Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-06-13
EASTERN NEWS.
ESPECIAL TO THE DAILY SENTINEL
YESTERDAYS DISPATCHES.
SECRETARY SHERMAN AN.
NOUNCES HIS FINAN-
CIAL POLICY.
A Limited decentralization OF Sill.
yer Favored.
MINISTER KASSON TO SAIL
IN JULY.
A Limited Reconciliation OF Sil.
YER Favored.

washington correspondent
with \ statement OF his financial policy,
of which the following is the SUBJ
stance: The silver question has two
extremes, equally threatening u
plausible, one represe nted in the East
and th. other in the West. The dis.
putes will result in a refreshing shower
of silver to replace silver and facilitate
resumption in both gold and silver.
To compel creditors to take silver coin
for all debts when it is ten per be-
low gold, as now, would Immediately
depreciate the purchasing power OF n
dollar five ercent. below gold; would
utterly destroy public credit, stop our
funding operations which are reducing
the public debt, drive from the country
all gold and leave us with what our
silver friends so much denounce, a
single standard ofsilver bullion. Good
sense reveals the results of this doe.
trine. The other extreme opinion
would demorallze silver, which is alb
solutely essential for the daily want,
which is the coin more universally
used by mankind than any other, and
in which the rich and poor are alike
interested. The free use of both metals
are convertible into each other and
| both equal the current value Of the
genuine. The bi-metalic standard
OF value is assumed by tine gold
nonometalist TO be i'm possible in
The face of the fact that gold can not DO
divided SO a. to meet n of the
daily wants of life. Both these ex-
treme opinions will assuredly
bo abandoned eventually. 1t is An old
dispute which the Government has al
ways adjusted by issuing both metals
As coin, and maintaining them equal
at a liked rate by limiting the amount
it issues. Metal more valuable in the
market than its legal ratio can be is.
sued without limit, and the metal less
valuable in the market than its legal ra-
ito must be limited in its issue, leaving
the absolute need of it To fix the
amount. In our country where we
AFRO struggling to make our paper
money equal to coin, We are happily
in a position to do this easily, and with
profit to the Government. The way is
t o issue silver coin wherever demand.
ed, the smaller coin being exchanged
for either fractional paper money, or
United States notes, which MAJ then
he retired. Silver coins have already
superseded the body of fractional cur
rency, and they are a legal tender 10
the same extent. Let the Government
buy the silver bullion at what it i,
worth, coin silver dollars, and issue
them freely to everybody who
will surrender a paper dollar. This is
a fair voluntary exchange. A silver
dollar ought to be received by the
Government, and made a legal tender
precisely as the paper dollar. In this
way perhaps fifty million silver dol
lars will supercede fifty million paper
dollars, more or less. This process
will bring both paper and silver near
er and nearer to h standpoint of gold,
and will soon bring all of our money
to the same value. We will then have
paper money supported by the public
credit with gold, and silver coin in
abundance, so that every man who
has either his labor or production to
sell, can have either kind of money,
and all of the same value, and accord
ing as he wants to carry it, in large
sums or for daily use and change, or
for foreign exchange, he will take pa
per, silver or gold. This will make
all interchangeable, and make gold
the ultimate standard. IT, would
doubtless be better if gold and silver
could have an international standard,
but this is now impracticable. We
hwy u>O SiiNCI dIObC a StiuA OOSS,
aud plenty of countries are ready to
take all the gold we have. We cannot
afford to Luy and sell in the world at
the gold standard and compete with
them, nor can we deny ourselves the
great convenience of an ample silver
currency just equal to gold by confin-
ing the issue to the actual demand for
it.. We are now SO Dear the uniform
standard OF all kinds Of money, that !
have too much confidence in the
shrewdness OF our people to believe
that they will take step back ward.
WASHINGTON, June IL.
Kasson will sail III July.
1t Is becoming very evident that The
new policy will be in favor of making
silver q legal tender equal to the legal
tender character of treasury notes,
which of course covers all contracts
made in the latter, and holding at the
same time that Government should
only exchange silver for legal tender.
and fractional currency, aud not to see
certain limits authorized by law. This
may not take official shape until Con-
gress meets in October, though SO tai
as Sherman is concerned no secret Is
made of his views in favor of the re.
mone.ization Of silver within tho 70.
BtrlCtlOnS named. lie Dollov6S q law
making the silver dollar a legal tender
will aid resumption, as it will take thu
place of treasury notes exchanged fol
it.
Reception % ridden and Hendricks
-tNxt Trntns On Time.
NV YORK, June II.
Ex Governor iilden called on tx
Governor tlendrirks this forenoon
ana they will dine together informally
a, Governor Tiiden's house, a Gram
macy Park, this evening. Nome bu
MIR. ri i-n'- household and Mr.. ant
Mrs. H. ndrbcks will be present. TN
> reception to he rendered Ivy the Man
, haitian Club 10 TX Governors TiId+I
and Hendricks, and Ia Governor Ron
tns'h and Lieutenant Governor Dur>l,
elmer, Ia morrow evening, Viii ~
purely n seciai gathering. The P,e~i
a tents spfe.ii III welcome will te III.
only f"rnini exercise of the ,m.:asion
I During the recep lon u serenAds viii
b given In from OF the club house, II