The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-25
TO THE DAILY IETELLIGENCER
GENERAL NEWS.
The Weeks Business at Chicago.
Canadian Royalty Arrives at Last
Stormy Voyage of the Sarmatian
Louise a Little the Worse
of the Wear.
More of Chace and Hathaway's Rascali-
ty at Taunton-An Efectual Way
Of Disposing Of Accounts.
A Domestic Episode In Respectable Cam.
bridge Families.
RESUMPTION.

RESUMPTION.
INTERVIEW DETwEEN SECRETARY SHERMAN
AND A DELEGATION OF BANKERS ON SAT-
URDAY.
WASHISGroS, D. c., November GA
Committee OF Associated Bankers OF Balti-
more, appointed to consider the report
upon the action expedient by the Balti-
more banks, expressing their sympathy
with and cooperation i'll resumption by
the Government OF specie payments OIL
the lst OF January, had an interview to-day
with the Secretary Of the Treasury and
submitted series OF questions. The
Chairman said the questions were sug-
gestcd in consequence OF the law prOvid-
ing that the redemption shall take place
in New York. The Secretary in his reply
said il would seem that il We secure abso-
lutely the convertibility OF United States
notes into coin at the chief commercial
city, we practically secure the same con-
vertibility at every other place in the
United States.
The questions prepared and submitted
are:
!. Are United States legal tender notes
to be received Mt the Baltimore Custom
House on and after January !, 1879, in
payment OF customs duties Mt their face
value?
9 Will United States legal tenders be re-
ce,ved on and after January l, 1879, at
their face value in the purchase of United
States bonds from the Treasurer? ..
3. Will United States legal tender notes
be redeemed in gold at the office OF the
United States Assistant Treasurer in Bal
timore on and after january |, 1879?
4. Will standard silver dollars be issued
in exchange for greenbaCks in Baltimore
on and after ,Ianuary'l, 1877, and contrari-
wise? That is, will greenbaCks be issued
for standard silver dollars?
5. Will there be an issue OF certificates
of deposit OF silver with the Assistant
Treasurer OF the United States at Balti-
more, and will these certificates be treated
as silver coin in the payment Of customs
duties and other Indebtedness to the Gov
ernment?
G. Will the Government, after January
/, 1879, continue the issuance OF certiti-
Gates OF deposit OF legnl.tender notes, com.
monty known as Clearing House certiti-
Gates?
Secretary Sherman replied: / inferred,
gentlemen, from the appointment you
made with me that some such questions as
you now propose would be submitted to
inc; but, as the law requires me officially
to report to Congress in little more than
n week upon the very topics you suggest,
it would be manifestly improper for me to
now discuss them in such detail rs frank
ness would require. may say n few
things which will substantially answer
the object OF this interview. 1t is true
actual redemption is confined by law to
the office OF the Assistant Treasurer at
New York. This il awise provision, for
it would be inexpedicnt 10 scatter the re-
dcmptiOn fund so that it would not be
readily available. Redemption in New
York, the chief commercial city OF the
country, established the equality Of Uni.
ted States notes with coin, and this is the
main thing, and carries with it their equal
ity in all parts OF the United States. Tho
difficulties suggested by the Baltimore
banks could be met by either OF several
expedients.
i. This Department can now, by ex-
press provision OF law, sell or exchange
coin for greenbaCks. This has been done
for wears at Boston, Baltimore, Chicago
and other leading ports ut the same prem.
ium for gold rs the market rate ut New
York. This could be continued after
January lst, when ut New York the rate
will be par, and therefore, the same else
where.
9. United States notes, being at parity
with coin, can, | think, under existing law,
be received for customs duties, and this
is the only purpose for which coin is re-
0uircd by law to bc paid TO the Govern
ment bv a citizen, and il is purpose for
whichit is usually desired. fthere is any
doubt upon this point Congress may cx.
prcssIy authorized.
3. II United States notes are taken for
duties in New York, they must be taken
for duties in every port in the United,
otherwise an unconstitutional prclGrancc
would be made in favor OF one port over
other ports in the United States.
4, After resumption United States notes
must be held and maintained Mt par for
all purposes in all parts Of the United
tcs. They can be transported easily
and readily, while coin cannot be 80 readi-
" and Chcaply moved, and il would seem
that, II We secure absolutely the inCon-
vertibility OF United States notes into coin
at the chief commercial city, VIC practical
" secure the same cOnvertibility at eve
~ other place ins tho United States.
Exchange Is usually in favor Of New York,
but thetempOrary premium elsewhere will
be insignificant, and cannot exceed the
small cost OF transporting United States
notes to New York. That may and has
occurred when specie payments were the
rule everywhere and Is less likely to oc.
cur now, when wo have MI uniform paper
circulation current in all parts OF the
United States
My general answer, therefore, to you Is,
that the United States will maintain Its
notes at par In cOin-inr all parts OF the
United States, and will dO 80 by the re.
dcmption Of such notes Ms are presented
to tho Assistant Treasurer ut New York
and by the receipt OF United States notes
for both customs duties and bonds. ]
think this can be done without change OF
tho law. hut, as to this, Congress must
be the Judge. The Treasury will treat
United States notes and coin as an OxaCt
equivalent in all transactions with the
tho Government, aud then all business
0vUrywhcrG in tho UHitOd States will
adapt Itself to tho same standard. Having
stated this much, no not think that ]
ought To gd. further, and, perhaps, IN my
desire tO.bG frank with you, may hayO
broached dqucStionS that should await tho
opening Of Congress.
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