Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-05
sHERMAN on RESUMPTION

January next. 1t bears evidence of having
been prepared with great care, and more
than any other of the utterances of Mr..
Shrrman, seeks to avoid antagonizing those
who may differ with him. He lays particu-
lar stress upon the rosy side of resumption,
carefully avoiding reference to the evils that
have already been caused by the prepare
tons for that event, and those that will pos
sibly result from its consummation. He
emulation Of o sufficient coin reserve to at
tempt the experiment, but makes no refer
ence to the great hardship that has been en-
tailed upon the business men of the country
in consequence of his efforts in that dlrec-
ton. He outlines his future course at great
length, and processes to be sanguine of the
complete and permanent success of the plan
Of resumption.
In alluding to the issue of gold certificates
and promising that the practice will cease
after January next, Mr.. Sherman says
The necessity for them during a suspension
Of specie payments is obvious, but no longer
exists when by law everv United States note is.
that could be subserved by their issue hereafter
would be to enable persons to convert their
notes into coin certificates, and thus contract
the currency and hoard gold in the vaults of
the treasury without the inconvenience or risk
of it's custodj. For convenience United States
notes of tbs same denomination az the larger
coin certificates wall be Issued.
So it will appear that in place Of coin cor
tifcates MIR. Sherman will issue United States
notes, thus making of tho United States
treasury safety deposit vault of On i'm
proved pattern. The holder of coin can
exchange it for a government note and use
that note as currency, at the same time lock-
up an equal amount OF gold and cornerins it
just as effectually as il it was in his own pri-
vate safe. Usually when a man or q body
of men undertake to corner gold
they are obliged to lay it away and lose the
use of it for such tina as they may see fit.
Mr. Sherman apparently thinks this hard
ship, and will undertake to hoard the gold
for them and at the same time give them
the use of the money they have invested in
it. This is truly very kind in MIR. Sherman,
and entities him to the lasting gratitude Of
the gold spectators Of Wall street.
Of one thing the public at large have
reason to be thankful. The secretary an
nounces that, as greenbacks will be substan-
TALLY on par with gold after the 1st of
January, he will receive them in payment of
all duties on imports after that date, thus
obyiating the necessity our importers now
labor under of converting their currency
into gold, and then paying the duties. This
regulation will prove great public con-
venience at every port Of entry in the coun-
try.
The secretary vindicates the wisdom of
practically resuming specie payments at but
one point in the country-New York-by
claiming the necessity of maintaining only
one coin reserve where the coin could be
easily accumulated and kept. It will be
doubly advantageous to the gold spectators
of the metropolis, who will thus be enabSsssl
to manipulate the market far moro readily
than If there were half dozen points to
which they would have to direct their atten-
ton. Whenever the opportunity arises it
will be the easiest thing in the world for
them to drain the sub-treasury of it's coin
reserve, and thus create financial stringency
that will give them ample occupation and
assured profits. Controlling capital of six
hundred millions of dollars, it will be a
pleasant pastime, simply, for the New York
Clearing House association to put spoke in
the wheel Of the government whenever it's
policy shall seem to cross their interests. It
is very convenient, indeed, to have but one
deposit of coin. It makes of the federal
treasury and the secretary thereof the most
abject slave of the money power of New
York. But this is, in Mr.. Sherman's opinion,
a great advantage.
On the silver ques ton MIR. Sherman PLAYS
into the hands of the New York bankers. as
it was expected he would do. He complains
that the standard silver dollar is intrinsically
worth less than the gold dollar. That is
true. But the paper dollar is intrinsicaIly
worth nothing at all, and if the argument
has any force at all it applies to the paper
dollar as well as to the silver dollar. That
which gives 70 the paper dollar commercial
value is the stamp of the government. That
stamp ought to be as valid if placed upon
silver as if placedgpon paper. He says the
silver dollar cannot be exported except at its
bullion value. Very true; but where is the
necessity for exporting it? It was coined
expressly for domestic circulation, not for
export. Ii we need to export silver we can
do so in the form of bullion, and save the
cost Of coinage. He fears, too, that the
silver dollar, unless its coinage is limited,
will drive gold from circulation. or this
there is little danger, The supply of silver
coin will be regulated by the demand for it,
just as the supply of other commodities is
regulated by the same law. His proposition
that the coin should be increased in weight
comes too late. # it had been 40
provided in the act of demonstration.
no one would have objected, but if under
taken now, the change would involve loss
of from ten to fourteen cents on every dol
lar held throughout the country. The peo-
pie have been subjected to one such shave
OH the trade dollar; they are in no mood TO
suffer a similar loss again.
The recommended Of Mr.. Sherman that