New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-10

yesterday, with presidents of leading Newf0rk
banks in regard to the resumption of
specie payments. He expressed the belief
that the Treasury Department would be able
to resume at the time fixed by law, but
desired the active cooperation Of the banks.
He proposed that the banks should take 100000
900 per cents at par-one-fOurh of per cent COM
mission to be allowed-to be paid for in gold before
January 1, 1870. Some of the bank presidents
did not receive the proposition with much favor,
while others approved it heartily. No conclusion
was reached and it is expected that another confer
ence will be held soon.
DETAILS OF THE CONFERENCE
THE BANKERS WHO WERE PREsENT-MR. sHElGiANs
OFFER IN REGARD TO B0NDS-H0W II WAS RE-
CEGvED.
Secretary Sherman made visit yesterday
morning to the First National Bank, where no discussed
the condition Of the bond market with especial reference
to the per cents. lie said that the Treasury Depart
ment would be able to specie payments at the
date fixed by the Law Of 1875 and he expressed desire
that the banks of the principal cities should aid him in
every reasonable way. At l O'Clock conference was
held with few OF the presidents of leading National
banks of this city, the directors OF the Bank Of
Commerce The invitation sent to the bank presidents
was as follows.
NATIONAL BANK OF COMMERCE IN Ngw;YoRK,
DEAR SIR: You are requested to meet a few gentle
this bank Tuesday, 9Jn INST, az pre-
Yours respectfully,
HENRY J. VAIL,
Among those present were Secretary Sherman, Mr..
Babcocl, his .prlvate secretary, AttorneyGeireral
Devens General HillhOuse of the subTreasnry Philo
c. Calhoun, president of the Fourth National Bank;
George s. Coe, president Of the American Exchange
Bank Robert H. Lowrey, president of the Bank Of the
Republic; George senly president of the Metropolitan
Bank; B. b. Sherman. Mechanics Bank; Frederick D.
Tappen Gallatin Bank Henry F. Vail, Bank OF Com
merco; Jacob D. vermilye, Merchants Bank. TherI
were also present. but not taking active part in the meet
ing, James N. Brown, Of Brown Brothers; L. D. Nor
gam OF Z D. Morgan Co., and Mr.. selgman, Of j. w
Scgman & Co.
The conference lasted about hour. and strict
creoy cnoned upon all who present Secretary
Sherman declined to impart any information,
saying that no conclusion had been reached and that
when something of 8 definite character was accom-
plished, he would make known the result By other
persons present it stated that Secretary Sherman
announced that he had solicited conference With bank
presidents OF this city, with view to securing their ae
tive cooperation in resumption OF specie at
an early date. He referred TO the amount Of gold on
hand aud stated that he willing to dispose OF $780,
OF he42 per cents with accrued interest tlO3
or he would sell per cents at par with j per cent COM
mission. His proposition is stated was that the banks
should to purchase the latter securities to the ex
from 50 coo 900 to $40 100000 the banks demanded
payments 10 be made in gold for the full Of the
500 900 by January l. 1879. In this way it was
claimed that the Secretary would be able to reserve
1000 900 gold per month during the Summer and
oS y PGT be- SF M Sherman then asked the
gentlemen present for their views on this PROPOSE
ee T 0 70 G ths pS6 and held that it was asking
much OF the banks pay the Government 100 Tor 2
per cents when they only commanding lO3 III tho
open market, and he feared that the banks would be
600 bonds be paid for IN gold by next January The
discussion was OF general nature ahd was Freely par
Tor their and advice and without arriving at
any definite results the conference adjourned
VIEWS OF ONE OF THE PRESIDENTS.
prominent bank president, who was at the confer
ence, said, after the meeting:
'As representative meeting of bank presidents, the
conference was not large enough. There was only
small number Of bank officials present, and many banks
were not invited to send representatives No Invitations
were extended 20 the officers of insurance companies,
trust companies or private bankers, and the
absence Of representatives Of some Of the Older
National banks was commented uoon The meeting
had one good effect. 1t disposed Of the de!usl0n that
Rotary The remarks made yesterday must have con-
vinccd Mr. Sherman that the York banks and the
Treasury Department they should be. in perfect
accord and that we stand pledged 10 render all The aid
I'm our power the extent OF our available capital, 10
bring about speedy resumption OF specie payments
"The interests Of the National banks are closely in
with the interests OF the Treasury Department
that an antagOnsm would necessarily be attended with
fatal results to the banks while nfctng temporary dis
aster only the Government WHAT we desire ana de-
mand from Secretary is thar he shall not merely re-
sumo specie payments but that lie shall do it in such
way and with such agencies make il perpetual re-
sumption To secure that hold that the egaltenders
should be called in and permanently retredThey are non
interest bearing which grew out OF the necessities
OF the war; aud were only intended to bridge over tenn
porary emergency The Secretary IN making ms prOpO-
ali ion for the banks subscribe for the cent ponds,
assured that he wanted TO regard Us National banks
and not in any Syndicate. The assumption Dy
the banks OF SO large an amount OF bonds,
recurring the payment Of SlO0OOOOOO in gold Dy
j. nuary l. 1879, means simply that ne shali
Issue that amount OF the National banks or
Srw-York Boston Philadelphia. Baltimore. and other
large cities and when specie payments are resumed ~
January the Government will have that am0nnt OF g0d
ON dpDosit banks draw against 10 Is the Coe
plan OF resumption proposed last summer IN mOdihGd
FORM Of the more conservative Dahhs are MUS
timd i'm regard to this heavy bond purchase, tearing
that the purchase of much gold 10 meet
the Government demands in January will diminish too
much their funds for loanng, unless the secretary
should allow wide margin OF prOht on the bonds ms,
issue of the fOrbids selling them at less than
par lie offers the banks the a per cent feducoa rom
nar rs a commission, which we regard as very lig6t III
consideration Of the great risk that Is 10 De assucd
One view presented that with concert OF action
among the banks in purchasing these bonds the banks
would be able to control the gold market, and that all
the gold business would be restored to the banks where
profit is worry small from gold transactions ana thd
balance of exchange continues in favor OF tins country
during year. with customs duties payable IN SILVER.
it only question OF short time WhcI EOd VIII oc ~
mar: then all profits will cease. The conference
Virtually resulted in practical results aside rom tht
assurances that the banks are Wiling ana even UNIQUE
to assist Secretary sherman in the Work OF resumption.
Another conference VIII probably be held wien Nlsio
br hOped Will be larger representation Oh SS
uOual bank officials