The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-12
sAERM.iN's CONFERENCES.
Telling the syndicate and Bank Presidents
TINT he Is Kemdy 90 Fay Out Gold.

The de facto Secretary, John Sherman,
had iwo conferences In the Sub-Treasury yes-
terdny with representative bankers on the
question Of resumption. The first was with the
members Of the late syndicate. August Bel
mont Il Co. werc represented by Mr.. Lucke;
Morton. Bliss 4 Co. by Mr.. George Bliss; J. &
W. Scligman K Co. by Mr.. Joseph Scligman;
Drexcl. Morgan 4 Co. by Mr.. Wright. and the
First National Bank by Messrs. Fahnestock and
Baker. Mr.. Sherman told these gentlemen that
he had requested them to meet him in order
that ho might ascertain their views relative TO
resumption. lie felt confident that tho Govern
ment with its redemption fund OF 1921 000. 900.
was in condition to resume Mt once and said
that he had no intention Of issuing more bonds.
within n short time he intended to begin pay
ing checks and drafts on the Treasury in spe-
Gle. and It would he his earnest aim to use what
power the law gayc him to reduce the pro-
MUM on gold. and finally TO wipe Il out
entirely. The law authorized him to dishurse
specie whenever he deemed II cxpedent. but
J." could not brgin to redeem greenhncks until
Jan. J. lsl0 the date liked by the Resumption
act. Mr.. sherman snid further that circum-
STANCES lust ~ this time were nll i'm favor Of
sr"sdy resumption. ana ne hoped that II would
he hrou@ht about long before the time fXei.
The balance of trade ~ largclv in our favor. wo
have become competitors In manufactured goods
in markets whore we never connected before
the pros poets Of the cotton crop are splendid.
and al the indications are that we shall he able
20 maintain our present position. The called
bonds which are 20 ue paid hy tho Treasury In
n few duvs. viii necessarily throw largo
amount oi gold on the market, and hayc n ten
drnc, - d prr-s the premium which is only
now "a y per cent.
The hnnters agreed with Mr.. sherman ns 10
IN" pivlSahiity oi resuming. and he was asked
~ what dHte he would begin to dishurse specie
Tor govrrnm"ntal expenses. He declined to fix
specific date. hut said that be should begin
very soon. Immediately after the conference n
member ~ the syndicate told Sun reporter
that he would not he surprised II the specie dis
ms Aur. /. "Shouid this be- tho case" he sai3
." the Gold Room would go out of existence at
once. and resumption would be- accomplished
Government begins TO redeem legal tenders
dom think there will be much of n rush for
cold, Gontdnnce in finance il everything.
People don't war' gold dollar as long ms they
can get paner one OF equnl purchasing value.
II you go ont OF the CITY to-day and Offer gold
and crecnhacks in payment ~ small hills. you
will flnd that the grcenhacks will he the favor
ites The people are beginning to feel that the
Treasury is solid. and hence don't think they
will make a run when the day Of redemption
comes"
The second conference was held in the after
noon. the participants being the following
named hank Presidents: Benjemin y. Shcr-
man of the Mechanics. William II. Hays Of the
Bhnk ot me State oi New York Charles Jenkins
~ ihe East River FREDERICK d. Tappen of the
change. James " Morrison ot the Manboi,an
Company. Chgrles VI. Fry ~ the Bank Of New
York. Henry T. Vail Of the Bank II Commerce,
George |. Seaey of the Metropolitan. and f. IT,
Perkins Jr.. cashier Of the Importers and
Traders Bank At this conference the de facto
Secretary went over the same ground as ut the
ono which preceded It. with the nd lition how
to whether his project ~ paving out silver
would in nny way t"ud TO emharrass the banks.
They replied that there was no danger of that.
lscause most of The silver paid out would find
it, way back to the SGb-Treasury in the shape
OF customs.
Il Is thought among bankers that resumption
Is ceriain on or before the LIST OF October Mr..
sherman dined NJ Delmonico's Yesterday with
the new Collector of the Poit. Gen. Merritt aud
then went TO Fire Island in a revenue cutter.