New-York tribune., 1878-11-12
DETAILS OF THE CONFERENCE.

ject of Resumption consisted OF George A.
Coe, president of the American Exchange Bank,
B. B. Sherman. president Of the Mechanics Bank
w. A. Camp manager OF the New-York Clearing
House; George L. Baker, president of the First
National Bank; Washington A. Hall, president
of the Oriental Bank, and William J.. Jen-
kins President or the Bank OF America.
The conference was brought about by the bankers
of this city, who addressed a letter last week to
Secretary Sherman requesting him to name day
when it would be convenient for him to give them
hearing on the subject of resumption. Secretary
Sherman designated Saturday last as the day and
Washington as the place.
The conference lasted several hours and il is re-
ported to have been mutually satisfactory. The
bankers reminded Secretary Sherman that their
chief object in calling upon him was to give an
assurance of the anxiety Of the banks OF
New-York. Philadelphia, Boston and Baltimore
to aid the Government in enforcing the Resumption
Act January 1. To this end they said that
they felt authorized to pledge the hearty cO0pera-
tion of the banks in any action that the Secretary
might suggest, the principal object to be accom-
plished being the destruction of the nominal pre-
MUM on gold
STATEMENT OF A COMMITTEE MEMBER.
One of the members of the committee said yester.
day: The banks proposed to Secretary Sherman
that to prevent possible withdrawal of legal ten.
ders by depositors who have special or gold con.
tracts-which might result i'll case there should be
premium on gold on January /, thus crippling the
banks by exhaustng their gold reserve, notice
should be given by the banks that on and aftei
December 81, all existing special contracts should
cease and all deposits be payable onlyin lawful
| money of the United States The banks also pro-
posed that after December 81, special contracts
should be made by the banks AS equivalent for this
| the banks requested that they should not be
flooded with the standard silver dollars in the course
of regular business at the Sub-Treasury. hall our
claims were to be paid in silver dollars they would
soon accumulate in the bank-vaults, and our busi'
ness would be impeded, and in case of premium on
gold, there would be loss to the banks. This re-
| quest was based upon the assumption that there
| is no circulation for the silver dollars customers
universally refusing to receive them at gold value.
Secretary Sherman listened attentyely to what
we had to say, and although he gave promises
he encouraged us by requesting concerted action
| of the banks. He expressed the belief that
before the date for resumption the banks
| could make the premium on gold disappear,
| and greenbacks and silver would be at
par with gold on January 1. We promised TO use
| all our influence in this direction, and when the
Clearing House has taken action on our report, 1
am satisfied that gold will at go down to par,
| Wnere IL VIII DO Kept Ior inc luture.
VIEWS OF ANOTHER MEMBER.
Another member Of the committee said There
will be no special bank deposits of gold after De-
.cember 81 because there will be no necessity for
them, by virtue of resumption. Gold and green
backs will stand IN the same relative position that
legal-tenders and bank notes now do, and they
will be treated just alike In other words, il
on January man should deposit $50, 900 in gold
and $50 900 in greenbacks he can draw either one,
as we shall keep no special gold account. Every
account will be payable in gold, on demand. The
law is mandatory and resumption must take place
on January 1. OfcOurse if there should be premium
there would he no resumption, but the Secretary
believes aud in carrying out that belief he will ba
aided by the banks that long before that time the
gold premium will disappear Paper and gold will
stand equal III less tl,an ten days with concerted
action by the banks. On January the Secretary
will begin to pay out gold for legaltenders as fast
as they are presented.
"The Greenback advocates have maintained that
it will be found impossible to redeem $3J0,00O,0OC
lega-tenders with $16O, 900, 900 of gold. Most OF
these legal-tenders are held by the banks and pos
sessing as they will gold value, do not be.
lieve that Secretary Sherman will be called
upon to redeem in gold more than $25OO0,0Ot
legal-tenders. The law passed by the last Con.
gress forbidding the cancellation of legal-tenden
will work no immediate injury, as 1t provides nc
way for putting them again into circulation. Hence
all legal-tenders redeemed by Secretary Sherman
will be locked up in the vaults of the Treasury, and
they will be as effectually out Of circulation
as il they had been cancelled. The Secre.
tary proposes on and after January ] tc
distribute the standard silver dollars to all who
may want them. They will be sent all over the
country, but principally to the West. where there
has been such clamOr for the dollar OF our dad
dies' The amount on hand is only about $l4, ,OOO,'
600 or SI5 OO0, 900, and there will be no trouble
about that small amount flooding the banks
and destroying their reserves Secretary
sherman Is In earnest abOut resumption, and he not
only has the confidence of the bankers, but he will
receive the fullest cooperation of the banks IN
ducing the gold premium and IN maintaining the
resumption of specie payments, which will take
place on January l."
MEETING OF THE CLEARING HOUSE.
meeting of the Clearing House has been called
for to-day at 10 o'clock, to act upon the report of
the Washington Committee. 1t is understood
that resolutions will be passed pedging
the New-York banks 10 aid Secretary Sher-
man to the full extent OF their power In
removing the premium on gold, 90 that
Resumption of specie payments may be brought
about in the commercial centres before the date
6xod bv law. The co0Deration OF the banks at
Boston. Baltimore, Philadelphia, and of clearing
houses all over the country will also be asked.
"When the New-York Clearing House has acted"
said member yesterday, "gold will be at par the
very next day."