The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-24
SPECIE RESUMPTION.
Grcenbaehs to he Treated 8. CoIa In all TrAns-
actions with the GoVeramrnt.

WASHINGTON, Nov. % - A delegation Of
Baltimore bankers waited upon Mr. Sherman
to-day. and Mr.. Taylor. one Of n committee ap-
pointed at u meeting Of tho associate banks Of
Baltimore. 10 consider aud report what action
is expected 10 DO adopted by the Baltimore
banks TO aid and cooperate in the resumption
hy tho Government Of specie payments. sub
mittcd the following questions
Firsf-Arc rrned states legal tender nolrs % D. r.
csiv,d 1t ire Batimoro cn.on lioue and amer Jan
Second WI United st,trs lesa trrirrs b. received on
ant Ism l. I'M At their faer IN the purchase
"rh,-iIw,ii rmtld sts,o. heal ,enE.r mote. he ~
de- med ~ rod ~ tie ohes tne Juised Treasurer IN
Svt@a,e S1 9n. s,s, Saa "a 90, b. ,.r., In
shsnsr gr sr,snnagk. ~ b,lnmeTe on aut sl,.r Jsu
i-5t ani ,ontr, st,e MA Will srccnhaeks be- Issued
htu-Mh ,hcrc le an is-ac O., certificates for the d'.
STATES ~ Baltimore nnd wal thesr ceruhcats b. trraei
a. silver con " pigment en- Cations duties ami other
siS,h-wih the 1overnm au.r Jan l. 1870. eonnnuc
Rotes souinonlY ksowu 10 Clcarinx Ie,ss o.ac ses
Mr.. Taylor said that these questions were
sugErstrd N consequence OF the law providing
that redemption shall take place Ia Now York.
I; Is not. prrhaps. limited 10 New York: hut
sin Tint cty - named ~ The pluce ~ relem O.
ton. md the Baitimor" banks therefore have
and whn' might ho the 'i'rt provided other
points than New York " re excluded.
Mr.. sherman said: " IL Is true thar actual re-
denptiou In confined. by the law. = tho Office OF
the Assistant Tre9sur"r at New York. This Is
u wise provision. for II would h" meN pedent to
scatter he redemption fund 80 that II would not
be readily available. Rodemn,lon In New York.
the chief commercial city ~ the country. es-
tahlshes the equality ot the Unted States notes
with coin and this II The main thing and car
res wtn Il NOR ed1nllty IN al! parts Of the
the Baltimore banks could be met by either OF
several expedients.
F,rst-1his department can now. by express
grpenbacks. This has been done for years NJ
Boston, Baltimore. Chicago. and other leading
ports at the Same premium Tor gold IA the mar
KIT rate at New York. This could be continued
after Jan. 1. when nj New York the rate will be
par. and therefore the same elsewhere.
Second-Unit,d States notes. being at n parity
with coin, can, think. under existing law be-
received for customs duties; and this Is the
only purpose for which coin is required by law
To be paid 10 the Govern ment by n citizen ami
i IL the purpose Tor which u 10 usually desired.
II there II any doubt upon this point. Congress
NAV expressly authorize H.
Third-ll United States notes are taken for
duties in New York they must be taken for du-
ties In every port Of the United Stntes Other
wise unconstitutional preference would be made
~ tavor OF one port over other ports in the
Fourth-Aner resumption. United States notes
must be held and maintained nj par for all pur-
| poses IN nil parts Of tho United States They
| can be transported easily and speedily. while
| coin cannot be so readily and cheaply moved.
convertibility ~ United States notes into coin at
| the chief commercial city. We practically secure
| the same convertihihty at every other place in
| the United states, Exchange Ia usually in favor
! Of New York hut n temporary premium else
| where will bs insignificant and cannot exceed
| the small cost OF transporting United States
notes to New York. That may md has occurred
| when speae payments were the rule every
| where, aud IL less likely tn occur now when wa
have uniform paper err ulation current in all
! parts OF the United States.
! My general answer. therefore. IN you IL thai
| the United States viii maintain its notes at par
! IN coin In all parts OF the United States and
| will do SO hY tho redemption 81 such notes Hs
| nre presented 10 the Assistant Treasurer ut
| New York and by tho receipt Of United States
| notes Tor both customs duties and bonds.
| think this can be done without change Of the
! law. bnt m TO this Congress must I've the Judge.
| The Treasury will treat United States notes
and coin m an exact equivalent ia all transar-
! tons with the Government. and then nil bust
/ ness everywhere In the United States will ndOpt
! Itself 10 the same standard. Having stated this
| much do not think that ought 10 20 further
! mud, perhaps IN my desire Ia he frank with YOU,
| | may have hronched questions TINT should
await the opening Of Congress.