pose through the medium of the clearing house.

"_Resolved_, That the reported interview between the members of
the clearing house committee and the Secretary of the Treasury,
with the views expressed by them to him in the paper presented to
this meeting upon the subject of the restoration of specie payments,
meets the cordial approbation of this association, and that the
practical measures recommended for the adoption of the banks in
respect to their treatment of coin in their business in the public,
and with each other, be accepted and carried into practical operation;
and, in pursuance thereof, it is hereby further

"_Resolved_, That the associated banks of this city, after the 1st
of January, 1879, will, first, decline receiving gold coins as
'special deposits,' but accept and treat them as lawful money;
second, abolish special exchanges of gold checks at the clearing
house; third, pay and receive balances between banks at the clearing
house, either in gold or United States legal tender notes; fourth,
receive silver dollars upon deposit only, under special contract
to withdraw the same in kind; fifth, prohibit payments of balances
at the clearing house in silver certificates, or in silver dollars,
excepting as subsidiary coin, in small sums (say under $10); sixth,
discontinue gold special accounts, by notice to dealers, on 1st of
January next, to terminate them.

"_Resolved_, That the manager of the clearing house be requested
to send copies of the proceedings of this meeting to clearing houses
in other cities, with an expression of the hope that they will
unite in similar measures for promoting the resumption of coin
payments."

I accepted in the following note:

"Treasury Department, }
"Washington, D. C., November 13, 1878.}
"George S. Cox, President American Exchange National Bank, New York.

"Sir:--Your letter of yesterday, advising me of the adoption by
the Clearing House Association of the result of our recent interview,
is received with much pleasure.

"The end we all aim at, a specie standard and a redeemable currency,
is greatly promoted by the judicious action of the banks, and I
will, with greater confidence, do my part officially in securing
the maintenance of resumption.

"John Sherman, Secretary."

This arrangement, entered into with care, proved to be a measure
of very great advantage to the government as well as to all business
men engaged in the great commercial op