Year: 1878

with the bank officers Of New York was re-
sponded to was in itself an augury of the sue
cess OF his effort to effect an alliance which
would prepare the way for resumption. The
meeting held at the Bank of Commerce on
the 9Th instant was a secret one, and the ac-
counts Of it published next day in the news
papers were as inaccurate as matters of mere
guess work are apt to be, as we'll in respect of
the names of participants as Of the proceedings
that took place. There were no persons pres
ent except the government officials and the
Presidents of several leading banks. The in
terview lasted only an hour. There was SUBJ
stantial agreement as to the necessity and prac-
ticability Of such cooperation as would pro-
mote the accomplishment of the object aimed
at The only difference that manifested itself
was as to the rate of interest, the Secretary
desiring to negotiate fifty millions of four per
cent. bonds, and the bank officers being unan-
imous in the opinion that they could not pru-
IDENTIFY undertake to carry the requisite amount
at less than four and q half per cent. to be
taken at the market price. This was their
offer to the Secretary. 1t was very propi-
tious beginning. The next day, however, he
received proposition from a number of bank
ers representing foreign capital, to furnish him
with the amount he asked for on conditions
which he deemed mora satisfactory. The prin-
cipal advantage to be derived from accepting
the latter tender was that it relieved the ma
tional banks from burden which might in the
event Of there springing up an active demand
for money have proved embarrassing to them
The arrangement into which he has entered
secures to him the assistance of body Of cap
italists who are capable of exercising poten-
tial influence In preventing expectation of coin
and in keeping the money market in condi-
ton favorable to the end he has in view They
can do good deal In regulating the rates OF
foreign exchange 80 that they shall not trans
cend the point which will drive specie out of
the country. 1t is also in their power to
check any tendencies ito unsteadiness in inan-
cial affairs at home. In fact the Treasury De
partment is so strongly fortified by this aus.
picious compact that there are reasonable
grounds for indulging the hope that the day of
redemption Is near.


That this conviction is generally prevalent In
New York one may see in the frightened faces
Of its Inhabitants as they pass to and fro, and
may read in the quotations for gold, the pre-
MUM on which reoeded to quarter of one per
cent. Saturday! There are still more convincing
proofs of returning prosperity in the continuous
outflow Of the products of the soil with which
the sea-going ships are abundanty freighted.
Concurrently with these favorable omens come
the assurances from the national capital that
there need be NO apprehensions of further tin
kering with financial matters The silver bill,
shorn as it was of its most Objectionable fea-
lures has done very little to disturb the none
tary current and the advocates of it must by
this time comprehend, however unwilling they
may be to concede so much, that it has not
wrought the miracles which they professed to
anticipate from Its enactment


One question will presently command atten-
tion and that is what is to become of the legal
tender notes after they are redeemable? The
Minister Of Finance claims the right to reissue
them. The law of January, 1875, does not
affirm this prerogative. According to the let
ter of that statute they are to be exchanged for
coin on and after the 1st of January 1879, and
there is no provision expressed or implied for
putting them in circulation again. 1t is very
likely that as soon as they become of equal
value with specie they will not be presented
AoA Ao~oaaPsioh W ony 6h0oe OAs0heS oue IL eneJ
lose their convertible quality there is risk
that they may be withdrawn to an amount that
may occasion temporary inconvenience. 1t is
worth considering whether the government
may not have the benefit of the circulation of
say $500, 600, 900 of these notes. Then the bills
Of the national banks are redeemable in legal
tenders, and it would be an awkward thing for
them to be placed in position where they
could he called upon to exchange their crcula-
ton for coin in any considerable quantity at
short notice. 1t is disagreeable alternative to
be obliged to invoke Congressional interference
touching any of the measures necessary to the
consummation of resumption, but if an act
were passed authorizing the Secretary of the
Treasury to pay out at his discretion demand
notes when the amount outstanding had been
reduced to $500. 900, 900, fixing that as the maxi
mum of their issue, it might with reasonable
certainty be assumed that the last obstacle in
the way OF financial restoration had been sur
mounted.


With the death of Tweed nothing remains
but CHASTITY memory of the crimes OF the
villainous banditti of which he was the ring
leader. The unparalleled frauds by which his
gang despoilsd the city will not be forgotten in
our day and generation. Every tax levy is
painful reminder Of them; every statement Of