New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-16
PREPARATIONS FOR REsUNPTYON

Secretary Sherman gave formal notice on
Saturday, for the information and guild
I" ance of all concerned" of the course to he
pursued by tho Treasury Department under
the Resumption Act The circular, as it is
equivalent to a formal order to all officials
of the Department also gives fair notice to
men in all branches of business of the course
whch they may expect. After January /,
mo distinction will be made in keeping, rem
"dering or settling the accounts of puolIc
officers between coin and notes coupons or
checks will be paid either in coin or in notes, as
the claimant prefers, by the Assistant Treas
urcr or any other independent Treasury off
GER; registered interest will be paid by coin
check on the Assistant Treasurer at New
York, or directly in notes if the claimant
prefers; and any check or draft here
after drawn in payment OF puDiic
obligation by law payable In com
will have that fact plainly noted thereon.
These provisions are proper, aud they leave
little to be desired. 1t is not formally
announced, as it has been informally
stated, that officers and banks represent
ing the Treasury in other cities will, aS Tar
rs they conveniently 4 can, freely exchange
gold for notes or notes for gold. Never
thclcss, this is the evident and neces-
sary consequence of the prov sion that
such officers will make no distinction be-
tween notes and coin i'll keeping OF III
settling their accounts. If the officials at any
point and the depositary banks are no longer
required to keep separate account OF goId re-
ceived, or to transmit to the Treasury actual
gold coin instead of notes, there will be no
occasion for them to decline to accommodate
anybody with coin for notes as far as they
may be able.
Virtually, also, duties may be paid in
United States notes at any point. If the Col
lcctor il to keep no separate account OF gold,
if remittances to New-YOrk or Washington
are to be ordinarily made III notes rather than
com because 1t will cost less there will be no
occasion for the Collector 10 ask or for the
importer To get gold coin. The money
that is good III settlements Of the Collector
with the Treasury viii be good IN settlements
of all merchants with the Collector. Natur-
ally. notes Will be mainly used, and will be-
fonnd more convenient than ever be-
fore, because they can be usd for
all domestic purposes, and within any
reasonable limit can he turned into gold
on demand. Under this system, the amount
Of notes which will remain outside OF
the Treasury ut any time will be that amount
which the country finds it convenient to use
in place of coin. After Il few weeks of cx-
perirncc under this system, it will probably
be found that the amount of notes held In
active circulation will be nearly if not quite
IA great as it Is now.
II is well understood that the only danger
has been from speculative hoarding-from
borrowing Of legal tenders upon gold as mer-
chandisc During the last week there have
been some rumOrs of arrangements OF that
character with Canadian banks. but it is
said that these have no longer foun-
dalton, if they had at any time. IL
would be easy for the Secretary and the
Clearing House banks, however, to make specu-
lativc operations the more difficult by sim
ple eypedicnt. The Treasury has power to
anticipate by few days the payment OF inter-
est due in January, as has been done before.
The banks have power to decline prior
to January | to receive any further special
deposits in gold. They have agreed to give
notice on the 1st that such accounts must be
closed but it is entirely optional with them
whether they will continue for three weeks
to permit the special deposits to be made or
increased But if the Secretary should propose
to pay on and after the 23d, one week hence,
the gold due January for interest, and the
Clearing House banks should resolve to re-
ccive no gold on special deposit on or after
the 23d, the payment of twenty millions or
more would put an end to the speculation in
gold. 1t is believed that the demand for gold
Al! ! L., ~;
ished, if, for several days prior to January
l, gold and notes should DO freely exchange
able in the market at par.
THE PRINCESS ALICE.