New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-11

balance in the Treasury by many millions ana
Mt the same time increase his currency palancc
| largely, thas Withdrawing part OF the les"i
tenders from active circulation.
II is gratifying to know that Secretary Sher-
man appreciates the opportunity thus presented,
an,. has under consideration the best moue Vi
facilitating specie resumption. NO one douots
tbp earnest desire of the Secretary 10 INK Ills
name in history with an achievement OF per
n,ouent benefit to the country, which would also
he the grandest triumph free institutions have
vet attained But we take leave to suggest tlat
he NAV not always find his wisest counsei0rs
among those whose daily interests, as bankers
fnanciers, and merchants tend to affect their
judgments. There is prevalent in business
circles a chronic conservatism which shrlnks
from all vigorous measures. Mr. Sherman VIII
find that the wisdom which consists in religious
attention to the telegraph-tape LIS considerably
more common than the wisdom which plans
methods of controlling the currents of COM
merce. Resumption means REIMBURSEMENT of
all interests to a new scale of values. A great
many men who think themselves financially
wise will hold that the Government is power
less to accelerate such change, in spite of
the fact that the upward leap OF prices was
caused by the action of Government Ana
many more will look with vague dread upon
any measure which tends to hasten that read
iustment TO the specie basis, although they
think themselves as earnest as anybody IN de-
string resumption.
The first duty of the Secretary, we respect
fully submit, is to get out OF the way that
great load OF useless legal tenders which now
clogs the operations Of commerce. Prices nave
already adjusted Themselves in measure, to
the specie standard, and the adjustment Will
continue to completion, unless, i'll the desire to
employ notes now idle, the banks are pushed
TO extend Their loans so far IA to bring back
upon us the effects of imitation. If the surplus
legal tenders were gradually removed, there Is
every reason TO believe that the revival OF busl-
ness would be steady and healthy, and free
from the dangerous speculative excitement
which always flows from an initiation of active
currency. Mr. Sherman, as the author of the
Resumption act. knows what powers it cOnfers
We have repeatedly called attention to the
folly of those who called the act sherman
SHAM" and have pointed out the methods by
which the active circulation can be redSted as
far and as fast as any sensible man can deem
ludiCiOu@. IL now ftSJS WIFI MI NHtlhldn
himself to show whether his Interpretation OF
the act comedies with that OF men who have
justified and sustained. it, or with that OF men
who have denounced it as cheat.
Earlier than any other Journal in this coun-
try. TIE TRIBUNE urged the importance OF
withdrawing The small notes fIst, as neces-
sayy step toward resumption. Many OF tho
ablest journals i'll the country have supported
| the suggestion, which indeed needed 10 other
recommendation than that afforded by the
marvellous success of France achieved through
the same policy. Secretary Sherman, we hope,
| will not forget that the small notes, which fly
! from hand to land, make retail prices unnat-
urally high wd"r he gap between the whole
sale and the re'a prlce-bctwefn producer
and cOnsumer-and tina retard, i'll a peculiar
dceIee, tie readusthcut necessary. 1t Is
| wholly within the power of the Secretary TO
make any changes he may thinh advisable IN
the denominations of lcgal-tender notes
! About 5000, 900, 900 in notes of 50 each or
| less are now in circulation, whereas France
/ has in circulation of such notes less than
| &I7 600. coo. The Treasury now holds about
! %SG.O00,0J of legal tenders. in one fund or
another and no one can desire greater
change in the character of the currency than
the Secretary can easily effect.