The New York herald., 1879-01-03
The First Day OF Specie Payments.

proved to be one of the least eyentful for a
day Of so much interest. 1t excited expecta-
tion but no anxiety, because the Treasury
was prepared for the greatest run that could
have been made upon it. The complete
ness Of the preparations forestalled any
organized run, and the community has
! gradually been educated to such q sense
Of security that very few individuals
are found who prefer gold to legal tender
notes. Still, the proceedings OF tire day
were watched with lively interest, just as
election returns are sometimes keenly
scanned when the public mind had settled
down into previous belief that the voting
could have but one result. A bird in the
bush is never regarded as quite the same
thing as the same bird in the hand, how
ever confident the marksman may be OF the
sureness Of his aim. In the present in
stance the result achieved does not differ
from the result expected, but so paramount
is its Importance that there is feeling OF
qualification almost amounting to jubila-
tion over the triumphant success OF the
experiment on its critical first day.
Secretary Sherman, who has SO great
stake in the result, remained at his post
yesterday, in spite of the urgent call of do
mestic affiiction, watching the Treasury
| operations with as lively an interest as as
| tronomers are won't to bestow on great
| solar phenomenon, which is not observed
with less attention because it had been pre-
dicted with all the certainty Of science.
! Mr.. Sherman was in constant telegraphic
communication with New York and
the other business centres throughout
| the business hours of the day, and
then departed for Cleveland to attend his
brothers funeral. The Chamber of Com
merce in this city marked the day with
series of resolutions felicitating the people
Of the country, congratulating Secretary
Sherman, and expressing appreciation of
the enlightened and efficient aid Of the
national banks. But these grave express
sions were outdone by the exuberant man
ifestations in Wall street, where all the
principal buildings were decorated with
flags as on popular holiday.
Only an insignificant amount of gold was
demanded at the Sub-Treasury, the whole
sum paid out for greenbacks being only
S13O,OO0. On the other hand, 100000 of
| gold certificates were exchanged for clear
ing house certificates, which are payable in
legal tender notes, leaving the Sub-Treas-
ury in possession of S270,000 more gold at
the close Of the days business than it
started with in the morning. At the Treas
ury in Washington most of the people who
came to receive interest on United States
bonds preferred legal tender notes, but o
number of the national banks which drew
interest on their bonds took it
in gold certificates payable in New
York, the purpose being to provide
means of paying their local customers in
gold if they should prefer it. In the other
commercial cities the day was even more
uneventful than in New York. This is ac-
counted for by the fact that the govern
ment redeems the legal tender notes only
at this one point. Gold can be had, how
ever, at the principal national banks in all
the great cities; but there was almost no
demand for it, their customers preferring
greenbacks. There is no likelihood Of any
considerable demand for gold. 1t is not
wanted for expectation, the foreign balance
being largely in our favor, and few will de-
sire it for domestic use. paper money at
par being equally good and more con-
| venieut.
Among the noteworthy things yesterday
was the heavy amount of subscriptions sent
in for the new four per cent bonds. It
footed up $3.50, $50, which is nearly
treble the highest sum ever before SUBJ
scribed in one day. This, however, is not
to be regarded Cor at least only in party as
a consequence of resumption. There is a
new Treasury regulation, which went into
effect yesterday, allowing increased COM
pensation to banks which make large
sales of these bonds, and subscrip-
tions have been held back in order
to take advantage of the new COM
pensation: But there is no reasonable
doubt that large amounts of the new bonds
will be taken during the early months of
the year, and that the refunding of the
residue of the fve-twenty six per cent
bonds will proceed with extraordinary
rapidity. Another noteworthy thing yes
terday was modification Of the Treasury
order to grant no more gold certificates.
Such certificates are to be issued, but only
for the payment of duties at the custom
houses. Unlike the existing gold certif-
Gates, they will not entitlc the holder to
demand gold coin for them, but only to pay
them instead of gold for duties on i'm
ports. For every other purpose the sub
treasures will give only greenbacks or
Clearing House certificates to persons de-
posting gold tor safe keeping. The modi-
fication is merely designed to facilitate the
payment of duties and establish means of
recruiting the gold reserve of the govern
ment.
The general feeling of congratulation
| which is exhibited in com M ercinl and bank-