New-York tribune., 1878-12-20
uP. SHE uANAAD RESUBPHON.


5,s,Trzysrazrzzaz.7 Rz@Es1S
AIR. SHE MAN AAD REStDPJiON.
The war ought to be over. Inc credlt oi
the United States is restored, so tar as II de-
pcnds upon financial or industrial conditions
Whether that credit falls below par at any
time will hereafter depend upon the conduct
Of those who rule. A repudiating Congress
can cause incalculable mischief at this session
or bpreafter. One member alone, II he has, OF
il thought TO have influence III that DOdy' 10
which is intrusted the honor OF the natioh,
NAV fatally asSail it's credit, just as one
murderous cOnspiratOr may strike any mon
arch 10 the heart if he can get himself chosen
rs one of the royal body guard. The deed
would be dishonest and cowardly, but 1t
might nav. Which members of Congress are
a,,bitious to he known as the assassns OF
United States credit!
The natural difficulties nave been overcome
The industrial and financial difficulties when
sprang from the war. after long years ol
weary but patient effort, have been overcome
The proof is in a single fact gold Is at par.
The United States Is now redcrmng Goih
" COINS y in lcgal-tender notes and the condi-
ton of the markets, the foreign exchanges
and the public credit is such that more thah
half the people who have gold want TO get
legal-tcnder notes In place OF 1t. lhOse WHO
receive 81 900 in solid yellow CONS Tor
called bond of the United States, III most
cases. request the Treasury officials 10 be KIND
cnonch TO give them lceal-tcndcr notes in
stead or to direct them to some banker who
will, But the surplus of gold in the market
4 L.. tIn mid
calling in Of per cent bonds, which IL now
propused 1t will be still more increased by
the order OF the Secretary OF the Treasury,
announced in Washington dispatches oi wed
ucsday night, authorizing payment 0t coupon
interest on the public debt falling due Janu-
ary | without rebate. IN coin or currency, as
the claimant may prefer. II is announced that
the registered interest will be paid in like manner
as soon rs the schedules can he prepared.
About TWENTY-FIVE millions in gold com VIII
thus be emptied upon the market within a
few days. Who will take care OF it, guard it.
store ii, and lose interest on ItP The Gov
ernment, If the creditors choose to ask legal
tenders. The creditors themselves. if they
choose 10 ask coin. Thus it came TO pass
that on Wednesday the market suddenly
changed. Gold ceased to be carried as mcr-
chandise, certain rate for carrying being
charged. ard it began to be loaned as money,
a certain rate of interest beng demanded.
II Is the duty. as It is the interest, of the
Clearing House banks TO second the effort of
the Secretary Of the Treasury by a prompt
decision to take no more gold com on SPECIAL
deposit for any person. the gold speculation
has completely collapsed, it is true, but any
knaye or lunatic in Congress may still cause
some Temporary furry of excitement as long
as the banks consent TO lend themselves TO the
usns of those who wish TO stab the public
credit As long as they take gold only "a
u,opcO. they can lend upon it as upon legal
tenders it becomes part OF their free reserve.
But when they take gold as merchandise, they
cannot lend it safely, and merely provide free
storage for another mans goods which he is
trying TO shake their credit as well as that
Of the Government.
II would be most ungrateful in the people
of this country if, IN this hour OF triumph and
| returning prosperity, they were slow to give
thanks and honor to john Sherman. This
| Nation owes TO Sherman tho statesman al
| least as much az to Sherman the general
| The Confederacy was she'll" and Tecum-
| sch Sherman proved il. All the natural, legiti-
mate and strictly financial or industrial obstacles
to specie resumptIon-obstacles declared 10
be iDsuperable very recently by a majority
| IN both. houses of COngress-haye been swept
out of the way by legislation which Senator
| Sherman devised aud pressed with success
upon doubling associates, and which Secretary
| Sherman has now so splcndidly enforced. II
! :, a ,,nod time for mo0eSty on the mart oI
| those who have sneered at his plans oil
| doubted his fidelity. Ii is very good time
| for shame on the part of those who have
called the resumption act "Sherman's Sham.
EXPLANATIONS TAINTED.
| In the examination of Colonel W. L. PeltOr