, 1876-03-02

Upon this small exhibit Of s'ayailablo gold"
in tho Trcasury the Anti-Resumptionists hive
set up loud shout that resumption is CON-
pletely killed" Senator LOGAN is reported
'not to hesitate to Ray that in his opinion
this exhibit postponed resumption indefinite
IT," Senator O6LEsnY thinks tho whole .nat-
ter is ''poppy cook, whateyor that means, md
that two aro not as noar resumption now as
VIC wero year ago." md "tho Assumptions
ista have had charge Of the Treasury all tho
time" Other Senators Expressed surprise
that thoro is not moro available gold in tho
Treasury, while all the inflationista expressed
themselves delighted at the prospect of what
they called "indedni.e postponement Of re-
sumption"
a careful analysis Of the Seeretary'a figures
shows TINT the Government owns $50, ,1lo,8g7
of tho coin In the Treasury, at which 914, ,193,-
G1B Is silver but whom it pnys out the sums
required for tho sinking fund and other called
bonds and interest duo on the debt, there
will only remain s27.535,041 Of gold and
silver. Tho point we make on this exhibit IS,
that II has really nothing to do with tho
question Of resumption. Whether thcre
happens to bo SEE, 8,0o0, 600 Of coin In tho
Treasury on particular day or double that
Rum, is matter OF little consequence except
so far as 1t affects the Wall street gold mar
ket. When tho balance in the Treasury runs
low, tho Gol-lsoom speculators aro tempted
to mike coEuers on tho caah gold,
and run MP the premium and knock
down tho value of tho greonbacks, because
/ it is then out Of tho power Of tho Govern
1nent to sell large quantity and thereby
break the corner. Aside from this danger,
tho Government only needs enough gold to
meet its accruiug interest, and there is no
doubt but it has plenty for that purpose.
Thcro ia wide difference between relemp-
tion and resumption on the part Of tho Gov
crnment. Tho latter term conveys the idea
That it will undertake to perform tho fnnc.
tious Of bank In regard TO its notcs,-pay
them in coin on demand md reissue and keep
them in circulation, whereas 1t It merely re.
deems them they aro not to be rcissued, but
Cancelled rs fast as taken in.
Now there ara ,uorp ways OF rcdeeuliug the
legal-tcnlcr notes than by boarding gold In
tho Treasury until there shall be $3.50, 600, ,oOc
stacked up, aud then opening the doors and
es suddenly III they Gro presented redeem and
destroy tho notes. 1t would be rcdep,p.
! tion OF tho grcenbacls It tho Government
received them for tariff mud other ta1c:
and then Cancelled thcm. They could nlst
bo redeemed by scut.x,cuxns plan Of siu.pl,
employing tic surplus revenue and tho sink
ing fund, which hos heretofore been used II
buying bonds to buy up l;reenbacla ut thei
current value, and In dozen yeara tbs las
Of them would bo retired. II would also b.
redemption II the Secretary wero authorized
to offer to pay for them in bonds suppos
tho holders should present them 10 hun To-
redemption in per cont ao-ysar gold bonds
AZ fast aa ho thus received and deHtruyc,
them they would be redeemed. II THU at
thor;ty were given 10 tho Secretary, ho Gu
retire every legal.tender note without touet
Ing dollar In the Treasury, and II IL q maj