Daily globe., 1878-11-24
SPECIE RESUMPTION.

WASHINGTON, Nov. 23.-A committee of the
associated banks of Baltimore, appointed to
consider and report upon the action expedient
by the Baltimore banks, expressing their
sympathy with and cooperation in resumption
by the government of specie payments the first
of January, had an interview to-day with the
secretary of the treasury and submitted series
of questions The chairman ssid the questions
were suggested in consequence of the law pro-
vlding that resumption shall take place in New
York, and are:
First-Are United States legal tender notes
to be received at the Baltimore custom house
on and after Jan. 1st. 1S79 in payment of Gus
tom duties at their full value?
Second-Will United States legal tenders be
received on and after January 1st 1879, at their
full value in the purchase of United States
bonds from the treasurer?
! Thlrd-Will United States legal tender notes
be redeemed in gold at the Office of the United
States assistant treasurer in Baltimore on and
after Jan. 1st, 1873?
Fourth-Will standard silver dollars be is.
sued in exchange for greenbacks in Baltimore
on and after Jan. 1st, 1879 and contrawise.
That is, will greenbacks be issued for standard
silver dollars?
Fifth-Will there be an issue of certificates
of deposit of silver with the assistant treasurer
of the United States at Baltimore, and will
these certificates be treated as silver coin in
payment of customs duties and other indebted
ness to the government?
Slxth--Will the government, after Jan. lst,
1879, continue the issuance of certificates of
deposit of legal tender notes, commonly known
as clearing house certificates.
Secretary Sherman replied: 81 inferred,
gentlemen, from the appointment you made
with me, that some such questions as Won now
propose would be submitted to me, but as the
law requires me officially to report to Congress
in q little more than week upon the very
topics you suggest, it would be manifestly i'm
proper for me to now discuss in such detail as
frankness would require. But may say few
things which will substantially answer the OBJ
ject of this interview. 1t is true that actual
redemption is confined by law to the office of
the assistant 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 ready and available. Redemption
in New York, the chief commercial city Of the
country, established the equality Of It's notes
with coin, and this is the main thing, and car
ries with it their equality in all ports Of the
United States. The difficulties suggested by
the Baltimore banks could be met by either of
several expedients.
First-This department can now by express
| provision of law Sell or exchange coin for
greenbacks. This has been done for wears at
DOSSOLs ooAuAliAOlSs oulCtSO duO OCQSr lcaQlng
ports at the same premium for gold as the m ar
ket rate at New York. This could be continued
after January LIST, when at New York the rate
will be par, and therefore the same as else
where.
second-United States notes being at par
with coin can. | think, under the existing law,
be received for customs duties, and this is the
only purpose for which coin is required by law
! to be paid to the government by citizen, and
it is the purpose for which it is equally desired.
1t there is any doubt upon this point Congress
may especially authorize it.
Ihlrd-lf United States notes are taken for
duties in New York they must be taken for
duties In every part of the United States.
otherwise an unconstitutional preference woul Id
be made in favor of one part over other parts in
the United States.
Fourth-After resumption United States
notes must be held and maintained at par for
all purposes in all parts Of the United States
They can be transported easily and speedily
while coin cannot be 30 readily and cheapIy
moved 1t would seem that we secure abso
lutely the conyertibility of United States notes
into at the chief commercial city, we practical
ly secure the same convertibilty at every other
place in the United States. Exchange is usually
In favor OF New York, but the temporary
premium elsewhere will be insignificant and
cannot and will not exceed the small cost of
transporting United States notes to New
York that may and has occurred when
specie payments were the rule everywhere, and
IS less likely to occur now when we have uni
form paper circulation current in all parts of
the United States.
My general answer, therefore, to you is, that
the United States will maintain it's notes at par
IN all parts of the United States, and will do so
by the redemption of such notes as are pre-
sented to the assistant treasurer at New York,
and by the receipt of United States notes for
both custom duties and bonds. think this
can be done without change of law, but as to
this Congress must be the Judge. Having
treasury United States notes and coin as next
equivalent in all transactions with the govern
ment, and then all business everywhere in the
United States will adapt itself to some standard.
do not think that ought to 20 further, and
perhaps, in my desire to be frank with YOU, I
may have broached questions that should
await the opening of Congress.
Political Prosecutions in Louisiana.