Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-11-23
Resumption of Specie Payments.
SECRETARY SHERMAN IN CONFERENCE WITH BAL.
TINORE BANKERS.

TINORE BANKERS.
\ committee of bankers from the Baltimore
Clearing House Association were in conference
with Secretary Sherman for over an hour this
afternoon. The conference was on the subject
ot the resumption act and its workings. The
committee consisted OF W. W. Taylor president
of the National Union Bank: Mr.. JOHN Saurtn
Norris, president Of he First National Bank; md
Mr.. Il. y. NickerS. president Of the Marine State
Bank.
The following is the Official
REPORT OF THE INTERVIEW:
Mr. layer sald: MI; secretary, at a meeting
or the Associated Banks of Baltimore, convened
on Tuesday last, committee. composed OF
NeSsrS. Norris. Taylor and Nickers. was ap-
pointed to consider and report at an adjourned
meeting what action is eXpedient TO be adopted
by the Baltimore banks expressing their sym
pathy with, and aid and cooperation in the re
sumption by the government of Spacie pa
inentS on the lSt OF January next. In pursuance
OF this duty we have deemed it necessary to
ask for this Interview and hope to elicit from
you sucn Definite information on the subject
as Will enable lis and the banks generally TO act
diScreetiy and understandings. We have there
f0le prepared some questions which we respect
Iully beg to submit you:
FtrSt-Afe United states legal tender notes 10
be received at the Baltimore custom house on
and after January lst, 1919, in payment of GUS
toms duties at their face value?
secOnd-Will | nited states legal tenders be
received on and after January lst, 1919 at their
lace value in the purchase OF United States
hULdS from the Treasurer,
|
be redeemed in gold at the Office OF the United
states Assistant Treasurer III Baltimore on aud
after January 1st. 1879?
FouItn-Wiil the standard silver dollar be is
SCed In exchange for GreenbackS in Baltimore
on and after January lSt. 1913. and contrariWiSn,
that is: Will gseeGbacks be issued for the stand
AID silver dollars:
Fifth-Will there be an issue Of certificates
for deposit OF silver with the Assistant TIea
suler OF the United States at Baltimore: and
viii these certificates be treated aS Silver cnia
in payment OF customs duties ana other i'll
dcbtedneSS The government
S!Xtli-Nili tie @0vefnmel; after January
lot 1919. continue the issuance of certificates
OF deposit OF legal tender notes commonly
known as clearing house certificates?
or course, Mr. Secretary. these questions are
suggested III consequence OF the law providing
that redemption Shall take place in New YORK.
II IS not perhaps limited to New York but still
that city is NAMED as tie place of redemDti1n.
ard tie Baltimore banks. therefore, have been
very much at a loss to know how to act. and
tnan New York were excluded. This Is espe-
cially important, in view OF the necessity OF
keeping gold accounts for customs duties VITA
llt!iy Cl our ieading importing houses.
TIE sKCRETARY's REPLY
TIE Secretary.--I inferred. gentlemen. frO.a
tie appointments YOU made with me thar some
SuCh questions as you Tow propose WOlld be
submitted 10 ne: but as the law re elllir,,S me
olflciaiiy TO report 70 Congress III little more
tEan week upon tie very topics YOU suggest
II Wou.d be manifesty Improper for lne to nov
discus item in such details as frankneSS would
require. ETIt may say few things Wilicl W IL
substantially answer the object of this inter-
view.
1t is true that actual redemption is confined
by the law 10 lhe Office OF the Assistant Treas
uTer at New York. This IS a wise provision for
II would be fneXrpdient TO scatter the reIamp-
tion fund 80 that il would not be readily ayaia-
bic. Redemption in New York. the chief com
mercial city OF The country, establishes the
equality OF the United States notes vita coin:
and This Is tie main thing, and carries with it
tnelr e4uallty IN all parts OF the United States.
Tie difficulties suggested by the Baltimore
banks could be met by either OF several expe-
dents.
First-Thls department can now, By express
provision CT law. sell or exchange coin Tor
gfeenbacilS. This has been done f0r years az
Boston. Baltimore, Chicago and otner le ;ding
ports at the same premium for gold as the mar
ket rate at New York. This could be continued
after January lst. when AT New York the rate.
viii be par. and therefore the same eseHherc
,ecC1d-U United States notes being al Z nariiy
with coin, can | tfink. under existing law be
received for customs duties; and this is ie only
pmpcse Tor which coin is required By law - be
paid to the government 10y citizen, and ii Is
there is any doubt upon this point, Congres
may expressly authorize it.
1hlid-lf United states notes are taken 70
duties IL New Ork. they must he taken for dll
ties IN every port in the United States other
wise an unconstitutional preference would b,
made In favor OF one port over other ports in
the nited States
Fourth-After resumption United States notes
must oe 'eld and maintained al par for all pur-
poses il. all parts OF the United States They
can be transported easily and speedily, while
coin cannot be so readily and cheaply moved
ii would seem that if we secure absolutely the
convertibility Of L. S. notes into coin at the
chief commercial city, we practically secure the
the United States. Exchange is usually
in favor of New York, but temporary
premium elsewhere will be insignificant
and and cannot exceed the small cost of
tn Nny Vr,I-
Ihat may, and has occurred, when specie pay
mentS were the rule everywhere, and is less
likely TO occur now when we have a unit lrl
paper circulation, current in all parts OF the
United States.
My general answer. therefore, to you is that
the United states will maintain its notes at par
VIII do so by the redemption of such notes as
are presented TO the Assistant Treasurer at
New York, and by the receipt of United
states notes for both customs duties and
bonds. / think this can be done with
out change of the law. But as to this
Congress must be the Judge. The Treasury will
treat l. :. notes and coin as an exact eo,liva-
lent in all transactions with the government.
ana then all business everywhere in the United
states will adapt itself TO the same
standard. Having stated this much, do not
think that ought TO 60 further. and perhapS in
my desre 10 be frank with You / may have
broached questions that should await the OPEN
Ing OF Congress.
At the meeting OF the American Public Health
Association III Richmond, Va, yesterday the
invitation for the association to meet in NASH
vile, Tenn, next year, was accepted Onicers
We're elected for the ensuing term, with Prof j,
L. Cabell. or the nlverSty of Virginia, as pres
ldent: The committee on resolutions made a
report, which was adopted, declaring it inexpe-
dient TO commit the association TO obtaining
legislation by Congress as to any definite form
OF organization OF public health service. They
propose, however, the appointment Of a COM
mittee on legislation. to consider matters per-
tanning to congressional action. They also made
a report, which was adopted. declaring it the
duty OF every state to establish state board of
health. Resolutions were also passed declaring
that the yellow fever OF 1915 was not Indigenous
and that absolute nOn-intercOurse will prevent
the importation OF specific causes OF yellow
fever. Adjourned sine tie.
RAILROAD ACCIDENTS IN NEW JERsEY-At
Newark yesterday Y. ". Rutan, a prominent
citizen, was run over by Pennsylvania rail-
ioad train and had both legs cut Off Al Eliza
beth John Mulcahey. an employe OF the same
fy,ct, fJxy lin