The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-15
RESUMPTION NEARATH HAND.
THE RANKS AND THE GOVERNMENT
AZ AGREEING UPON ApLAN.

ule UulCtTs VI ule bONeTIlulellf WIN "
view 10 facilitate the resumption OF specie
payment, seems to have been very success
full inits negotiations: They were: Geo
rgc S. Coe Of the American Exchange
Bank, benjamin b. Sherman OF the Me-
chanics' National, William L. jenkins OF
the Bank OF America, George F. Baker Of
the First National, Washington A. Hall Of
the Oriental Bank, and William A. Camp,
manager OF the Clearing House. They
went to Washington On Friday morning,
and on the same evening had a conference
for three hours on the subject u their
mission. John Sherman and William NJ.
Evarts were present on behalf Of the Gov
eminent, accompanied by the Attorney
General, the United States Treasurer, the
Assistant Secretory of the Treasury, and
the Comptroller of the Currency. The
conference was kept secret as far as pos.
sible, in order to submit the result of tho
conference to a meeting Of tho banks at
the New York Clearing house; but enough
transpired in the mean time to show that
the result was satisfactory to both of the
parties to the conference.
The meeting WIS held yesterday Mt the
Clearing House to hear and consider the
report Of the Committee. William Dowd,
President Of the Bank Of North America,
occupied the chair, and George Montague,
OF the Seventh Ward National Bank, was
Secretary. The following named banks
were represented:
Rank Of New York, National Banking
Association, Manhattan Company, Mer.
chants National, Mechanics National,
| Union National, Bank Of America, Pho
nix National, Tradesmen's National, Full.
ton National, Chemical National, Mcr-
chants Exchange National, Gallatin Ma
ltional. Leather Manufacturers National,
Seventh Ward National, National Bank OF
the State OF New York, American Ex'
change National, National Bank OF Com.
merce. National Broadway, Mercantile Ma.
tional. Pacific, National Bank OF the Re-
public. People's Bank OF North America,
Hanover National, Irving National, Met
ropolitan National, National Citizens,
Nassau, Market National, st. Nicholas
National, Corn Exchange, Continental Ma
%tional, Oriental, Marine National, Import
ers' and Traders National, National Park,
National Mechanics Banking Association,
Grocers', East River National, Fourth M.
tional, Central National, Second National,
Ninth National, First National, Third M
tional, New York National Exchange, New
York County National, German American,
and Chase National.
MI k,HInut,n 1nttar from ITnitnI Sintnl
Assistant Treasurer Hillhousc was read:
OFrlcI us. AssisrAST TREASURER, !
NEW HoHE, Nov. II, 1878.
Sir: In conformity with instructions from
the War Department, | have the honor to
submit Tie following propositions for the con.
sideation OF the Clearing House Association
Of Associated Banks Of this city:
Firt-IIcrcaiter drafts drawn upon any
hank represented In the Clearing House ASSo.
citation, In the city OF New York, received by
the Assistant Treasurer In this city, may be
presented to such bank at the Clearing House
for payment.
Standardization. drafts drawn on the
Assistant Treasurer ut New York may be
adjusted By him at the Clearing House, and
the balance due from the United States may
be paid at his office in United States notes or
Clearing House certificates.
tAV q vi AaAhAAh HN~N -
mentS of checks presented to the Assistant
:. Treasurer by any bank connected witt the
Clearing House may be malebyhim in United
States notes. On the acceptance OftheSc PrOpO.
SitionS. BY resolution Of tho association, en-.
tered on It's ~rCcorls, or In any othCr form that
will convey It's sanction, ] am authorized TO
conform to them so soon as the ncccSal!SdC'
tails eau be arranged.
Very respectfully.
TIoNAs HILIIIousE,
Asst Treasurer United States.
WILLIAM CAM, Manager \. Y. Clearing
House.
The following resolution was then unan-
imously adopted after some discussion:
Reolred, That, in orler to facilitate the pay.
mentof drafts and checks between the Treas.
urer Of the United States and the associated
banks, the manager Of the New York Clearing
House is authorized to make such an arrange
ment with the Treasurer OF the United States
as will accomplish that purpose through the
medium of the Clearing House.
Georges. Coo, OF the American Exchange
Bank, from the committee that visited
Washington, read the following report:
In view Of the PROPOSED resumption Of Spe.
Gle paymens IN the lSt OF January next, ii is
DeceSary 10 recognize the truth that a sue.
ceSslul and permanent attainment OF that
great object cannOt be secured without the
coriial cooperation Of Government and tho
commercial hanks.
The Government cannot preserve coin for
the payment Of its issues unless the current
standard Of commerce, whose exchanges are
Iall made through the agency Of banks, is
maintained at the same high level. II this be
not done II Is self.evihent that the superior
value Of the coin provided by Government
for resumption will cause 1t to be rapidly
drawn away into commercial channels, and
exhaust the Treasury supply. 1t isnot neces.
Sary to assume any antagOniSm on the part OF
banks-for there can be nOnc-to produce this
result. 1t would como from the natural Ope-
ntion Of the laws Of trade Accept.
ing these evident truths, the only question
among intelligent bankers isthiS HowcanthiS
corporation he best secured, and by what
practical measure? When the Government
freely offers to meetits currency issues in coin
upon presentation, the hanks will have to pro.
vide means not only to redeem their cirrula.
ting notes, but also 70 protect their larger obi.
cations Of deposits, and their exchanges with
each other and with the people at the Same
coin standard. Standing, as they do, in imme.
diate contact and relation with every form OF
industry andexchange, upon them willmainly
rest the labOrof maintaining the coin measure
in all commercial transactions. . . > At
present therci Is a marked distinction made in
the daily transactions Of banks, between their
depositsOf gold aud their deposits OF currency,
by treating the former as Especial fund paya.
bile in kind.
1t must be evident that II this disCrimina.
ton continues to be made after resumption
II will prulomg the idea Of the inicriOriiy Of
circulating notes after they have been declared
to bc restored to an equality with gold by be.
coming interchangeable, and will therefore
fnlSify the proclamation Of the Government.
II will not only BE- n practical denial by the
banks Of the sincere purpose Of the Govern.
ment to maintain its resolution, but by afford.
ing pntection and facility to those who draw
coin from the Treasury will place the moral
force and power of the banks in direct oPposi.
ton to the effort Of the Government,
Specie payment will not have been truly
accomplished until all distinctions In the nSe
! of gold coin and currency, - money, are oblit.