New-York tribune., 1878-10-15
SECRET4RY 8HERNANS VISIT.
SILVER AND CALLED BONDS.

IHE GOVERNMENT NOT WILLING TO PAY LONDON
RATES FOR sILvER-TMPoRTAST ACTION WITH
REGARD TO BOSDs-FIFTY MILLIONS OF BONDS
fOT MATURED AFFECTED.
Secretary Sherman arrived in this city yes
terday morning, in accordance with an arrangement
made last week with leading bankers At IL O'Clock he
bad d conference with bankers aud bullion brokers.
Major Babcock. his private secretary, United States
Treasurer G llan General HilEOuse, II. G. FahnesOck
Of the Fret National Bank. August Belmont james H.
wright Of Drexel Morgan Co., Levi p Morton, OF Nor
ton Bliss Co., s. G. Thompson, OF the Chase National
Bank J. b. Colgate Of J. b. Colgate Co., Parker Handy.
OF Handy d Cronise Charles Lanier, Of WnsOw Laner
& Co.. j. w. Els.and c. N. Jordan, OF the Third National
Bank j. H. schifT OF Kuhn Loeb Co., Mr.. Wormser, Of
Wormser g. Co.. Louis Won Hoffman,, OF L. Hoffman,
q Co., H. f. Vail, Of the National Bank Of Commerce,
and others, present.
Secretary Sherman said that he had two propositions
to lay before IN regard to future purchases OF sill
YER He objected TO the Government being compelled
10 make all s purchases OF silver bullion at the Lon
don quotation, which higher than prevailed here.
He claimed that II was not fair 10 expect the United
states which was the largest purchaser OF
silver bullion ut present. 10 pay London rates for
metal which was produced IN TINS country In 80 great
Another suggestion by Mr. Sherman was that all pur
chases OF silver hereafter should be made tho
system that carried out when the Government had
gold SELL by receiving proposals from bullion dealers
best offer There was no general discussion Mr.. sher
expressed "A desire that the bankers would weigh
these suggestions well In their minds before giving
definite answer
CONFERENCE WITH SYNDICATE MEMBERS.
Later IN the day Secretary Sherman had conference
with the members of the late 4l9 per cent
Syndicate those present being August Belmont, OF Au
gust Belmont Co. and the ROthschilds, f. p. Fabbri
of Drexel Morgan & CO. and OF j. s. Morgan Co., OF
London George Bliss, OF Morton Bliss Co., OF New
and London, j. W. SelginRn, OF j. ". SeliRman
Co.. OF New-HOrK and London, and George f. Baker, OF
the First National Bank. The recent advance IN gold
incidentally mentioned, and IL not regarded
anything than stock Obbng operation. In order
| To prepare Tor resumption OF specie payments
on January /, II vas suggested that there should
be moderate suppyOf gold in the market, that the
selling demand should exceed or at least fully equal the
buying demand. IL argued t1at such condition Of
affairs would prevent Spectators from manipulating
gold market for temporary effect on stocks and
the bank reserve would be strengthened After free
interchange Of views, and with the OF Treasurer
Gilhan Secretary sherman decided 70 issue at
| order TO this effect:
The Secretary Of the Treasury hasIauthorized, until
otherwise ordered, Treasurer In Washington and the
| Assistant Treasurer at NeWEOrk TO pay any Outsand
g called bonds at time before the maturity Of the
call with interest accTuing thereon 20 and including the
| Gate OF presentation"
Treasurer Glillan said that this order would affect
$50 600 900 OF called bonds which had uOLnatured, the
redemption Of which would throw that Of gold
the market. AlAthcr call he said dWOuld mature next
week Seventy had been made for the Tedemp
On OF $50 bonds OF 1865 for funding purposes leay
ing S25 100000 OF these bonds 10 be redeemed, subject
70 sales OF per cent bonds,
Referring 10 the rumOr that his visit 90 HewYOrk at
this time 10 force settlement with the .
per cent syndicate, secTetary Sherman said that
10 nonsense, as there was no such Indebtedness
due by the Syndicate had been reported. lie
nrmed the statement made by member Of the Synd-
cate that the entire amount vet 20 be paid IN settlement
OF 4l2 bonds IL $1,000 OO0 and this
10 not due under the contract until December 81.