Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1877-12-08
THE CURRENCY.
Extract from the Annual Report Of Sec.
retary Sherman.

Extract from the Annual Report Of Sec.
retary Sherman.
1t does not become nation like ours
to avail itself of the market depreciation
of silver to gain small saving by the
payment of silver dollars instead of the
coin contemplated when the bonds were
issued. A far greater saving aud higher
public honor can be secured by the sale
of four per cent bonds under the refund
ing act and the payment OF outstanding
bonds in gold coin. An assurance given
by congress of such payment would at
once secure the complete success of the
refunding process and greatly advance
the present high credit of the United
States.
The secretary cannot too strongly urge
the firm maintenance of policy that will
make good the promise contained in
the United States notes which issued-a
promise repeated in the act "to strengthen
the public credit" approved March 18,
1869, and made definite and effective by
the resumption act.
The secretary ventures to express the
opinion, that the best currency for the
people of the United States would be a
carefully limited amount OF United States
notes, promptly redeemable on presenta-
tion in national banks, organized under
general laws, free and open to all, with
power to issue circulating notes secured
by United States bonds deposited with
the government, and redeemable on de-
mand in United States coin. Such sys-
TEN will secure to the people safe cur,
rency of equal value in all parts of the
country. rec ,ivable for all dues; and ca
silly convertible into coin. Interest can
thus be saved on so much of the public
debt as can be conveniently maintained
in permanent circulation, leaving. to natl
onal banks the proper busins-s of such
corporations, of providing currency for
the pairing changes, the ebb and flow Of
trade.
In establishing system of paper money
designed to be permanent, it must be re-
membered that heretofore no expedient has
been devised, either in this or other coun
tries, that in times Of panic or adverse trade
has prevented the drain and exhaustion ol
coin reserves, however large or carefully
guarded. Every such system must provide
for suspension Of specie payment. Laws
may forbid or ignore such contingency
but it will come. and when 1t comes it can
not be resisted, but should be acknowledged
and declared, to prevent unnecessary sacri
fee and ruin. In our free government tn.
power to make this declaration will not be
willingly intrusted to individuals, Lu
ditions known to all.
| Tho uuootion of tha sssuo ~ . .:lvov ~
lar for circulation as money has been muct
mission organized by congress, which ha
recommended the coinage Of the old silve
dollar. With such legislative provision q
will maintain its current value at ear Will
gold, its issue is recommended. A gold coli
Of the denomination of one dollar is too small
| for convenient circulation, while such a coil
| in silver would be convenient for 4 multitud
of daily transactions, and is in form t.
satisfy the natural instinct Of boarding.
The secretary believes that all the bene
fetal results hoped for from liberal issu
Of silver coin can be secured by issuing thi
coin, in pursuance of the general POLICY o
the act Of 1858, in exchange for Unite
States notes, coined from bullion purchase
in the open market by the United State
and maintaining it by redemption, or othel
wise, at par with gold coin. 1t could b
made legal tender for such sums and o
such contracts a. would secure to it the mo.
general circulation. 1t could be easily re
deemed in United States notes and gold coli
and only reiseued when demanded for publ
convenience. If the essential quality ,
redeem.bility given to United States ban
bills, tokens, fractional coins any currenc
maintains them at par, how much easier
would be to maintain the silver dollar, i,
intrinsic market value, nearly equal to gol,
at par with gold coin. BY giving 70 Il u
like quality Of rsdssnability.