The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-01-03
RESUMPTION.
A Quiet and UneventfnI Day-very Slight
Demand for Gold,

Quiet and UneventfnI Day-Very Slight
Demand for Gold.
NEW YORK, Jan. 2.-Tbere was no excitement
when business opened at the sub-treasury this
morning. Tho Treasurer prepared TO meet a
rush for gold, but the demand is very light while in
many instances greenbacks are preferrei. Flags on
the treasury, assay Office and custom house and on
banks and insurance buildings are flying to-day in
honor of resumption. Of $25,0O0 received at the
custom house, up to noon in payment of duties the
bulk was greenbacks and at the sub-treasury up to
that hour only $250G0 in legal tenders were exchang
ed for gold. Up to p. m the subtreasurer receiv-
ed over $4,000 in gold for which he issued legal
tenders and certificates OF deposit Estimated dis
bursement coin only $125,0O0.
WASHINGTON, Jan. 2.-The interest on registered
bonds falling due, is being paid at ihe treasury de-
partment to-day, and the majority of holders of
checks are taking legal tenders
WASHINGTON, Jan. 2.-Treasurer Gfllan re-
ceived late this afternoon the following despatch
from Assistant Treasurer Hillhouse at New York:
United States notes redeemed in gold to-day
amounted to $130,600 gold received in exchange for
U. S. notes, 100000. A large proportion OF gold
checks were paid in u s. NOES at the request of the
holders.
The amount Of interest paid at the treasury was
$4,000 all being paid with legal tender notes ex-
cept $2,S6l, fvr which the holders of the coupons
asked and received coin checks on New York. The
holders Of coupons have heretofore received coin for
them. but to-day, for the first tme they had to take
legal tenders or a coin check on New York. Many
had to take the legal tenders, though not without
some growing, and others as above mentioned de-
mand the coin checks.
Secretary Sherman was in his office until o'clock
and appeared in excellent spirits.
CHICAGO. Jan. 2.-There was little in Chicago
financial circles to mark the advent or resumption
day. The principal event of Importance at the sub
treasury has been the largely increased demand tor
four per cent bonds. The deman1 for gold was con-
fined to very few cases, the majority of the appli-
cants preferring currency. At the custom house
duties were being paid in Greenbacks There was
no furry at the bank. and general or even percep-
tible inquiry for coin over the C, unters.
PHILADELPHIA, Jan. 2.-The resumption of specie
payments in this city caused no stir whatever, and
the demand at the prominent banks for gold was
very limited.
Gen. Garfield Points Out Some of the
Dangers Which Threaten.
CHICAGO, Jan. 2.-Hon James A. Garfield adj
dressed the Honest Money League of Chicago today
upon resumption. He said:
If the resumption now declared by law be main
tanned against all assaults, then indeed, so far as
Jul aiO OoLCOiuCu, Iue WAL CuH Union is
ended, the victory is complete. Will not the great
sovereign, the people, of all these states make the de-
cree irreversibe? Will resumption be maintained :?
Believing that in the long the matured and de-
llberate Judgment of this nation is honest and inte
gent, I answer yes it will be maintained, and for
two reasons, first, because national honesty, good
government and the prosperity of all our people de-
mandit, and second, because we are able to main
tain it. But we must not assume that all danger is
past. Resumption can be defeated IN one or two
ways; first by great and unexpected calamity like
war or general failure of the crops which should
turn the balance OF trade against US, or second by
the hostile legislation of Congress- The probability
OF the former is too remote to be seriously consider
ed but the danger Of the latter must be prevented by
the intelligence and vigilance of our people.
MIR. Garfield also said that the most dangerous in
direct assault upon resumption is the attempt to
abolish national banks and substitute additional
greenbaeks in place of bank notes. Should the at
tempt succeed it will inevitably result in the suspen
sion of specie payments On every principle of pub
tic policy the attempt should be resisted To make
resumption sure we should insist that our present
currency and coinage laws shall remain for the pres
ent unchanged. Whether we can safely allow the
government to keep $40 900 900 of currency in circu
ation and to that extent make the treasury a bank
of issue, remains to be tested by experience. For
myself doubt its wisdom as a permanent policy.
But let the experiment be fairly tried. Later on
some modification may be needed in our coinage law
If other nations persisted in their refusal to restore
silver to its old place of honor as part of the worlds
coinage, if the principle of bi-metalic currency
should be practically abandoned by other nations
who have long maintained it, we may by-and-by en-
counter serious difficulties our coinage of silver
increases. L do not believe our people will allow
either metal to drive the other out of circulation, In
some wise and just way they will meet the danger
when it comes,