The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-04

of cons nlracy to murder tho whole royal
family as well as the Kaiser, because thoir
popularity stands in the way. of the growth
OF the socialistic party. If any conception
Of that sort inspired the act it has certainly
miscarried, tor mo- case could have been
contrived more fitted to make socialism
odious than this dastardly crime, nor any
more likely to rally the affection of the
whole country TO the proposed victims.
One great mistake is exhibited in a clear
light by this event, the mistake of the Cath
Ollie party in refusing it's support and
thereby defeating the law that was proposed
as q measure TO strengthen the hands Of the
government against these socialists. Any
extremity to which tyrannical Ministry
might push the repression Of religious free
dom would be preferable to the horrors of
society abandoned to the socialists.
Preparation for specie Payments.
The President has signed the bill forbid
ding any further contraction of the legal
tender notes. We regret that he did not
see his way to veto it, since it is o manifest
obstruction to specie payments. But as it
would probably have been passed over his
veto it is hardly fair to blame him. The
original Resumption act contemplated the
reduction of the legal tender notes to three
hundred millions, and if only that amount
wero in circulation the government
might safely resume tomorrow. The
amount Of greenbacks outstanding on
June was s346, 6sl, 0l6. This is the
amount shown by the books Of the
Comptroller of the Currency, but the
amount actually in existence is NO doubt
considerably less This kind of currency
has been in use since 1862, a period OF six
teen years, and within that time a great
deal has been lost. About ten million dol
lars Of fractional currency. or twenty per
cent of the whole, has not been presented
for redemption, and probably never will be.
If ten per cent Of the outstanding green
backs-and this IL not AN extrayagAnt esti-
mate-has been lost, the amount in actual
circulation is only three hundred and
limit fixed by the Resumption law rs to
render the difference unimportant. Still,
it is bad policy to stop the pro-
cess of contraction. The national banks
Will. supply deficiencies in the paper
circulation, and it was expedicnt to reduce
the government notes to such o point as
would relieve the resumption experiment Of
all doubt or hazard.
1t is conceded that there will be no fur
Their legislation on the subject, and we
shall begin the experiment in substantially
the same condition of the Treasury as ut
present. The amount of greenbacks will be
precisely the same on January as it is ut
present, and there will be no percepti-
BILE increase in the gold reserve Of the
government. When tho contract was
made with the new Syndicate it
was arranged that the bonds should
be taken after the first ten millions at the
rate of four millions month"; which would
have extended the transaction until near
the close Of the year. But, in point Of fact,
the whole fifty millions have been already
taken, and the consequence is that the
Treasury will be just as well prepared to
resume on the LIST OF July as on the 1st Of
january. The preparations being already
as complete as they are likely to be there
would DO manifest advantage in anticipate
ing the date. The safest time to begin would
be Just before the commencement of the
fall business, when large amounts of money
will be required for moving the crops.
Paper money is better suited to this
use than coin, and during that large de-
mand and active employment for paper
very little would be presented for redomp-
ton. 1t would be wise for the Treasury to
avail itself OF this natural protection. There
is another strong reason for beginning just
before the opening of the fall business
The crops are hurried forward for exporta-
ton, and that is just the period when
there is least likely to DO a drain OF
gold for tho discharge of foreign obi
cations. It is the part Of the year
above oil others when there is least
danger Of run upon the Treasury to
drain away its stock Of coin. We hope,
therefore, that Secretary Sherman will soc
his way clear to take the tide at its food
and resume specie payments in August.
whats we'll begun is. half DONE" and
after heavy fall business transacted on
the specie basis there will be but little diff
Guilty afterward