The New York herald., 1878-11-13
RESUMPTION.
Gold Payments to Begin on the
lst Of January.
ACTION on THE CLEARING HOUSE.
Fifty New York Banks Resolve to Sup
port the Government.
NEW YEARS GOLDEN PROMISE
Ninety Cent Dollars the Only
Serious Obstacle.
HOW TO OVERCOME 1T.
The Bankers Unanimously in Favor OF
Specie Payments.
NEW YEARS GOLDEN PROMISE
Ninety Cent Dollars the Only
Serious Obstacle.
HOW TO OVERCOME II
The Bankers Unanimously in Favor Of
Specie Payments.

On Friday morning & committee from the New
York Clearing House arrived at Washington for the
purpose OF having conference with Secretary
sherman in regard to the resumption of specie pay
ments. The committee consisted Of William A.
Camp, manager Of the Clearing House, George g. coe.
president OF the American Exchange Bank; d. B.
Sherman president Of the Mechanics National Bank;
George r. Baker, president of the First National
Bank Washington A. Hail. president Of the Oriental
Bank and william L. jenkins, president Of the Bank
Of America
On Friday evening the conference held, and be-
sides the committee there present Secretary Of
the Treasury sherman. Secretary Of State Evarts. As
sistan Secretary Of the Treasury French Comptroller
Of the Currency Knox and Attorney General Dcvens.
The committee returned on Monday morning. and it
decided to call meeting of tho Clearing House
Association Tuesday. at p H. and to lay their
report before that body for action.
BANKS EZPREsEsrKD.
At the appointed hour the meeting was called to
order by Mr. William Dowd president Of tho Bank Of
North America, and also OF the Clearing House Asso
citation. Mr.. George Montague. of the Seventh Ward
National Bank acted secretary The Association is
composed Of fty-eght banks and of that number fifty
were represented They are as follows:-
Bank Of New York, National Banking Association
Manhattan Company. Merchants National Bank. Me-
shanics' National Bank. Union National Bank. Bank
Of America Phnnix National Bank, Tradcsmen's Ma
tionsl Bank. Fulton National Bank. Chemical Ma
honal Bank, Merchants Exchange National Bank
Gallstin National Bank, Greenwich Bank. Leather
Manufacturer National Bank Seventh Ward National
Bank National Bank Of the State of New York Amer-
can Exchange National Bank. National Bank of Com
merce National Broadway Bank Mercantile National
Bank, Pacific Bank, National Bank OF the Republic
Peoples Bank. Bank of North America, Hanover
National Bank Irving National Bank. Metropolitan
National Bank Nationsl Citizens Bank Nassau Bank
Market National Bank, S. Nicholas Nationsi Bank
Corn Exchange Bank, Continental National Bank.
Oriental Bank, Marine National Bank. Importers and
Traders Nstional Bank Nstional Park Bank National
Mechanics Banking Association, Grocers Bank East
River National Bank, Fourth National Bank, Central
Wstional Bank. Second National Bank Ninth National
bank First National Bank, Third National Bank iNew
York National Exchange Bank. New York County
National Bank. German-Amcrican Bank and Chase
National Bank.
NOT REPRESENTED.
The absentees were the Representatives of the
National City Bank, National Butchers and Drovers
Bank Mechanics and Tradcsmens National Bank
Chatham National Bank. National Shos and Leather
Bank North River Bank, Manufacturers and Mer-
chants Bank and Bowery National Bank.
OPENING THE PROCEEDINGS.
MY H. r. Vail, president Of the Bank OF Commerce,
epened the proceedings by stating that the committee
had been in Washington in consultation with the
Secretary of the Treasury and Others The following
communication from the Treasury Department sd-
dressed to William A. Camp, manager Of the Clearing
House. was read
OYyIcE UNITED STATEs ASSISTANT TREAsURER,
NEW YORK, Now III, 1878.
SIR-In conformity with Instructions from the
treasury Department have the honor to submit the
f,r nssatt
Clearing House Association of Associated Banks OF
this city
sented the Clearing House Assoc ation in the city
of New York received by the Assistant Treasurer in
this city, may bo presented to such bank at tie Clear
Sscond-Hercafter drafts drawn the Assistant
Treasurer at New York may be adjusted by him at tho
Clearing House, and the balance due from the United
States may be paid his Office In United States notes
or Clearing House certificates.
rtsr the Lat OF January rsss payment hr ,r1 Q,
bank connected with the Clearing House may be
made by him in United States notes On the accept
cntion entered its records or in any other form
that will convey its sanction. am authorized to con-
form to them soon as the necessary details can be
u''nseA' THOMAS HuLHoUsE.
Assistant Treasurer United States
The following resolution was then unanimously
: ~adopted:-
Resolved rha, In prder 10 facilitate ths payment 81
drafts and checks between tho Of the United
States and the bank. the Of tho Es~
ranesmsni with the Assistant Treasurer viii sceompst
ihaPurposs through the medium of the New York Clear
REPORT or rHE G1.xARfra HousE COMMITTEE
Mr.. George s. Coo. president Of the American Tx
change Bank and one Of the Committee which con
ferred with Secretary sherman. read the following
rcport:-
In view OF the proposed resumption of specie pay
ments the LIST of January next IL III necessary
recognize tho truth that SUCCESSFUL and porpianen
attainment Of that great object cannot be secured
without tho cordial cooperation of the government
and tho commercial banks.
The government cannot preserve coin for the pay
uent of its Issues unless the current standard D
commerce. whose exchanges arc all made through th
agency of banks, is maintained at the same hiei
level. II this be not done IL is selfcvidcu
that the superior valne OF tho coin pro
vided by the government for resumption will
Cause u to be rapidly drawn away into commercial
Channels and exhaust the Tressury supply. It ia no
necessary 10 assume any sntagonisIn on the part Q
banks for there can be nonc TO produce this result
II would come from the natural operation OF the law
of trade. Government only responds tn the require
lncnts Of commerce and to the highest instincts o
the people in aiming to restore the universal standar
of coin and the same forces pressing directly
upon tho banks demand Of them the same effort
There is no influence npelling tho governments 7
reinsatc itself in line with the most advanced ma
lions OF tho world, that docs not In greater desrc
appeal to the interest Of banks to work in tho sam
direction. .
Accepting these evident truths. the only question
among intelligent bankers Is this, How can this GO
operation be best secured and by what practcs
measures When the government freely offers Y
meet its currency issues in coin upon presentation
the banks will have to provide not ouly TO rt
deem their circulating notes. but also 70 protect thci
larger obligations of deposits and their exchange
with each other and with the people ut the sam
coin standard. standing. ~ they do, in mmedat
contact and relation with every form Of industry
exchange, upon them will mainly rest the labor Q
maintaining the coin measure in all conmercis
transactions.
There are diverse views honestly entertained RI
,pecting the relative merits and powers of crcuatn
notes. Of banks or OF government, to which wi
best promote the public interest aud meet the r,
uuircIncnts Of the people. Avoiding all discussion
this subject ~ not pertinent to the Immediate occ'
siuu let US accept tho situation 10 now exists an
ss il Will continue until after the day OF resumption
and rculit all such questions 10 tho test OF future
pcrience.
daily ksnssctions = banks between thetr deposts