Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-11-15
THE BANKERS PLAN.

Hosv They Propose TO Fork the Repea; of
tfs Resumption Ect-The Ne.v Pro-
01Gsnasc Fully Explained by One of
tite INTERCEPTED Parties.
New York Special (Nov. 12) to Chicago Trib-
Representatives Of fifty banks, the leading
banks in this country, attended the clearing
house meeting to-day to hear the report of
the committee which visited Washington and
laid statement before Secretary Sherman
containing suggestions deemed wise and
worthy of adoption at this time. The report
was unanimously adopted with much enthu-
slasm. The feeling among tho bankers is
that the plan adopted will inevitably lead to
resumption. A number OF bankers con-
versed with a Times reporter, and all spoke
with confidence Of the ability of the govern
ment and banks to carry out the plan to the
fullest extent. James w. Morrison, presi-
dent of the Manhattan bank, said he was full
" satisfied the plan approved by the cabinet
and adopted by the clearing house would ac-
complish resumption.
he PUT THE POINTS
to be gained thus: BY arrangement, the as
sistent treasurer, on the representation of
Secretary Sherman, would enter the clearing
house and become one of its members, hay
ing desk there and transacting business
with the banks in the association, lust as
older banks avail themselves of the advant-
age. BY this means great deal of time and
trouble would be saved. The banks that
hold warrants upon the treasury from 100 or
500 correspondents, as the case may be, vary.
ing with different banks, will bring their
budgets of warrants to the clearing house
and turn them over to the assistant treasur-
er's clerk. AS all balances are to be settled
IN the clearinghouse for years, this part of
the transaction between the government and
the banks will be expeditiously performed.
2. The gold accounts, which have been
kept specially ever since gold began to be
sold at a premium, will cease.
GREENBAoKs AND GOLD
will be considered alike, and paid out %
equivalent. It is understood that gold will
be paid out in all banks after Jan. !, when
ever called for, and it is not expected there
will be any rush for it, or that people will
overload themselves with gold when gold is
less convenient than greenbacks and no
larger at premium. Secretary Sherman, in
approving this plan, expected people would
regard the treasury in the light it regards the
banks under the new arrangement, and
would not for an instant think of pressing it
merely for the sake of ascertaining whether
the store of gold in the treasury could be
exhausted.
3. The gold account, heretofore kept in
the banks, is to be
CHANGED FOR A SEPARATE ACCOUNT OF SILVER
deposited and sold only as bullion. The
Co,
argument very distinctly, and cannot be
viewed otherwise than with favor. # the
depositor put $4,000 in silver
in bank he will receive $4,000 in silver.
The banks will merely keep it for him for
what 1t IS worth. If the volume increases,
and it be worth ninety-fve or eighty-ive
amount in the nominal dollars that he deDos-
tied. 1t will Immediately be found necessary
to regulate the issue of silver to maintain its
value. If silver is wanted, it can be had.
But Secretary Sherman gave the committee
to understand that this matter of silver
SHOULD NOT BE A BUaBEAR.
He said there was now but $4,000 900 of it
in circulation. If more were called for he
might have it under lock and key, but, in the
treasury vaults, it was capable of doing no
more harm than if in the mines, while it
would be ready for use in case an emergency
should arise. Greanbacks will be received
by Secretary Sherman, but not reissued un-
less an absolute necessity should arise for
sending them out again. He calculates that,
with the 100000, 00O of gold or more he now
holds, he will be able to carry out his re
sumption plan successfully. 1t is estimated
that not more than $40 100000 in gold will