Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-03-29
Secretary sherman ON Resumption and
the Effect Of the silver BILL


The views of Secretary Sherman on the fl
nancial situation and tbs prospect of carrying
out the resumption act. will be read with in
terest, because the intelligence of the country
has growing confidence in the sagacity and
practical sense of the Minister of Finance
Secretary Sherman's plan is not an inhexible
one. He has purpose, rather than plan.
and that purpose is to place the country upon
a specie basis. To accomplish that purpose
his plans will be modified according to cir
cumstances, always keeping in view the OBJ
ject to be attained
The Secretary is confident that specie re
sumption can be brought about easily by Jan.
l, 1879. On the first of the present month
the Treasury held of its own 81, 10. $50 in
coin, and 500, 600, 900 available for the re-
demption of legal tenders BY the sale of
S., 600, 600 u month of bonds, which he is au-
thorized to effect by the resumption act, he
would increase the coin for redemption pur-
poses about $40, ZOO. 600 more. giving the
Treasury over S12G, 900. 600 in coin of its
own, or $135, 600, 600 available for the re
demption of so much of the legal-tender cur
rency i'll circulation at that time, now amount
ing to $34S, G1S, 600, In other words, with
S13j, 600, 600 of coin, Secretary Sherman ex-
poets to be able to place the country upon
specie basis, by redeeming in coin so much of
the greenback circulation as is presented for
the purpose, and thereby putting all that is
not offered for redemption on a par with gold
and silver With that amount of coin, Mr.
Sherman expects to be able to float green
back circulation of $500, 600, 900 at par.
The Secretary is of the opinion that Con-
gress can aid the accomplishment of resump-
ton by authorizing him to sell four per cent
bonds for greenbacks, and with the same pur-
chase the outstanding six per cent. bonds,
and by authorizing him to receive customs
duties in United States notes on the LIST of
October. The object of these acts would be
to make the greenback equal to coin before
the date of resumption.
One feature in Mr.. Sherman's policy will
be likely to provoke much criticism in the
East, and that is his declaration in favor of
keeping $500, 600, 600 of greenbacks in circu-
lation after resumption has been effected
There will be difference of opinion with
reference to this important question. 1t will
be discussed widely, but will not assume the
Importance of a practical question until re-
sumption has been effected and the greenback
dollar passes current with coin of the same
denomination
The advocates of the reconciliation of sill
yer will indulge in self-congratulation over
the remarks Of the Secretary on the effects of
the silver legislation. In doing this they will
not discriminate between the Bland bill. rs
originally presented in the House, and passed
by that body, with its unlimited issue and
free coinage features, and the Senate bill
which is now the law. and which limits
the issue of silver and puts the profits
into the public treasury. The silver law
is compromise. and sensible men so re-
gard it. As one of that class. the Secretary
candidly states the effect of the silver law, fla
vorable and unfayorable That it has had
less unfavorable effect upon the country is
due to other circumstances. If the balance
of trade had been adverse instead of strongly
in our favor at the time of its passage, the in
fiux of bonds from Europe would have had
disastrous effect upon the money market. and
at the same time have produced decline in
their price.
But with the condition of our foreign trade
so favorable those who carefully examine Sec
Rotary Sherman's summing up of the effects
of the Silver law will find only two points
suggested by him in its favor One of these
is that the people of the country favored the
double standard, and it was better in our
form of government to yield to a decided
popular sentiment, The other point in favor
of silver as legal tender is that it would help
to bring about resumption, because people
would prefer the greenback to the silver dol
lar in their business transactions because it
is more convenient The fact that the bill
has stopped the refunding of our six per cent
bonds in four per cents, and sent home from
Europe large quantities of our bonds. are eff
fects so serious in their nature that every
thing the Secretary has said in favor of the
silver dollar is as nothing in comparison.