The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-26

1877 to the enormous sum Of f2Gs .594 $1,000. Is
swallowed up. to the last cent by all sorts Of
expenditures. necessary and unnecessary. hon
est and dishonest. Hence 1t appears that the
onlv source from which the ways and means
can he provided for thu redemption 81 tho
Unisd states notes is tho sale ni bonds ot tho
classes which have enumerated. \. has been
seen the Secretary " the Treasury IT, "ioih"d
with anr,lc power Ia sell ans amount 81 tnes'
bonds wn'h he may deem necessary for That
purpose.
The amount Of United States notes outstand
ing on the 3lst Of October last was SJ4G 743.0Sl.
while the national banks have u circulation Of
1929. 900 OOO. or Whereabouts making an aggre-
gate sum In round nusz bers OF 1868 100000. So
long rs the Government continues the redemp-
ton OF its notes In coin. both the greenbacks
and the national bank notes will b. practically
payable in gold. The inadcquacy OF tue sum
on hand to accomplish that end, under existing
circumstances. is too apparent to need COM
mont.
The condition Of the national banks at the
present moment Is analogous to that OF the
sixteen or seventeen hundred Joint stock banks
which were started in tho United Kingdom
during the suspension Of specie payments by
the Bank OF England incident to the wars oil
Napoleon. When thu bank resumed. nearly
every one OF these concerns went by the board.
creating an amount OF ruin. misery. and de-
SPAR without parallel in history. The burst
ing Of the Mississippi schcme aud OF the South
Sea bubble were Us nothing in comparison.
According to the recent report OF the Comp
troller Of the Currency. 2.40O national banks
have been organized. oftbis number as have
been voluntarily wound up after the surrender
Of their charters. and "a have passed into the
hands OF receivers. IL Is hardly uu exaggera-
ton to say Of tho failures which have taken
place. that the only assets found blythe receivers
have been the books of the bank. with few old
chairs and desks. not dollar In money being
visible to the naked eye. No one acquainted
with the business Of banking doubts that many
Of the institutions now in operation are insol-
vent. A resumption OF specie payments would
In any event be the crucial test OF the sound
ness OF all. But instituted under the circum-
stances which | have already described. hun
dreds OF these institutions which are solvent
must inevitably succumb. causing 1t is to be
feared. results analogous to those which &C.
CURED In Great Britain at the period which l
have indicated.
Nothing that the Secretary OF the Treasury
may say In his forthcoming report should re-
ceiyo serious reconsideration. have known this
man for many years. He entered the United
States Senate at the beginning Of tho Thirty-sev-
enth Congress in the year 1861. when became
n member Of the House OF Representatives. He
had boon conspicuous In the memorable contest
for Speaker in $4,000. The result II that con-
test placed him at tho head OF the Committee Of
Ways and Means and. Of course made him the
foremost man OF his party in the House Ne
was now at the zenith Of his reputation la
common with many others | regarded him us
an able. honorable. and courageous man. not
unlikely TO be selected as the candidate Of his
party for the Presidency. From that time for
ward have studlously observed his course.
To-day he stands before the nation II moral
eper. covered with infamy. Us the beggar
Lazarus was with sores.
But 1t Is with his tergiversations ia oonnec-
ton with the public finances that | have now
more particularly to deal In the winter OF | S62
Congress passed the law for the issue Of United
States notes as a legal-tcndcr. and provided Tor
their conversion at the option OF the holder. in
sums OF $50 or any multiple of s5). into United
States bonds bearing interest al the rate OF six
per cent per annum. payable semi-annually
In gold. affirm without fear OF successful con-
tradiction. that this provision was fundamental
IT, the whole scheme Without it tho measure
could not have received q majority in either
branch Of that Congress Two years later. after
hundreds of millions OF these paper substitutes
loE money uhu bceu lsSutu duu pau Oul 10 our
soldiers and tho patriotic people OF the country.
| Mr. sherman entered into cons piracy for the
repeal OF this cardinal provision OF the law.
| The manner OF its abrogation was clandcstine.
and the act itself gross fraud. From that
! time forward his career has been in keeping.
| He has been everything by turns and nothing
| long" He has shifted his position from wear
! to year like iuggler walking among eggs. at one
time sinking 50 low Us to favor the emission OF
an unlimited amount of grcanbacks and the
| liquidation Of the public debt by that device.
| In short, 70 quote the words OF the rhymester:
| lie wires m AMI he wires out
| IrtNlus the matter sUl 90 doubt
| Wheeler tle sut,c that makes tile track
| lsguin. uu OF coming back
Ii the stake were not So momentous tho ar,i-
hccs which certain operators in this city are
employing to cgs him on in his scheme Of re-
sumption might amuse the spectators Hell
in mediTyal pictures gaping to receive the
downward throng Of damned souls. ntly typi.
ies the rapaclty with which when the doors
are opened. these shylocks will 10 for tbs
Secretary's last gold dollar.
IL the failure OF the scheme shall have the
effect 70 drive a vacillatlng and taithless
Minister into retirement. the country will have
received some recompease for the calamities Of
which he has been one Of the chiof Instruments
have the honor to remain. faithfully yours
i. 4. CoNKLING.
Coat OF PolIce-1hrse Millions "a Year.
Justice Mandell took up the case Of Hugl
Brady. charged with snatahlng a watch from Miehac