The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-15

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feel the utmost assurance OF It's practCabiity
and ~perInancncc.
This q, however, o most serious obstacle
standing directly across the path,to coin re-
sumption, inthe coinage aud fotcibledssue Of
silver dollars not worth their nominal value
which demands the first Consideration. Inc
treatment of thcSe. rs they enter into the cttt.
rent Of circulation. must be wisely determined
before the question Of the restoration OF the
commercial standard can be regarded as sub
stantially settled. The Government by law
nov demands the entry Of It's silver coins into
the currency upon equal terms with gold,
when out OF every live dollars worth OF silver
bullion II creates more than SIX legal dollars,
and a%pprupriates one Of them 70 its " use.
Attic present value Of silver bullion, these
inferior dollars caf bG-mldC at . cost oil NJ
1900 cents. The Government Is therefore
drawing into the treasury q profit upon every
dollars worth of silver bullion which II pur-
claScS of over twenty per Centlm. An indi-
rect tax Of this magnitude, unequal IN us Obe'
ration, imposed upon the people under tlle
power "tO coin money aud regulate tho value
thereof and Of foreign coins" is certainly
most extraordinary and untimely exercise Of
power under Constitution formed ito eStab.
iiSll Justice aud insure domestic tranquility,
| Just at the time when the best efforts OF the
people are enlisted In the effort to re'eStablish
| IIIuNlNltA FAtI ullu ~ = ~
relations Of value with foreign coins and no
tions, this insupcrable object Is encountered,
which, II adopted In practice, will disturb .
new domestic tranquility, Subvert justice, and
p%erpetuate discOrd In all business relations
with other nations.
The Committee considers thata resump.
ton OF this kind must prove n national
humiliation;" they believe that the banks
have the power and the right to defeat it
By Declining these deficient coins when
offered them on deposit, and to refuse
them as money in their commercial ex-
changes with each Others" but the Com
mittCe hopest that Congress will reconsider
and repeal the law at an carly day. The
report concludes:
The following outline Of policy Is suggested
ms proper to he recommended for adoption by
the banks in New York city after Jan. !, 1873:
/. Decline receiving gold coins rs special
deposits" but accept and treat them only as
lawful money"
.. Abolish special exchanges Of gold checks
at the Clearing House.
3, Pay and receive balances between banks
and Clearing House either in gold or United
States legal-tendcr notes,
1. Receive silver dollars upon deposit, only
under special contract to withdraw the sumo
in kind.
:. Prohibit payment of balances Mt Clearing
House in silver certificates or in silver dollars,
except us subsidiary coin in small sums (sav
under $40.
q Discontinue gold special accounts by no.
ticc to dealers on LIST OF January ncxt TO ter
inmate them.
The following resolution was then Of
fered and adopted unanimously, except
that james B. Colgate, representing the
Bank OF the State OF New York. was ex-
cused from voting.
RcyOlred, That the reported interview be-
tween the members Of the Clearing House aud
the Secretary OF the Treasury, with the views
expressed by them TO him in the paper pre-,
scented to this meeting upon the subject of the
restoration OF specie payments, meets the cor
dial appreciation OF this association, and tlut
the practical measures recommended for the
adoption OF the banks in respect to the treat
mGIt of coin in their business with the public
and with each other be accepted and carried
into practical operation.
A second resolution was also adopted to
the effect that after Jan. l, 1870, the asso.
ciated banks OF the city will pursue the
line Of policy suggested by the Committee
in the conclusion OF their report.
The following resolution was also adopt.
cd unanimously:
RcAoitei, That the manager OF the Clearing
HouSc be requested to send copies of the pro.
ceedings of this meeting to Clearing Houses in
other cities, with an expression OF the hope
that they will unite in similar measures for
promoting the resumption OF specie payments.
The meeting adiourncd.atabout 9 o'clock
II. NJ.
William A. Camp, Manager of the Clear
ing House, who was active in bringing
about this concert Of action between the
banks and the officers Of the Government,
said yesterday: "This insure resumption
without any question. The harmonious
action between the money centres and the
Government i'll this movement, renders
it a fixed fact. Tho agreement too, that
the Treasury of the United StnteS will
make its exchanges directly with the Clear
ing House is of great importance to the
business community"
Mr.. Camp added that he had no doubt
the West and South will absorb the eigh-
teen millions OF silver coin now in the
Treasury, and the two millions q month
Secretary Sherman is authorized to issue,
without flooding the North with it; aud
in the mean time he has no doubt that
Congress will modify the Silver Bill in
some satisfactory manner.