New-York tribune., 1877-06-08
WASHINGTON.
ON THE WAY TO RESUMPTION.
sHyRMAN GOING AHEAD EARNESTLY PANIC
AMONG WEEKLY PAPERs-A coMrRoMIsE METAL

AMONG WEEKLY PAPERS-A COhihomioh A@i~-
INVENTED BY PHILADELPHIAN.
Br TELEGRAPH TO THE rRrBUssI
WASHINGTON, June 7-Secretary Sherman Is evil
IDENTIFY determined to pursue the even tenor OF the
way to resumption marked out by Congress, without
allowing himself to be disturbed by the clamor OF
opposition He said to-day in conversation upon
the subject Il am simply carrying out an act OF
Congress- and unless Congress interferes by repeai-
ing or extending the time fixed by the act ior re-
sumption of specie payments, shall proceed to exc
cute the law as | find it in the statute-books'' Az
is reported at the Treasury Department mat 'ne
Secretary is seriously considering the propriey OF
taking measures to expedite the process Dy whch
The green back currency is being contracted section
3 of the Specie Resumption act provides that ior
every dollar of National bank circulation iseued
there shall be retired so per cent OF legal-tehui
notes, until the amount outstanding haS poen
reduced 10 $500 100000. Under the operation oL
this section of the bill there has been reduction OF
about $50 900, ,0c0, leaving 6OOOO.OOO above the
limit still in circulation. Under the ordinary opera
tons of this section there to be prospect OF
reaching the limit fixed to the volume OF the green-
bock circulation The measure now talked OF Ior
the attainment of this end is for certain Natlonh
banks TO apply for additional amounts OF circulating
notes, and subsequently To return them ana WIN
draw their bonds after the percentage Of greennacks
authorized 70 be retired by law has been called IN
This operation 1t is said, might DE repeated uh'il
the volume of greenbacks had been reduced to the
three characterization limit.
There are indications that formidable oppositioh
10 the Treasury policy OF withdrawing the @l green
backs from circulation viii be manifested at the
next session of Congress. The argument against
De retirement Of these notes IS that they are great
convenience 10 people who have small remittances
4.ft md ho IL not
order Office The rapid substitution of silver Tor
fractional currency will soon make it impossible 10
so 80 or 25ccnt notes for this purpose ana rs coin
cannot well Zee transmitted by letter If would seem
essential 70 the public convenience that consid-
erable number of small bills should be kept anoa''
The publishers of weekly newspapers are sald 10 dc
nearly unanimous in opposing the withdra"ai "I tio
small bills for the reason that large part OF the
money they receive by mail for subscriptions comes
from single subscribers. who inclOse with their
orders 81 or - bills. II is argued that many
people living in the country will be deferred from
subscribing if they are obliged to make journey
10 a distant town 10 get money order to send 10
the publishers.
Much IF the talk against the retirement OF these
small notes seems to proceed upon the sup
position that all bills of lower denominations than
IS are 10 De called in The project, however, only
applies To the greenbacks 1t leaves the small notes
of the National banks still afoat There are. how
ever. ycry few al or - bank notes now IN circua-
ton Tho policy of the banks has been for several
wears past u get in all the bills Of lower denomnaf
tions than -. There is reason for suposing that
they would change this policy, which is held to be
ahvau,caou; 10 their interests in the Treasury
should carry out It's proposed programme IN relation
TO the greeubacks.
A Philadelphia gentleman proposes compromise
upon which be hopes 10 unre the silvcr-doilar men
and the advocates of the gold standard. lie has
patented "A metal for coinage purposes which con-
tains the two standards IN IL consists Of al
amalcam of q parts of silver 10 one Of gold with
about the same alloy Of copper that is now used in
the silver coins. A dollar piece Of this material
would be about the size Of present silver half
dollars. The inventor proposes that coins made OF
his patent mixture shall be made Legal tend'r and
that the present subsidiary coinage shall be retired
he arores that his new money will not be exported
nor worked-up by the jewelers. and siiyersmiths,
and that ii VIII therefore remain Ia the country ~
permanent circulating medium. He says that the
density Of tie uew metal would be greater than that
OF either Of it, component parts, and that it would
be liable 10 less wear than either gold or silver.
Politicians who have recently arrived from In
diana report that the feeling in favor Of the reon-
etIzaton of silver is very strong III both parties,
ard that 1t has apparently wiped out me ueSeTuc-
tive gracuback faction. Republican and Democratic
newspapers, they say, vie with each other in the
zeal with which they advocate the restoration OF
the silver dollar. These gentlemen declare that 1t
tie President recommends the reconciliation of
silver in his message 70 Congress his Administration
Will be the most popular which the country has had
for many years. II is t. be- noticed, however. that
ali the politicians who cone from the West with
views like these only a few years ago frantic
advocates of a rag-money currency, which should
have no connection with either gold silver coin.
They are the same men who used 70 denounce the
precious metals as relics Of barbarism. and insist
upon q circulating medium composed exclusively OF
paper ink, and the stamp Of the Government