The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1876-02-06
NCIgLEICHER'A PLAN.

Mr. Schlecher, of Texas, has been
safely delivered of Il currency project
of an extraordinary character. 1t ~ n
sort of cross between Greeley's the
DRY that I" the best method of re-
sumption Ia TO resume" and eX-Secre-
tary Richardson's famous plan for re-
placing the fractional currency with
silver COMA plan which the tribune
then ridiculed to death, and which
was revived and made n part Of the
sherman resumption act last winter,
only to be proved impracticable. a
IribHlG special now vOuchps for
Schleicherls u thorough and cure
ful y student OF financial subjects, and
we find from the Congressional DreG-
tory TINT since leaving his native Ger
many, where he was Il civil engineer,
lie has been living on or near the
frontiers Of Texas. This is his first
session in Congress, Such a record
prepares us for something original and
brilliant in the way Of n financial
measure and Schleicher has been equal
to the expectation. lie proposes that
the Government shall begin paying
silver on the lst of June next for frac-
tional currency that Il certain part Of
the coin now in the treasury shall be
appropriated to the payment of legal
tender notes, and that on the lst OF No
vember next the Secretary Of the
Treasury shall sell ten millions or this
coin for legal tenders, and repeat the
sale every month until the notes rate
at par with gold, and after that to con-
tinue the process in another way by re-
deeming ten millions Of the legal ten
der notes every month. The notes as
fast as gathered IN are to be Cancelled.
When the Secretary's coin reserve
gave out, as IL verysoon would, Schlei.
cher would have him rep!enish ii by
borrowing on four per cent bonds.
The plain English OF The scheme, aside
from the ridiculous attempt forthe
third time to place in circulation silver
while gold remains ut premium, is %
proposal to pay OIL and cancel the
greenbacks at the rate OF Sl9O ,00000O a
year, beginning next November, and
to gotthe gold TO do this with by bor-
rowing at four per cent. There are
only two important objections to all
this: First. Such n rapid contraction
and cancellation OF the, greenbaeks,
even We're IL practicable, would COM
plete the ruin begun by the panic ofl873
and destroywholly that which can be
made model paper currency. Second.
The gold could not be obtained in sutli-
cient quantities even by offering five
or six per cent. interest. The Secre-
tary, though now empowered to nego-
tate four-and-a-half per cent. bonds to
very large amount, has made no
progress in doing so. Mr.. Scllleicher
shouldgo back to his books and study
a little longer. fTe hasn't mastered
the subject yet.
The inference from the Philadelphia
,I81es' article is that because Mr..
Schleicher happens to be from Ger
many and to have lived upon the from
tier of our State, he is thereby incom-
peteut to the task of DISCUSSING
finances. Mr.. Scblcicher IL cult
waited and thoughtful gentlemen, and,
doubtless, possesses rs much thorough
insight into finance as many of the
Would-Oe luminaries OF the Older civil
izations of~the East. We have now,
and have ever had upon that same
frontier, some of the finest minds OF
fthis State. Kendall, of the New Or
leans Picdyaae, now dead, the accom-
plished and scholarly King, +. J. De-
wire, andJ. 7. Simpson, and Stockdale,
and many others we could name, all of
whom are statesmen, and the peers OF
the most skillfulpoliticians that Penn
sylyania can boast ta .5 q