The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-01
GOLD DOLLARS ONCE MORE.
ALI THE BANKS TIKING AND PAYING
OUT THE YELLOW COINS.
Gliding into Hcsumptton ns Though " Had
Not Been Declared by LRw-Whnt Hank
Presidents Say No Trouble Expected.

visions OF the Resumption act. pay out the gold
and greenback dollar without any discrimina-
tion for or against either. The important
change in the finances Of the country nominally
takes place to-day; virtually IT took place ten
| days or two weeks ago. and from all accounts
the nominal change will be no more noted. as a
disturbing influence in trade. than the actual
change was two weeks ago. Bank accountants
will miss their special gold account which
have occupied 80 much OF their time in the last
seventeen years; gold brokers. too will bewail
tho opportunities for speculation. and the
| speculators will have to turn their capital and
| ingenuity to new fields.
Down in the vaults Of the Sub Treasury and
| OF the banks are millions of the glittering coins
that have not seen daylight for many years.
| Although represented by gold certificates they
have changed ownership many times. These
| will be brought to light tomorrow and some
| OF them started on ceuseless journeys. In the
| gold room Of the Stock Exchange about 81 .0OO.-
| GOO Of gold changed hands yesterday at 80 or
LEA for cash to settle outstanding gold ac-
counts But there was no excitement. and no
effort was made TO formally celebrate the last
| transaction and the closing Of the ROOM In the
| past week or ten days most of the banks have
| issued circulars 20 their customers saying that
on and after Jan. |. 1879. they would discon-
| unuc the keeping Of special gold accounts. and
| that the balances Of such accounts would be
! consolidated IN the general account 50 ypster-
| day afternoon the clerks made NJ the gold nc
| counts for the last time and wiped them from
| the books.
| Visits to many of the banks, national State.
| nnd savings. as well as privntehanking houses
through the city, elected that to the satisfaction
| Of every one the financial world passed from
| the old state into the new without jar or the
MIR. g. q. Williams. President OF the Chem
! ical National Bank. WINS animated while talking
| Of the resumption of specie payments. He was
delighted at the ease with which II has all come
] N lt ~ uek ka Ift ng "a
| in face OF a speedy demand Tor gold with which
to resume specie payments at The beginning Of
D." In the first place he replied. 1t seems as
| though our country hns been favored by Provi-
| denre with especial prosperity this year both
| IN our productions and "a The uai0nce oi trade
| which has been 50 largely ia our favor Then
| ,Wno. tne hrEc nmount oi E9ll IN reserve IA
| Washington ami IA the banks checks any at
| tempt ~ spectators 10 force up "A premium on
| gold. They would he glad enough 10 DO IL, but
| the Moyernmsnt II too hig Tor them g. corner.
Will the Chemical Bank pay n gold to-day 2"
| VIII % pay! why. IL has paid gold when re-
| quested for weeks past. There is no demand
! for 70. Indeed some of our customers have de-
posted large amounts in gold as equivalent TO
| grsenbarks.
" Do you predict a squeeze In which gold will
90 w and tho banks be dralnciy"
We'll. there may be a eall for gold immedi-
ately by those who want 10 know how II seems
to feel the metal. Do you realize that there Is n
| whole generation of mon who hardly know the
years Of age were only IS years old when paper
| currency WIS made a legal tender and gold
| II Wfl IN from tllf country anu l0Nnhfl ltNtli
IN city vaults. You can glance al the metal
| shining in bankers show windows. hut thou
| sands ~ farmers and small business men In
| the country have never seen gold piece. Now,
| thousands of such men will want gold until
! they get tired Of boarding n and then they will
| take 10 10 deposit IN bank. Many thousands of
goid dollars viii disappear Tor Ia time in this
way. Besides. there are many of miserly ma
| lures who will get their gold aud hoard it,
| But what about the commercial iuiure"
No one can predict what will happen in
| twelve months: but speakin., generally. when
0t 4
| QUIT"
Tresiden, Daniel B. Halstead Of the New York
| Exchange National Bans said that he had been
| laying ont gold Tor some days to whomsoever
| might want 10. There WIS little demand. how
ever. and resumption with him was moving like
President Francis NJ. Harris. Of tho Nassau
| State Bank said: II Is a very happy coulUuc-
| ton OF affairs that enables us without cents
| loss 20 pay rither gold or grernhacks on do
mand A. to the future; the trouble L. to come
| through the legalizng ot the silver dollar. The
/ South ana West want il. then why doesn't Mr..
Sherman send il tAithert The fact is, we
| haven't the highest financial ability M the helm
! oi the Government: but what can you expect
Politics Is trade. and politicians can't first
class business men. II doesn't pay in money
| for sharp iinancier 10 accept the position.
! Again. We are swimming now on prosperous
current; but wait unt a demand ior gold in
igrHisn countries takes more than We can spare.
Vherell be- trouble them"
President C. +. Hunter Of the Peoples State
| Bank said that he had been paying gold instead
! ot grreuhaTks. when wanted Tot month past.
| II" showed bank hook with list oi notes due
bu NfM rear AlNl NNil Nll'til1 if+fl HfllltA nc
| cOtling 70 law; lhg question. he added, had
not been raised whether notes due on the lst OF
January werTe9yanir, IN gold II required be-
President Worth Of the Park National Bank
said that they had been pra Using RESUMPTION
| toners desired gold they had given II 10 them.
| but the demand for il had been very slight.
| The bank had received gold on deposit largely
| in excess Of the amount paid out Our salts
| faction II complete he sad. and there can
be no immediate interrupuon 10 the smooth
/ course of rtsIfUUfINl
For a week pasi the First National Bank has
| The amounts sent are l,eu"tally about So 900 or
| flOOO0 10 n bank. II "vn'es u desire ON the
part of some. said ir"siiort BaSer, to SEQ
were one Of S5O0OO ~ Boston. and another Of
s2O0OO TO ST. Louis Mr.. Baker said they were
| glad Ia have II 20 into III" country. just the
sight and possession of little of Il will 40 a
| great way tu convince some persons that re-
| sumption Is an actual fact. aud In case Of
| stringency they viii not rush 10 New York for
| relief or assurance.
President Calhoun of the Fourth National
| Bank. II not inrly enthusiastic. was certainly
| emphatic in expressing his qualification al the
| manner resumption has come about There
| is not the slightest friction" he said; every
thing moves ON as quietly rs though no impor-
| tant change wns takin place. 50 lar Rs the
| working OF the bank is concerned we Will not
notice next Thursday morning hut that we are
| right where wewere seventeen years ago Our
| cNports are greater than our imports and ~
| long As they continue so We have nothing to
| fear. On the first of next July we Will wonder
| why rcsumptDn was 80 much questioned and
| their Clearing House settlements they had not
| handled on IN average over $4,000 OF gold per
day; yet they were, and had been for week
| paying out gold when esired. and receiving it
! on deposit. one customer came in on Monday
who said he wanted sGOOO0 in gold and did not
| wish to bother To purchase H. lie was ad Used
by tho officers of the bank 10 deposit his green
| backs draw check for the amount ne wished
| and they would pay the entire check in gold.
| He acted upon the advice.
| President VIM. A. Fails Of the Corn Exchange
| Bank expressed himself that the long wanted
| change had been accomplished several days
| ahead Of time Just as ensly as sliding down
| plank The bank has been willing to pay out
| gold any Time in the last ten days.
| President Wm. Dowd IT III" Bank ~ North
| America said; They are at work now luolnt-
| ing toward the bo0kkcepersl making up the
| gold accounts and transferring the balances to
| the customers regular account 1t will simplify
our business greatly BY might We viii have
! the whole business out Of the way We are
gliding along without noticing it," lie men
| toned customer who had Just gone out who
had presented n 500 gold certificate ahd asked
| 10 have II urohoh up INTO small bank notes.
| At the Clearing House the gold department is
abolished and Manager Camp smiled As the
! subject OF resumptiOn was hroached as though
| one had come after stall news.
| The Cashier of the Snamens Bank for Saw
| nes, Mr.. Henry r. Marshall, said that under