Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-16
Special Telegram to the Globe.


WAsHINGToN, d. c., Sept. 15-It is difficult
60 explain Secretary Sherman's latest circular
resembling previous orders respecting silver
dollars. Dispatches of anxious inquiry as to
che correctness of the report that the order
had been rescinded have been received from all
commercial centres. Bankers who had made
arrangements to purchase large quantities of
four per cent. bonds in legal tenders after
Monday on the basis of the order of Saturday,
She 7th, have seemed particularly anxious as
the resembling of the circular and the conse-
quent rise in the gold premium will
OCCASION CONSIDERABLE LOSS.
The circular has been more readily acted upon
by banking men of the known
opinion of Secretary Sherman In cons ulta-
eion with bankers in New York city some
weeks ago Secretary Sherman had repeatedly
declared his intention to employ silver dollars
as largely possible in the work of resump-
ton. He there constantly sought to inform
himself by conferences with these bankers as
to the probable effect of free payments of coin,
either silver gold, or both, and he then made
known the fact he intended to begin payments
at an carly day. That this is true is vouched
For by the most competent financial authority.
1t must be concluded, therefore, that Secretary
Sherman's purpose to commence paying in sill
yer was the
RESULT OF NATURE DELIBERATIoN.
Upon being approached by your correspondent
TO know whether he desired to make any more
detailed explanation of his order than appears
upon the face Of the circular itself, Secretary
Sherman replied that the circular contained in
substance his reasons. The point had been
raised n he said wi hOnt sta
where, that the secretary of the treasury, under
the existing law, has not authority to exchange
legal tenders for silver dollars prior to the date
fixed by the resumption act, January l. 1879
1t is learned from other sources than the Sec
rotary that objection on this score amounted to
a clamorous protest against the order of Sept.
6th and that these protests proceed in the
main from those who are influenced by the
Maine election. Secretary Sherman said that
for himsel. he had always held the view that
the
RIGHT TO DISGUISE SILVER DOLLARS
involved the right to exchange it for legal
tenders, but as serious doubts had been raised
upon the subject, he had decided to rescind the
circular. 1t had been reported that the secre-
tary had changed his views on account of the
opinion of Attorney General Devens, who ar
TIVeu from MS western UP yesterday morning,
but Mr.. Sherman said that Judge Devens is not
himself entirely clear upon the subject, and
wasn't prepared to say whether not the ex-
change of silver for greenbacks could be law
fully made or not. Upon being asked what
means he should take to put the
SILVER DOLLAR IN CIRCULATION,
MI. Sherman said that he had full authority
4 as they were complete legal tenders) to pay
/. hem out for any obligation of the government,
CT en- including bonds, and that he should pay
th, out in regular disbursements far as
tho creditors OF the government willing
to I. ceive them He should not, however, force
pens toner's, any particular class. to receive
silve, dollars if they did not want them.
The clause in the original order of July -,
reouir ing persons who receive silver dollars
through the sub-treasury to state that they
will no. t use them for custom purposes, not
ding the law declares that they might
be us d +. any purpose whatever is, of course,
TO be stri cken out from the new circular issued
last night.
Secretar, Sherman confident that under
this systen, u very large amount of silver dol
lars would
BE d. handed FOR CUSTOM DUES,
INIT what pro, PORTION of the $10,000,000 would
by this means get into circulation he would not
undertake to C onj ecture. A banker would be
in q better con, lition to- make an estimate than
he was. The o. der to rescind was decided upon
Mt il conference between Secretaries Sherman,
Evarts. Sch, ~ and Attorney General Devens.
The treasurer of the United States was of opin-
ion that had the order been permitted to stand
he would have speedily placeCta large amount
of silver dollars IN circulation. Orders were
rapidly coming for them from places remote
from commercial centres, where the dollar
would not have been likely to have found IT.
way back to custom houses. Orders under tn
$40, 100000 circular amounted yesterday TO
100000.