The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-28

Once More That Old Letter {
Misrepresentation in Trade do
lars.
WAsHrsaros, January 26.-Up to da
the popular subscription TO the 4 per Gel
loan, OF which the Department hiss bee
advised, amount to s., ,025,000.
SPECULATION IN TRADE DOLLARS.
Over a million trade dollars have bee
sent East the present month for domest
purposes. The profit in shipping to Il
East Is 8 per cent.
The Secretary Of the Treasury has u
matter under consideration, and 1t
probable that the trade dollar colnag
will for time be wholly suspended, Q
the Philadelphia Mint will be opened fc
the same coinage, so as TO place the Eas
ern holders OF bullion on IN equalit
with the Pacific coast.
Secretary Sherman on Monday will er
tertain at u dinner the members OF th
Senate and House Committees on Fl
nance and the leading officers Of th
Treasury:.Deparlment.
TREASURY STATEMENT.
The Treasury holds sS46,07505O i
United States bonds TO secure nationa
bank circulation and Sl3, ,6i3, 900 in bond
TO secure public deposits; United State
bonds deposited for circulation for th
week ending to-day Sl9S,050; Unite,
States bonds held for circulation with
drawn for the week ending to-day $50, ,00t
national bank circulation outstanding
gold notes 6Sl,12O; currency note
S3l9, ,540,3 ,354; internal revenue S26, 500,
O76; customs receipts s427, l15; receipts 0
national bank notes for The week ending
to-day as compared with the CORES
ponding period Of last year: 1877, S., ,470,
600; 1878, S45,2l0,000; receipts to-da!
$3.50, 600; special fund for redemption o
fractional currency SlO,000,000, specia
deposit Of legal tenders for redemption o
oi deposit SSS,09S, 900; coli
$l3l, ,514,596; including coin certificate
SAL 500, 600; outstanding legal tender
S349, ,94S,77G.
SHERMAN EXPLAINING THAT BOTHER
SOME LETTER.
WASHINGTON, D. c., Jan. 2G.-Sena
TOR Morrill, addressed communication
to Secretary Sherman, saying: "a brie
and unimportant letter Of yours in 1861
TO DR.. Naun has been paraded in th,
Senate in such 4 manner rs does yor
gross injustice. Whatever may bav,
been your opinion as to the teehnica
right Of Government, you always held /
was its first and paramount duty to maxi
United States notes equal in value 4
COIN" Secretary Sherman replies q
some length, saying he has not time Il
condense. lie says: al never hav,
my opinion as TO the technica
legal right TO redeem the principal OF th,
5.2O bonds in legal tenders, but hsye al
ways insisted we could not avail our
selves Of this legal right until we com
piled with legal and moral obligationl
imposed by legal tender note to redeem
It coin on demand, or TO restore the righ
to convert tinto an interest bearing Gov
ernment bond' Grounds Of this opinion
are very fully stated in a speech made
February q, 1868, referred 10 in the let
Ter TO DR.. Mann, and in the reporI
on the funding bill made by me from
The committee on finance, in De
,ember, 1867. My position was thai
while the legal tender act made United
States notessl legal tender for all debts
public and private, except for customs
luties and the interest Of the public debt;
ret we could not honestly compel public
,reditors to receive United States notes
IN payment OF tho bonds till we made
rood the pledge oi the public faith to pay
he notes in coin from the first issue Of
egal tender notes which | heartily sup
ported and voted for. have sought 70
make it good 10 support maintain and
advance its value. II was in an earnes,
.iTort to restore TO the greenback the
light TO be converted on demand OF the
iolder into 5 per cent bond, and as soon
IS practicable into coin, that made the
peech referred TO, resisting alike the de.
nand OF those who wished to exclude
United States notes from the operation OF
unding and a large class Of persons who
Wished 10 cheaper, degrade, and ultimate.
y repudiate them. In all my official
connection with legislation, as to legal
ender notes, have but one act 10 re.
ret and 10 apologize for, and that is my
in the act Of March Sd,
S6S, which under the pressure Of war,
md to promote the sale Of the bonds, took
way from the holders Of these notes
he right to convert them into interest
earring securities. This right might
properly have been suspended during
he war, but II the repeal was fatal act,
he source and cause OF all the financial
wills we have suffered and from which
re cannot recover until we restore that
light or redeem on demand our notes In
DIN, no discrimination should be made
Igainst the note holder until we are
eady to pay in coin. BE should be al
owed at bis option to convert his money
nto bonds at par. Until then our notes
re deprecated by our wrongful act, and
re have no right to take advantage Of
ur own money by forcing on bondhold.
rs notes we refuse to receive. This is
he precise principle embodied in the act
o strengthen the public credit, approved
Iarch is, 1869. This act is q settled
NV, and he would assume grave respon.
ibility who would seek 10 eyade Its terms,
weaken its authority or change its
PROVISIONS. II has entered into every
ontract since then; II cannot be revoked
without public dishonor. So far as the
,ondholder Is concerned II Is an executed
aw. Over S700,0O0,0OO Of bonds have
,een redeemed in coin under il, and the
iyilized world regards all the remainder
Is covered by its sanction, and in their
aith in Il our securities have become
econd only in the markets Of the world.
This law Is not yet quite executed. So
ar as the noteholder Is concerned, his
tote Is not yet quite as good as coin.
congress has debated ever since It's pass.
Ige the best mode 10 make 1t good. The
senate, in 1870, provided in the third
ection Of the reiunding act that these
totes might be converted into 4 per cent
,onds, but the House would not concur.
i this had been done these notes would
low be at par in coin. The resumption
Ict, II undisturbed, is now on the eve Of
'xecution. The promise made in 1862,
md 40 often repeated, Ia about TO be full
illed. Agitation or collateral questions
nay delay il, but the obligation Of public
aith is written on the face Of every United
states note and sacredly pledged by the
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