Year: 1878

what Fart OF the Scheme Is Not Supported
! Ry the GOveFnsnent-The Efforts of tine
Banks to nemOnetize Silver, and What
is Thought of lt By the Treasury gpe~
partHnenC.


| WASHINGTON, Nov. 16-In considering the


actoq looking, to resumption taken by the
| new forK banks on last Tuesday and ratified
| nection OF the treasury with the New York
| Clearing House will not be confined to what
| the banks intend to do. The only points in


the plan adopted by the banks with which the
bound by are the following propositions sent
| from the treasury, and referred to the Clear
| Ing House Association for their consideration
and adopted by them:


|, Hereafter drafts drawn upon any bank
represented In the Clearing House Associa-
tion In the city OF New York, received by
| the Assistant Treasurer in this city, may be
presented to such bank at the Clearing House
for payment.


2. Hereafter drafts drawn on the Assistant
Ireasurer at New York may be adjusted by
him at the Clearing House, and the balance


due from the United States may be paid at
his office in United States notes or in Clear
ing House certificates.


5. After the first OF january next payment
OF checks presented to the Assistant Treasr-
rer by any bank connected with the Clearing
House may be made by him in United States


notes. On acceptance Of the proposition hv
resolution Of the association entered on its


record or in any other form that will convey


Its sanction, [ am authorized to conform to


them SO soon as necessary details can be ar


ranged.


The treasury is not at all connected with the


principal point in the plan adopted-that


which refers to the silver dollar THE banks


have decided to receive, on and after january


|, the remonetlzed dollar only as q special de-


pOslt, just as they would silver Or gold plate


for safe keeping They expect that their
action will be indorsed by similar institutions
Throughout the country, and drive the silver
tlon by the banks OF q legal tender of the


United states linds no favor with the
Treasury Department. Banks n,lrsre this
plan because they hold that the standard
dollar will drop to its bullion value because
the silver bill provides that no less than
1900, 600 of them shall be coined monthly
silver dollars will become SO plentiful, they
hold that they will deteriorate without doubt
TO the mere bullion value in spite Of the bill
remonetizing them. They have been premature
at least IN taking the whole matter into their
own hands: They seem to make no allow
ances whatever for any action the Presi-
dent, Secretary of the Treasury or Con
legal tender shall not be legal
tender, because it might, If the amount of Sill
yer coined each month is not limited in time
become only Of value as so much bullion.
They should have considered that steps shall
be taken by the government to avoid such an
evil. They take no consideration whatever of
the probability that the Secretary OF the
Treasury Or President may recommend to
Congress that the coinage Of silver dollars be
limited to an extent which would leave no dan
ger OF It's depreciating, or that it's weight be
increased so that its bullion value will be O
cents and Congress would very probably take
suitable action