New-York tribune., 1885-07-25
and therefore must be duly thankful for small
MYSTERIOUS SECRECY.


Is there any sense in trying to keep secret the
negotiation between the peoples treasury and
the peoples banks The United States Treas
ury is an agent and an instrument OF the people
of the United States. The banks of the City OF
New-York are organizations of the people,
sanctioned by the peoples authority, and exist
ing for the peoples welfare. IL the banks and
the Treasury need to take counsel together
for the promotion of any public interest, what
sense is there in secrecyf An attempt to keep
such conference from the public knowledge is
always strong evidence that its object is, not tO
serve the public interest, but to serve some
other end of which somebody Is ashamed.
This thought is suggested by the following
remarks in report by The Herald, regarding
another conference on Thursday morning In
the private parlor of bank:
Every precaution was taken to keep from the public
the important action Of the Clearing House Committee
the knowledge that such meeting had been
held To such extent this mysterious retlcence
carried that the presidents Of Of the larger banks
In NewYork first learned Of the meeting from Herald
reporter and whom they to learn the details
from their colleagues OF the Clearing House Committee
the information refused.
It Is agreed that when the Assistant United States
Treasurer unable settle the balance In
the Clearing House In gold the banks TO which the Gov
enment is debtor shall take the gold from their vaults
and hand 1t at the Sub Treasury. receiving In ex
change o certificate OF deposit emitting the banks 10
question to fractional silver oon Tne redetter GER
tncates they called being the GER
tncates stamped to permit the Government to re-
deem them In silver not to be Issued few OF these
amounting to about $800000 were issued. 1t Will no
remembered before the general meeting Of the banks last
week. The stamped certificates arc looked upon with
t.. .a~tn
is grave question their legality Hence the COM
mtee has decided to take certificates Of deposit calling
for fractional or subsidiary silver coin
1t is not to be supposed that The Herald un-
truly represents this proceeding to the injustice
of the parties concerned. Its zeal to appear as
the especial representative of the Treasury De-
partment, and to claim peculiar favor from That
department in obtaining news, would justify
the supposition' that The Herald was by no
means inclined to represent unfavOrably the
action Of the Treasurer. Still, 1T appears from
this account that there was mysterious secrecy.
1; appears that presidents of leading banks
were refused information about negotiation
of the utmost consequence to them, as to the
public. The public will properly ask why
there should be secrecy in such matter, II the
bankers and the Treasury have only the public
interest at heart.
The details stated do not alter the arrange.
ment upon which The TRIBUNE has already
commented. 1t Is an acceptance of fractional
silver coin by the banks Of New-York in part
payment Of claims against the Treasury of the
United States. The evasion is thin and deludes
no one. The banksare to be praised for having
refused to accept the unlawful issues of paper
which the Treasurer is said to have urged them
to accept, but it is serious question whether
they have rightly served their own interest, the
interests of their dopositors, or the interests Of
the public, in consenting to receive as cash a
kind of stuff which is not a legal tender, and
which the Treasurer himself does not recognize
as part of the available funds of the United
States