New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-10
WASHINGTON.
SPECIE ACCUMULATION
THE STOCK N TIE COUNTRY INCREAsING-THE GOV
ERNMTNT Thinking ABOUT RESUMPTION.
LrL nnu TIE InLuI-NL.l


ny TELEGRAPH TO TuE TRIBUNEl
WAsHNGTON, May 9.-PresideDt Hayes in his in
augural address, while. he said, not undertaking
"to lay down irrevocablc principles or measures of
administration, but rather speaking of the motives
which should animate us, and suggesting certain
important ends to be attained in accordance with
our institutions and essential TO the welfare Of tho
country" dwelt upon three great subjects. These
were, first the permanent paclfcaton of the country;
second, the paramount necessity Of reform in our
civil service aud, thirdly an early resumption Of
specie payments. The policy of the Administration
in dealing with the Southern question has already
been fully developed. and tine country is now be-
ginning to reap its first fruits. Civil service reform
will be plant of slower growth; but certain prin-
cpes have already been laid down and certain rules
of practice established in several of the departments
which promise good results
On the subject of resumption the Presider. an
nOunced his adherence TO the views which he had
expressed in hsetter Of acceptance in favor Of Con-
gressOnal legislation for the purpose of bringing
about an early resumption of specie payments; and
he added that he was not only satisfied that tins is
wise hut that the interests well as the public SEN
timent of the country imperatiyely demand it. If
the extra session OF Congress had been called for the
first Monday in june it is not probable that the
President would then have directed the attention
%
ton; but the possibility that one house
or both would have insisted upon taking up this sub
iect and discussing it even if no bill passed,
would probably have prevented any immediate steps
on the part of the Treasury Department looking to
carrying out the law of Jan. IA, 1879. Now that
Congress will not meet until Fall, and
more than five months will intervene during
which no legislative Interference with any
plans of the Administration can take place,
il IL believed that some definite policy looking TO an
execution Of the Resumption act may at once be
adopted. 1t is reported indeed on goOa authority
that this subject has already been informally dis
cussed by the Cabinet, aud that Secretary Sherman,
before his return from Philadelphia. will visit New
York for the purpose of consulting with prominent
bushes. and bankers there in regard to the best
method If preparing Tor resumption on tine 1st Of
January, 1879.
1t will be remembered that by the act Of Jan. II,
1875, the Secretary of the Treasury is not only au
thorizej 10 use any surplus revenues from time 10
time in the Iroaorry not otherwise appropriated,
bur also 60 issue, -l, and dispose of 81 not less
thau par IN coin othcr IF the descriptions of bonds
Of the United states described in the act of Congress
approved Juy II, 1870, &C., ard TO uso the pro-
cecds thereof for the purposes Of carrying out the
act" The Resumption act, IL may also be rrinem-
berad, coutcmpatcs a preparation for the rcdemp-
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