New-York tribune., 1878-11-06

| In what he means TO do tends TO defeat any
thing that he NAV endeaYor to do, and at the
same time retards the recovery OF business
| from its depression.
The first question, obviously, is as TO the
course of Congress. 1t seems clear tnat 'he
| Democratic members in both houses VIII Oe
| less anxious TO arrest resumption than they
were one wear ago. They have seen that tlle
Greenback movement has immense posslbli-
ihes of mischief for the Democratic party
but tends only to unite, rally and compact the
RepublIean force. Shrewd Democrats Will be
anxious TO get the financial issue out vi ',o
way, if they can do so without lmpairihs 'i'o
hold of their party upon the voters VINO want
imitation and repudiation. The enemies ol
resumption were not strong enough ID the hasO
Congress to overcome the Presidents Yeto'
and it seems altogether probable that tney
will not he strong enough this WINTER Ihe
act will stand. il the Administration shows
courage aud good sense in it's enforcement
The lingering premium on gold is a nui-
sance. Ii breeds apprehension and dlstrust
II preyents that unlocking of the stO.es OF
coin by which the circulating medium may DC
slfely expanded and adjusted to the wants OF
the country after resumption. 1t Will be Mr'
Sherman's first duty to consider what steps ne
should take TO equalize gold and paper IN
market value, before the day of formal re-
sumption. If he can accomplish this there
will be infinitely less fear of failure OF re-
sumption, and very much less actual demand
upon the Treasury for coin when resump-
tion comes. THE TRIBUNE has often urged
Mr.. Sherman to consider the necessity OF
nj nt
notes in order TO make room for such silver
dollars as he may feel Obliged to issue, and
it is now stated that he has had the su bJect
again under consideration. But we have also
urged that he should consider the expedlency
of paying out gold freely, in advance OF the
day of resumption, for the ordinary expenses
OF the Government. No other step would so
readily and completely satisfy the public NINA
that the legal-tender Is in oality and is to be
permanently as good as gold. We trust that
it will nO1 have very serious and prompt con-
sdertiOn.
Whether the Secretary takes any present
measures, or not to prepare for resumption,
we submit that it has become OF the utmost
Importance for him 10 make public and for
nal announcement that, when the day Of
resumption arrives, the United States Treas
ury does not intend to insult the country by
pretending to resume in silver only. Such an
announcement ought not to be necessary. but
the progress of discussion and of partisan
instrumentation, during the recent campaign,
has caused a general impression that after
all resumption is TO be a sham and
cheat; that nobody will be permitted
To get gold for lcgal-tenders, but that
the Treasury will refuse to redeem IFS notes
in ANYTHING except silver coin. Ii has been
proved that the country does not want and
will not take the silver, except for Immediate
return to the Treasury i'll payment OF duties.
The coin contemplated in the act OF 1879,
which required the Secretary to redeem United
States notes in coin, was not silver, but gold.
A later act has indeed made il tdCtd for the
Secretary to pay out silver instead OF gold, II
ANYBODY prefers tile silver. But that act has not
made it in any respect less dishOnorablc for
the United States to refuse redemption in the
coin which was formally promised by Mr..
Sherman's BILL now the act of 1879.
We repeat, there ought to be no question rs
70 the intention of the Administration, and
would be none had il not been the constant
effort OF Democrats. especially at the East, to
cover their own Infamous conduct with re-
spect to the public faith and the currency by
pretending that the Republicans were not
sincere nor honest. II is fact, known TO
every business man, that these partisan attacks
have had considerable effect upon the con-
fidence of bankers, capitalists and business
men OF Democratic leanDgs. Necessarily their
opinion affects the aggregate opinion; their
want of confidence in the future course of
the Treasury affects the aggregate public
confidence. Although the President in many
addresses, and the Secretary of the Treasury in
several speeches, particularly in his Pennsyl-
yania speech, have made statements plainly
inconsistent with an intention to refuse re-
demption in gold, still the idea fingers, and Is
entertained by some intelligent men who arc
not Democrats. frank and unequivOcal
declaration at this time, however, after the
excitement Of the campaign has passed, would
be accepted. 1t would assure the country that
the United States note, which has really be-
come a sIxty-days note, payable with honor in
gold only, if the holder desires, will not be
dishonorcd by refusal 10 redeem it i'll any
thing but ninety cent token coins.
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