New-York tribune., 1877-06-12
nv rO PPSUMPTJOy.

Secretary Sherman did not hastily or incon-
sidcrately show his intentions. But his finan-
cial success thus far has been in marked ac-
cord with the wishes of the true friends OF
resumption. Only month ago, on the nth
of MAY, he came to this city to confer with
the Syndicate, and THE TRIBUNE then said:
we take leave suggest that he may not always find
his wses counscors among those whose daily interests
rs bankers nnancers aud merchants tend to affect their
Judgments. There is prevalent In business circles
chronic conservatism which shrinks from all vigorous
measures Mr.. sherman Will find that the wisdom which
consists in religious attention to the telegraphtape h
considerably more common than the wisdom when
plans methods Of controlling the currents OF commerce.
The first duty OF Secretary, respectfully submit
il 10 get ont Of way that great load OF useless legal
tenders which now clogs the operations OF commerce
Earlier than any other journal in this country, IhE
TRIBUNE urged the importance OF withdrawhS the sua
notes first. as a necessary step toward resumption
Secretary Sherman, hope will not forget that the
small notes. which fly from hand to hand, make retail
prices unuaturally high widen the gap between the
Wholesale and the retail pricc-between producer ana
oousnmer-and thus reard, in peculiar degree, the
readiustment necessary"
II has doubtless occurred to those who have
watched recent news that Secretary Sherman
shares the opinions here expressed. lie has
commenced the withdrawal of surplus legal
tenders and by the very methods which we
urged. Notwithstanding opposition by some
professed friends of resumption, and. it Is
said, by the Syndicate, he has insisted upon
sales of bonds for gold, and will sell 35,0OO,OOO
per month for the next three months, employ
ing az much of the proceeds as he may think
proper in the accumulation of greenbacks.
There Is much reason also to believe that he
has commenced the experiment of withdraw
ing small notes. thereby creating vac
uum in the retail transactions which coin
may gradually fill. In order to provide
larger supply of coin, he proposes also to issue
silver in place of the ten or fifteen millions of
fractional currency now held to have been
destroyed. Finally, he has not listened to the
advice of the Syndicate only, in regard either
to the class of bonds to be sold or the method
Of selling He has refused TO issue and has
withdrawn $iO0O00,000 of Az per cents;
has resolved to issue the ! per cents next
month and, in spite OF much opposition from
the Syndicate has persisted in submitting
these bonds to free popular subscription for
thirty days at par in gold.
This last step is one of the utmost I'M
portance That the Secretary makes no an
nouncement OF the manner i'll which he Will
employ the proceeds of bonds thus sold is an
other proof that he Is not troubled by the
clamer of Interested spectators, but Keeps
steadily in view the great object-appreciatioD
of greenbacks and specie resumption. lie VIII
need great firmness and courage, within the
coming four months, to employ to the best
advantage the magnificent opportunity which
his now contract gives him. All manner OF
men will beg for delay; all sorts OF SpcctIa-
tors will clamor and rave But he will not
forget that his work must be SO far finished
before Congress meets that it cannct weil be
interrupted. Otherwise his finest Opportunity
may be thrown away.