New-York tribune., 1878-11-13

These
them wlAn excessive to be exchanged nt par at tno
Treasury for gold cola BY ths means tho amount re-
sorbed within which time 1t is believed that the per
maneDt restoration of the gold standard Win tns
mercal prosperity In the country naturally atendngh
VIII have made the duty OF Congress- respecting imam
cial legislation, clear and Hnquestonapie
With this from the Government, tDe Danks
may confidently and zeaously combine their energies
with the Secretary IN the movement toward
at the same time fnling their highest duty 10 the
Nation. and 10 constituents and promoting tue oes'
tut tsrests OF commerce aud trade,
The sUB-TREAsURY AND THE CLEARINGHOUSE
letter was read from General Hillhouse as foi
lows: ,,-..,.,
OFFICE UNITED STATES ASSISTANT TREAsURER'
ksW-foRk NOV ~, - 80 ia q.
SIR: conformity with instructions from the treas
ury Department have the honor to submit the follow
iLg propositions Tor the considersmOR VI thS h
First-IIereafter drafts drawn upon any hanE repfV
sened in the Clearing House ASSOCIATION III tne tn ~ h ~
HewYOIk received by the Assistant treasurer IN hs
city, Ioay be presented 70 such BANK at the Oeaihg
second-iIereafter drafts drawn on the Assistant
Treasurer at NewYork NAV be adjusted by nm az me
Clearing ose, and the balance due from the United
States may he paid at his office III United states notes
or Clearing House certificates.
ThrdAfter the st of January nexf ment or checks
presented the Assistant Treasurer BY any bank CON
neced with the Clearing House may be made by hin ID
tons 6y resolution Of the association. entered on its
records, any other form that VIII convey its sae
tion, authorized TO conform TO them 70 soon as the
THOMAS HILLHoUsE,
A resolution was then adopted providing that In
order to facilitate the payment of the drafts and
checks between the Treasurer of the United States
and the Associated Banks the manager of the Clear
ing-House should be authorized TO make such an
arrangement with the Assistant Treasurer as would
accomplish that object through the medium OF the
Clearing House.
TREATMENT OF COIN BY THE BANKS.
Mr. Coe presented the following resolution:
Resolred That the reported interview between the
members Of the Cearln gOuse and TIE Secretary Of te
Treasury with the views expressed bc them 10 him III
the paper presented to this meeting upon the subject O
the restoration OF specic payments meets .ie cordial
mea recommended the adoption of the banks IN
respect 70 the teaiment OF com IN ,e oaSes @ a,es
into practical operations aAd III pursuance thereo Is
hereby further resolved tina the Associated Banks OF
tins city alter the LIST OF January, 1879, will
l. Decline receiving gold CONS as = SPECIAL deposHs
but accept and treat them only as " Lawful! money.
2. Abolish special exchanges OF gold checks at the
g. Paw and receive balances between banks at Clear
ng House. either gold United states cgai-tendes
4 Receive silver dollars upon deposit, only under
81 scal cont act 10 withdraw tie same IN klnd. -
s. PTohIbI! payments OF balances at Clearing House
u silver certificates in silver dollars. oxcepting as
g. Discontinue gold special accounts by notice to
dealers LIST January next, to terminate then.
The proposed plan of action fer the banks, pre-
sented by Mr.. COe called out the opposition of j. b.
Colgate, the well-known bullion broker, who repre-
vice.presdent He objected to the sections referring
to silver as improper and evasive of the law. He
said that Congress had remonetized silver. and that
the banks Of New-York now proposed by Mr. Goes
plan, TO demonetize it,
Mr.. Coe responded, claiming that there could be
only one standard of value, by which all other cur
rencies must be judged. He said that Mr. Colgate
might be able have the sect relating To silver
stricken out, but could not strike out history,
cbp al hat fbp oft
nation Lhat had attempted 10 make silver the equal
of gold. Mr.. COe maintained that the cart-whcels
called silver dollars could not be put into circuia
ton, and that the banks must project themselves
from being flooded with them.
On a vIya-vOce vote, Mr. Colgate alone voted no.
When vote by banks was called he said that IN
the absence OF the president OF me BANK of the
State of NawYOrk he would not take the response
billty of voting, and the plan offered by Mr.. COc
was unanimously adopted.
EXPECTED ACTION OF BANKS IN OTHER CnIEs.
AnOtherres0ution was then adopted, requesting
the manager of the Clearing House 90 send copies
of the report of the meeting to the managers OF
other ClearuR-Houses in other cities, with the eX-
preston Of the hope that they will unite in similar
measures for promoting the resumption OF specie
payments.
Ii was stated by bank officials at the conclusion
of the meeting that the banks of Boston, Phliadel-
phia Baltimore, Newt Orleans, Chicago, Cincinnati,
ST. LOUIS and San Francisco would take immediate
action ON the subject of resumption ana tlat lhry
wOaid generally approve the views OF the New
York Cleallng- House.
1t was suggested by prominent bank president
yesterday tfat, as the banks had performed their
duty, upon the Disappearance OF the gold preidlum
the New-YOrk stock Exchange should promptly
clvse the gOld-roOm as OF no further use.
A letter was written to secretary sherman last
evening by George 5. COe, III which he SAYS: "Ihe
report was cordially adopted. ana You may no"
feel assured OF the Jealous cooperation o tine banks
in tue resumption OF specie payments on January l.