The New York herald., 1878-01-10
A GOLD BASIS.
Important Meeting Of the Bankers
Of Large Cities.
THE BLAND SILVER BILL.
Solemn Protest Against Its
Passage.
MEMORIAL TO CONGRESS.
No Circulation Of Silver EX-
cept for Change.
WHAT THE BILL WOULD EFFECT.
The Speeches and Opinions OF
Men of Finance.
MEMORIAL TO CONGRESS.
No Circulation of Silver EX-
cept for Change.
WHAT THE BILL WOULD EFFECT,
The Speeches and Opinions Of
Men of Finance.

business assemblies as attended the meeting heio
1t the Clearing House yesterday TO give expression tc
sner opinions on the Bland Silver DILL. The meeting
convened at one O'Clock and when the roll called
she following gentlemen answered ed:-Chares NJ Fry,
Bank OF New York James M. Morrison, Manhattan
b B. sherman, Mechanics Bank; j. d. vcrmiiye,
Merchants; William l.. jenkins Bank OF America; r.
NJ Bryson, Phoenix; Richard Berry Tradesmen's; {;
William A. Thomson, Merchants exchange; +. ID.
Tappen, GalaIin; Denton Pearsall Butchers'
and Drovers; Nicholas +. Palmer, Leather Manu-
iacturers'; George Montague Seventh Ward Ma
tiona; George s. Coe, American Exchange; Isaac
Daell Mercantile Il. Buck, cashier Pacific; H. L.
Lowery, Bank of Republic; George NJ Hard, Chatham
c. f. Hunter. People's William Dowd, Bank OF North
America J. T. Woodward, Hanover; }. l.. Jewett,
Irving; George l. Seney, metropolitan; S. r. Com
stock, Citizens; f. Al. Harris Nassau; r. Bayles,
Market; ;Av Stout Shoe and Leather; A. ID. Randolph,
Continental; WA Hall. Oriental Sidney Green cashier
Marine Bank; J. L. Worth, Park Bank; f. Chandler,
Mechanics Banking Association B. White, Grocers
Charles jenkins. East River; William Pool, Manuac
turers und Merchandise Fl. H. Nazro cashier Ninth Ma
tona &c. f. Baker First National; II. De Graf, Bowery
National; f. Leland, New York County; Henry
Rocholl, German American; Augustn Smith, vice
president Nassau; George NJ Groves, vice president
Bank ofthe Metropolis
The trust companies were represented by John A.
Stewart, president OF tho United States Trust Com
pnny, and Ii. f. Spauiding, president Of the Central
Trust Company. The life Insurance. companies by +
s. Winston o; the Mutual; II. Wesendonck, OF the
Germana, and +. o. French, OF the Provident Lille.
The savings banks by John P. Townsend, of the Bow
cry; W. IL. Macy, OF tho Seamen's; H. l.. Hosuct, OF
the Emigrant Industrial; Philip Bissinger, German /;
James p. Wallace, South Brooklyn. The merchants
by A. A. Low, William G. Langley and others Messrs
Franklin Haven, 5. s. Blanchard, Asa r. Potter and
John Cummings were present to represent the Bos-
ton banks, and W. H. Rhaun as u delegate from tho
Philadelphia Clearing House. Ex-secretary Hugh
NcCulloch was also present
CHARMAN's REMARKS.
Mr.. Dowd, tho chairman, in calling the meeting to
order, said:--
1t gives me great satisfaction to see SO many repre-
gentatIves OF other financial institutions here TODAY,
feeling that 1t ,s protest on their part against
imposing upon the financial and other industries
oi the country this attenuated and ghostly snape
called dollar l do not believe that this thing
II properly handled can be put upon the country,
for certainly you gentlemen who represent saw
ings banks, trust and insurances compa-
MES Will be opposed to reduction OF your
assets 10 the extent of ten per cent by violent
too tor the laborng man that he shall Eol have the
purchase price Of his days labor reduced eight
per cent, as II VIII be IL this bill is passed. know OF
no butcher baker who Will sell dollar's worth ot
meat or broad for nuety-two cents. do not imagine
that II contom plated that should make speech,
but rather that should adhere TO my province OF pre-
siding over your proceedings
Mr.. Coe then rSad the following report
Tue Committees REPORT.
Tho committed. to whom referred the resolution
passed meeting of bank officers, held the Clearing
House on the Pa 2,n Inst IS Sssv as o9Ts Of , m
ton in Congress which proposes Ia effect supetsede the
in gold alter the ist OF aauary s7e by
making silver collars OF 4l2a grains The legal standard
commercial operations In the United States the duty
change the circulating medium will have upon the
conduct OF senera business and the respective nst
tutions under their charse. ard what practical
any can D. adopted to preserve their various trusts IRON
tho bill in question: respectfully report =:
That th subject is 10 them in the of
very practical questions, viz:
fstWhat effect substitution OF silver dollars Of
4l2a grains tor the gold dollars gal measure
OF value have upon the general busI
and upon the institutions under our charge; anu
secOpd-What measures can be uienled
capitals from the loss which s believed would result from
In TO the first question your committee would
marx that silver bullion sufficient 20 make dollar OF 4i2s
grains can today De had tor fraction less than ninety
cents an so,d' 50 tha. the dollars which the
duce the standard one.tenth, and strike that
smonn, from tue sue % Si ali Gas,andng % deos and
and arbitrary eation and its banoul effect in shaking
rewards Industry inparing the obsatons OF con-
tracts ana IN oosenng the ties that bind tog her in
civil life are most obvious; but those considerations
beyond the strict lire Of inquiry. Since the
recovered from its great deene and It's
debts o. the people 80 esen o,ner kept pace 1y ecna
ornzed as one Of the equitable conditions Of trade and the
has made it's Necessary saeriess ana cpo,ui,n 'o
The necessity o which has been forced upon tho
people has been widely accepted. and has produced
benehcent. practical results in diminished Imports from
other Countries while increased industry and skill
supplied means 70 turn the balance OF trade for several
ana It to commend the nigh endeavor Providence
bounteous haryess while It's credit abroad also
seysa @ favor ne bonds Of no o.asr nation
own as have ours N the English market; 1he rubii:
debt Is being rapidly reduced, both in principal
and In the rate Of INTEREST," the legal tenaer
Ieney has receded to S1ooCoOyo IN amount. aud
Prices OF commodities have approxilnatod, and many
forces command tie Secretary Il the Treasury are
abundant without urther legislation and proyng their
efficiency by unds rapidly aecumuatns in advance TO u
sure TIE resumption oi payments IN goa con on ls anu
1872 or whcu the nation soenny pcagud Itself
10 It's creditors hrou ghout tue world with further
,stion o oa IN 6anas and reasuy and By their eoosra
to expect both 70 rssume ana TO sntan specie panens
nik SUBSTITUTION IMPOSSIBLE
All fayorinE Influences eoncentra,e upon this happy
aud TO aid In restoring SQUAD financial condition II
posed suppIant the gold dollar tue measure OF value
es.aSssd ~ eonn,ere.! usase ana reeogn1sd aud de-
al tho business OF the people or nearly half century rs
one, which, although having traditional ANA nom
place am g tue original anu legal coins has had almost
Among tie 100000 OF our living people and
ever Seen Silver dollar Of the United States oi 4i2T
grains ihis ancient cain having now ony value IN re..
and since OF about 30 o. 100 Is proposed to revive from
debts incurred In United Staes wel before alter
II becomes enthroDcd It's dominion, ~ is proposed
tend alike past wol present and nlure
transactions, and both public ana private oblisa-
At time when the double standard nations have
closed tDcr mints silver by OF It's extraordinary
f IL is proposed that the United states shall coin silver
AS M regulate value thereof by
bullion. financial revolution B. important
reaching and uninci length startled the
Hui tbs ngDitude OF the change Is such that cont
pvey lew persons eau yet DO made to believe tha such
be seriously cptertanod by Congress-
This dollar is aterthOugh 1t cannot be suost-
ted or tne gold promised GU LIST January 1879 be-
,ase expected or provided aud the Director
n The Mint has informed the government that tue utmost
,oer .t his only cou iOty hity MILL
ons Of them single year. sum quite Inadequate or
ptlon ana the gold now ed in tor
Al rpose under existing law II would be neither prac-
ical nor just coin payments Win dollars some
sa aud worth 100 CENTS because the Ue-
ire OF the people tho hg er prizes would at once
: a anal ths Who'll supply anu vacste ths ireasnry
M .fmution on the 1st OF January l' would therefore
Totally defeated Tho passage or sn ACT proposing 70
~ nut dollars OF lower value. which DO nor exist ana
kich caunot IN be msde, would msss snse'ay re-