New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-10

not regulate the value Thereon nv inc Prcc vi oi OF "
financial revolution so important and farrcacbing.
and so uniney, has at length startled the Nation bnl
The magnitude Of tho change such that comparatively
few persons yet he made to believe th9t sucn tn
new dollar il au after thought II cnnnot be substituted
for the god one promised January l. 1872 because II
q. The Mint has informed the Government
that the utmost sv Or pOT ffT millions ii Of them single
year quite inadequate Tor rtsumplon. anu IGu
,an the cold now held in for that purpose under
xistinS law 1t would be neither practical ncr lust to
resume coin payments with dollars, some worm ~
ne ncnnle 70 Serure the higher prizes woad at once
exhaust the whole supply. and vacatf the Treasury
WHAT WOULD FOLLOW THE BILLS SUCCESS
Resumption on January /, 1879 would therefore, DE
totally defeated The passage OF an act proposing 10
nay an, dollars of lower value which do not exist anu
which cannot IN time he made would most cnee'u'liy
repeal the Resumption Law, ana indefinitely pr"iohE Ss
pcnsiGk The promised day once passed ana INC N'on
q, default once incurred. the question OF Resumption" "
any kind would. after such leslsiatoh e"'A' '"F' INV
general indifference.
The fact that our customs revenue has been paiu IN
gold since the present public debt began mas no, oS
unmarried c0nadeDee at home and abroad out has aso
Gwen the chief support to the e9DitendPr cuiIthy w
the prospect of resumption whtn Eouu @ The
market value OF the bonds will not Only og droyeu'
and the mT@Es c nor n NH also Sink to an indefinite
gree of deterioration -, . $500, ,,.,..;o, ,rbich uust
~ nnceesty produce financial confusion and discord,
would give confidence to enterprise. OF AWAKEN lnuus,iy
anu od time ,nnst widen the breach II would ONLY
result in prOScipg indefinitely the period 9eIoiS conn
deurr of the ucOp In the Govornnelll ana III thc S
b,l,fv OF soccty-which are the lndiSehs'oe cp i
ditions OF prosperous busin"sS.c&,aidd po,7 oG
adivs ~, ANN If paymrnt world fnd II harder to oh
tam the cheaper dollar than the detrer one otts1 va
tbc general prOstration OF business That must ehs "
some nity millions Of gold now III Tie Ireas;S pro
vd,d for snmptoa on the ~ OF sanny w.: ,te of
interest than before since lie Formation o tn "
oirmcui Cau il be proposed 10 cXehln2r tis s 1r
pid M holders of these very bones Tor ne ntoieaI owe
teml And shall the puIe a,es o. tnc lt on ,cy
mr. dctCiforatcd liver coins in return
PRACTICAL QUESTIONS TO BE CoNsiDhRlD'
These ere practical questions which creditors ABROAD
and savul banks and t7;s companies at home ID we"
Of threafrnrd c-slaton, seriously ask and upoA
.bo answer ih,t Government gives thcm depends the
stability oi Tie institutions which hold In custody the
accumulated reserves o. tlo people OF every class ana
condition in life, and which they have invested ID poh9
Of lie nation at large premium III eod coin I+iHlhS
upon tie honor % Government 70 account 10 hcin ID
money OF the same value default in sneh promises
by snch authority 10 such creditors, viii be dow
sruek II; the very vals OF society. most Fiieus to ~
exls.ence. i VIII reach every menneI ,'.cr ,Si'
not wound upon the cOuntiI. iiatrr!hi ai' inoft'
from which recovery a best wa ne sioW aia i' ,,
And this g.i;utous and needless iuhction II ~" PlV
noscd without provocatiun and without necessity just
- The natio. Il, rcovrriue rom the agone8 and
inportanre It snot surprising tuat The people are yet
everywhere ueicdH9ns IesfcctlnG ta SERIOUS
Even silver resumption were poeslhe' 4l52 e i1'n
OF that metal ciihOi be stiG@ard which haS nueiHaeu
during Jauuag and July. In sngie year, rom 90 ~
7g9 cents. From snch ndifaoec 10 propcrs rlTn,s,
would logically follow. dr. sou" OF us huhoc"deS n''
urged issues Of ilreteenabe paper ana worse cVi9 are
WbateVcr temporary advantages may be secured by
thus taiupelinE with the commercial standard WY.4
lion IN exchange but all our I"GrSh lIaus ""lt pc So
ieced to perpetual aIn"yarces by TIE unnecessary
charges Incurred ny The huciHatinS medium employed
THE DUTY or THE HOUR.
Arepv TO the second question What practical meas
ures can bc recommended in view of such change! Is
more difficult After the invitation extended 10 clearing
houses oticr cities and 10 Other ir utrions mere 10
unite with US ia counsel npon this great subject y"ur
committee consider only respectful 10 them 20 VIII
hold definite recommendations until the views OF our
respective bodies shall have bcea !nterchsngcd.
II is our Gty. as men holding responsible trusts, ana
who know how social order is Joined to fixed l;s;s OF
property first To demonstrate against lesslaCn when
must unsee values disturb conf iencc rctud restora
an enactment changing the metallic standard ~ nearly
haii century. without reearinS the expeT.ee;Ce ~
Older nations To The wisdom o.. COn:Tcss, ana q" tHe
fiuess OF IL, President, these great interests are con-
Gdcd
II i. our duty also as we did in former important ext
ccnc.cs cooperate with the Treasury IL pelafn4 lnF
resumption, rs adjusting III ba,n - "a fi iS pia, II
alone blt al The whole business community m"rcASht-
manufactured and al financial bgdiea sc ruNi"u"i.a
,,wt rai,,, tie direction. of tlrir con ,titucni,
As pIsc,cl measure, the conversion y! assets mo
gold costs al most. the premium PAID ME0 can t"hl
he cost a.! ,,a.uiu them IN pupeTl The slc..hr Of llc
premiu,, Il 70 d. socliEce tie pubic may iaul' ask
The banks Iuaic each one according H. us tinu
ana their dtalcrs wil sustain them hy ADJUSTING htr
Transaction 20 -oio value, the daHSc may it'"h, Us
secured ILc question Is most oUor'unei' presented
when We know. that wiItI t,ie n"At s;A'E da>r'
nearly diy millions gold VIII come upon lms
molkcd by iay n'n> iIon Tic Treasury indc!eid' ~ 81
any fOrclca supplies, ewing an abundant Nt"ch. iai7
flnd tic capr;l nus; uyc or lose Unemployed here ~
monrr. IT vii 70 abroad 10 retain i We must HyG an
equivalent Wan TINS addition, our gold reserve wlil hr
adequate large business inc gold Dasis For
lie retention and the purchaser could well aloN 10
sink the small premium for The STABILITY secuted.
Will TIC discussion continue ia Cone.e.' upon INC
certainly Dc OF capital 10
III ustus paets productive iuLc-i riosno revival
Oi conEdcncr aid no prosperity except 40 II Is O@-ed
Your committee. therefore, recommend The following
resolutions:
Rcsojre ~a, committee appointed. consist Of Eve
nan1 on r. rom &c" ON: o'e SCI ON L @ and
rirr~eila nom the AID Insurance COMPANIES ana
%iI ~, ''i a. . i .n Z, ma ''' ~ ' '
F-Ic ne:nrraize Coleres asans, the massage Of ,lo
ng the eonagr 81 silver money except foc change fah
Regulate ac yaiuc there Of ~ 10 bullion contents 49,,
eagIo communicate via m SS,a. g'nEs st1 o,Gl
Associations ne 10 teir Respective
meuhcrs inviting and requesting a. 9nsn II nsiitGi,o,s 10
thou and through them upoa INC neohants nada,5 anu
upon soid i.i. IN V ole o. in iar 70 advise
to nnc a. pToTeS aIiaiIo' t'sgtHe Nis sC a,1o' St
Reel,od That shall be the duty Of uis1ommee to meet
convenient and 20 pralr measures
Submit a nuancai nstit oaS Of The
several Ciilt3 presented. .
RsoI,d That he committee requested Whenever # has
- the Constituent bodies ipi action 10 Inve
aectngs in the different cities OF ali the inst u
tons represented
An VITA a view OF attaining resumption ~ early
events shall prove To DC practicable.
THE SPEECHES.
JOHN CUMMINGS, or BOSTON.
The first gentlemen who addressed the meeting
was Mr.. Cummings. of the Sllawiaut Bank OF Boz
ton. who said
When the summons 70 the Boston Clearing House
TO send delegates 10 this convention today IL was most