The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1878-11-21
RESUMPTION.


nected with the New York clearing house
association, has been an agreeable sur
prise to every one, and removes the only
obstacle that could seriously impede re-
sumption. The banks have shown de-
gree of patriotism which the people can
not fail to appreciate. There can be no
doubt that if the banks were disposed,
they might, if not entirely defeat resump-
ton, at least so embarrass the secretary
as to place quite premium upon gold
BY removing the distinction between
gold and national currency deposits,
they have practically brought about re-
sumption. After january 15t all depos-
its of gold are to be simply considered
deposits of lawful money, and no special
contract viii be entered into with such
depositors. Special exchanges of gold
checks at the Clearing House will. also
be abolished. and balances between the
banks and the Clearing House will be
paid in either gold or legal tender notes.
Secretary Sherman, if he be steadfast,
need now have no fear OF failure, has
success within his grasp, and the coop
Grafton OF those whose opposition would
be dangerous. He has now nothing to
contend with except possible adverse
legislation, before the day fixed for re-
sumption or during the short time it will
take to demonstrate that resumption Is a
success. 4 few months after the first OF
January, with the means at present IN
| the hands Of the secretary, should bring
such a confirmation OF the fact that re
sumption is firmly established without
! injury to any industry, IS to remove all
| doubts even from those who were CON
sciertioUsly opposed to it. The secretary
has all the power he needs to make re-
sumption an actual fact. He is empow
cred TO issue interest bearing bonds fol
gold. He he's complete control of the
coming OF silver and he is now engaged
in purchasing gold bullion for green
backs, and sending it to the minis. With
all these resources he could make resump
ton successful without the assistance Of
the banks, and might make it SO despite
their opposition.
The banks also refuse to take silyel
dollars upon deposit except under specia
contract Heretofore depositors made ;
special contract with them when de
posting gold so that the banks Were
forced to pay them In kind. Now the
banks make a contract designed protec
themselves. They also prohibit the pay
ment Of balances at the Clearing Houst
in silver for any sum greater than $40
, This is practically a characterization o
! SILVER. But the banks claim that the sil
yer dollar is worth but little over S3c
ana tH"v q -rovernment III coming
: makes profit OF one dOILtI --.orv 81
, dollars coined. if the government limit
its coinage to the mere demand for sui
[ sidiary coin, the silver dollar may b
maintained at par with coin. but If til
!, insensate demand for ''free coinage b
successful the value of the silver dolla
; onCrmau depreCates the action of til
banks, they certainly have adopted
) wise policy in the matter. Sherman in
) Inmates that himself and the presiden
will request legislation calculated t
: maintain the par value of the silver dol
, lar and that it is unwise for the banks t
place themselves in seeming hostility t.
the government in this matter.
The silver dollar is the only question
now likely to cause any disturbance. A
n subsidiary coin its intrinsic valre is a
high as there is any necessity it shou!,
be. II it maintains its legal characte
and any considerable quantity is coined
) its real value should be made to approx
innate the value of the gold dollar.