Ellsworth American., 1877-06-28
SECRETARY SHERMAN SAYS THg I PER CyNTs


The letter OF the Secretary ofthe Treasury.
OF the 18th inst addressed 10 r. q. French, Of
New York, in answer 10 the inquiry whether
the per cent bonds will De paid, principal and
interest, in gold coin. will bc taken a. an unan
swerable argument In the support Of the doc
trine that there exist. at lesst, no moral obl-
CATION 10 pay the six per cents. in other than
greenback-.
The Secretary says that the Government,
"exact," gold in paymea, for the per cent
bonds about 10 be issued, aud that tits not to
be anticipated that either Congress or any de-
pariment would sanction or tolerate redemp-
tion in coin OF less value. Now. this is the
strongest defense OF the moral right Of the Gov
ernment 10 redeem the original per cents. in
grecnbscks, for the Government received gree u
backs. for them. gold rating at figures under
and above go. II Is true that subs equently
Congress resolved TO redeem these bonds in
coin. aud by demonetizing silver made that
mean gold. This was not original contract
The Secretary's position so far ~ making it
the duty Of the Government 10 pay the bonds
in gold merely because il will receive gold, will
not command the unchalleuged assent Of Con-
gress.
JUDGE KELLEY. AND THE President.
Hon. WIN. ID. Kelley, Representative OF the
ith Penn. District, has been in Washington for
several days, and his outgoing, and incomings
have been watched with considerable interest,
Judge Kelley is recognized a. the leading adj
yocais in Congress Of what j. known a. the
greenback theory of finance. His bill for the
issuing OF the interoonyert.ble bonds, by which
he proposes to adapt the volume Of currency to
the wants Of the country, is gaining proselytes
in large numbers, and will, no doubt, command
an Imposing strength in the House Of Repre-
sentatiyes. al the next session OF Congress.
The Jsdgs has been in close communion with
the President during his present visit To the
Capital. He has dined and ridden out with
him; and the hard-money men fear tina, he will
influence the Executive TO favor his views on
the great financial problem " hich Is now xgita-
ting the country. OF coui Sc. the Judge Is an
tagonsed by the Financial Minister. but il it
should SO be that the Chief Magistrate and the
Secretary of the Treasury should take opposing
positions on the financial policy, 1t will not be
the fret time that such q thing has occurred in
| the history Of the country. President Jackson
and Mr.. Duane This Secretary Of the Treasury
differed, which resulted in the withdrawal of
Mr.. Duane from the Cabinet. viii history re-
peat itself in this our day and generation;
The BUREAU OF ENGRAVING AND PRINTING
The report OF the Committee appointed to
examine the affairs Of the bureau Of Engraving
and Printing shows that there has been mis-
management and prohigAte expenditure, but
no one can understand why these facts should
justify the recommendation that the entire
business Of the bureau should be relegated into
private hands. II the Government be incom-
petent to rectify abuses in the department is and
bureaus, it were better TO run it in all its branch
es, by contract. The admission Of such want
Of power reflects upon the executive ability q
the officers to whom the management Of the
governmental machinery has been intrusted.
We apprehend that the conclusion at which
the committee has arrived would csrry with il
the admission that their own Official services
might probably be dispensed with. as we are
aware that each one Of them has in charge
some division In the Treasury Department 1t
is well known in W Wsshington, that the greatest
frauds have been perpetrated under the con-
tract system. The Government has all the
machinery for executing the engraving and
printing, and certainly il can command the
honesty and skill required to do the work.
DELTA