Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1879-01-13
LETTER FROM NEW YORK.
Special Correspondence.
NEW YORK, Jan. 6, 1877!


a legal holiday in New York, the prac-
tical evidence of resumption-namely, |
the reception of greenbacks in payment
of duties at the OBSERVATION-DISCLOSURES not
shown until the I'd inst. On that day
Wall Street presented gala appear
ance. Immense flags foated from either
side of the main entrance to the Custom
house, while leading banks and private
banking establishments displayed SINH
lar patriotism. A broard smile was
over the face of the whole financial
world. For the first time since 1862,
merchants and brokers passed their en-
tries by the payment of greenbaeks in-
stead of gold. Inside the cashiers
office, where formerly had been con-
slant chink of gold in the scales, or up
on the counters tables, on THURSDAY
-.Lo.o Voc ov.npa,aei,o quiet. as the
crisp notes were handed in with chuck
lie. For sixteen years had the mer-
chants staggered from their banks under
the weight of gold. A bag containing
$4,000 of this metal is about all an
able bodied man can carry without look
ing one sided and when it is remem-
bered that some business houses pay
duties to the amount of $4,000 at a
time, an idea of the physical relief alone
may be had. The daily business at the
Custom-house often aggregates over half
a million, and on special occasions, such
for instance, as a change in the rate of
tariff, the amount Is much greater, hav-
ing reached the sum of two and half
million of dollars. Thus is business
good or bad with Uncle Sam, as with
US poor hopeful or respondent mortals.
During the afternoon on the I'd instant
Collector Merritt visited the cashiers
Office to find everything running as
smoothly as though the new system had
been under full Roadway for months.
At the sub-treasury there was little
or no excitement holders of greenback'
making no efforts to redeem them il
coin. Assistant Treasurer Hilihous,
had in his vaults to meet the demand
S1lO, 100000 in gold. Business begal
at 10 o'clock; the Navy Yard fred ;
National salute, and one young mai
appeared at the wicker. gate of the sub
treasury to receive his double-eagles 70
bills-a good deal of gun and buntin,
for small matter. Six months ago
how the foes of resumption would hav
laughed, or any of the rest of us 70
that matter, to be told that at the clos
Government would have larger gol
reserve than at its opening But tina
was just what occurred. During Thurs
day, only $4,000 coin was paid gu
by the sub-treasury, 100000 in tn
same money was received.
In mercantile circles the tiny dolla
pieces were eyed suspiciously, and /
some cases refused point blank, peopl
being afraid for their genuineness. |
short, the only trouble connected wit
resumption day was among those VIII
couldn't resume either in coin, greer
backs, or small change.
One of the most notable occurrence
of the day was the closing of the famor
Gold Room of the Stock Exchange,
complete history of which, for the pa
sixteen years, would make thrilliu
volume. In this room the ever-varyir
price of the coin has been made da
, after day for all this time, during whic
it has witnessed thousands of transa
tions involving thousands of millions
money. Marvellous fortunes have bee
made and lost within its walls. 1t W;
all but deserted yesterday, and not
single transaction was recorded. II
, indicator stood at 100 all day, as,
fact, it had stood for several days pr
8 vious. At noon the chairman and 9th
j officers retired, after locking up the
, desks and the finger board of the ind
:, Gator. This is the end of it,, one
: them said, as he passed out reluctant
), and the Gold Room was closed, let
hope never to be reopned.
d Such was resumption day, long a
ticipated and much dreaded In t
light of its peaceful passage, how con
= !. cally the dismally prophetic colum
u read which have been printed duri
e the past year warning the nation of t
l. terrible and ruinous financial convulsi
- which would inevitably mark its daw
&c I don't know but it is little to ear
~ yet to crow over its successful acco
u plishment, but the first day of spec
" payments certainly gave no great eau
&c for anxiety regarding their permane
! maintenance.
| wonder what A. T. Stewart won
=, say if his wandering bones could
:
:. collected and his ghost be induced
reanimate them long enough to see t
- awkward position into which his 81
= cessor Judge Hilton) has got hims'
in regard to the Jews. Ever since t
: Judges remarkable order of two su
= mers since. forbidding the accommod
=, ton of Hebrews at his Saratoga hot