The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-13
HdYEs's FTNfNCTiL yIEWs.
Favorina the Rcndoption OF n Double Stand
ard OF Gold and silver.

WASHINGTON, June 12.-Presidcnt Hayes,
although in former years predsposed, like
many other hard money men, TO adhere TO tho
prevalent doctrine OF finance writer's in favor
of a single gold standard. hns materially
changed his views during tho progress of the
general discussion regarding the wisdom and
propricty OF the act OF 1873. which dcmono-
tlzed the old lcgal-tcndcr silver dollar. He is
now in favor Of its reconciliation, and Of
the readoption Of a double standard OF gold
and silver. or. in other words. no favors
n full return TO tho condition OF things
which existed previous TO the legislation Of 1873.
being convinced that such return 10 the for
mcr system will greatly promote the resump-
tion Of specie payments, an object that he re-
CARDS as Of tho frs, importance. While. how
ever. he considers the legislation of 1873 to have
been hasty and uncaled for interference with
the legal tender powers of II large portion Of our
circulating medium ho has not yet formed any
determination to bring this subject Officially to
the attention Of Congress. although Il is by no
means improbable TINT he may hereafter con-
cludc that some recommendation N ON his pnrt Of
the nature above mentioned will be advisable.
SECRETARY sHERMAN's ATTITUDE.
Now that Hayes does not hesitate to talk
Of himself as u good deal ola silver man. the
attitude OF his financial balance wheel, Score
tare sherman. becomes OF interest. The best
iion is embraced in the bill he intro luecd ia the
lHst session of Congr'~s as a substitute for
Blnnd's silver hin passed hy the House. BANDS
hill rcmonotz'd not the dollar Of our
fathers hut tho lighter silver dollar of
ls81 for all paymcnlsi and PERMITTED
or eight cents less than "a dollar. and have It
coined into dollars, or what the law would cnll
and people would have to take as dollars.
sherman = hill, which WIS never considered hy
the senate. limits this priNllcg" To- the Govern
men, and PROPOSES t. s.i people 70 eArhansc
dollars. worth two or three cents less. After
prescribing that the dollar OF 1891 shall Ice
coined 9ut "i huiiYh hur hhs'd WIN ihv hHl-
lion iuni. the vital legal tender phrases oi the
hill proceed:
And SAID dollar shall he legal tcndcr to the same
Sn ,n be- ..acd N r'i'mr'i"n of nici s,ats. not :
on lhr demand o the hndcr under general regulations
no. redeemed under thi. aci .hal lc cancelled aud bee
~. r tr ncr, -, lee eemiau .creon as IN he
ca~c ci bonds redeemed.
Under this at cancellcl grcenbncks woull
wlih u 'eil,d bon l.. teeun" IArt pi ~" sink
ln- iuud. now uadc W rN 'lusNvly hy the cun-
ceiling ui thr bonded ol' ',ati iou- of Tho GuVern-
m"nt. although none of tho coin received from
customs revenues. II w devoted To bus ing bonds
tNr tlr sinking fund. would hc dlt rtrd from
TIE PURPOSE contemplated n the at of 1870,
thr rrd"mptlOn OF tn" bon led indebtedness.
ono method by which gr"cuNh X should dis
appear and silver dollar. Ov su a~titut 4 through
this hin. under Moral regulation of the S''-
rotary oi "a" Treasury. might unli siiununIy
he ~ using the currency balance Tor Ia :
purpose. The Guv'rmrni would got it, prom
i- '- 10 iny on the market ANA IN" prol ie
w uld .,.i an even cheaper dollar than The bat
tle-hought grccuhack, and which u would not
b" called On in redeem. This would suit Sher-
man. who wants loss gr"Dnhanks. AMI would
suit his friends who want more silver The
last section OF sherman bin provides for a
commission 10 attend any International
convention which NAY be- called to adopt
ratio in tho gold and silver COM
ages 9f The different countries oi the word.
One object which su % convention Hish,
be called un to carry Out is oUtl u'd in report
mad" 10y sherman "A year ago last wnter. pro-
posing that when gold stood at lu3', and a
paper dollar was worth 81, the American gold
dollar should bc reduced to the last named ilg-
ur"s. which would make II exactly ilith 81 q
pound t~t'fu-, rruieiffrt ,h.t I>cirss q,
changed her money Of account 10 II dollar. th Is
nOmen ,laturr.