Weekly Chillicothe crisis., 1885-07-23
The Bankers and Officials Fixing 1t
Up 10 One Else Consulted.

Special Dispatch 10 the Globe Democrat
WASHINGTON. d. c.. July lS.-The
return Of gold to the treasury, through
the payment of custom dues in that
metal and legal tenders. assures the de-
partment Of its ability 10 postpone until
Congress meets the payment of silver
to the clearing houses. This result Of
the recent conference with the New
York bankers is very gratifying to
Treasurer Jordan and higher officials,
who feared that Il silver basis might be
reached before that time. ltIS known
that views were exchanged prior to the
New York meeting on the propricty Of
making pay mrnts in silver, to give the
country IN idea OF what a close inter-
probation of the silver law would result
in But the fear Of Il consequent disar-
raugomcnt OF yalucs and Il further re-
arrangement next winter should the
coinage Law be repealed, led those who
were studying the situation to adopt
means TO stayc OF the evil day. The
Use of the rcl-ettcr certificate, has been
discontinued in New York This was
also result Of conference. These Ger
tiIicatts were not for gold nor for sill
yer. nor for United States notes, but
were a sort of combination Of all three
or either, at the will OF the holder The
laws authorizing the issue Of the three
forms Of certificates above named were
punched, and resulted in the rcd-lcttcr
certificate. They were clearly illegal,
in that no law could be quoted for their
| issue, but the defense of those who or
ginatcd them was that no law forbade
them. The operations between the
United States Treasury, the New York
Clearing House, the bankers, their GUS
toners and the Custom House is, there
fore, to he conducted by mutual agree
mcnt hereafter, until congress meets, ,on
gold basis. The treasury gold will
be kept up by it, custom, receipts, that
the banks will take care not to divert in
any other direction. The policy thus
determined upon is to be made the
Foundation for the repeal of
the silver coinage act in this way.
The south has lately given evidences
Of an awakened interest on the subject,
and seems disposed to deprecatc the fur
ther coinage of the dcbased coin. Res
olutions passed by boards of trade, cot
ton exchanges and at public meetings
will be sought, in the hope Of iniluen-
cling the Southern members to stand by
the Eastern and ant-Silycr men
against the far Western silver men and
their combinations. The compromise
proposed by Warner, of Ohio, gives en-
enlargement to those who are afraid Of
the effect OF continued coinage. A dol
lar whose intrinsic value will cqUal
that Of gold one will be preferable to
the present S5-ccnt coin, whose stan
dard is dreaded, and in the event of
failure to secure n repeal the compro-
mise will be agreed TO. Secretary Ne
Culluch would not make his payments
in silver to New York, because he did
not believe the time had come to do ii
with safety, although Congress was
then in session. Secretary Manning
does not believe either that the right
time has come, and particularly so now
that Congress is not in session. When
Congress convencS there will be but lit.
tie delay in making that body witness
the effect OF what the majority of tinan.
cicrS regard as very bad law.