The New York herald., 1878-07-12
SECRETARY SHERMAN.

HIS MOVEMENTS Observation-Disclosures
WITH BANK PRESIDENTS AND BANKERS IN
REGARD TO RESUMPTION.
At noon yesterday Secretary Sherman, BY agrea-
meut had conferences wrth several bankers at the
Sub Treasury Building. Among those present, bo-
side the Secretary were Mr.. Gllallan. Mr. Babcock,
General Hllihouss, Errsst Lucks, OF the nrm OF
August Belmont x Co.; Mr.. Wright, representing
DrexeI, Morgan Go. George Bliss, OF Morton. Bliss
Co Joseph Scligman, OF Seligman Bros; H. u
Fahustock aud George L. Baker, OF tho First
National Bank. All these gentlemen, except the two
nrst Toned, members OF the late 81 Indicate
The meeting amounted to nothing moro than an
Informal talk in regard 10 tho resumption OF specie
pay ments on January l., 1870 The Secretary had no
now loan TO make and measures TO advocate.
He was mainly concerning tho receipts 10 the
Treasury ON account Of the four per cent loan aud
also about tho disbursements account Of called
bonds witch VIII begin on July 80, aud DO SO
managed as TO Increase tho supply 0f gold 10 the
market, .The Importation Of United States nonds."
he said sshas become so small aud export products
have increased 10 such degree, Ihat sterling cx-
chaugc has declined to rates almost Unparalleled az
TINS lime o. the year. @ arr,,s he w.rSss uns
usually early. aud that it wul W. aDuldanl on NC
Of all shese causes combined we WIN DC as early
as September importing coin largely from Europe"
He thought that this way natural causes had CON-
bned iacllitate the execution o. Inc resumption
OF currency on hand al tue present time ne would
he Obliged disDurso large sums oi gold ahd
silver Tor government expenditures, and also ~
OF tho many appropriations passed by Congress:
the close OF the last session. DWoufsemehts oi
Lnis KIND however. hs SAID, Will uminish IN ttne,
Will be necessity OF Buying goid ior GUS.
tom duties. the Secretary has enough gold on hand
for the resumption OF spccic payment ana Will NOS
make any iurther sale oil bonds on this account. tho
no. der OF malured bonds will tnen become the seller
OF gold aud the TOUR per bonds will cease TO crc-
ate str sngency IN the gold market
Oun Adjourned O'CLOCK
BANK PRksiDENTS
Al two r N. the secretary belu u conference with
several bADk pres,dcnts, among whom weie .n)amn q
Is. sherman, Of tho Mecnanics' Natonali William ID.
Hayes Of tho BANK ol the State OF New York. George
W. Perkins, OF Tue Hanover National; T.. s. Coz, Vt
tne American Exchange National; Frederick II. Zap
pen al tho tallaIn National; G. jenkins, OF thv East
River National; James N. Morrison, ot ,ns MannAI-
Il. h. Vail, oi the Bank Cemmsrcs, and 4. l. Seney,
OF tho Metropolitan National Bank. general con-
tOoK place. during which the Secretary ex.
planned his ideas conCerning the resumption
ot specie payments, and went over the same
erolnd AZ in the previous meeting. with The
bankers. He asked tho bank presidents II reducing
OF gold paying out large quantities OF Sill
yer Tor current ndebedness wouia disturb thcm apy?
The reply was that they mad no objections 10 H. as
gold Of no use now except to buy silver tor the
purpose OF paying customs duties
the conferences lasted until fifteen minutes past
three i. ~, after which the Secretary lnuchea az
Delmonicos. He then left the city for Long Branch
accompanied by Mr.. Babcock and Mr.. Gilhlian whore
no remained uIl night. He will rctrrn this morning
and spend the day between the Custom House spd
the Surveyors department.