The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-08
Resumption in Silver.

HesumptlOn IN SILVER.
After nine months Of patient waiting
md profuse promises from the Treasury,
II would seem us If the first part of the pre-
tended movement to resume specie pay
nents, by substituting silver coin for the
fractional currency, had already come 10
grief. From present appearances il is like
ly to end, rs did GRANTS splendid scheme
while RI, HARRISON was Secretary, Of re-
ueeming nve-dolar Greenbacks in silver.
which expired in two days amid general
,idiculc. That experiment was n fitting
sequel TO his project FOR acquiring san Do
mingo, as a sure means Of paying of the
national dent.
The act Of January "a, 1915, "to provide
for the resumption Of specie payments"
declares that the forty-right millions of
fractional currency then outstanding,
shall he redeemed las rapidly as prac-
ticahlc" in silver coin. TO carry ont this
promise, the Secretary of the Treasury was
authorized to issue FIVE per cent. bonds, prin-
cipal and interest payable in coin, 10 buy
silver for coinage. Under the stimulus Of
this legislation Mr.. BnisTow Immediately
set all the mints in active motion. and e.
Gn election Was pending in California, that
nj san Francisco, Of which ia GRASGE is
superintendent, was ciummod with the
Rdherents Of ErrIGY SARGEST, GoRnAM.
and the Pacific Ring. On the sth of last
August il was announced thntten millions
worth OF silver had been purchased by the
Treasury for this purpose aud since then
large amounts have been bought, though
the aggregate is not definitely known.
al. -.
ton that the purchase of silver is stopped
on account OF The high price, and that the
opel alton OF the resumption project will
probably be postponed until the meeting
Of Congress, WHOM the Secretary will nsk a
modiicat on Of the at. No surprise is en-
cited 10y this last phase OF the scheme. In
fact, ii was long ago anticipated by all
practical men who had calmly studied
the situation and its surroundings.
The bill was driVdR through both
branches of Congress - caucus measure.
under the gag Of the previous que, lion.
No amendment, however good OF ncccs-
fary, was permitted and all fair discussion
Of the details was absolutely cut OF. in
order 10 prevent The possibility of division
between the iulGtionists and contraction
lists on the Republican size, who had
patched up The bridge TO carry tn, m over
the stream. II was sham aud cheat
from the beginning.
II is estimated that eight or more MIL
lions of the fractional currency have been
lost or destroyed, leaving about forty mill
lions to be redeemed under the act ia sill
yer. With SILVER NJ "A considerable pre-
MUM m tie market, one certain effect of
the issue of the new coinage would be
vast traii!c and profit FOR the brokers at
the expense Of the community at large.
The premium would lead 10 boarding aud
melting, and under the construction
placed on the statute by Mr. BRIsIow.
that the fractional currency should be de-
ttroycd in proportion to the issues of coin,
the country would soon find Itself without
the 'nall change Indispensable Tor the or
binary wants Of life.
Every dollar of silver would he absorbed
aud Withdrawn from circulation, on ac-
count Of the difference of value between
cOiu and paper, just us was Illustrated on a
small scale when the former experiment
failed In the present case brokerage in
this coin would become large aud special
,siness on account of the many millions
"a bo issucd 20 the extent Of which the
profits would of course be proportioned.
Fol these and other reasons that might be
pgcHnted, this project is doomed to fail
uio, llkC variou Inventions from the same
ttulce, unless the coin should be dcbascd
with an alloy to reduce il TO paper
STANDARD.
ANY attempt to resume specie payments
~ plcccncal can only result in mischief.
"n"n, by economy and reform, tho ooun-
ny recoycft from ~ prosiraIion, and pros
prity once more flows through ali the
channels &C trade ana industry, like blood
through healthy system, then this grave
problem can De considered in earnest and
troe from all party connections. TO TX a
any certain m the midst of Unprecedented
Nv ti'ss ana stngualiCn, was an act Of su-
p''mc folly esp oialy os II was attended
win no wise or efficient preparation.
hVcIy sane man knows that specie pny.
meht on the LIST OF Jouuaiy, 1919, is n de-
ldSon ANA snare, calculated 60 dnTna,-o
ia" public credit from being wholly i'm
pta' iioabc ana TO dcungn the gri,lual
tendency toward healthy bass ~ inter-
jeot'nG an element OF d.soord AMI doubt as
TO 'hc future. Ii must rcmnn q dead lot
''' on The statute book from inability e.
execute tho law or be repeated, me- senator
hoh'of' declared IN afpcCch ut Pittsburgh
IL lcA snort Of his expectations.
Elmer or these alternatives must he
pieJhheIal Abro,l il Min be regarded us