Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-03-07
Approaching specie Payments.

It's no exaggeration to say THAT the SD; ech
of Senator Sherman. yesterday. was an ap-
preciable step towards tile resumption Of
specie payments. For this reason. and be-
cause the speech itself is an excellent and
lucid statement, it will be read with care by
all business men. Senator Sherman is the
official leader as chairman OF the finance CON-
mite. He is also very skillfnl politician,
unwedded to theories, accustomed to sound
ing the currents of popular opinion, and
feeling aversc to running counter to them,
and representing section of the country
heretofore hesitant and suspicious with re-
ference TO specie payments. The senator
has himself, at different times, reflected this
trait of western sentiment with much dis
tinctness. Yet the most earnest and consist
ent advocate OF early resumption could not
ask for a moro unqualified statement of the
great facts which render resumption imr,era-
tive. or more cogent and persuasive expla-
nation of the harmony with which all INFER
ests combine to demand that policy.
MIR. Sherman, in oehalf of the finice COM
mite, presen..ed bill, which will be found
III 1uh III our congressional reports. It's main
fures are: The direction to the Secretary
of the treasury, on and after the 1st of Janl-
AIRY 1874, to redeem United States notes, on
presentation, in gold coin. or, at his option,
in United States five per cent bonds of con-
venient denomination the removal, from til
| LIST OF July next, OF the limit to the circulate
| ing notes of national banks, and the exemp-
ton of such banks as redeem their circulating
notes in coin or in legal tender notes Of the
United States from the requirements as to re-
serve made by existing laws.
We shall not now undertake to discuss in
detail the probable operation of the proposed
law We content ourselves with calling at
rention to the sincere and frank spirit in
which it is brought forward, and to the great
value Of the fact that it Is, under all circuln-
stances brought forward at all. We cannot
but regard it as ray OF light upon future
which all thoughtful observers were agreed
was not without its aspects of gloom and dan
ger. 10 those who have united with us in
attributing many of the worst features OF
our time to the evil effects of an irredeem-
able, dishonored and deprecated currency,
the attitude of the distinguished Ohio senator
will seem one of great encouragement.-Nes
Fork Times.
In the sSeuate yesterday Mr.. Sherman's
bill to prepare for the resumption of specie
payments, intended as substitute for SEN
ator Buckingham's measure, was preIuded
by long and elaborate speech. The senator
shows the demand, obligation and necessity
tor resumption, and then proceeds to discuss
the objections and difficulties. His own ex-
pedient appears to be formal declaration by
congress that on and after the first of Jan
uary. 1874, the United States will redeem its
notes either with coin, or-at the option Of
the secretary with its five pei cent. coin
bonds. This will fulfill the pledge that the
United States will redeem its notes in coin..
and, Mr.. Shermen thinks, will provide for
any contingency of more notes being pre-
sented than can be redeemed.-Neu York
Tribune.