, 1877-05-15
WASHINGTON.
Secretary Sherman's Plan Looks
ing to Resumption.
He Believes the Financial Condition o1
the Country Is Peculiarly
Auspioious.
Favorable Contracts for the Annual Sup
ply Of Indian Goods.
Blaine and Hale Of Maine Now Rowing
Back to Back.
RESUMPTION.
AxcRRrAnT ArtKRMAN's PLANa

HE'S u Hk L 4AO4Ns
SECRETARY snRnNAN's rIANA
Special Dttpateh to 7Af Tribune,
TAsnfsoyoN, II, u, MAJ H.-Thc following is
1t least stml- o.eisf statement OF tho views nela
At the Treasury upon Tho action determined upon
ty Secretary Sherman to facilitate spccto re'"'np-
slon, but It IA not pretended that ia IN sctma
detlsrntior of Iii. shctman* opinions. ecesetafy
Sherman is not ready Jet 10 Announce AL the ae.
tatls Of his plans Of preparation for resumption
under the act Of Jan. II. 1s76 and most os the
eon1ecturcs already Published arc probably very
vide Of the mark. The ta1e OF ~ per cent eonde
II pas Tor gold effected lsst week was madc
by authority of that clauas Of the re-
sumption act which provides that 70 enable
tho SECRETARY OF the Treasury u pre-
pnrc and provide Tor the resumption In this act
he IL authorized to lesue SELL and dispose Of. At
not less that par In coin, either Of the descriptions
OF United states bonds described in tho act OF con'
Rrcsa approved Jnay IA, 1870, to tho extent neces'
saty ..--.
70 CARRY THIS ACT INTO RrrEcT,
And 10 use the proceeds thereof for tho pufposes
Aforesaid. Secretary Sherman las simply an.
hounccl that tho AZ per cent bonds, tise safe Of
which hs IL negotiating, will be paid FOR IN CON
during Mar and juno. and that the cotn Will soon
a!!er bc sold for currency. The question
now arises, What 10 10 bo done with
that CURRENCY Tho Secretary Of tho Treasury has
authority undes Tho act Of Jan. II. f67:a or my
O&h0f 4Ci OF congress- 10 CAhec hIla N1eta"y aH<
currency thus obtained The redemption and DE-
struct1on Of Treasury notes simultaneously with
tho iesuc at additional National Bank circulation
ls authorized " continue until tho whole amount
Of grcenbacke outstanding ID $500, COO 600, and,
while tho act does not In terms forbid the Eedcmp-
tion and cancellation Of legal.tendef notea undcs
other circumstances, 1t "a we'll understood that
NO SUCH REDEMPTION WAS CONTEMPLATED
by Congress- before Jan, H. 1871, and that tho net
would not have paascd lad It been supposed that
tho clause authorizing tic sale Of bonds eontcH'
ptnted simultaneous Retirement Of lcga1'tcndof
notea.
| 1t has been objected that tho boarding Of legal
| tender notes aud the acquiring Of }eEs}*tondet
| balance Ia tho Treasury BY the sale Of bonds u
dangerous operation; that the fund thus created
Will be regarded - reserve, and TINT, when tho
money market becomes aetlvc thcrr will DO
grcnt camoe to havo the reserve assucd, and
that In the end The notes thus aceHunlht'
cd Wilt bc paid oot thus becom!nx
cutso to et1 oxeept speculative Interests. In other
words 1t Ia feared shnt the experience Of tic Conn
try With The 81. 900, 600 reserve accumulated BY
Secretary McCul,och will be repeated. Secretary
/ Sherman may be trusted mot to
| E. RRrEATASr sCcH pLuNpEn
| a. this, although lilo language Of tho act under
which SECRETARY Mccul!och retired the 81. ooo. =
600 OF United Statcs noles wxs not uuc9ntvoea',
and tho action of tho President and Secretary
! by many leading men in the Republican party.
EecrrtA.y Sherman, from his place In tho
Senate, denounced It In &ha strongest terms ho
Gould command, and has ucyeE admitted that
the Treasury Department bad any authority what
ever far tho scissuu OF those notes. hut tho
lcgal.tendcr notes which Mr, Sherman now PRO.
.,oses to accumulate cannot legally bc considered
IL part Of his iegai:te balance, and cannot
tho w m NE s os
rotary OF tbs Treasury has r!shk. Under tho net
af Jan. II, 1870, nr thY other At q Congress. 90
o'Gs's of ls'S '' any u '"' 'a"' 'A'''N'1 'As
HxcRlT ron TWO PURPOSES.
The aE.t Of these II t,e teflndlnx of out1landnE
aet Is 10 :'to enable ~ SECRETARY Of the Tfsss'
u uuLttI stafes rga: :tontcr notes. The currency
Or t!,u coin obtaiHoa BY, the sa1e q eonds unds.
purposes oi resumption, and cannot under Any
saP i;aS S S,s. kSa ss.ss 70 ss
4 rLAsN VIOLATION or THE LAW.
o.aeial suaaanee sent oi Tho manner. in which b.
viii treat The fund obtained ~ tue *aia OF tho ~
Ssnt Il T. sn y ti 1S
i1dso. p Il .ay ohe1p w .hs ier he a%., =
eaptIon q notss + sansSs ts ae e9n
S,s osa'n.l; Il paposes ] e1eep. ey order d consts.:
and nnJ btu directing it, rclssao would undoubted
v2ToED MY TIE rnEsIpxwT.
| conjecture that Sherman may possibly deed'
that ho has authority 10 bold ttga.tcndrr notes u
y special fnnd for the redemption of snetiuna
currency. which vii! n Ail probability nesct .:
In this way hs may accumulate = fund which, 4
!. tic entt may hs used In bringing about apccit
paylneuls. IL altDcether e1roneous. The Secretary
Of tho Treasury hAA ALREADY on hand Tor thts pur
poxc abunt %, 000, 600 Of currency, which ha
been xst Gsde III fpcclal fAna, anu u not At Al
! pronabtc that any Of The Iegal-tender noten o6
, tatncd By tho sale of bon1s will b added 10 thI
fund. ~
, Epsetai Mspqfeh to 7ns 7stbuns
| NEw foisK4 MaY l4.-lhe snns HaahfnRto
epcctai says: '*ccFetary Sherman. In conversation
| tia cyrnirg. raid he hoped To- prucced unds
tho bill without interruption. Tho coanfsy ha
rta he'd Tho hard. pan; ptices were on spect
btts~. aud II would ba little lcaa than an act .
cruelty not tAks axerJ atcp possible TO relieve tn
people Of ths lncilbaa Of tfrJsicetnhbd currency
, chief fear Wa q .he salss apo:shens ston ysssa
of the country. that by rrsua,nS the tlovsEatasr
an,t ieavs nothing but God aud silver for the pay
= | mCAt OF dchts and the Transaction VI aus!hssa
should this feeling nkc Ettona euoaEh hold urt'
Congress, II might Eelionsiy efnharfasa tho optft
| t!ona OF The AdmntstEatIlR: Ito saw 20 olhs
rtaaon 10 sxpoet dItl'cnlty or delay. ~. sacrn1
!" declined 10 ssy whether ftasddnt lisyts won
or would not seto my act extending Tue time 4
resumption. All signs were good. and h. rfopaSe
10 10 fotward steadily. lie spoks w,th 21sas hop'
| t1lu<aa,"