New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-23

Ewing said. after the meeting, that the views
pressed were of such character as to strengthen
his own opinions. but this estimate of the nature
of the uterances of the bankers does not agree al
all with the belief of the bankers themselves.
DETAILS OF THE CONFERENCE.
GENERAL EWING DOES ALL THE TALKING FOR THE
| CONGRESSIONAL OBSERVATION-DISCLOSURES OF
| THE BANKERS TO HIS INQUIRIES.
Three members of the Committee on Bank
ing and Currency OF the House OF Representatives, b.
Cnittenden, Thomas Ewing and A. A. Hardenbergh-
yesterday number OF leading bankers at the Sub
Treasury in this city, confer with them in regard to
the resumption Of specie payments In answer to the
invitation the following named bankers present
Samuel Babcock President Of the Chamber of Commerce.
John stewart President OF the United states Trust Com
Benjamin b. Sherman President Mechanics Bank.
Jacob D. yermiye, President Of the Merchants Bank
Joseph seIgman. Of seigman Brothers.
The conference private and Of entirely informal
character. General Ewing informed the bankers that he
had called them together to get the expression OF their
the subject OF the resumption Of specie pay
ments and particularly with regard to the amount Of
gold that IL would be necessary to have hand for
sumption. No reporters allowed in the meeting,
but General Ewing had his stenographer present. who
took down the different views expressed by those
present.
| One OF the bankers who present at the meeting
stated that certain rerOr6s which circulated yester
day to the tone OF the meeting being in favor Of
repeating the Resumption Act on account OF apprehen-
sions of the Injurious effect Of Its enforcement tho
business interests OF the country absolutely moor
rect The gentlemen who appeared before the commit
united in their opinion that II further dis
asrOus legislation adopted on the currency ques-
on the Secretary Of the Treasury could resume specie
payments January 1879. But, said this banker no
tell what amoant OF legislation finance Will
place destroy the confidence of holders of bonds
abroad.
| General Ewing this banker said, alone OF the men,
bers OF the House Committee took active part In the
meeting Messrs. Hardenbergh and Chittenden simply
listening the views expressed 1t seemed to be Gen.
eral Ewngs desire to have the bankers commit them
selves in such TO strengthen his arguments in
Congress for the repeal of the Resumption Act Gen.
eral Ewing asked the several gentlemen present what
amount of coin would be necessary 10 have on hand
to resume, evidently hoping that they would name so
large that could not be obtained. The opinion
OF all IN TO this question was that 1t would
deperd entirely upol the action Of Congress.
IL Congress continued to hgitate tbs currency
! question, to destroy the confidence OF tho
creditors OF the Government the Government bonds
would 0 back 10 this country and gold must out.
General Ewing then presented his estimate Of the total
amount Of coin In the country being about 1925 0O0
O0O, $101, 100000 Of which was in the Govern.
ment Treasury and perhaps S24O0O,OOO out
| side. The bankers disagreed with General Ew-
ing In regard to his estimate, aud thought
that estimate or the superintendent OF the United
states Mint, DR.. Linderman. Of SlsO.00O000 was
nearer correct The banker gave this account OF
the meeting, represented TO General Ewing that the
flow bonds this country from Europe, lately, was
merely because OF the passage OF the silver Bill
itself, because 1t thought TO be the entering
wedge to reputation, and he would therefore warn
Congress consider carefully all questions affecting the
finances OF the country.
WHAT THE OTHER BANKERS SAID.
Mr.. Bliss then said in the meeting thai already 49,
OF bonds had been sent home and he anticipated
that more would follow unless Congress peemptoiy dis
missed the agitation looking towards the repeal of the
Resumption Act With bonds continuing 10 home,
GOLD must naturally out 10 take their place. He did
not think however that there would be further fall in
the prices of unless there should be further csa
| ton to brighten the holders.
Joseph sellgman said to General Ewing that as there
| was a great amount OF gold coming from tine Pacific
sope he did not think the business interests Of the
country would be materially affected by an outflow OF
100000 GOO or $3O,0o0,00O in gold, and he doubted
whether larger amount than this had let the country.
He thought that II the United States continued TO ex-
port 900 600 than the imports. and too many
bonds did not return here the country would ind 10
| comparatively easy to resume specie payments.
s. d. Dabcock president OF the Chamber Of Commerce,
sad that in his opinion 1t would not require great
an amour, of coin to had been rally sup
posed and spoke OF the effect of the panic OF 1857.
j. d. Vcrmyc then asked General Ewing II the peo-
pe must expect legislation to disturb the conf
! deucc OF the country. This question General Living
| showed no inclination 10 answer.
Another Of tue gentlemen present the meeting said
that he supposed that when General Ewing returned TO
Washington he would feel much dissatisfied with the
result Of the conference that he would represent TO his
committee that the bankers ignorant Of the entire
subject He added however, that General Ewing sug.
eested that when lie made his report to the committee
they might send bankers to appear before them
las had nothing else to DO but TO obey ther DECK
| and call"
Mr. seligman said that he did not feel nj liberty to
reveal what occurred until General Ewing had returned
10 Washington After reporter OF THE TrIBuEE had
read over his 10 him, however, he acknowledged
! that they were correct
GENERAL EwING's VIEW or THE MEETING.
General Ewing last evening that his object IN tho
conference get the views Of intelligent New-fok
bankers and to gain some Information regarding the
amount of coin held by the banks While he was
| unwilling mention any statements made by the
bankers at the conference he said that their
statements had strengthened his own yiews-that tho
Secretary OF the Treasury not able to out tho
Resumption Act ION october 81, 1877" he said the
National banks reported that they had on hand $2lcOO
600 of specie nothing IN that report 70 show
how of that amount consisted OF com eerhcatesg
or how much consisted of subsidiary silver currency
which is legalender only for amounts not exceeding 20
certificates, which are scattered among me Haiions.
banks state banks ana RSaIS sons the hanEe say
that nlneteen-twentieths OF inc goa u, .Iv eV"y I,
being stored IN the sub-rreosury Building u mis- city,
Now he continued " lei us make hitie caic,'la-
ton There Is In the country about SooOoooOco
naper money which, under the Resumption AHt must h.
| redeemed in coin in eight mouths tin'r There.
sl o3o 200 Of it belongs to other persons Then there
must be deducted $50 100000 for the sinkns nI ana
the public debt already due There great DANGER that
cold will soon be exported from Tue eoaa{ IA arEe
| tiuu OF affairs seems the greatest folly"
THE VERMONT RAILROAD WAR.