Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-12-12
RnUnPrloN.

Four weeks from to-day will come
the solution Of the great American nnan-
dal problem. involving the resumption
Of specie payments on the part OF the
Government. In other words, the
Treasury OF the United States will then
and thereafter pay out, on demand. hard
American coin for greenbacks. These
legal tenders in circulation amount to
$346. 000. 900. and the aggregate Of gold
and silver coin in the Treasury Ia not
far from $240. 900. 900. Secretary Sher-
man thinks this amount fully ample to
meet al requirements, a. the demand
for gold il not liable to be anyways OPP
prsssive. He has already stopped the
further issue Of gold certificates. Of
which there are about SIS. ooo. 900 in
circulation. most Of which are held by
national banks. This measure will
probably DO followed BY an order max.
ing legal tender notes receivable for du-
ties, which will have the effect to keep
all the gold coin In the Treasury vaults.
for resumption purposes. As an addi-
tionA aid TO destroy the gold premium
Secretary Sherman will receive bids
for gold 70 the extent OF si.0o0.Ooo per
day. which will create . supply so much
In excess Of the demand IS to perma-
nsntly destroy the gold premium. This
premium 10 slight at present. but many
people have always been deceived in
their understanding Of IL. the natural
inference being that the value OF green
backs has advanced and appreciated to
that Of gold.
The New York Gruphie is somewhat
apprshsnsivs on the subject. and e.
presses fears that . combination Of the
great gold and stock gamblers may take
advantage OF the situation In some way.
and BY . bold stroke succeed in operating
Il to their OVID financial benefit. Says
the Graphic:
Gold 10 now IN article Of merchandise.
and the slight premium may mean. and
probably doss mean, that the demand
Tor gold 10 not great. With al increased
demand there would be m increase in
price. But very many persons have
been looking forward to the first OF Janu-
AIRY next, when this premium would be
wiped out entirely. They have been
borrowing gold in view OF this fact. IL
IL said that the Syndicate Ii short OF gold.
Very many other persons are In the same
prsdicamsnt. AL are waiting for Janu-
ary 2. In view Of this fact some OF the
gold spectators might dssire to ensi-
nser . corner. They may have their
lagal tenders all ready for presentation
on January .. They may take the gold
and ct once lock 10 mp. Refuse oosti-
nstely 10 pay IL out. They may obtain
Q frssh supply OF legal tenders BY re.
dssming National bank notes. for the
National banks are compelled 10 redeem
their issues In legal tenders. In this
way an attack may be made on the
Treasury Of the United States. Two
hundred million dollars 10 q large sum
but . well. planned attack might capture
10. The Treasury Of the United States
has no reserves. Even the sale OF bonds
might only result in legal tenders.
According to latest tslegraphio advices,
however. Secretary Sherman has bis
eyes fully open to this a. we'll as other
aspects and possibilities In the premises.
and will take all necessary precautionary
measures to make resumption . prscti'
cal success from the start.