Vicksburg weekly herald., 1878-04-19
sHERMAN's REsUlEPTIoN.


Further PaFtIeulaFs O9 shsFmah's Flaans
OIal DslSgs 10 New YOFk-Els I6sasla
Regard 10 RssunplIOa -vlsws d eaHks
ere, asd PrSDssIlISas suhaIstsd D.
Then, f
NEw YoRK, April 1l.-SeoFeiaFy
Sherman made the sub.TreasnFy Office
his headquArters yesterday, where he
was called upon by financial men. He
had no formal conference with tho
representatives Of the National Banks
and banking hrms. The Secretary,
says > leading banker, came here for
the purpose Of securing aid from the
banks In the resumption Of specie pay
ment, not to be dictated or advised as
10 his precise plan. He stated 10 the
officers Of National Banks that he re-
quired one hundred and forty million
dollars 10 gold to resume specie pay
ment on January let He had On
hand ninety million dollars, and de-
sired the bAnks, II they were willing
to assist him, TO subscribe for City mill
lion dollars In bonds, which Woald
make up the full amount Of one hun-
dred and forty million dollars. He
also expressed his willingness to die
pose ofone hundred million I per cent.
bonds at par, with O commission of y
per cent. After general discuasi0n,
which was not favorable TO the prop.
OslliOn In regard 10 the 4 per cent
bonds, Secretary Sherman made an e.
fer to dispose OF dfty million dollars @2
~ per eents., and requested The hankal
and bankers TO submit proposition 70
him for the full amount, or any frao.
tional part thereof 4r
II iS understood that the National
Bank Presidents held . secret mselinG
on Tuesday night TO consider tbs prop
osition. His pr0posltlOn, lhAt tho
Banks should subscribe for the per
cent. bonds, was voted down. A COM
miltee was selected TO prepare and cub.
init q new proposition, which would
be satisfactory 10 the Banks. The prop
Osition, aS decided upon, 10 accom- /
panied BY arguments setting forth,
among other things, that the Banks ag-
sembled are desiFous Of rendering ell
aid possible, gratis, IN securing the re-
sumption OF specie payment, bot in
doing 90, certain things must be aonslds
cred. The Banks are unwilling 20
subscribe for the full amount Of lfty
million dollars OF bonds, end 70 cell
them at the same price paid for them,
asking and requiring no pHOal, but
. they must have something 10 say in re-
gard to the classes Of bonds 70 be is-
sued. Four per CentS they cahnot use
a ct all, as the sale ls entirely too slow
and uncertain. They would b willing
!. to accept ~ per cents OF 5 per@nta Cf
7 1881, which could be placed more
readily. 1--WE know that 3 large mum.
]. Der OF bonds which have been returned
/ 10 this country from abroad, on aes
! count Of the reconciliation q ailvaF,.
4 are now held on Ppeculatian q have
/ not been disposed Of, and that tho
4 Banks generally have. mofe Govern
ment bonds now on hAnd An Al any
J previous time since they were Issued.
l The Banks cannot asyume any great
! risks in subscribing for The bonds pro.
! posed, aud the market must be viewed
prospeclively 80 we'll 40 Ia its present
features. Should the market become
fiat and the demand for bonds cease,
the banks cannot consent 10 assume
/. loss on such bonds 90 held over, and
they require guarantee against loss IN
J order to protect their capital, With
this guarantee from the Secretary, the
, banks are willing 10 subscribe for the-
full amount Of fifty million dOllaFa Of
! ~ per cent. or new hves Of 1881, at
. market quotations, crediting the Treas-
ury with their equivalent IN gold"
This proposition, Il is understood, war.
presented TO Secretary Sherman A
meeting was held Of the members Of
the late per cent. Syndicate, composed
. Of the First National Bank, August
Belmont, representing R0lhschild, OF
London, Drexel Morgan 3 Co., Martin,
, Bliss q Co, J. b W. Seligman q Co.,
ct which Il was decided 10 make . bid
for the entire amount offered by eecre-
tary Sherman. o.
Arrangements Complstsd for Placing
$50, ,ooo, 600 ~ Per Cents - ThO
Last Syndicate Take the Contract.
NEW YoRK, April 1.-THE confer.
ence at the SUBJ Treasury between Sher.
man aud the members Of the late Syn.
r dicate, resulted Ia signing the contract
for the sale OF $50,000,0 900 AZ per cent.
. bonds. Details ofthe negotiation, ,includ.
. ing the method Of payments, are with
? held. An official staten ent Of the trans
= action given out at the sub. Treasury, Of
Q which the following is q copy: The
D Secretary of the Treasury and the
} members Of. the last Syndicate have en-.
! tered into an agreement for the sale,
: for resumption purposes, Of s5O,OO0,000
; United States ~ per cent. fifteen year
b bonds at par, and accrued interest, and
8 IL per cent. premium Of gold coin,
!. $l0,0O0000 10 be subscribed immedi-
9 ately, and $1,000, 600 per month during
q the balance Of the year. The sale Of 4
e per cent. bonds viii be continued BY
r the Treasury Department as hereto
0 fore upon the terms and conditions OF
: the last circular, and the proceeds viii
Q be applied TO the redemption Of the 9