The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-11-27

Secretary sherman Has Long liner.
view with Baltimore Bankers.

WASHINGTON, Nov. ga committee OF
the associated banks of Baltimore, appointed
to consider and report upon the action ex-
pedient by the Baltimore banks expressing
their sympathy with ana cooperation in
resumption by the government of specie
payments on the 1st of January, had an in
tervlew to-day with the secretary of the
treasury, and submitted series OF questions.
The chairman said the questions were sug-
gested In consequence OF a law providing
that redemption shall take place in New
York
The questions prepared and submitted
we're as follows:
1. That United States legal tender notes be
received at the Baltimore custom house on and
after January /, 1879, in payment of customs
duties, at their face value.
2. Wfl United States legal tenders be re.
celved on and after January l. 1879, at their face
value IN the purchase OF United States bonds
from the treasury?
8. Will United States lie 7al tender notes be
redeem ed in geld at the office of the United
States assistant ire surer in Baltimore on and
after January /, 1879?
4, viii standard silver dollars be issued in
exchange tor greenbacks i'm Baltimore on and
after January /, 1873, and contrariwise-tha is,
will greenbacks be issued for standard silver
dollars?
S. viii there be an issue of certificates of de-
pOsif Of silver with the assistant treasurer OF
certificates be treated silver coin in pay
ment OF customs duties and other indebted
ness TO the government?
6. vii, the government, after January /,
1873 continue the issuance OF 9erineaSes OF de,
as clearing house certificates?
Secretary Sherman replied:
inferred. gentlemen. from the appointment
you made with me that some such questions
as you now propose would be submitted to
than TX.
upon the very topics you suggest IT would he
manifeStly improper for me To now discuss
oniTe: tmIre IN but Sto nav S saw a few things
which will substantially answer the
object of this interview. IL is true
to the office OF the assistant treasurer at New
York. This is wise provision, for IL would
be inexpedient TO scatter redempti pm funds so
tion in New York. The chief commercial city
of the luntry establishes the quality OF
United states notes with coin, aud this is the
main thing, ana carries with II their equality
in all parts OF the United states. The diff
culties suggested by the Baltimore banks
could be met by either of several expedtents.
l. This department can now, by express
provision of law, sell or exchange coin for
greenbscks. This has been done for years at
points, at the same premium for gold as the
| market rate at New York. This
could be continued after January
/, When at New York the rate viii be par.
2. The United States notes being at parity
| with coin can, think, under the existing law
| only purpose for which coin is required by
| law to be paid to the government by a citizen,
and IL is the purpose for which it is usually
| desired If there is any doubt upon this point
congress may expressly authorize ii.
3 lfUnited States notes are taken for duties
/ in New York they must be taken for duties in
every part of the United states. Otherwi e
an unconstitutional preference would be made
| In favor OF one part over other parts in the
United States.
a. After resumption United States notes must
| be held and maintained at ar for purposes in
all parts of the United States; they can be
transported easily snd speedily, while coin can
| not be so readily and cheaply moved. IL would
| seem that If we secure absolutely the converti-
| bility of United states notes into coin at the
| the same convertibiiity at every other place
| in the United States. Exchange is
unusually in favor of New York
| significant, ana can not exceed the small cost
| OF transporting United States notes to New
| York that may and has occurred when specie
payments were the rule everywhere, and Is
| less likely TO occur now, when we have uni
| form paper circulation current In all parts OF
the United States. My general answer.
therefore, TO you; is that the United
! par in coin I'm all parts of the United States,
| and will do so by the redemption of such notes
| as are presented to the assistant treasurer al
| New York, and by the receipt OF United States
| notes for bofh customs duties and bonds.
| think this eau be done without a change
| of the law, but to this congress must
| be the judge. The treasury will treat
! United States notes and coin as an exact
| ernment, and then all business everywhere In
| the United -tates will adapt itself to the same
| standard. Having stated this much, do not
| think ought TO go further, and perhaps IN
4 my desire to be frank with you 1 may have
| broached questions that should await the
| opening of congress.