The New York herald., 1878-11-18
THE CURRENCY PEOBLEM.


Hartford (Conn.) Tines:-"The government and tho
banks will undoubtedly be Obliged to contend against
the rings who are not much better than highway
but it is believed that the rings Of prey will not
be permitted to triumph the business and pros
per1ty of the country"
Cincinnati Enqusrer:-"without resumption we
have of greenbacks and national bank note
currency as the basis for the conduct of business
With resumption if there is the slightest difference
between paper and coin. that basis is reduced to
Sl34 the coin in the Treasury for redemption
Great confidence" will be required to enable Sher-
man TO maintain resumption"
Chicago Tribune: Practically, then, the scheme Of
the New York banks is manfestly absurd. and would
defeat its own purpose. If they should be
allowed to pursue it in their own blind. stupid,
egotistcal way; for they should succeed in deprec
atng the silver dollars, they would merely create
demand therefor of enormous proportions, and
thus hasten the arrival at silver basis"
Chicago Times:--"Before single coin could be
struck the silver dollar might be worth Ave per
cent five per cent less than the gold dollar
Everybody knows that the relative value of the two
metals is constantly changing. and there is pros
pec that it will become settled and until II
does become settled 1t will be simply impossible for
Congress to make coins of the two metals Of equal
value"
Cleveland Lcader:-"Taken altogether the miserable
legislation of last winter begins to show itself about
the most foolish piece Of work Legislature pretend
ing represent the intelligence of the country
perpetrated. 1t is severe comment upon the weak
of those members Of Congress who knowing bet
ter allowed themselves to yield to the outcry Of
ignorance mised and stimulated by knaves and dem.
agogues."
Indianapolis Journal THE result under present
conditions is inevitable, and the fact may we'll be
recognized by the government and people The two
dollars will not circulate together unless they are
made practically and very nearly Of the same intrinsic
anItb pbp driv O11ft tba
remedy for this state of things not that suggested
by the enemies of the silver the advocates Of the
cheap dollar.
Nashville American--'It must be admitted that tho
monometasts have been moderately successful in
keeping silver down as to give them that argu-
ment. The Treasury has admirably played into their
hands. We can now understand the revocation Of
Mr. Sherman's orders which would have been practi-
the crusade The Treasury has issued no silver
OF any account-created no use for it. The coinage
has been limited and what was coined Is lying idle
Milwaukee Wisconsin:-"The Legislature of wiscon-
sin is about eecting United States Senator. and
therefore every republican member should look at
this great question fairly and squarely in all its bear
ngs If they prefer to elect Senator who is in favor
Of debased coinage. let them vote. but they
should do it understandngly. But we believe that
the moral standard Of our people has become high
under the glorious result of the recent elections that
they will utterly reject every candidate who directly
or indirectly strives to defeat honest and true resum
ton"
Chicago Times:-"The banks should oven 90 a step
further in the direction they have indicated. They
that under law passed last June the Secre
ary is required to return greenbacks to circulation
fast as he redeems them. They must know that it
may prove to be impossible to keep gold in circula
ton without diminishing the volume Of paper. II
this proves to be the they should not hesitate to
take the requisite action Since the Secretary cannot
reduce the volume Of notes they should take that
work upon themselves They should regulate their
own issues by the course Of the foreign exchanges 80
prevent the withdrawal Of gold from circulation
They should voluntarily make provision for the re-
dempton of their notes in coin, because in that
way they best regulate the volume Of paper This
may require some sacrifice. but the gain Of sound
currency system will be worth it ALL"
Philadelphia Ledger:-"The Western hostility to
the policy adopted by the New York banks at the
Clearing House meeting Tuesday last is having
quicker and more pronounced development than was
expected, witness the vigorous denunciation Of IL
in the Chicago Tribune and other journals in that
quarter In view of this perhaps it is to be regretted
dollar. after resumption. were not moro maturely
considered instead Of being crowded through after
brief ten fifteen minutes discussion. am not
certain but that Of the thoughtful Of our
bankers, even among those who took part in the
meeting, are persuaded that this was mistake. and
that it would have been much better to have had the
proposition thoroughly discussed as to anticipate
the objections that the Northwestern bankers and
journals bringing forward against 1t. As IL
is Congress is likely to catch something of the spirit
of the objectors and it will be Fortunate therefore, IL
escape revival of the silver agitation in that
body az soon it assembles-a thing which is from
every standpoint to be deprecated"