New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-13

amount of small notes hereafter wlthdrawn,
and that legal-tender notes of large denom-
inations should be issued, instead OF all goia
notes, after January 1, as the secretary mas
proposed Upon the basis OF these pO-
sitiOns. it was found that the treasury
and the banks would be in entire har-
mony in aim and action, and the OBJ
iect of tie meeting yesterday was to
give formal assurance to the Secretary and to
the commercial world that the policy recon-
mended by the committee was approved, ana
would be adopted by the clearinghouse
banks. 1t has been well known that Secre-
tary Sherman was not at all disposed TO at
tempt resumption in silver" but there had
been apprehension that an attempt 10 deIeat
RESUMPTION might be made by drawing gold
for legal-tenders, and using the banks Us
harbOr for the gold. As the committee de-
clared III its report yesterday, continuation Oh
special gold deposits would "proi0ng the luea
" of the infer1ority of circulating notes" and
would mot only be practical denlai by tue
"banks of the sincere purpose OF the Govern
"ment to maintain its resolution, but, by at
" forlng protection and facility to those VINO
I" draw coin from the Treasury, will place the
moral force and power of the banks IN d.
erect opposition to the effort of the Govern
"mentD
The unanimous adoption of the recommen-
dations above quoted at the full meeting of
the Clearing House banks yesterday, is a most
welcome result. it is, in practical effect, an
end of doubt as to the success of resumption
IA formal recognition by the commercial COM
munity OF the fact that the policy OF the Al
ministratIOn has Grandly succeeded. In this
light it is very high tribute to Secretary
Sherman, whose faith in resumption has never
faltercd, even when many bankers were most
apprehenslye that his gold would be quickly
exhausted by thrOng at the doors OF the
Treasury on the first day OF specie pay
ments. But it goes further. Practically, the
banks of the City of New York repeal the Silver
bill. That measure has been tried, and found
worthless for GOOD, but full of possibilities OF
evil The people have been urged TO take the
SILVER CONS, and have refused The Treasury
is still forced to continue coinage. But the
" Buzzard Dollars fit memcntO of IN I'M
pudent attempt To plumber creditors IN the
cuise of law, will sleep in the Treasury vaults,
whether the coinage be large or small, "a long
rs the banks decline TO recognize the silver So
cent coin as n dollar Of commerce.. Mr.. Sher-
man will be relieved by this action, because
even the silver maniacs will hardly insist very
long upon a useless expenditure of T2,O0OOOO
per month in the manufacture Of coins which
cannot be forced into commercial Use. " Dol
lars" to the banks and clearing houses OF
New-York, in all the vast commerce which
centres here will hereafter mean 100 cents
each. If politicians aud demagogucs desire an
SO-cent dollar of their own, the Treasury will
have an abundance TO spare. The banks OF
this city are to be congratulated upon q very
sensible decision, taken in good time, and
with degree of unanimity which proves that
great progress has been made in commercial
as well as public opinion within tue last year.