The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-25
Secretary Sherman on Resumption.

WASHINGTON, November 23.-A commit
tee Of bankers from the Baltimore Clearing
| House Association called on Secretary
Sherman this afternoon in relation to the re-
sumption act, and what action is eXpedient
| to be adopted by the Baltimore banks in
aiding and cooperating in resumption by
the Government OF specie-payments on JAN
uary LIST next.
In reply to a number of questions SUBJ
mitted, the Secretary said:
81 inferred, gentlemen, from the appoint
ment you made with me that some such
questions as you now propose would be
submitted to me, but as the law requires
me officially to report to Congress in little
more than a week upon the very topics
| that you suggest, it would be mani
testify improper for me to now discuss
them in snch details as frankness would
require; but may say few things which
will substantially answer the object OF
| this Interview. 1t is true actual redemption
is confined bylaw to the office Of the As
sistant Treasurer at New York. This is a
Wise provision, for it would be inexpedient
to scatter the redemption fund so that it
would not be readily available. Redemption
in New York, the chief commercial city OF
the country, establishes the equality OF
United States notes with coin, and this is the
main thing and carries with it their equality
to all parts OF the United States. The difficult
ties suggested by the Baltimore banks could
be met by either OF several eXpedients.
First. This Department can now, by ex-
press provision OF law, sell or exchange coin
for greenbacks. This has been done for
years at Boston, Baltimore, Chicago, and
other leading ports, at same premium for
gold as the market rate at New York. This
could be continued after January 1st, when
at New York the rate will be par, and there
fore the same elsewhere.
Second. United States notes being at par
ity with coin can, I think, under existing
law, lie received for customs duties, and
this is the only purpose for which coin Is
required by law to be paid to the Govern
ment by citizen, and it is the purpose for
which it is usually desired. II there is any
doubt upon this point Congress may ex-
! pressly authorize it.
Third. If United States notes are taken
for duties in New York they must be taken
for duties in every port in the United States-
otherwise unconstitutional 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 nil purposes IN all parts Of the United
States. They can be transported easily and
speedily, while coin cannot be so readily
and ebeaply moved. It would seem that il
we secure absolute conveTtibllty OF United
States notes into coin at the chief commer-
ciaI city, We practically secure the same
convertbilty at every other place In the
United States. Exchange is usually in
favor of New York, but temporary pre-
MUM elsewhere will be insignificant and
cannot exceed smalil cost OF Transporting
Emitted States notes to- New York, that may
and has occurred when such payments
were the rule everywhere, and is less likely
to occur now when, we have 4 uniform
paper circulation current in all parts, Of the
United States.
.sMy general answer, therefore, is That
United States will maintain its notes at par in
coin in all pats of the United Statesi andiwiIl
dose by the redemption OF such notes'as al
presented to the Assistant Treasurer at New
York and by the receipts OF United STATE
rStes for both; crlstoms-dues and. bonds. l
think this can be- done without change OF
the law. But as; to this Congress mast be
the Judge. The Treasury will treat United
States notes and coin as exact equivalent IN
all TRANSACTIONS with the Government, and
then all business everywhere: in the United
States wiaiadpps itself to thasame standard.
Having stated this much I 6ep not think that
I ought 10, 60 further, and perhaps, in my
desire to- be frank with you, I may have
broached. questions that should await the
opening Of Congress-"