Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-04-11
THE PIRATE.
He Visits New York to Get Money to Re-
sume--He Announces that He Wants No
Dictation, but Banks Must Come Down.

He Visits New York to Get Money to Re-
sume--He Announces that He Wants No
Dictation, but Banks Must Come Down.
New YORK, April 10.-Secretary Sherman
made the sub-treasury Office his headquarters
to-day, where he was called upon by financial
men. He had no formal conference with rep
resentatives of national banks and banking
firms.
The secretary said toa leading banker to-day
that he came here for the purpose Of securing
aid from the banks in the resumption Of specie
payment and not to be dictated
to or advised as to his pre-
else plans. He stated to officers
of National banks, that he required one hun
dred and forty million in gold to resumespecie
payment on January LIST; that he had on hand
about ninety million, and desired the banks,
if they were willing, to assist him to subscribe
fifty millions in bonds, which would make up
the full amount. He also expressed his willing
ness to dispose of one hundred million four
per cent. bonds at par, with commission of
one-fourth per cent.
After general discussion, which was not IA
vorable to the proposition in regard to per
cent. bonds Secretary Sherman made an offer
to dispose of fifty millions ~ per cents, and
requested the banks and bankers to submit a
proposition to him for the full amount or any
fractional part thereof. 1t is understood
that the National bank presidents held secret
meeting last Tuesday night to consider the
proposition Of Secretary Sherman. His propo-
sition, that the banks should subscribe for
per cents. was voted down. and committee
was selected to prepare and submit in writing a
new proposition which would be satisfactory to
the banks.
The proposition us decided upon is accom-
panied by arguments setting forth among 9TH
er things, ''that the banks assembled are de-
sirous of rendering all aid possible gratis in Sc
curing resumption of specie payments but in
doing SO certain things must be considered.
The banks are willing to subscribe
| for the full amount of tifty
millions bonds and to sell them at the same
price paid for them, asking and requiring no
| profit, but they must have something to say in
regard to the classes of bonds to be
issued. Four per cents they cannot
use at ALL as the sale is entirely too slow
and uncertain. They would be willing to ac-
| cept ~ per cents, or per cents of 81
which could be placed more readily. Weknow
that large number of bonds, which have beer
returned to this country from abroad on &C
count of the reconciliation of silver are nov
held on speculation or have not been disposed of
and that the banks generally have more govern
ment bonds now on hand than at any previou
time since they were issued, the banks canno
assume any great risks in subscribing for tn
bonds proposed"
A meeting was held to-day Of members of tn
late per cent syndicate, composed of the trs
national bank, August Belmont representa-.
the Rothschilds of London, Drexel, Morgan
Co., Morton, Bliss 4 Co., and J. and W. sey
mour & Co., at which it wa
decided to make q bid for the entir
amount offered by the secretary. II. G. Fahn
stock, George Bliss, and August Belmont
called on Mr.. Sherman and had an intervie,
with him. They informed him that thew di
not come as syndicate, but as represents
tives of the banks and bankin
firms, to render substantial aid to tn
government in its efforts to secure speed
and permanent resumption of specie payments
Sherman said that he felt confident of tt
ability of the treasury department to resum
by Jan. LIST, if not before that time, if /
could secure the sale of fifty million bonds.