, 1877-10-02

not unliko TINT it now employs toward Hes
1so, HA1NEa, aud WILLIAMS. AL at onco It
floppod. and from that date until tho elec-
ton, anti from tho election until HAYES was
dcclarol President BY Congress, KEENAN, and
Sronsx devoted the Tines to the service of the
" Usufruct," md transferred their opithots
and t1iatribes to uAYEs Col. HA1r1x indi-
cates tho cause of tho EnQturrs chango Of
front Tho Times at tho Same time, by
singular coineidoucc, also changed front. Do
like causes ever prptluce like effects
e.-.....
sEcHETARY SHERMAN on RESUMPTION.
A1r. JouN SHERMAN is Secretary Of tho
Treasury, md though Wien ha writes Il lot
ter concerning Al election nbout To tako
place in Ohio reasonable amount Of gush.
Ing enthusiasm mny 10 oxpscted, noverthc-
less his uttarnuocs cannot bo tlivosted Of an
of1icial Significance. We hnl OCCASION Mt tho
time to call attention To wllat Mr.. SHERMAN
did not say and what he did not c1p!ain In
his Ohio speech on tho subject Of resrmr-
ton, md Lis recent latter, while 1t expresses
tho sanguino fnith OF tho Secretary, fails to
give any Of tho reasons on which that fnith Is
founded II tho Secretary expects mirncu-
lols lnterposition TO cuablo linn to resume
specic-payments in January, 1879, ho may
feel warranted in Lis hopes; but tho connt1y
il hnrd1y disposed to rush on to ruin, from
which miraclo can ntono save it. With
view of describing tho "magniacont
chance tho Republican party Of Ohio haa,
not only TO plnco itseH In "the vanguard
in tho United Suites, but to do the country
service IS great aa any victory won by tho
Union army during tue War, no writes:
Now, when Il ts demonstrated that Tho e'tfleu'.
-. hu ~. nhon.o.ies ~ ,,.naoo.c. ~, ,san ~.
note. aru within . pcr eeut or goii, when proyI.
dcnco has favored US with bounllcss crops. and
prosperity Il coming upon ~ after dseary t!i,o
VI '' !, 1su .'". e.ueu W 'na,ea apst mon
nnd aysil Ourselves or tbs advantage tneY R,yu us
in uur political contass.
Fifteen months only aro 70 pass away bo-
foro tho Secretary proposes to pay out OH
demand gold coin II, exchange for green
backs. Whit is Tho preparation mnilo for
this work2 II should DO borno in 1niud that
to redeem tho grcenbecks In gold coin must
involve tho redemption Of bnnk-uotes in
coin ; the aggregate Of tho currency, there.
fore, to become roaeemablo on demand III
3G50, ,o0o, ,000. Tho Secretary Of tho Treas
ury does not stata, and refuses TO stata,
how and whero 4e il to got gold
enough to begin tlis work Of TO.
.1emption. It is easy to understand what
will become Of tho bank-poto circulation.
Tho banks will rctiro their circulation to IN
amount equal to tho sum Of ths greenbacks
they may 10 able 10 hoard When payment
is demanded OF them for tLcir currepcy, they
will hand out their greenbacks, 30 that
eventually tho whole bank.noto circulation
will be retired, leaving tho greenbacks alone
to bo redeemed In gold, Here, then, is tho
first brunch Of tho contraction. How is tho
Secretary to got The gold? There is mono
accumulated, save such o. may DO sot npart
from the recent sale Of per cent bonls. 1t
is not likely that any considerable number Of
per cent bonds can ba exchanged for gold
hereafter. Indeed, there IL moru likelihood
that those already sold will be obtainablo
shortly at less than par. The other bond
availablo b tho n per cent bond. To otter
a 81 por cent bond In exchange 10. another
bond IL quito different thing from the salo
of such bond At par for cash. Tho Gov
erntnent can compel the surrender Of tho
O Per cont bond, but It cannot compel tho
sale OF gold at y pcr cont, particularly when
gold is IN demand beyond tho supply. 0es-
many has been waiting for gold for several
years with which to replace her silver, and
has 10 take the gold In comparatively small
quantities, and paying for 1t In silver at u
largely reduced valuation. The offer by tho
United States to e1changc a q per cent
bond In Europe for gold to the amount of
ono hundred TO two hundred millions OF
dollars will hardly meet such \ Yesponso ~
viii! Justify tho Rscretary's sanRuiue expccta-
tions. Tho Bank Of England. which practi-
cally controls the gold supply, has . necul.