Year: 1878

WHAT HE HAS TO SAY OF THE LATE CONFERENCE


WITH THE HOUSE COMMITTEE.


TO the Editor Of The Tribune.


SIR: In your paper under date of the 29tl
of March you give what the bankers said about resump
tion to the subcommittee Of the House Of Representa-
tiyes. am bank officer, and have reason to know
that other bank officers feeling do and they
men whose heads are regarded, by those who know
them, as being as level as the heads Of the
little cOterle Of Wall Street gentlemen who be-
long to a kind Of mutual admiration society,
which gets together almost daily in the office OF one
the other of the different Wall Street banks, to talk
the situation and to give Bunsby opinions Some
OrmOre these gentlemen rarely If ever Oppor-
tunty to give opinion as Captain Cutie would say,
"As is an opinion" And the other members Of this
mutual admiration society echo it,


Last Fall, one Of these gentlemen conceived plan Of
resumption which imprncticable that it game
forth stl-bOrn. The Secretary did not adopt IT, al
though it most thoroughly pressed upon his atten-
toD and represented be favored by all the banks
this city, which it not; and the public have since
forgotten this famous plan of resumption, well
that other famous plan for the funding of the Southern
debts. II these gentlemen would subside and let mat
tiers, as they stand take their course without
stany giving utterance to such chunks Of wisdom and
which the public inside and outside Of this city, with
out reflection, accept as the voice OF the NewYOrk
banks, they would do the banks great service They





never 10 forget anything and learn anything,
but, like boy in empty barrel, make much noise
as 10 absorb public attention TO them as being the fOun
tain OF financial wisdom.


The assertion made by these gentlemen that they
would give $4,000 for the privilege Of being the first
man on the line, for forming run on the SubTreasury
the 1st of January next is all bosh" Unless aided
by the press in distu bing the public confidence the
ability OF the Treasury TO respond TO the calls upon for
the redemption OF greenbacks in specie predict that
they would not be willing 10 give 80 cents.


With SlOOOOO0OO OF coin in the Treasury, and only
$500 100000 Of greenbacks outstanding there will be
demand on the Treasury for redemption. Prior TO
the late the banks Of the Clearing House AssOca-
tiOn paid the Bank OF America $1,000 per annum 70 be
the depository Of their specie and to issue therefor
certificates OF deposit, which used through the
Clearing House in paying differences and to-day the
Treasury has millions of dollars deposit coin
its certificates out for not only the amount has
deposit but understand, for 25 per cent in
that amount. Now, these certificates issued by the
Treasury. payable i'll god mostly held by the banks
of this city and II the theory of these gentlemen
why do they not present those 10 tho Treasury
payment But they do not and for the simple reason
That both they and the public feel assured il they pre-
sented them they would get the gold them and that
confidence is all that they OF the public require They
would rather have the notes than the coin itself because
OF their being more convenient.


And so IL will be with the greenbacks, il the public
mind is not unduy excited by the uerances Of these
gentlemen, aided by the press BANK OFFICER.


N York, April 5, 1873.