The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-11-10

Il The NEw IssuE OF GREKNnAoKs.-The
puoiic are profoundly surprised at che
semi. oticial announcement conyevefi In
the following Washington despatch:
;"It can be stated with truth. and
about which there is no oifioial conceal
ment. that $4,000, 900 or SIS, 600. 600 q,
the reserve OF $4,000. 900, the issue OF
which the Treasury Department. COZ.
s'aers 10 left to the discretion OF the Sec.
retary. was made use OF when the Assist
ant,Ireasurer at New York was instruct.
ed 70 buy ;bonds and sell gold, apart
@ IRON the| qsqal monthly progra amme.
Inis was Gop tue 7th of October. more
than four weeks ago Since that time no
further amount Of tue reserve, has been
used: nor is there tho least probability
'hat IL VIII again soon be drawn upon"
30 iar as this action may imply that
ehe secretary OF the Treasury has aban-
noneo ms Ideas OF construction, Mr.
poue"eii Is to bo congratulated upon
naving at least learnt something. This,
however, is the sum Of what can be said
in favor Of this extraordinary exeroise of
power. $A. .0O0,O0 of legal tender
notes were, in accordance with the
orders OF Congress, ''retired and can-
celed,' and therefore to .all intents and
purposes became extinct as Government
oolgations and as part of our circulat.
ing medium. Not word in tie Inv
authorizing the liquidation of these
notes conveys tue most shadowy impli-
cation that their extinction was other
wise than n6solnte aud final, and there
hns not been line of subsequent enact.
ment Which conveys any power to re-
place the retired notes by new issues:
yet mr.. boutwell, Processes to believe
thAt The issue OF III amount of legal ten
oers equal to tho whole Sill, 600. 600 re-
tired is left to his discretion.
ouch al assumption call he based only
upon the most strained and violent con.
struction Of vaguely expressed provisions
OF law, which no official could bo iusti
lied in regarding US adequate authority
1or such important action. If AIR. Bout.
well really had it in his power to expand
the circulation ol legal tenders to the
extent Of Sal. 600, ,00U, the country would
quickly sec to it that he wore deprived
OF such momentous discretion; for they
are Ill no mood to place in the hands Of
any official an authority which implies
suoh lmmense arbitrary control over the
monetary interests of the nation. Tho
enlightened sentiment of the country is
emphatically i'll favor of tho exemption
OF our monetary affairs from Govern
mrnt interference; and it wns in obedi-
ence to this feeling TINT contraction was
suspended, and the volume of tho green
back currency fixed at $3.50. .OOO. 600
Ihe business portion of the community
Will be alarmed ut the discovery that q
Secretary OF tho Treasury .usurps the
prerogasive Of determining how much
currency the country needs, and of max
ing unauthorized issues, secretly, uuon
his own bare dictum.
While oil wero glad to have the relief
lately afforded by the Treasury, vet there
are few who will not regard this adyant-
age as having been bought ut the cost of
official usurpation and by the exercise of
power most dangerous to the financial
interests OF the country. III. Boat%e!!
did we'll to purchase SIS, 900, 600 of bonds
and sell S.. .O00,0 of gold; the good
effects OF that notion amply justify it:
put 1t was not necessary to his afTordine
That aid to tho market that he should
make irresponsible issues Of greenbacks
1nclndlng the amounts subject TO the
oraer OF dlsb1rslng officers. the Secretary
held nearly Sl0.0O0,00O of currency ut
tue lime OF these operations, SIS, ,OOO,O
W WoAOa Cou1u uHSo De6Q allowed to re.
main in the hands Of local national bank
repositories, without any inconvenience
to the Department, and yet with identi-
cniiy the same results to- the market "a
arose from this unauthorized issne of
$5. 600, 600 new legal tenders.
Upon other grounds, this policy of
unauthorized expansion is to be deeplv
regretted. Looking at these questions
as the public do, the action will be re-
garded rs unfavorable to the public
credit, as warranting new imitation of
the gold premium. as justifyipg q new
lease OF speculation, and as pointing to
an Indefinite postponement of specie
payments. To the business public at
large, this notion will be discouraginr
and by our foreign critics it will bo con.
strued as reaction toward a condition
OF things which they have regarded with
much distrust.
Nsp York Daily BuNefin.
IHE OUTLAws.-We learn that the ont.
laws in Robson are becoming moro bold
and defiant. For soma montha ,,o.t ,hou