Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-09-12
SILVER RESUMPTION

Washington, Sept. 9.-One week from to-
day one kind o fspecie resumption will be
declared by the treasury department, and
it is hoped that this experiment will solve
the entire question Of specie payments.
Those that believe and what many hope say
that practical resumption will commence
next Monday. Secretary Sherman has au-
thorized Treasurer Gilallan to exchange
silver dollars for greenbacks from and after
Monday next. 1t is estimated that the eff.
feet of this will be to practically confne the
payment Of customs and duties to silver, but
it is not believed by the treasury people
that the authorization of Secretary Sherman
will have any particular effect in putting
the silver dollar i'll circulation.
Treasurer Gil6llan says to day that the
new circular would not move a silver dol
lar in New York. People who desire silver
for the payment of customs duties always
take silver certificates instead, as they are
allowed to do under the law. The wise f.
n%anciers of congress who put in the silver
certificate clause so as to make more money
for the people. are now surprised to find
that they keep out the silver dollar from
circulation and will continue to do so. The
sub-treasury at San Francisco issues
$5,500,000 Of silver certificates and S4,5OO,-
600 are in the sub-treasury at New York to-
day, where they are used for the payment Of
customs dues. 1t is thought at the treasury
department that the payment of silver dol
lars for greenbacks will not have the effect
TO move out the silver except to put it right
back again. Neither will the currency be
contracted, because the silver contracts will
take place of the greenbacks redeemed.
There are at present between Sl2, OOO, 900
and $13,000,000 of silver in the treasury.
Two millions have recently been moved
out in $1,000 packages to country banks.
Indianapolis banks have made the heaviest
calls. How much of this gets into ~circula-
ton the treasury has at present no neans of
knowing. The silver in the treasury is as
q mere drop in the bucket for greenback re-
demption, and the reliance of the treasury
upon the fact that certificates will be taken
instead Of the iilver itself is what dictates
the present experiment. If silver redempt-
ion is practical with the $4,000, 900 as a
basis with which to pay customs duties,
then the rest of the question becomes much
simpler. Comptroller Knox is much inter-
ested in this trial. He says that the treas
ury hopes by this move to wipe ont entirely
the premium on gold. Practically, green
backs are now receivable for customs. They
cannot be paid directly but the mode of
them into silver certificates without
discount is simple and direct. The only
use that there has been for gold for actual
business needs being dispensed with, it is
natural! for the treasury people to believe
that the premium will 60. If this is done
simply and easily within two weeks time,
the able orators who have been pounding
their breasts and screaming themselves
hoarse over the impossibilities of resump-
ton will have . very .ay dull dI'l and stupid time !s
Secretary Sherman's plan to have the specie
question settled before congress
meets again.