New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-11-13
STEPS T0VlRD RESUMPTION.

The important conference of the committee
from the New-YOrk Clearing House with the
Secretary of the Treasury, and the meeting
of the Clearing House yesterday, go very far
to give business that definiteness and security
regarding the future which are requisite to a
revival of commercial and industrial pros
perity. Since the verdict of the people on
Tuesday, it has been certain that the Resump-
ton Act would not be repealed this Winter, and
that the Administration would 90 forward to
execute it with full confidence in its success.
But it is undeniable-in fact, the existence of
any premium on gold demonstrated - that
there was still some doubt in financial and
commercial circles as to the practical effects
of the measures which might be preferred by
the Secretary of the Treasury. 1t was posi-
BILE. for instance, that the Treasury might pay
ont silver dollars for legal-tenders presented
for redemption, or for the ordinary expenses
of the Government. In that event, some ~ery
intelligent writers and bankers reasoned, the
banks might presently find themselves forced
to accept silver dollars in payment of Ordi-
nary commercial paper; the silver dollar
might become the unit of the money of ac-
count, and gold be still held, as it is now, on
special deposit; and the effects of the depre-
citation of silver might then become in the
last degree disastrous to bankers, merchants,
and all investors of capital Every day for some
months, loans of money in large amounts
have been refused in this market, although
the security was satisfactory and the rate of
interest ample, because the capitalists having
money to loan were not satisfied that the
amount borrowed in gold, or in paper, now
nearly equal to gold in value, might not be
repaid in greatly deprecated silver Nor
could those who wished to borrow be con-
WINGED that it would be safe for them to make
special contracts to pay gold coin, because the
course of the Treasury might be such as to
continue the decentralization of gold, and drive
il out of the country. Under these circum-
stances, business has suffered greatly from the
lingering uncertainty greatly, bankers and
investors in New-York well know.
The committee of the Clearing House. Mr..
George s. Coe being its chairman, visited
Washington to confer with the Secretary of
the Treasury on this subject. At the confer
ence it appeared that the views of the Secre-
tary and those of the bankers present en-
trely harmonized, and it became evident that
perfect cooperation between the AdminiStra-
tiop and the banks would be secured if the
line of action suggested as follows should be
adopted by the banks after January /, viz:
al Decline receiving gold coins as special deposits.
but accept and treat them only as lawful money"
al Abolish special exchanges Of gold checks at the
Clearing House"
"III Pay and receive balances between banks ut
Clearing House either in gold or currency"
"IY Receive silver dollars upon deposit only under
special contract 10 withdrdv the same in kind"
"V Prohibit payments Of balances at Clearing House
in syercerncates In silver dollars, excepting sub
sldiary coin IN small sums (say under SOY
"vL Discontinue gold special accounts by notice to
dealers January next TO terminate them"
In connection with these formal recon-
mendations, which were submitted to the
Clearing House yesterday, it was also contem-
plated that silver coin would not be forced