The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-12-27
RESUMPTION NEAR Ar HAND.
The Treasury Ultimately TO Redeem Legal
Tendrrs ut Al snb.rreasuries.

WASHINGTON Dec 26.-Thc Redemption
net says: And on and after the lst day Of
January. Ammo Domini 1879. the Secretary Of
the Treasury shall redeem in coin the United
States legal tender notes then outstanding ON
their presentation for REDEEM N,ion at tho oflcc
Of the Assistant Treasurer OF the United States
in tho city OF New York, In sums Of not less
than nty dollars" 1t il well known that no
exact provision for the rcdemp tion Of outstand
ing legal tenders has been made by legislation
for any point other than New York. On the
FIRST day OF resumption there will be no rcdemp-
ton. except the receipt OF greenbacks for Gus
toms duties. outside Of New York. This will
obviato any need for n distribution Of the coin
reserve. which would be imperative il the
actual payment in gold OF legal tenders woro
provided for. Tho department is thus enabled
to concentrate its forces at ono point in
maintaining itself II is the ultimate intention,
however, 10 redeem legal tenders ~ all the sub
Trensuries, IL the transactions IN New YORK after
the LIST OF January demonstrate thai resumption
rs To be n complete success. When the depart
mcni Is satisfied Of this fact United states notes
will be- redeemed at the different Sub Treas
uries throughout the country as well as IN New
York To do this II may Ice necessary TO trans
port coin from New York. Ia this case an ~.
prnpriation would have to be made for That
purpose. The cost OF transportation OF silver
by the Government is paid out OF the silver
fund. Tho transportation for gold Is paid only
ont Of tho amount appropriated for the trans
portation OF funds" A tho amount under
| this present appropriation Is no more than sui
| ncent To pay for the carrying OF notes. an W,
| proprintiOn for the transportation OF gold
would have TO he made. II that coin should
| necessarily be required 10 be moved in the pro
cess Of resumption at the Suh-Treasury II II
| hardly expected, however. that this VIII be IN
| case. From indications on the part OF the PEG
pie generally already made manifest in pref
| crence at this early date for greenhacks ruthe
| than for gold. II can safely be Inferred that tn
| different uh-Trcasurics Will receive suillclen
| amount Of that coin TO redeem all legal tende
| notes presented without calling on New YORK.
Treasurer Gllilllan has written To all Ass ST
| ant Treasurers of tho United States. directing
| them to discontinue special coin accounts iron
| and after the LIST OF January, keeping hut on
| accOunt.in which no distinction Will be mad
hetwpcIftoin and legal tenders. lie and As
sstnnt Treasurer Wyman nre now preparin
the checks for payment OF the interest on Oh
4 per cont loan due Jan. l. There are owe
% 900 OF such checks ranging in amount iror
nifty cents upward
Ii has been asserted that the banks Of thi
city are making preparations TO pay gold ate
Jan. |. This not true II the Treasury decide
10 redeem its notes here rs well As IN New orl
then the banks here will also pay gold If il
demanded, otherwise they Will not Ii gold
to he paid only NJ tho Sub-Ireaeury in Ne
York for grocnbacks. then the banks mere coul
only get gold in New York. and would have
pay express charges on II. which would be
costly business. The snme " Ice iru9 OF bans
everywhere outside Of New YORK. Thoy can
AFFORD TO receive grecnbacks on deposit and /
called upon tho next day To pay ont gold, Whic
they can only get by sending greenbhcks
New York and having tho gold expressed
their own expense.