The New York herald., 1879-01-03
RESUMPTION.
Wall Street Hangs Out Banners to Celebrate
Our Return to Specie Payments
GOLD COIN REFUSED
Not a Silver Dollar Paid Out by the
Sub-Treasuy
"GIVE US GREENBACKS."
An Unexciting Event Through
out the Country.
"GIVE US GREENBACKS.
SECRETARY SHERMAN SATISFIED.

vicinity yesterday morning would imagine from the
immense display of bunting that the bankers and
brokers doing honor ilustrious per-
sonase celebrating great national holiday.
Despite the storm. from every bank aud banking
house. from every insurance and mercantile building
the Stars and Stripes waving. The Clearing
House. sub-Treasury, Custom House and all public
institutions had the flag Of the United States flung
to the breeze. did also the Produce and Cotton
changes. The only notable exception to the general
rule the Stock Exchange building. which tho
national ensign was not displayed This occasioned
considerable talk the street and by order of the
officers of the Exchange the flag run up at two
p NJ The of all this rejoicing was the re-
sumption of specie payments under the act Of Con
gress. approved January II. 1875.
BY this action OF Congress all speculation in gold is
ended. Since January. 1862, gold has been COM
modify and during that month the dealings in it be-
organized business The first transactions
of January, 1862. l03 and it continued to ad-
vance until July, 1854. when it reached It's highest
figure. 2s5. Since that time there has been steady
decline, with the exception of fluctuations caused
by wars business troubles in foreign countries and
the manipulation of spectators, notably those of
Jay Gould and James Fisk, who, on the memorable
Black Friday in September. 1870, forced the price of
gold to 1865 On that occasion, it wlbe remembered
four millions Of coin on the market, caused decline
to 1873. which resulted in tho ruin OF many specula-
tors.
SCENE AT THE sUB-TEEAsuRy.
At ten O'Clock yesterday morning, when the doors
OF the Sub-Treasury opened it expected
that large crowd of people would rush to the re-
demption counter to have United States notes and
coupons redeemed in gold, and all preparations had
been made for any emergency Fifteen clerks were
ready to attend to their demands. and behind
the glass were piled immense quantities of gold
coin all the way from dollars to double eagles.
To the surprise Of the government employees
only person present at the opening
hour and he received s21O in gold for
the same amount Of United States notes.
For the next half hour not soul put in an appear
ance at the counter, and from that time until half
past one O'Clock the applicants not more than
fifteen twenty at any time the general demand
being for $50. the smallest amount that the pro
visions of the law allow the SubTreasury to pay
There was excitement during the day among the
parties in line. and the majority of those who asked
for gold wanted it simply for the purpose of having
thF coin in their possession. The majority Of
those who attended, when asked II they wanted
gold or greenbacks, invariably preferred the
latter A number of small coin operations which
fell due yesterday were generally paid in
greenD1ckS. CD TO naif-paSt one O'CLOCK
only 900 in United States notes had been redeemed
and the largest sum demanded by any single appi-
cant was 81 900. During tho day the banks Of New
York turned into the SubT Treasury 100000 in gold
certificates and took in exchange for them clearing
house certificates which represent legal tender notes.
The amount of United States notes redeemed at the
ub-Treasury yesterday Sl30O00 and S4OO 900 in
coin certificates were received, for which clearing
house certificates equivalent to legal tender notes
paid out The only laughable incident that occurred
ut the Sub-Treasury yesterday caused by an
individual who received $4,000 in gold coin
and expressed his delight by attempt to
throw it in the air. II fell to the ground and the
string which kept the bag closed breaking. the
shining eagles scattered in all directions. After
picking them up. which occupied considerable time.
the owner approached the counter again and begged
60 have his coin changed to greenbacks When his
demand complied with he expressed himself
feeling much relieved. At the Sub-Treasury il
stated yesterday that the total coin held by the
government for resumption purposes amounted 10
sas.54o.ooo. and from the looks Of things on tho
first day OF resumption it would be difficult matter
get rid Of the metal the people refusing to take it.
General Hillhousc said that he not at all surprised
at the light demand for gold con as i'll his opinion
the people would prefer grccnbacks so long as they
were as valuable. Mr. White. the cashier of the Sub
Treasury expressed the opinion that all classes would
rather have paper money when it represented :ho
same vaue gold. as it was much easier u carry.
Grcenbacks. he said. arc now relecmable in coin all
over the world and nobody Is going TO load himself
down with the metal when the paper money is just
scrviccable.
silver is needed in such largo quantities tho
fact that dollar in that metal paid out at
the Sub-Trcasury yesterday
40 CALLED BONDS TO DE PAID AT THE suD-rnEAsU1Y.
The following order was posted in the Ib-Trcasury
building ycstcruay:-
orrrcsESrKp STATES rnxAsuRY.l
by direction Of the Secretary Of Treasury called
THOMAS uILLliOUSE. Treasurer
II has always been the custom to redeem these
bonds at the Treasury. Washington, ID. G. The OBJ
was break up all 'gold corners, If any such
attempted but now the grccnback is equivalent to
gold there is no longer any fear OF corner hence
the redemption of the bonds in Washington.
CLEARING HOUSE.
The resumption of specie payments occasioned no
excitement whatever at the Clearing House. MIR.
William A. Camp, tho manager, said that there
no demand for pod and that all the business
done in legal tenders aud Clearing House certificates
CUSTOM HOUSE.
on Tuesday last the Custom House wagon was sent
to the sub five times with gold coin. taken
In Tor customs duties and yestc ray IL made only
visit The frst money received for duties yesterday
was three thousand dollar legal tender notes. and
the fun receipts tor the day amounted to SloiOOO. OF
which $4,000 were in gold certificates, S26.VoO in
silver certificates, S35,OyU i'll gold coin. S1,UO i'll
silver and 100000 in United states legal tender
notes. Until such time all the gold and silver
tihcates are in the customs officials will make up
their accounts In detaii-viz., so much gold much
silver so many certificates and so much legal tender
A despatch received in this city from Washing
ton winch stated that in order to facilitate the pay
ment of customs assistant trcasurcrs are authorized
Ia receive deposits of gold coin in sums of 500
multiplcs thereof aud certificates of deposit in
denominations OF not less than $780,
THE GOLD ROOM.
The Gold Room was deserted. There no sales
yesterday and the only thing done was tho closing
out contracts. Mr. Mcsscreau, the register CLERK
the Gold Room, who has held the position for
tinc was notified yesterday by President Ives of the
stock Exchange, that his services longer
quircd 1t is probable that the Gold lsoom will be
turned into a mining exchange for the Of the
members Of the stock Board
PRODUCE EXCHANGE.
The following despatch was received by President
Edison yesterday
MANCHESTER, " H., Jan. ., 1874
To rRopucE EXCHANGE New York =
To-day nation hvnors its promises for paying in gold
Our flags out II. X. SLANrON,
Secretary Manchester Board of Trade.
To the above tho following reply was SENT
NV YoRK ian. =, 1879
Telegram received. Thanks IL is occasion for
joic Ing and con graduation by all tho people
FRANKLIN EDISON,
President New York Produce Exchange.
salute was fred at ten A. NJ. at the Navy Yard in
honor of resumption.
RANKS.
At the banks there was ample evidence of the truth
OF Mr.. Greelcy's well remembered axiom OF finance.
The way to resume Is to resume. Indeed, resump
ton was fact and nothing more Greonbacks were