New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-09
RESUMPTION NEXT MONDAY.

Secretary sherman mas ueJermlneu 10 DeBm
virtual redemption of United States notes on
the 10th of September, one week from this
day. The order to commence specie payments
was issued on Saturday, as follows;
TREASURY DEPARTMENT. Sept. 7, 1878.
Hon. JAMES GILTJLLAS. Treasurer United States:
On and after the 10th day Of this month You are
authorized at the Treasury Washington, and at the
several sureasuries in the United States, 90 exchange
standard silver dollars for United states notes Very
respectfully, JOHN SHERMAN, Secretary.
This exchange Will be virtual redemption
of Ieeal-tenders in gold. For the silver re-
ceiyed will take the place of gold in pay
ments to the Treasury. 1t will draw legal
tenders into the Treasury, there to accumu-
late until the date of formal resumption, but
will come back again, nearly as fast as 1t Is
issued, as long as any premium on gold re-
mains. The same silver can then be paid
out again in exchange for greenbacks, II
ANYBODY wants it, and taken in again
instead of gold, and thus the Dollar Of
the Fathers will be used, like buckets
on an endless chain, to pump up into
the Treasury all the greenbacks that will not
circulate at par with gold. Immediately after
the passage of the Allison bill in the Senate,
THE TRIBUNE said, "As long as silver can be
"der but, as General Ewing says, will help re-
| msnmntion. Since the silver dollars
" paid out instead of legal-tenders would
cat once come back into the Treasury
"by payment of duties, while the legal
"tenders would remain idle in the Treasury, it
" is essentially bill for the rapid retirement
" of the greenback circulation" For that very
purpose, as long as any premium on gold re-
mains, Secretary Sherman will now use the
Silver bill. There is poetic justice in this
! slaughter of regulators by the very weapons
which they fashioned for the defeat of re-
sumption.
We have repeatedly expressed the belief
that q still better mode OF reaching the
same end would be to pay out gold directly
ia place of legal-tenders. But Secretary Sher-
man Is charged with the responsibility of Sc
! lecting the methods by which the Sherman's
Sham " of Democratic journals in 1875 can
De made most effective for resumption in
| 1879, and he deserves the full confidence
| and support of all who really desire TestOra-
ton of specie payments and maintenance of
/ the public credit. Assuredly the method he has
chosen to adopt promises to be an exceedingly
| effective one. If, as many have insisted, legal
|
/ be Withdrawn before the remainder can circu-
! late at par the plan of Mr.. Sherman provides
for the withdrawal of an amount at least
| equal to the customs duties to be paid prior
| to January /, which win be nearly 100000
600, leaving an insignificant sum to be re-
deemed after formal resumption takes place.
Events will probably prove that the with
| drawal of o much smaller amount will suffice.
Meanwhile the Secretary still has power to
pay out either gold, legal-tenders or silver,
| for the ordinary expenses Of the Government,
| as the circumstances may require.
By some persons who, though processing to
desire resumption, have bitterly opposed every
practical step to that end, this measure is
criticised on the plea that silver dollars will
presently get into circulation to large
amount, and will then sink to their bullion
value. Experience will show, within a few
days, how much reason there is for this OBJ
| lection. IL has been found utterly impossible
to get the silver dollars INTO circulation In
place of legal-tenders, except for the payment
of duties. Practically no other demand exists
for them; for that purpose. the demand cannot
exceed the amount of duties 10 be paid. The
Treasury can now pay out $l0,000,00O in