The advocate., 1890-07-16


clearing house, has been already furnished.
beg % say mrther that the certificates were
redeemed in United Sutps notes. and that all NJ
them have been redeemed (ey respectfully
Treasurer Of the United States
Hon. Danlel Manning, Secretary Of the Treas
ury.
NEW York CLEARING HOUSE,
NEW YORK, July 10, 1885,
AZ "A meeting Of the associated banks NJ this
city held ON the 18th Instant, tle following resO-
lutlOns were unanimously passed.
Whereas, After careful Inquiry into the opera
ti1ns Oi the United States treasury, II N ascer
uilned that with the continued purchase ~ two
million Of silver bullion per month thc probable
receipts Oi gold currency Will be Insufficient tO
meet the demands upon Il until the meeting N
Congress I'm December next; but that the secTe-
tary will be compelled 10 make his payments I'm
silver dollars, which win becOm, a most disturb
Ing element In the daily business VI the country;
therefore
Resolved, That 10 avert this threatened dan.
ger and I'm the confident belief that Congress will
take early steps N prevent the deterioration Of
the present commercial standard Of value the
banks hereby tender ~ the government, from
their gold reserve, ten million dOllArsln exchange
for that amount Of fractional silver COln or for
such other currency ns the clearing house COM
mIttee may approve, the same 10 BE- appOrilOned
among banks In the clearing house, pro rata Of
their deposits and gold reserve.
Resolved, That should this amount be insult
iCent, further sum- not tO exceed ten millions,
be offered, and that the banks Of Philadelphia,
Boston, Chicago and other cities be- Invited by
the clearing house committee tO participate In
carrying out the objects Of these resolutions.
The undersigned committee appointed un-
der these resolutions respectfully invite
cooperation I'm securing the objects I'm View,
Since the resumption OF coin payments on lst
January, 1879, the banks throughout the country,
together with the government Itself, have praCtl.
uulI "a uu
llshed, and the business Of the nation has been
carried on upon that basis I'm harmony with all
the leading commercial nations Of the world.
The varied products OF Industry and the natural
operations Of los trade have since furnished this
country with superintendent supplies Of gold, 80
that the surplus money reserves held by the
banks, now greatly exceed anything ever known
I'm our history. With all these favorable financial
conditions, We are suddenly called upon tO con
front the flct that the resources Of the govern
ment have become unnatlrnlly absorbed by the
purchase Of silver bullion converted into dollars
OF Inferior vaue tO such an extent as tO con
strain the officers Of the treasury tO force them
upon an unwilling people In payment for public
dues, and these coins, or their representatives,
now threaten tO invade and poison NH the chan.
nels Of trade by being introduced as commercial
equivalents Into THE clearing houses OF THE c0ln-
try
TO temporarily arrest this danger, and tO avert
premature agitation Of the subject until Congress
offered from their reserves ~ supply any def.
cheney OR gold In the treasury tO the extent OF ten
or twenty millions, and I'm ~ doing they desire nc
the same time % promote all natural and health
iul demands throughout the country for silver
coins 10 N nm undenhhie fact that a silver coin
Of the size and denomination NJ the dollar IN not
In popular demand, and iS not u convenient form
Of money for ordinary use, but that the fractional
coins may more largely circulate. For thls rea-
son the committee cordially invite ul banks and
throughout
them by lending their aid In dlsbursng aS far nS
they are able the fractional silver coins, Of which
there are now lying In the treasury some thirty
millions Of dollars. Whatever portion Of this
amount can be put In circulation will 80 far re-
lleVe Che present eXlgency.
This committee cannot better serve the pur-
pose Of their appointment than by reproducing
the letter Of the president Of the United states,
written Just before hS Inauguration, wherein he
expresses his own views upon the silver question
with great cleamesS and force, and In doing 80
he also reltemtes the opinions Of his predecessors
I'm office.
Il does not seem possible that these views, w
strongly confirmed by the experience Of the
country, can fail tO secure revision NJ the pres.
ent law With this hope we earnestly solicit the
aid " all banks, commercial bodies and good Ctl.
zens In every section In promoting the desired
result,
WILLIAM DOWD,
President Bank Oi North America
GEORGE ~ COE'
President American lGx. National Bank;
JACOB ID. VERMILYE,
President Merchants National Bank;
GEORGE q, WILLIAMS,
President Chemical National Bank;
EDMUND ID. RANDOLPH,
President Continental National Bank;
Clearing House Committee.
In response please address William A. Camp,
manager New York Clearing House, New York