Year: 1878

WAsnISGToS Nov. IL. 1878.
PREPARATIONS FOR THE RESUMPTION OF SPECIE


PAYMENTS.


An important private conference was held here last
Friday between Secretary Sherman and several
prominent bankers representing, it is understood,
the national banks which are members Of the New
York Clearing House.


Mr.. sherman has been naturally desirous to have
tho cooperation Of the banks in his operations for
the resumption of specie payments and been for
some time III consultation with prominent bank
presidents. The conference Of last week. which
kept very quiet is believed to have been extremely
important in it the Secretary and the banks have
reached substantially common ground of agree
ment


The nature OF the discussion at the conference is
not fully known but it is said here by persons who
should be correctly informed that the Secretary
asked by the banks his part to limit tho coinage
of the silver dollars to the minimum rate Of
$2,0O0.00o month prescribed by the law. aud to
Withdraw the one and two dollar legal tenders and
substitute syer'doars IN the circulation for these
small notes. 1t will be remembered that the issue Of
notes under s. is forbidden to the national banks
after next New Year.


II is understood that the banks propose after Jam
uary to discontinue special gold accounts. and to
Pay out Soiu Aul BTeeuDackS on eQuAl ter1uS, tHuU
they will the Of special gold checks in the
exchanges at the Clearing House: in short that they
will pay out and receive gold and greenbacks indis
criminately also that they will refuse to receive
silver except special deposit and under special
contract and will silver certificates silver
dollars in the Clearing House exchanges except for
sums of ten or twenty five dollars and less.


1t is believed here in Treasury circles that this
agreement q common policy will have more inn
portant effect upon resumption, and that i'll fact.
with the help Of the banks in tue proposed
the country will find itself after the LIST Of January
gold basis and with fixed staple currency, with
out the least shock.


Tho Cabinet has been attentively considering
measures to be proposed to Congress relating to
silver 1t ia believed that Secretary Sherman at
time inclined urge tho immediate repeal Of the
silver law. the ground that the silver con-
ference failed to bring any other country
to the use of silver, and that the people
Of the United Stntcs have shown that they do not
like the silver dollar. But friends of the Secretary
now report that he will not make any such recon-
mendation but that he and the President are agreed
to urge Congress make the silver coins Of oil de-
nominations redcemable in gold greenbscks at the
Treasury in sums of certain amounts. The Prcsi-
dent. it is sad thinks that if thus made redeemsbe
hundred millions Of silver easily bs carried by
the country subsidiary con and that. silver il
one of products, it is fair to give 1t all the
chance it have. It is acknowledged,
however. by the silver men here
that without such legislation the silver dollar will
rest in the Treasury and will be refused by the peo-
pie. Some of the reasonable silver men approve of
the proposition to make the dollar redeemable at the
Treasury. the ground that it will at any rate pre-
vent the summary repeal OF the silver bill at the
demand Of the people They say that silver may
up in year two. and that to make it redeem
able will be to keep it in circulation in readiness
if 1t should rise in value.