The New York herald., 1878-11-13

specie payments on the 1st of January, 1872 Hopes
entertained that the silver diihculty will be
bridged by arrangement with the govern
ment:-
Mr. Samuel Thompson, in reply to the reporters
questions. said The government cannot pay coin
for the OF its issues unless the current stand
ard Of commerce. whose exchanges all mado
through the agency of banks is maintained at the same
high level The 1879 will mark era in the his
tory Of this country by the resumption after sixteen
years OF suspension of specie payments. This event
wi'i VIII Certainly take place ana the financial mnner,any
the basis Of the legal tender currency greenback
silver dollars and gold coin opens several interesting
theories as to our financial condition. There is no
question that our paper money and credits aro
70 have coin value. but will coin 30 gold
be reserved until the banks bankers of the
try shall develop their action after the Treasury re-
sumption II the banks and bankers draw coin for
their 9-eenbacks and insist On giving preference 70
gold they will order their balances credited In gold
account. Any active and privileged discrimination in
favor Of gold-or any general boarding OF goodwill
surely culIninate in u silver basis for paper.
currency Discriminate If At ALL in favor of the paper
as reserve. Tho banks not required to have any
better reserves than grecnbacks. and the people wiz
not only be satisfied but grated IL they certain OF
this fact.
SPECIE RESUMPTION NECESSITY.
Mr.. Henry T. Vail. the president OF the National
pressed in the rosolutoDs adopted al tho Clearing
House. Specie resumption IL now necessity OF the
country, and the problem with the goyernmsns a., IS
how to meet this necessity. 1t must look to the
banks for cooperation. They had responded to Its
cali with the greatest promptness and unanimity.
which showed the entire faith of their managers in
the practicability OF the resumption OF coin pay
ments at tho legally designated time He had not the
slightest doubt OF the success OF this movement, pro-
vidcd that Congress does not interfere.
An officer of the Third National Bank, who desired
that his name should not be mentioned said that Mr.
w. A. Booth, the president. considered the course or
the associated banks eminenty proper and WISE
Their interest was in this matter in harmony with
Mr. Edmund d. Randolph, president Of the Cont
mental National Bank said that there practical
unanimity in the meeting at tho Clearing House be
did not see how the measures which had been re-
solved uponfor aiding the resumption OF gold could
fail OF complete success Il was the duty OF the banks
to support the Secretary OF the Treasury in carrying
ont the law upon which depended to extent the
credit of the country and which certainly conccrned
for concerted arrangement it might be in tho
power Of some single institution to stand in the
way Of its accomplishment. or At least 70 seriously
With the action just taken he did not how there
could be failure in the resumption of specie pay
mens. and he confidently looked for them on the LIST
of January.
THE CIRCULATION OF GOLD AmunEp.
Mr.. James L. Woodward, president of the Han
over National Bank. said that there was only one
opinion among all people. Gold would be again in
circulation the 1st Of January and the course Of
the Clearing House the wiseet and the only one
to be pursued in view Of the approach OF that
date. Banks in the other large cities would probably
gether with that OF the Treasury Department was too
strong to be combated.
Mr.. PhilO G.. Calhoun the president OF the Fourth
National Bank expressed without hesitation his belief
that the policy adopted by the Clearing House would
render complete the resumption Of specie payments
the 1st of January. OF course. the Secretary Of
the Treasury was dependent to great extent upon
the banking institutions Of the large cities for assist
IN opY to DO ~h sy
be their duty in the matter. aside from considers
tons Of interest which tn the present state of trade
Mr. George l. Seney, president Of the Metropolitan
National Bank. did not look upon the measure
as simply an expression OF Willingness on the part Of
Of the associated banks to cooperate with the Secre
tary of the Treasury in the enforcement Of the Re-
sumption act II do not see how there can be any
doubt Of his success" said he "Unlcss something
unexpected occurs look forward 10 the 1st OF Jann
There is now very little export Of that metal. The
balance Of trade il in favor, and take IL that they
have sent from Europe oil tho bonds that they have
Mr. Thomas Monahsn. president Of the Fulton
National Bank. said that he saw nothing in the way
Baltimore. Boston and Philadelphia would follow the
action OF the banks Of New York, and those In the
pScy s0ua a. o
could resume IL the chief banks OF the country we're
opposed to it, and Vowed in this light the resolu-
tions Of the Clearing House meeting Of great i'm
portance a. making assarsuee dtcuoly suIv. The
E mt I'm -. 50 q ,yoss %
bill. II had nearly recovered from thst foolish act
| Mr.. Robert Bayleas. president o. the Market Ma
assistance Of the banks Of New York and the other
principal cities will resume the payment Of gold coin
on January l. 1879.
NOT QUITE sArnyIKp.
Mr. +. A. Palmer. president of the Broadway
National Bank. at No. III Broadway. said that he was
unwilling to express any opinion about the wisdom
or the feasibility Of the pan adopted by the Clearing
House until he should have had time 10 examine it,
There had been long discussion in the Clearing
desire to he would have to consider the report
When asked IL he looked forward TO resumption Of
specie payments on January a. certainty, he said.
". q We ara Al fo rrpgn pttfi
AR A. " Stout. president OF the Shoe and Leather
Bank. vt No. y1 Broadway. also said that he would
Clearing House before be would express any opinion
about IT, He was however. positive In the belief
eo%plshed al the time se 70 the S. DC a. "
value between gold and silver he did not think 1t
would be possible for the government to equalize
them except by compulsior.
Mr. Daniel B. Halstesi. president Of the New York
National Exchange Bank IT No. 135 Chambers street
said that he had voted for the adopted by
the Clearing House. as his judgment strongly com
sss s.n IT. toward Seafsa Ss wS the %
ment often differed from what the continsen- sn
FAR ssonc could judge by the present. the step taken
was wiso one and tho resumption Of specie pay
nensS ganssu certainty. was however impossible TO
mcrcisl world that would prevent IT, The principal
thing that was needed was. be thought, that the
banks should take tho question and let tho people
sec and feel that they we're moving toward rosunp
ton. and that would mako resumption easy. uo
glad that there was much harmony between the
government and the banks and ssnong the hanks
themselves The government had. in fact accepted
dcsk in tho Clearing House for the purpose of fs
cilitating the necessary cooperation.
DIR. James Buell., president Of che Importers and
Traders National nAnk, n No. al7 Reosaway. va~ nos
found 1T the hank, but the cashier Of bank who
had just returned from tho Clearing House meeting
said TINT lie saw no objections 10 the resolutions
adopted, and reason to suppose that they
could not would not be carried out II carried ont
they would. he thought bc Important step owHd
TO prevent this resumption unless 1t shoud happen
that the balance of trade. In favor OF America
should turn against and set coin to flowing away
from this country TO such extent to make 1t i'm
possible to resume. and this contingency he
thought exceedingly unlikely. The eoverr
mcnt officials. ne believed wers honestly work
ing for resumption in gold. and he thought there
would DC no attempt made to pay governments ohliga
tons in silver, unless some person should dcrnsnd
large sums OF gold for obviously Improper PURPOSES
rhcu aity min fso