Vicksburg weekly herald., 1878-04-12
NATIONAL FINANCES.

CsnTsrsnOs with Bank Presidents In
New Ysrk-OblsCI, the Early RsSump.
tIss Of Specie Payments.
New York, April l0.-Secretary |
Sherman made q visit TO The First
National Bank, where he discussed the
condition of the bond market with
especial reference to the 4 per cents.
He said that the Treasury Department
would be able to resume specie pay
mentS at the date fixed by the law OF
1875, and he expressed desire that the
banks Of the principal cities should aid
hlm In every reasonable way.
A Conference was held with q few
of the Presidents of the leading Ma.
Iional Banks, In this city, 10 the Bank
OF Commerce. Among those present
were Secretary Sherman, and Mr..
Babcock, his private Secretary Atior-
ney.General Devens, Gen. Hillhouse,
OF the sub'Treasury; Presidents Phil.
Z. Calhoun, OF the 4lh National Bank /;
Geo. S. Coe, American Exchange
Bank Robt. II. Lowry, Bank Of Re.
public; George Senly, Metropolitan
Bank; B. B. Sherman, Mechanics
Bank Fred. X. S. Tappan, Gallatin
Bank Henry +. Vail, B link OF Com.
merce, and Jacob d. Vermilye, Mer.
chants Bank. The conference lasted
about an hour, aud strict secrecy was
enjOined on all present. Secretary
Sherman deCliued 10 impArt any tutor.
IN alton, saying that no conclusion had
been reached, aud that when some.
thing Of Q definite character was &C.
complished, be would make known the
results By other persona present It
was stated that Secretary Sherman an.
nounced that he had solicited a confer.
euce with the Bank Presidents of this
city with q view Of securing their &C.
tive cooperation In the resumption OF
specie payments at an early date. He
referred TO the amount of gold on hand,
and stated he was willing TO dispose OF
one hundred million dollars of ~ per
cent. bonds, with accrued interest, al
los, or he would sell 4 per cenls at par
with 4 per cent. commission.
His proposition, it is stated,
was that the banks should agree
to purchase the latter securities TO the
extent of one hundred millions dOllaro
to be delivered ia instsilmenis VI from
/ i've millions to ten millioa dollar, as
the banks demanded, pay meht to be
made in gold, Tor the iu.. amount OF
Que hundred m;Iion do,iGrs, bl JAM
! Uary |, 1879. In this way, Il was
clHimed that the Secretary would be
able 10 reserve ten million dollars gold
per month during the Summer, aud
Eve million per month tor tue ,e-t OF
The year, aud resumption would be
easy. Sherman then a-ked the gentle.
men present for their views on this
proposition. One bank President, It is
understood, took exception 10 this plan,
and held that 1t was asking too much
OF the bauks TO pay the Government
los for AZ per cents, when they are
only commanding l03 in open market,
and he feared that the banks would be
assuming too great rick 10 subscribing
for one hundred million dollars bonds
to be psid for in gold by next January.
The discussion was ofa general nature,
aud was freely participated in. The
Secretary thanked the bank officials for
their presence and advice, aud without
arriving at any definite results the con-
ference adjourned.
Another Conference
NBw YORK, April l0.-Secretary
Sherman and DeVens have been In con.
sultauon all day in the sub.treAsury
with a number Of bankers, among
who were Mr.. Vail, OF the Bank OF
Commerce, Mr.. Tatbri, of Drexel,
Morgan & Co., George Bliss, OF Morton
Bliss T. Co., August Belmont, Mr..
Fitch, of Fitch g. Hatch, Mr.. Taylor, OF
the Continental National, and Mr.. Cal.
houn, Of the Fourth National. The
conference was strictly private. Ii Ia
rumOred the SECRETARY proposed 10 sell
TO bankers 800, 100000 bonds, the pro.
ceeds TO 60 towards the resumption oil
specie payment, they 10 contract tc
lake another one hundred millions
bonds at the same figures, should occa'
.iou require. II is rumored that 9
long discussion took place over the
dgures which the Secretary demanded
fer bonds, and that the bankers wan
them al two per cent below his valua,
tion,
LATEM-ln regard TO Secretary Sher
) mans conference with BANKERS al the
sub.treasGry to-day, no definite infOr,
nation cGud be obtained. II was ru
mored on the streets that the bankers
had agreed 10 tskOs portion Of the ne
four per cent. Ioan, on condition tha
tie Secretary would not remove gold
from tue sub-treasury. Mr.. Sherman
when asked about the matter, simply
l requested TO be excused from being in
E tervieWed.
CONGRESSIONAL.