The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-10
SPECIE PAYMENT.


CONFERENCE ON RESUMPTION BETWEEN SEC
RErARY SHERMAN AND NEW YORK BANKERS.
Secretary Sherman, accompanied by Attorney Gen.
cral Devons and Mr. David Baker, Chief of tho Loan
Department. OF tho Treasury, ana cxAssstant Score,
tary Conant wcrc In this city yesterday Secretary
Sherman and Mcssrs Dcvcns aud Baker spent tho
greater part Of tho day down at Wall street and
seemed TO be busly occupied. II generally
stated tina, tho object of Secretary sherman's
visit was 10 make adequate preparations for
tho resumption OF specie payments on jan
uary /. Tho Secretary himself when questioned
by the writer at tho SUBJ Treasury would vouchsaio
no information whatsoever Ito said that hs might
be ablc TO "sny something tomorrow" (o-day), but
for the present he would Mother confirm deny
report. He was even unwilling to say whether .
conference with The leading banders Of New York
tne subject had been contemplated by him.
At the Sub rrcasury ~ was asccrtaincd that the
Secretary aud Messrs. Devcns and Baker had been
c'osctcd with tho sub-rrcasuror Gcnerai Hilihousc
bankers or bank officers had called TO see him. In
curry at the banks and bankers' Offices elected
the TACT, however, that Mr. sherman va sotuslIy
IN eousultNwon with some OF the bankers formerly
Interested IN the syndicate during the day. ana
tnat grca. care hal been tsxen 10 shroud the
AFFAIR In mystery Secretary sherman, General De-
vcns. Mr.. Baker ana General Hillhouse proceeded al
O'Clock TO the Bank OF Com mcrcc, where . strictly
private conference actually took place. Among those
present we're George Coe OF tho American Exchange
BsuK; J. d. vermiyc. OF tue Mcrobasis' Bank; J. W.
sc.lguan OF j. W. sshglnsn n Co. H. q, fannstock,
OF the First National Bsnx y. ID. TAppan OF the Gal
latin National Bank; q. N Jordhn, OF tho Third Ma
uonai; representatives OF winslow, Lsnicr A. Co..
Morton, Bliss Co aud Drexei, Morgan a Co, aud OF
q number OF national banks the cvniercuce vas
bret and Informal ana no final conclusion COM
TO. Tho man points discussed wera the feasibility OF
accommodating sufficient Kold tor the resumption OF
specie pay mcnts ana tho proposed sale Of bonds.
Those who attended tho conference had snJoined mu.
tual secrecy upon cnch Other 30 that only statements
OF q very general character could DO obtained
OBJECTS oy rnE cosrsnKxcK
A significant version OF tho precise object Of tho
Sccretarys VISIT which appears 10 be surrounded with
much secrecy oDtaned from q prominent
banker, an ex.member OF the Syndicate. who was
present the inference al the Bank OF Commerce.
The Secretary said he ~ anxious 10 resume specie
pay mepts on the lat Of January next Now, how can
he do THIS whcn he has $780, 10000 sresnDacks and
bank notes outstanding ana only $4,000 600 gold
WIN which 10 resume specie paymentsa The only
way In which he can nope 10 be able TO resume ~ by
procuring more gold. During the months OF May
june and July when our imports greatly exceed
our exports We send abroad thirty forty millions
gold, and Que way BY which the secretary may try
accomplish hrs pwpose is by stopping this export
OF gold. BY eDlisting tho cooperation OF tho
bankers this may be donc Tor tho bankers would only
have TO cheaper cxchaugo 10 Europe aud Keep ~ be
low shipping rates oraer TO retain this gold In this
country. IL is also proposed that the Secretary sha
sell some OF tue new Tour per cont bonds 10 ~ nd
cate OF DANGERS TO the extent OF say about any mill
ions Of gold. This would give him niv millions Of