New-York tribune., 1878-11-23
PLANS FOR RESUMPTION.


PLANS FOR RESUMPTION.
THE PROBABLE PROGRAMME oUTLINED-LARGE LE-
GAL-rENDER NOTES To TAKE IHE PLACE OF
GOLD OBSERVATION-DISCLOSURES NOTES TO
De RECEIVED FOR CUSTOMS DUES.
lBT TELEGRAPH TO THE TRIBUNB.l
WAsHINGTON, Nov. 22.-The details of resumption
are followed with great interest here Every Con-
gresham who arrives asks for full information and
nearly every member who makes his own nvestga-
tions has different theory. The explana-
ton of this Is, undoubtedly, that full de-
talls have not yet been determined upon.
It is quite probable that as soon as these
have been decided upon an official announcement
of the Governments programme will be made in
order TO strengthen public confidence and to remove
needless uncertainty. Meanwhile, from all that
can be learned from every source, it is believed that
the following will be essential points i'll the resump-
ton programme:
FGst-United States notes will be redeemed at
the Ncw-YOrk Sub-Greasury IN gold or silver coin.
at the option of the holder of the notes, without
limitation to amount.
hecopd-Legal-teuder notes of special issues Of
large denominations Will be delivered in place of
gold certificates nd there will be no further issue
of gold certificates.
Thbd-HoIders of notes who prefer gold instead
Of silver viii obtain gold, and the Treasury will not
force upon the holder of notes the kind of legal
tender coin that Is not desired.
FOUrth-ihat lega-tenders even without the en-
actment of any law affrmatively authorizing it,
will be everywhere received for customs dues.
Fjhh-'rhat silver dollars will be exchanged for
legal-tendcrs or National bank notes in multpes of
$1,000 ut any Sub-Treasury or National bank which
Is United States depository. the expense Of trans
pOrtatlon to be paid by the Mint. This is the plan
which was iuaupuTotpd i'm Spntpmher last hnt WINS
so suddenly discontinued on the ground that there
authority of law to exchange silver for legal
tender notes until after January !, 1879.
Sirta-That perhaps arrangements will be made
at the Sub-Ireasurles other than at New-YOrk to
redeem legal-tender notes in coin within ordinary
limits and the interests of the place demand but
not in large sums.
There can be doubt as to the first point stated
above. for the reason that the Resumption act
makes such course necessary. The second point
was decided upon at the time the plate for legal
tender notes of the denomination of $50, 900 was
ordered. The plate is ready, and the object of
the special issue of leGal-enders is to avoid the
cessity of n further issue of gold certificates. Re-
gardlng the third point II may be stated that Sec
retary Sherman has frequently said that he does
not intend 10 force silver upon anv holder of United
states notes. For tine fourth point there Is, OF
course, no authority OF law but prominent Treas
ury official said this afternoon that it would be
manifest Injustice to redeem legal-tenders mt
Newly Ork and 10 discriminate against the rest
Of the country, leaving the mercantile community
nothing with which to pay customs dues that the
general powers of the Secretary of the Treasury
der the law, providing for resumption give the Sec
retarN lulL authority To receive legal-tenders Tor
customs dues as the legal tenders equiva
lent to the standard gold and silver dollars Any
other construction of the power of the Sec
rctary would be manifestly absurd, he claimed !;
and to receive legal-teuders for customs
dues, without regard TO limit. would be.
this official maintained a strict construction of the
spirit of the Resumption act. The plan send sill
yer dollars from the Mint free of expense to any
person worked excelently for the few days during
which il in operation, and the Treasurer of the
United States very much regretted to have it dis
continued. tie was confident that by that means
the entire amount of silver coined would have been
placed in circulation at remote places where il
could actually go into circulation. and not be bought
up by brokers TO be used for customs dues.