New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-06-08
W1THDRAWING SNAIL NOTES.

The inhationists, and those who, following
the shining example Of Ensign Stebbins, are in
favor of the Resumption act but opposed to
its enforcement, complain that the Secretary
of the Treasury has found and adopted an
other mode Of acceerating progress toward re-
sumption. They assert that the Secretary not
only accepts but adopts and is putting into
practice second important suggestion which
THE TRIBUNE has been making for some
months. To Secretary Brist0w, and afterward
to Secretary Morrill,, we publicly submitted
reasons for believing that, without any addi-
tional legislation, the Resumption act could be
successfully carried out, first, Ivy increasing the
Iegal-tender balance in the Treasury, and Sec
ond, by withdrawing from use the small
notes first. Those officers, however, thought
that they had discharged their whole
duty in respect to resumption when
they had recommended to Congress new
legislation. Secretary Sherman cOnceives it to
be his first duty to enforce as far as he can
the laws already existing. and to employ as
well as possible the powers already intrusted
to him. Consequently, he has begun TO with
draw legal tenders from active use, and, 1t is
now alleged, has seen fit to adopt course
which viii gradually gather the small notes
into the Treasury, in order that room may be
made for coins 10 flow into circulation. We
are not surprised that tins seems to imitation
lists and their allies a very reprehensible course.
In order that their angry protests may appear
the less unIeasonabe-fOr enemies OF resump-
tion--we again point out that no other step
conceivable which it is within the power OF
the Secretary to take VIII have as great an eff
feet in preparing for specie resumption as the
withdrawal Of the small notes.
1t is due to the Secretary to say, however,
that there is not the slightest evidence that he
has taken this important step. Heartily dis
posed as we should be to commend it, if
taken, we cannot as yet give him that credit,
for the only action taken which is supposed TO
look in that direction may be fully and salts
factorily interpreted otherwise 1t is alleged
that "at the New-York Sub-Treasury, at
"least," he has ordered the stoppage of
"ordinary payments in small legal-tender
"notes." But the Assistant Treasurer here
is reported to say that this assertion is
not strictly warranted Ivy any instructions
NE has received; for though he has been
directed to be CAREFUL in regard 20 paying ont
small notes, the circumstances warrant the
belief that this may be only because of the
difficulty in getting such notes printed. il is
known that the late Democratic House, tread
ing the border-land which separates wise
economy from that niggardiness which is
wasteful, failed TO make adequate provision
for the printing department of the Treasury.
1t might readily result that, being absolutely
unable 10 supply as many notes az were called
for. Che Treasury had been forced to supply the
required amount in larger notes, thus making a
smaller number of notes serve the purpose.
1t is known that official acquisitions upon the
Treasury for small notes have recently been
filed with difficulty, if at all, because of the
situation in the printing department.. Hence
the instructions really given to the Assistant
Treasurer here may quite as well refer to the
temporary difficulty OF obtaining a sufficient
supply of 81 and So notes as TO any policy
adopted by the department. Certain it Is that,
in the orders given, there is nothing to
indicate that the caution in paying
out small notes should be permanent,
nor that it has any connection with any
defined policy at the Treasury. AT this sea-
son, as all well-informed persons know, there
is apt to be IA comparative scarcity of notes of
the smaller denOmipaiions at the chief money
centers. This periodical excess of demand
over supply appears, in this instance, to be IN
creased by the fact that Democratic economy
has compelled the Treasury 10 print rs few
notes as possible, and consequently TO give
the preference to the larger denominations.
If this bundeIing economy has contributed to
accelerate the movement toward resumption,
we must give the credit TO the rampant infa-
tionists of the Democratic House. Hoping 10