The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-27
John sherman on Resumption.

airy, 1879, unless Congress stops him.
The law under which he acts il detective
so he complains, inasnuch as il does not
permit him to sell his bonds for grccnha tks.
But nevertheless, he says he can get over
or get round this difficulty 10y selling them
fOr COIN as the Jaw prcscrbes, and that he
will do So unless Congress prevents him.
until he accumulatcs coin enough to re
sumo outright. Yet there is evidently
secret thought running all through his
speech that he will be prevented lie mo-
whore makes any clear statement of how
much coin he expects to need to accomplish
resumption or how much he has ON hand.
He only speaks Of having added twenty
millions to the coin reserve since the first Of
May. He says he has done this without
creating any disturbance in the money mar
kct, and that the rate of progress he has
made since March last will secure resump-
ton at the end Of year. provided he is lett
"undistuIbcd' But this is a very important
proviso.
There seems to be TO reason for believing
that he can 20 on at the same rate he has
been going since March, or that lac will lie
LETT undsturhed. When Congress meets
he will find himself very much disturbed
by that body, which will rot agree that he
shall go rapidly on selling bonds for specie
and accliuulatng coin to bcgin resumption.
And this, We think, Mr.. SHERMAN himself
understands perfectly we'll Another diff
Guilty he has to encounter is that he cannot
90 ON nj ii = rate he says he has been going
since March in adding To his specie re-
serves without seriously affecting the
money market and creating great dis
tu,bancc il financial circles So that ne
Will lie inevitably dista4uod IRON two
important quarters. and d.uhtlcas he know
it all very we'll For him to proclaim that
he will resume In January, 1879 provided he
II left uud-tuihod. when he knows he
will not bc 80 left. is 90 create false in
preston. and is to tribe with very i'm
portant subject.
This is the complaint We have had occa-
sion to make of Mr. SHERMAN before. We
believe IN resumption. but We do not believe
~ reaching it hy ambiguity or mdir""tion.
Neither do We believe il can he reached 10y
50 clumsv a process as Nj SHERMAN pro-
poses; namely. by heaping up great pile
'hc Government, whlch ought tu bc retired
IN n far more quiet and effective manner. in
advance Of resumption. This is to under
take 10 carry dead weight in a race which
can LIST az we'll Zee let behind.
Mr.. SHERNAS's only reason for his method
that Congress Will allow him t. adopt no
other or hcltcr one. This is To- make a fatal
admission, for II is equivalent to saying that
he means to try and resume against the will
oi Congress a thing which We believe To- bc
mpussihlr.
what We think is needed 60 he done Is to
bring Cohgrc-s To The point of seeing and
acl,nowlcdgin-, Tie lropricty and necessity
oi resumption. aud of being willing e. take
the natural and necessary measures t.
bring it about. "" must obtain a concur
ronc" Of pubic opinion ON the subject that
will influence Congress 10 express a judy
moui in favor of the measure. When this
il done. nobody will doubt about it, accom-
plishmcnt, and tnc way will be easy.
Until this j. done "" hi TX il preposterou-
b. Ice :, wing to beiog the public mind with
unfound,d expectations Il j. matter that
cannot br controlled by the 50 rotary ol the
Treasury. or the Administration, acting OF,
their own account, under a defective law
which WAS intended as AN impu-turc and Il
cheat MI SnlNIAN not beng authorized
l. cNorcis" a certain authority belonging 60
Congress ,ccn- Inclined to cii b"1llc II but
IA will lind bee cannlt be allowed TO bag it
in thi- way, and viii have 10 yield to dctcc-
tNo- hofor' he comes 10 the end.
W think il would be altogether moro
rcminil, iDr tine Secretary TO recognize and
static theiort- OF the cp~r just as they arc.
and 10 str s, to come az his cid- legitimate
49, by am opcn appeal To Congress and the
country to sanction the necessary stops for