The New York herald., 1878-09-10
Secretary Shsrman's New Experh-
memt with silver.

instructions for the payment OF silver doi-
lars in exchange for legal tender notes al
the Treasury in Washington and az the sew
eral Sub-Treasuries Of the United States on
and after September 16. This is extoiied
in some quarters as resumption OF specie
payments /; but it seems to us like sudden
and ill-considered makeshift Mr. sher-
man has been trying for several months 10
put the new silver dollars in circulation.
1t is but few days since he published AN
order permitting their exchange all over
the country for greenbacks ut par III even
sums of one thousand dollars mp TO
the limit of ten thousand dollars in any one
transaction, and offering to pay the cost OF
trans porting the silver from the mints to
any point where it might be wanted. lie
seems to have been quickly convinced that
this effort to incorporate the silver dollars
into the general currency OF the country
would prove as futile as all his preceding
efforts, and he covers his defeat by the new
Treasury rescript. This last experiment
may turn out we'll or i'll, but its good effect,
if it shall have any, will be rather due to
accident than to foresight. 1t is too sudden
and looks too much like freak to have been
the result Of mature reflection.
That part of the press which makes haste
to laud it represents it as q dexterous
manuuvrc for retiring the greenback circu-
lation and locking up considerable por-
tion of it IN the Treasury in advance OF the
legal date of resumption. According to these
admirers Mr.. Sherman intends to make the
customs duties virtually payable in legal
tender notes, and by retaining these notes
in the Treasury to contract the paper circu-
lation. 1t is assumed, plausibly enough,
that no more gold will be paid for duties
when silver can be had at par for green
backs, and that the government will keep
paying out the silver it thus receives back
through the custom houses to defray it's
ordinary expenses, and will thus accumu-
late hoard Of greenbacks.
1t is difficult to believe that Mr.. Sherman
has adopted such plan on mature con-
sideration. He is bound to obey the laws
of Congress in their letter and their spirit
1t makes no difference whether he likes
law or not, lie is equally bound to execute
it according to its real intention Now it
SO happens that nothing is palmer than the
will of Congress that the legal tender notes
shall not be accumulated and boarded in
the Treasury. The act Of last May, sus-
pending the further retirement OF United
States legal tender notes. explicitly pro-
vides that "when any Of said notes may be
received into the Treasury under any law
from any source whatever and shall belong
to the United States, they shall not be re-
tired, cancelled or destroyed, but they shall
be reissued and paid out again and kept in
circulation" 1t is inconceivable that, in
the face of SO plain law, the Secretary de-
liberately intends to pursue plan of
boarding the greenbacks and locking them
up from circulation.
If his purpose be what his applauders
suppose it is equivalent to receiving green
backs in payment Of duties 1t would
make no real difference either to the i'm
porting merchants or to the Treasury
whether greenbacks were directly paid for
duties or whether they were paid into the
Treasury for silver and the silver returned
through the Custom House In either case
greenbacks at par in payment of duties,
and the Secretary would flank or outwit
the law instead of obeying it. A bill was
offered in the House at the last session to
authorize the payment Of customs duties
in legal tender notes at par, and it was
disagreed to by the DECISIVE vote of 154 to
96. 1t is incredible that Mr.. Sherman
means to circumvent by an arti6ce law
which Congress refused by SO strong a
majority TO repeal
The true Interpretation Of this new
Treasury instruction is that it is last and
desperate attempt to push the silver dollars
into circulation. Popular as ''the dollar
of our daddies" seemed at one time as an
electioneering cry, the people do not want
this sort OF money, and will never take it
until it is forced upon them. The paper
currency of the country-both legal tender
notes and bank notes really popular.
The people have confidence in it and
fact that the recent currency agitators
inscribe greenbacks on all their banners
and insert them in all thoir platforms, but
have nothing to say for silver. he new
national party, or labor party, is loud and
oLstreperous greenback party, but not q
silver party. Mr.. Sherman has been faith
fully coming silver dollars month by
month, according to law, but when all is
done he finds that he can make no use of
them. lie has adopted one expedient after
another to get them into the hands of the
people, and now, as last resort, he offers
to exchange them in any quantities for
legal tender notes. 1t is improbable that
the offer will be accepted save by people
who will use them instead of gold to pay
duties. The only effect will be the saving
by the merchants and the loss by the
Treasnrx of half of one ner cent or