Daily Republican., 1878-11-14
FIRST EDITION. /.
REsUMPTION N EARNEsT.
Resumption Sure ON January Pirst
Opinions or Leading Bankers--
plenty Of coin 70 Commence with

-
Resumptisn Sure ON January Yirs
--Opinioms or Leading Rank ers'
plenty Of eotn 70 Commence with
The meeting Of the New York Cleal
ing House yesterday to prepare for r.
sumption vas one Of the largest eve
held by that organization. ffty bank
being represented. The plan Of actio
adopted for January lst, provides 70
resumption on gold basis. J. B. Col
cate objected 10 the rsstriotions place.
On the circula ion Of the silver dollars
and charged the New York banks wirl
attempting TO d.nonetize silver. Tn
banks were unanimous In their appro
val Of the plan suggested by Mr.. Coe t,
promote resumption, Mr.. Colgate re
training from voting. The Unitst
states Sub. Treasury In New York cit,
is to become practically msmbr Of th'
Clearing House Association.
Reporters Of the newspapers inter
viewed the leading Now York banker
upon the subject and obtained the fol
lowing opinions
Mr.. Benjamin B. Sherman, President
Of the Merchants' National Bank, said
"The plan submitted to the Clearing
House is a good one. regard the rs
sumption Of specie payments on the ls'
Of January next as feasible and beyond
any possible contingency. This IL tn.
richest country In ths world, and II w
cannot pay our debts In gold We had
better cease to bs q nation" u
Mr.. Thomas Monahan, President Of
the Fulton National Bank, said that h.
saw nothing In the way OF accomplish
uant Of resumption. The banks Of
Baltimore, Boston and Philadelphia
would follow the action Of the banks Of
New York, and those In the smaller
cities could not very we'll oppose SO
.rong a union N policy. He did mot
think that the Treasury could resume
' II the chief banks Of the country were
opposed TO II, and viewed IN this light,
the resolutions Of the Clearing House
meeting we're Of great Importance as
making assurance doubIy sure The
country had not been In position so
hvorable as now for resumption since
the passage Of the Silver bill. 1t had
nearly recovered from that foolish act.
Mr.. J. G. Williams, President Of the
' Chemical National Bank, said that he
saw nothing in the way to prevent the
resumption of specie payments. He
thought it would be accomplished with.
out difficulty and maintained certainly
a. long AS the balance Of trade should
be in favor Of the United States. This,
he thought, would be likely to contin.
ae for some time, as importations were
falling off largely, while expectations
grew larger. Only yesterday he was
reading Of falling of of twenty five
millions in this port alone, which of
itself meant a great deal. He thought
we'll of the plan adopted by the Clear
Ing House, though he considered 1t
probable that in order to make every
thing 60 smoothly Congress would have
to modify the Silver bill. 1t was pos.
ible that the banks might have to re-
fuse silver deposits excepting on special
contract, and OF course they would have
right to do that. .F f.a
The only danger to the banks would
b. in the bills receivable account. The
payers Of notes might pay IN silver and
lhr loss would fall on the payees. There
would be, however, MIR. Williams
tAought, vacuum caused by the with.
irawal o. one and two dollar notes
which would be filled by the use Of
standard silver coin. The National
Bank law provided that after the re,
sumption Of specie payments no more Of
til, So small notes should be issued by
tue banks, and he thought the Secre-
tary of the Treasury would withdraw
tue one and two dollar greenbacks and
thus place would be furnished for the
silver.
Mr.. Richard Berry, President Of the
|Tradesmen's National Bank, said that
in his opinion everything was ready
for speoi. payments, and there would
BE- no trouble in gliding into resump-
ton. Everything had worked together
to produce a state Of affairs when it
would be possible. Property had de-
preciated until the country might
fairly be said to be on a low diet. The
balance Of trade was strongly in favor
Of the United States, and in all ways
the country was as strong as 1t need be-
as the time set for resumption ap-
preached He remembered in 1887,
when everybody thought it impossible
to get back to specie payments, the
banks got together and declared that
|they would resume in sixty days
And when the time came nobody wanted
specie. Europe was now absorbing our
surplus production, and the coming cot
Ion crop would be great help The
country conld not have been in better
shape, and he was confident that re-
Sumption would be accomplished. The
mans used he considered adequate,
and the plan adopted by the banks he
| thought wise.
There might be difficulty about silver,
ant the banks might refuse to take
sIl'er deposits except on special con-
Tracts. OF course the payers of dis
counted paper might settle in silver
once, but they would get no more notes
discounted. .".
NJ. G. F. Baker, President Of the
First Natolli Bank, said that resump.
ton would be accomplished on the LIST
January. Everything was working
sNoothly, and there was no trouble
ofween the national government and
We banks. There was an abundance
money to meet all legal tenders that
00ll be presented. On the lst Of Jan
aary the United States Treasurer would
lave Sl50,0O0, 600 in coin, against
Which all the banks of the country held
f@Iy 500, 900.
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