New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-11


| exactness as follows:
Chase Ns.ionsi 3 200 9S3
Chemic. Nauonal 2oVG oV9
importers and Traders 500 coo
MS.Sa%Ic' x,, N,s,Gnsl $ ssSScS
Pank Of Nrw.Yok 330 GOO
National bank q Commerce 10000
Manhattan Company Bank 5000
ro,,, SO 900, COO
The shipments o: gold at the close OF last week
and the shipments today afgreea'" $1,i1oooo' so
| that the net gain TO the sub Treasury in its god
reserve by the action OF the bank, Il 51poooo
The attempt TO create the idea that any loan Is
\ pari OF the transactions OF the banks Is CONDEMNED
In banking circles. All that the tanks have done haS
been TO take one form OF Obligation Of he Govern
mcnt In exchange for another although this process
has increased the gold In the National
Treasury II course decided upon Win
ont agreement with t,e secretary OF ue
| Treasury and without solicitation on his part
As spontaneous demonstration Of the belief OF tho
banks that lead In the Clearing ilonsc policy III 'he
determination OF the Government no matter what the
politics OF It's Administration may le. to maintain
specie payments In view Of the non partisan charac
ter OF present movement Of the banks the absence
OF cooperation OF two banks, whch are rrmarkabiy
strong In their holdings Of sp"c" eAct"s the strohsS
| institutions are supposed TO ~ In close business re-
| la,ions and "a one president i strong Democrat
the explanation OF the motives OF their attitude Is
| not readily made. especially ~ the movement set
on foot embraces among It's follower, mel OF equally
decided Democratic CONVICTIONS. a. w.il rs men VINO
| might he classed Mugwnnips.'
| The bnnks who refused 10 contribute TO the Sub
| Treasury reserve from whirh statement d0ulh
te obtained on Thursday explained their course yeSter
1 d.v
civ Bank said: "Our position l. Just this. We. can
tc counted on do share In helping the Treasury
when the Associated Banks Of the city take action
We willing 10 join In any formal movement tl"t
The Clearing House may undertake TO assist INC "oV-
eminent. We did not feel that 1t was best :or us
| To Join in an Informal contribution like this lou
understand position, | think. We Will do our
| share In The proper way at any time."
1 james T. Woodward president Of tho Hanover
| National Bank, said We did not decline. but
deferred assent TO give up gold and receive
| srccnbacks In exchange, for the reason that we do
not believe the moderate amount asked for adequate
to the requirements OF the present situation OF the
| Rational finances. II the secretary OF tile Treasury
nnds 1t prudent We would exchange our
| proportion OF the sum, say OF s25.0O00oO, to 6e
| Immediately placed With the Assistant Treasurer In
| the ity OF Ncw.iork. such should certainly
convince tho business people Of the country that the
Sew-iork banks had the ability and were in earnest
|
were extremely severe IN commenting on the course
| OF the two banks. Some attributed IL TO lack OF
| confidence In the Government and said that these
two banks had ntle fnth In II that they followed
4 the unusual Ct boarding gold In their vaults
md were not content with leaving II at the Treasury
| ard holding gold certificates against II. The iva
| banks both have large gold reserve. that Of the
| National lily being the largest In the town. on
Wednesday last II wished to daw 100000 from the
| sub Treasury and wished double eagles Instead or
smaller coin which, because Of heir greater circulation
| are liable TO bc worn. and even though each coin Is
| up TO the minimum standard on large quantity.
| there might be some loss Assistant Treasurer Rob
| crs replied that he could not guarantee double
eagles but would have TO give the bank the coin a.
| II came for the greenbacks which It wanted to nvert
to gold The bank offered to deposit gold certificates
| II II could have the 100000 In double eagles and
that was agreed to by the Treasurer. The bank got
| It's money all In new double eagles every full
| weight
| A prominent Wall Street Democrat spending OF the
| sitia lon yesterday. said 1t seems to that the
refusal OF bankers to join In the movement
started a few days ago Is based political reasons
I a Democrat. but believe In supporting the Gov
| eminent ana honor the Democratic bankers who
| came forward yesterday 70 help II. think some
have held back with the notion that this Adminstra
ton got bear the brunt of the present low gold
reserve and Hey did not care TO help 1t out Of the
| difficulty
| Tho Idea that banks. which nre members Of the
Clearing House Association, can encourage any Of
their customers In scheme to dscredit the financial
situation by opening special gold accounts" 1, ridi
| tuird by well-informcd bankers. On November IL
1879. when the Nation was preparing TO resume
| speCie pas ments, the Now York CLEARING House
adopted tho following resolutions. u Fake effect on
January l. 1870. the VOTE being 40 to the dissenting
vote being cast by j. b. Colgate, who was credited
| with representing dealers In bullion:
First-Dccne receiving gold coins as especial deposts
| but accept and them only as "lawrl MONEY!"
secondAbolish special exchanges OF gold checks at the
| Clearing h0use.
Third Pay and receive balances between banks at
Clearing House. either gold United legal tender
| notes.
FourhReceye SILVER dollars upon deposit only under
| special contract TO withdraw the In kind.
Fifh-Prohibt payment Of balances at Clearing Hous,
In silver certificates or in silver dollars. excepting sub
| sIdiary coin In smah sums (say under 500
SIXTH Discontinue gold special accounts by notice To
dealers on lst January next to terminate them.
| Article five rescinded BY the Clearing House
| Association In 1900 when the present sherman law
! came into operation, the banks were prohibited
| from becoming members OF any clearing house which
| did not allow balances 10 De- paid In Treasury notes
/ or silver certificates The other resolutions are now
I'm force and consequently the members 81 the Clear
ing IIonsc prohibited from opening gold accounts.
At some OF The banks II learned that inquiries
had been made IN regard TO the withdrawal OF de-
positors balances In gold and bankers In view OF the
foregoing resolutions OF the Clearing ionse stated to
! the persons making the inquiries that under the
rules Of the Clearing House tiey prohibited
| hanks generally loan their money repayablc In funds
| current at the New. York Clearing House they would
EXPECT 10 pay their deposltos In kind 1t Is under