxious about was that the receipts of the tressur
GU account of the per cent. bonds, aud the d,s.
buisements ON account Of the 90 called bonds
commencing on July 30, should be so managed a.
to furnish an Increasing instead of a diminishing
supply OF coin 10 the market. 10 his opipiun III
the contingencies are favorable to that result The
holders OF the called bonds whe they receive ,he;,
gold IN exchange, VIII rush TO sell II, thu, plac inp
he entire amount on the mai ket. The co,,on
crop promises to be larger aud earlier than ever
before, aud 1t is probable that as early as Sen,e,,
this account Inc impUrtations OF United St.,..
bonds have fallen on 10 nothing, aud expo,ts nj
American products have so greatly increased ths,
sterling exchange has declined to rates almos, nm
paralleed at Tins time of year. Thus natural canses
have combined to facilitate early resump,;on
These views were concuired in by all nresan,
The Secretary SAID that, having only a smaIi
balance ef currency on hand, he wou,d H.
obliged 10 disburse coin to meet current exnepses
and to pay the large appropriations made by
| |, y fut he pl
Although he was doubtful of his rpbt rs -
deem greenbacks IN coin before Jan. I ~
was pei iectly clear under the Law of the legs,;,v
of resuming in the way indicated, and hs
proposed to begin on Aug. l. The only
use for gold at present is to hny lily nv
with which to pay custom duties. This will ~
done away when the treasury begins to deai o,,,
| silver and the present slight premium on ooiJ
will then disappear. The silver so paid ont .ni
return 10 the treasury in the form of duties and
80 will not interfere with the course of trade or
change essentially the character of the general
volume Of currency. When asked their on;n;nn
IN regard to this plan, the assembled magna,es of
finance could see no ol lection to it, Thev n,on,
sed to aid the Secretary by all mean. IN Their
power In answer TO question, he reiterated the
otstemeht NAT ne mas In the Treasury 1921, 600.
900 Oh solid gold, exclusively for purposes Of re-
sumption. lie thought this amount amplv ahnn
dant and said he would not make anv furher
sale OF bonds on this account
Al Z O'Clock aaother conference took nlace be
tween the Secretary and Treasury oficisIs and
some representatives of the banks. There were
present President Sherman, of the Mecban ;cs
Bank President lays OF the Bank of the 81 ATE
Of New York; Cashier Perkins, of the Hanove,
Bank; President Coe, Of the American Exchanoe
Bank fresident Tappen, of the Gsllatin Bank =:
President jenkins, of the East River Rank pres
ident Morrison, OF the Manhattan Bank: Presi
dent Fry, of the Bank of New York; Preside n,
van, OF the Bank Of Commerce; and President