The New York herald., 1879-01-03

terday the HERALD reporter told that. as gem
eral rule, the banks deposit gold certificates i'll
| exchange for Clearing House certificates. How
about maturing bonds payable in gold?' was asked
| of several bank officers. Like everything else.
they will probably be paid in paper, because nobody
| wants the COIN the general response lit is
! wonderful said a bank president, who did not wish
to be quoted .'how the visionary doctrines of the
politicians became realities without the application
of their theories ill the in which they desired to
| see them applied. Twelve years ago Thadieus Ste
veps dangerous dDct-indire, because he wanted
to make the government bonds payable IN
| political party and the bloated bondholder
| was detested not so much because he was
| bondholder as because his bonds. principal
and interest were payable i'll coin. But while the
| greenbacker was announcing the bondholder gold
and paper were slowly but surely approaching each
other in value until at last they equal dollar for
dollar. Legislation could not have brought about
resumption and scarcely believe that legislation,
except of the most reckless kind, could have pre-
vented it, Practically resumption was accomplished
mouths ago and according to the laws of trade, not
, by act of Congrcss. That is why everything il
quiet to-day and the transition TO specie payments so
easy
|. s'Onc needs to be told that this is resumption
day., said OF the officers of the Mercantile Bank.
'It is fact worthy of MENTION, said President Coe,
OF the American Exchange Bank, that the banks no
longer keep separate gold and currency accounts.
Currency is the same thing as gold, said another
| ''This is resumption"
AN UNExc1TISG EVENT At THE NATIONAL
| CAPITAL COUPON HOLDERS PAID IN GREEN
BAcKs-uoPEs FOR THE SILVER DOLLAR IN
THE WITHDRAWAL OF NATIONAL BANK NOTES.
FROM OUR SPECIAL CorrEspoNDENr.]
WASHINGTON, Jan. 2, 1879.
Resumption day proved to be interesting but ex-
tremely unexcting here. Secretary Sherman
cevcd frequent and satisfactory dispatches from
New York. and appeared to everybody in happy
| frame of mind. Some disappointment caused
among bankers and Others by the fact that the
Treasury paid coupons presented to-day only in
! r
ferred to the Resumption act which makes greenbacks
equal with gold but for the convenience Of the gov
ernment makes them redeemable in gold only at the
| Sub-Treasury in New York No just complaint can
be made of this rule for it could hardly expected
that the government should keep store of gold on
hand for redeeming its notes for other payments
moro than point. and the law wisely names
the financial centre Of the country that point Few
coupon holders to-day appeared really to want gold.
They had been for years in the habit Of receiving
| gold. and the change to greenbacks was at first
little strange to them.
CHANCE FOR THE SILVER DOLLAR.
! Silver men point to section 5.l75 of the Revised
Statutes which into force yesterday, likely
to create greater demand for silver dollars. Tho
section was adopted so long ago June. 1854, and
| provides that more than one-sixth Of the cir
culating notes Of any national bank shall be of less
I denomination than IS, and that after specie pay
ments resumed no bank shall be furnished with
notes of o less denomination than SIS. From this time
onward, therefore. the small notes of the national
banks will go out of circulation. The Secretary of
the Treasury may, if he chooses. issue greenbacks
of small denominations in their places. but he will
probably slowly in this direction and await
some demand Of the public. If the people should
express general and strong preference for the dollar
of the fathers small bills doubt the sccre-
tary would fall in with their wishes. and If Congress
should pass the Hewitt bill making silver dollars
changeable for gold at the Sub Treasury in xed
and allowing the Treasury to coin silver dollars
fast the public demands them and without maxi
mum minimum limit-in that case the people
would be able to get silver small bills expert
cnce and use should lead them to prefer.
COIN CERTIFICATES TO BE AGAIN ISSUED FOR
THE CONVENIENCE OF MERCHANTS.
WASHINGTON, Jan. 2, 1879.
To meet the inconvenience caused TO merchants by
the dscontinuance of the issuing of COIN certificates
it has been determined to issue such certificates for
the special purpose of paying customs duties until
Congress act upon the subject matter and the
following circular has been sent to the Treasurer and
the several Assistant Treasurcrs
TREASURY DEPART,fESr,l
WASHINGTON, Jan. 9, 1879.
To facilitate the payment of duties imports the
Treasurer and the several Assistant Trcasurers tho
United States hereby authorized TO receive
its Of gold coin in of 800 multip,es thereof
account of such payment and to issue the usual
certificates of deposit therefor in denominations
of not less than 800 in tho Of tho
Collector Surveyor of the Port which the duties
20 he paid; and any collector surveyor in
whose name tho certificate Is issued is hereby
thorzed to accept ii at par duties imports pay
able at his port. treating the transaction in his
deposited by him in the usual manner.
JOHN SHERMAN, Secretary.
SMALL pEsfASD FOR GOLD IN PHILADELPHIA.
PHnApELrurA, Jan. 2. 1879.
The resumption Of specie payments in this city
caused no stir whatever. Inquiry at prominent
banks shows that tho demand for gold UP to
day was very limited. AT the Office OF the Assistant
Treasurer gold not being paid out except for
tercst and government obligations. tho whole bust
of resumption for the present being centcrcd at
New York.
GOLD DRUG IN THE MARKET OF LOUISVILLE.
[BY TELEGRAPH TO THE HERALD
LOUISVILLE. Ky. Jan. Q. 1879.
Resumption occasions no commotion whatever In
mercantile circles or among the banks of this city.
Indeed the gold dollar almost threatens to be drug
on the market There is demand for it. and peo-
pie, particularly those from tho country, seem to
prefer paper money.
A FEW HUNDRED FOR NOVELTY SEEKERS IN
CLEVELAND.
CLEVELAND Jan. 2, 1872
Between $500 and $500 in gold paid out by tho
banks to-day. In nearly every case the gold was
wanted a novelty. Customers generally preferred
to take currency.
NOT A FEATURE TO MARK IT'S HISTORY AT
CINCINNATI
CINCINNATI. Ohio Jan. 2. 1879.
The day Of resumption passed off without feature
TO mark its history in this city. that the United
for interest coupons falling due Among the banks
the greatest outflow at any place Sy7 80,
while many OF them hal no calls for gold.
CHICAGO FINANCIAL CIRCLES uNAGITATED-IN-
CREASED DEMAND FOE FOUR PER CENTS.
CHICAGO, Jan. 2. 1870.
There is little in Chicago financial circles to mark
the advent of resumption day. The principal event