Year: 1878

The proceedings of the Baltimore Clearing
House. in regard to resumption, were evidently
embarrassed by lack of the very informa-
ton which we have strongly recommended
Secretary Sherman to give as promptly and
fully as possible The Baltimore banks, hay
ing no other certain information than
that gwen by the Resumption Act IT.
self, Judged that the Treasury might refuse
to redeem legal-tendcr notes III gold at any
other point than at New-Iork. Yesterdays
dispatches showed that this impression was
erroneous, for the Secretary intends to
make arrangements to facilitate as far
as possible the redemption OF notes
for any holders who have need OF
coin, and yet this announcement was not ohi-
cially made 10y the Secretary himself. I'm
dOubtedly the committee appointed by the
banks of Baltimore will ascertain and report,
in due time, that the apDrehensions felt by
some were wholly unfounded, and the banks
will thereupon undoubtedly take stand with
those of New York and Boston but it would
have been better If such misapprehensions
had been prevented. brief hut def
mite and official announcement by the
Secretary of the Treasury of the man
ner in which the Resumption Act will be
executed, the conditions and restrictions, If
any. which will be enforced rs to those who
desire the redemption of notes. and the cir
cumstances under which, if at ALL silver will
he naid for notes, would undoubtedly do very
much to strengthen public confidence, to
remove needless but vexatiOus uncertainties,
and TO smooth the path both of the Secretary
and of business men generally.


,o1 il We
lieve the business community and the banks
of the different cities will be justified in ex-
pecting that the following course will be pur-
sued after January /:


|. Holders of United States notes can OBJ
tain either gold or silver coin for them, at
their option, at the Sub-Treasury here, with
out limitation as to amount.


H. In other cities, wherever the United
States has a sub-tTeasury or an authorized
bank of deposit, holders of United States
notes can obtain coin for them, within such
limits as the ordinary and natural business OF
such places Of deposit justifies, and can then
obtain ut their option either gold or silver.
IF, for example, notes to the amount of
fifty millions should be accumulated and
presented at one of the smaller points,
where no such demand would naturally
arise or be expected, the official in charge
would doubtless point to the law, and inform
the holder of the notes that he could have
them cashed at New York. But such demands
as might reasonably be expected to arise in
each locality, we presume, the Treasury will
make its arrangements to meet with reasona-
bic promptneSs.


Ill. II is presumed that legal-tender notes of
large denominations will be delivered, in
place of gold notes, to those who desire them,
and that the Issue of gold certificates will
cease.


". If any holder of notes, or other creditor
of the Government, desires gold con we pre-
sume that the Treasury will not force him to
take silver. But if any one wants silver in
exchange for notes, 1t may he presumed that
the Treasury Will accommodate him.


There are other matters OF detail upon
which definite official announcement would be
of service, and will doubtless be made in
time But such statement in respect To the
points mentioned above would greatly help
the business community and the Treasury,
we again urge, If made at once. Nearly all
the difficulties of resumption will be over,
when the country knows precisely how, When,
and upon what terms the redemption of notes
is to take place.