Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-01-02
sumption Of Specie Payments.
<Hx WASHINGTON BANKS-N0 DEMAND FUN
HARD CASH.


<Hx WASHINGTON BANKs-NO DEMAND FUN
HARD CASH.
The resumption OF specie payments has come
so easily and naturally that its EFFORTS on puSi-
ness in this District are not percep lDie. Inc
general feeling Of confidence when prev ais
among the banks and in business circles lends
now good deal OF significance 10 the laconic
saving OF the late Horace Greedy, "that the way
to resume is to resume 1t begins to look as II
the old editorial philosopher was right and
that reSumptiOn could have been carried out
before this had the law permitted.
MesSrS. Middleton & Co. have been paying out
gold for ten days Every Inn p sem az
greenbacks. yet the proportion OF gold paid OUT
TO greenbackS is only about One-SiXth. When
the firm first commenced specie payments there
was light demand for god, more 10 show it
around than for any other purpose. A gentle
man called at the bank today and said. Here,
want you TO give me greenbackS for these
five $50 gold pieces you paid me few days ago.
They are too heavy TO carry around NESTS.
Middleton & Co. complain, however, that the
Treasury department does NOT pay gold at their
counter The firm has cashed a great many in
teTest coupons. To-day when they were pre-
sented at the Treasury counter they were paid
in greenbacks. The firm however, would have
been given q draft on New York had it 50
elecJeg, which vi course would have been paid
in gold.
"Resumption doesn't make a ripple of excite
ment here" said the paying teller of the Citi-
ZenS National bank. 1--WE are actually getting
i'll more gold than we are paying out We nav
out gold to all who want il. The trouble Is Tn It
most Of the gold in circulation here is 1n snail
denominations. 1t naturally finds its Way to
The bank. We get rid OF 1t by giving it to such
customers as nave employees to pay. Say. for
instance an employers weekly pay roll is s5,m
We pay him half in gold and nalf in silver
! ms finds its way to our merchants who a raiiI
bflng 1t right to bank. Now the Treasury VIII
hot exchange it for pieces of the larger denomi-
nation imam $40, and small gold may become Il
nuisance. "HoW VIII You get rid OF il should il
become drug" asked THE STAR man. ..WeII
we can send IL to New \ DIRK and get currency
credit for it,"
After all the publications about RESUMPTION
and explanations of what the Treasurer Intend
ed 10 DO to day. great ignorance on the subject
was manifested Quite a number OF people
: came in with greenbacks, expecting that they
would get the gold for theIn-gnOrant Of the
TACT that the government would redeem its
notes only in New York. a member OF Con-
gress from the west planked down fifty dollar
note on the counter and said: .'Give me fifty
one dollar gold pieces"
His attention was called to a law known as
the resumption act. which says that the Trea-
suIy shall redeem its notes in sums of $50 and
upwards at the sGb-Treasury in New YORK.
Don't you resume everywhere" he asked in
establishment.
we do not said the teller.
you ought to-" he asserted authOrltatfvely
AS soon as Congress rcaSScinb!eS | Will see 10
IL mat the necessary legislation is enacted that
VIII compel MI. sherman TO redeem L. S notes
whenever presented at any branch of the de
paFtment-" As he left the teiierS and some of
the by ISLANDERS 10 smile aulby.
AT the Metropolitan National bank, every
thlnG was working smoothly to-day. No de-
inaiG was made for gold. Customers were
asked If they wanted IL and rot one in ten
would take it. "A few days before Christmas -
sad the cashier, we paid out good deal of
god on demand, but il Was intended for Christ
mas pre- SentS. We let one customer have five
twenty dollar pieces, and he presented them 10
his wife. As much gold is coming in, or rather
more II an Is being paid out The fact is that
Iesumi ton has been anticipated by the banks
before its going into effect, and there beinr a
general feeling OF confidence that the banks are
able 10 resume, no one cares to take the cold
when they lind they can get it. Greenbacks
are not so readily lost and people prefer them.
very lew people make applications for the eX-
change Of greenbacks for gold. A cOlored man
walked up TO the counter of the National Me-
tTopCitan bank and handing the cashier
greentack one dollar bill requested gold one.
lie was gwen IL. What's premium, 'BoSS?' "
Sald he. Nothing, answered the cashier, 'We
have RI sumed.'
Lewis Johnson & Co, report the same state of
affairs. Now that people can get gold, they
prefer greenbackS. Not one customer in ten
asks fer gold, and the bank officials expect that
when the novelty wears off the gold will again
find its way to the bank as deposits
AT the National Bank of the Republic I'D to
noon there had been no change In the business
from that OF preceding days, and money of any
KIND was received and paid over the counter
out there were no particular inquiries made for
gold. " hen given out In change it was received
without comment. The bank officers have been
;a.nticEating the day, and made preparations for
would have been prepared.
AT the Second National Bank there was about
the same state Of affairs no one being particu-
larry anxious for hard money, but well satisfied
with the paper. This bank has been paving out
and receiving gold for few weeks past
AT the Central National Bank all kinds of
money are on level and have been for some
weeks, and here is little or no inquiry for gold
In TACT gold seems to be drug here for the
customers seem to prefer paper money, and
some of the receipts from the Mutual Insurance
Company, paid in gold, were worked Off rather
slowly.
The business at the Bank OF Washington Is in
40 respect differ ent from that of past days with
Tie exception that all special accounts have
been blOtttd out. There is no demand whatever
for gold, and the only inquiry made about it is
WEei her they have II on hand, and receiving
an affirmative answer, their customers general
ly take paper.
How about resumption?n was asked at Riggs,
Dank, by STAR reporter, about o'clock this
AFTERNOON.
- suppose it's all right" was the answer.
We have had very few calls for gold One man
cane in and wanted $40 in gold, and got it; and
another waited S1c0 In gold, and got it, There
were number OF other calls, but only for small
amounts"
Have you much gold On hand?" ave
have plenty Of gold, but il is nearly all I'm New
York. We have but little use for gold here and
don't expect 10 have any larger calls for it now
I'll an befole resumption"