New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-12
CONFIRMING ABOUT RESUMPTION

SECRETARY SHERMAN AND THE BANKERS
A MEErING WITH MEMBERS OF THE FoUR-AND-oNE-
HALF PER CENT SYSDICATE-HE DECLINES A
PROPOSITION TO SUBSCRIBE FOR T50.OOO.0oO
BONDs-CoNvERsIS IN THE AFTERNOON WITH
BANK OFFICIALS.
Secretary Sherman was at the Snb-TrcaSury dur
ing the greater part of business hours yesterday.
At II O'Clock he received the members of the -Four
and-one-l half Per Cent Syndicate. Treasurer Glh-
Ian, General lillhouse, Ernest Il. Lucke. OF August
Belmont & Co.; George Bliss. of Morton, Bliss "
Co.; Joseph Scllgman. of j. Seligman n Co.: II. l..
Fahnestock and George +. Baker, of the First Ma
tional Bank and James Hood Wright, of DrcXeL
Morgan Il Co.. were present. The object Of the con-
ference was an interchange of courtcscs, and
conversation with the Secretary in regard to the
operations of the Treasury Department, IN prepare
ton for the resumption of specie payments
At the outset Secretary Sherman stated in
answer to proposition To subscribe for S5o.OoO,-
600 A., per cent bonds, that he had
no new loans 10 offer and no new measures to pro-
pose. He particularly anxious that the receipts
of the Treasury on account of the per cent loans,
and the disbursements on account Of called bonds,
which would begin on July 30, should be 50 man
aged as 10 furnish an increasing rather than dl-
mnsling supply Of coin i'll the market. Tie be-
licyrd that with the aid OF shipments OF com
from Europe which are expected during the year,
the gold premium would gradually disappear be-
fore the date when the Treasury department VIII
announce its readiness to redeem rga-tcndcr notes
and probably before the assembling of Congress IN
December
II was stated by a banker present that this Sum
mcr was the first in many year, during which there
had been no gold shipped TO Europe. He added
that the receipt, of United States bonds from Eu-
rope had fallen of to 50 very small amounts. ana
the export of American products has 50 greatly IN
creased that sterling exchange had declined to rate,
almost unparalleled at this season of tie year.
Ii MAS sand by another banker that the indications
were that the cotton crop, would come into The
market much earlier than usual, and would br very
large. II was prpbaj" that by September com
would b. coming largely from Europe. Natural
cause, had combined to aid the execution OF the
Resumption Net iy Ia, Secretary OF the Treasury.
Secretary sherman said that because of the pres
cni small currency balancc the treasury Depart
mcnt might ~. oblic.d,.to di,bursc considerable
amount, of silver and gold for current expenditures
of the Government and to meet the heavy appIo-
priatlois made at the late session of Congress.
Disbursements of TN, KIND ho Thought would OF
course diminish 10 AN equal extent tie buying Dc
mand for gold to ply customs duties.
In answer to question by Mr. Sclirlnan a to
how much actual col! There was in III" Treasury,
Mr. Sherman rrc,pitulltci Tie statement made by
Treasurer Giliilan. pIb,hcd few days ago. and
said that hc bad on hand lGl 100000 IL actual gold
CON. So. 900 900 Of winch had been accumulated
since ne became secretary, for -" special purpo~"
of rrlcrnur outstanding lcgJ-tc1dcr note, III
accordance with ;hc pipy i,iou, "f the RESUMPTION
Act. ilra.,uIcd the banker, that the coin on land
va, pbuulaut'y sufficient for tho purpose, Of
resumption and that he should make no further
sale, %. bonds ou tia, account lie referred TO th"
rui,rr,,u- cali. nf 30 bond, that had brru iHer
ON accoun, Of -.l,- ol : per cent bonds. and an
pouucc, that another call 81 = 100000 30 bonds
would be- made at once. which would mature ocio-
bore. lie oppressed the hricf That when these
call, begin to nature the first maturing july 80
There world Dee a sufficient number of sellers Of
gold. and the per cont bond subscription, would
CEASE To- Great. q scarcity of gold in the market.
Th,mcure,, Of the Syndicate declared thom
solve, IN fun accord with tie yow- Of Secretary
sherman and pledged Themselves to aid with al
proper rr.l, o. carrying out the Resumption at.
t.NNIr-tII,N WIN E,Nk OFFICIALS.
tt2o,.ooh Secretary sherman bad - cou'rr.uc"
with prominent bank ON. Job, George =. tlr. pic,l-
dent Of tire American Exchange Bank Henry /.
Va. precedent of the Bank of Commerce. thaIi',
VI Fi,. pre-, .dcat If the Bauh Of N,"-lork, Robert
n. Lowry. president OF On, Bank of the Republic.
William II. llly-. president OF the Ban. Of the
STAT. Of ~" lorh. William l.. Jc:tlu~, president
of thr Bans 81 America, fnI'o {. Calhoun. pic-l-
dent of the Fourth National Bank, Iudcuek d.
T,rp.n. pr-,i,l.u of the Gaatlu Bank, George ".
l.n, cashier If the Hanover Bank. Il. Il. ShcT-
man. prr,idcn of the Mechanics Bank, and James
". MORRISON. pfr-iio II the Manhattan Company.
The general daft of conversation va, similar 10
that ~ the conference with the member, oi Tie
Syndicate. Secretary sherman sand that be- va,
alout to pay ont SILVER freely, and he desired tie
bauh, t. v... harmony with the Treasury De-
inTtmrni.
The hauh residents. it is understood. assured
Secretary SHERMAN of their approval If IN" irac
u,. 81 silver ~ meeting current expenditures be
hcyIul that II Youd speedily ind II, way back int"
thc rr,a,ur, hy payment i"r customs dues.
Secretary sherman went to FIRE Island At o'clock
Yesterday afternoon. lie Will return to-day, aud
will visit tine Custom Home.
4 member of the late Syndicate furnishes the fol-
loving list Of uuinajurcI call, for 30 bonds:
chi. iHo"Ht b"c