Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-11-22

Resumption Certain.
The action Of the New York Bluks in de-
cidlng to Cooperate with Secretary Sher-
man In securing full resumption of specie
payments, on the lst of January, was what
was to be expected from them but its i1n-
portanee can hardly be exaggerated. If
anything was wanting to render resumption
fixed fact, the banks Of the great money
centre have supplied the lack, ard it NAV
now be considered settled that the country
will in few weeks settle down ON a hard
MONEY basis without any serious disturbance
of business
The report made to the associated banks,
at their meeting, by President Coo, of the
American Exchange Bank, and adopted by
them as basis for their action, contains
sema interesting statements. The new,
legaI-tendcr silver dollars, it will be seen,
are the only serious obstacle in the way.
The report say:
To make resumption elective, the banks
'''N NOiuinhJ Co-oltId.c, pS ITAcllCdllN
treating lawful currency and gold coin
equivalent in value, as they did before the
war, declining to receive all deposits of gold
az subject 10 special contract as hitherto,
and accepting it only as lawful money.
They should also abolish all existing arrange
ments in which gold coin is preferred by
giving notice that they will expire on the
lst of January next, the day of resumption,
and terminate all special gold exchanges at
the Clearing House
But resumption Of the coin standard can
be successfully reached only by the fearless
disbursement of gold both by banks and G ov-
ernment, and by such unreseryed and conf
dent action as will manifest to the public
that they are working harmoniously togeth-
or, and feel the utmost assurance of its prac-
ticability and permanence.
THE SILVER DIFFICULTY
There Is, however, a most serious obstacle
standing directly across the path to coin re-
sumption, in the coinage and forcible issue of
silver dollars not worth their nominal value,
which demands the first consideration. The
Government. By law, now demands the entry
Of its silver coins into the currency upon
equal terms with gold when out of every
five dollars worth of silver bullion it creates
more than six legal dollars and appropriates
one of them to its own use.
At the present value Of silver bullion these
inferior dollars can be made at Il cost of
SO HOO cents. The Government is, there
fore, drawing into its Treasury profit upon
every dollars worth of silver bullion which
it purchases of over twenty per cent. An
direcs tx Dt tllI mty1I5Il,. tqiIl in
it's operation, imposed upon the people under
the power "to coin money and regulate the
value thereof and of foreign COINS" is GER
talny a most extraordinary and untimely
exercise of power under a constitution
formed "to establish justice and insure do
nestle trauquility.'
Whatever nav be the local statute re-
specting these coins, The tact is indisputable
that they are not full commercial equiva-
lent ; that their issue rs such = in conflict
with the laws Oi trade and with natural
Justice and that al. those who receive them
at their nominal value are subjected to an
immediate tax OF 81 in every Sc OF the
business they thus transact UDOn the banks
greatly depend, the introduction of these
coins into commercial use. The question
practically presented tn them is, whether
they shall, by receiving tbe>e coins upon de-
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