The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-18


ming to administer the Silver act with such
remarkable sagacity that We trust the large
discretion with which the act clothes him
will not be withdrawn or abridged by Con-
gress His wise decision to pay out the
new silver dollar for the present only in
exchange for gold coin at par would be
susceptible of misinterpretation by the sill
yer men if this were the only noteworthy
thing in his administration of the law. If
it stood alone it might seem to captious
minds as a deliberate attempt to prevent
the new coins from becoming a part OF the
circulating medium. Fairness to MIR. Sher-
man requires that his measures be sur
veyed as q whole, and no person who con-
siders them in their proper connection can
accuse him of purpose to defeat or null
lily the law.
Had Mr.. Sherman intended to administer
the Silver law in q hostile spirit he would
not have displayed such promptitude, or,
to employ better word, such haste In set
ting all the minis at work up to their full
capacity in coming the new dollars. This
part of his action is more than friendly, 1t
is jealous. The law invests him with dis
erection to coin only two million dollars
o month, or to coin four millions
month, or any intermediate sum. Had
1t been his purpose to obstruct the
law he would have restricted the COIN
age to two millions per month. Instead
of taking this advantage he has made
signal display of energy in pushing the
coinage, and he means to turn out, if the
capacity Of the minis will permit, the full
four millions a month, which is the extreme
limit on the higher side. This energy in
administering the law in the sense most
favorable to the wishes of its authors should
protect him from captious criticism IN
| points where his action might admit Of
| different Interpretation. Besides, it is evil
| dent that the administration rs whole, and
not merely the Secretary Of the Treasury,
accepts the Silver law in good faith and
| intends to carry out its spirit. OF course
in matter of such magnitude nothing is
tary Eyarts' circular letter Of instructions
respecting the international silver confer
ence was adopted as part of general plan,
and not as an isolated act Of the State De-
partment. The sharp criticism with which
it has been assailed overlooks it's relation to
the measures of the Treasury Department.
The assailants who think that Mr.. Evarts
has shown too headlong an alacrity in in
dorsing the Silver bill and asserting that it
settles the policy of the country cannot
have considered its relation to the opera
tions of the Treasury Department The
wisest Of Secretary Sherman's decisions, If
taken alone, would arouse intense jealousy
and hostility on the part of the silver men,
and provoke Congress to abridge his free
dom of action. It is Of infinite consequence
| to guard against this danger by convincing
| the silver advocates that the administration
has no thought Of multiplying the law by adj
ministering it in q hostile spirit. Unless
their minds are put at rest on this point
they may adopt an obstructive course,
which would seriously interfere with the
best parts Of Secretary Sherman's policy.
| The administration evinces practical wis
dom in trying to allay the suspicious of the
silver men that some of it's measures may be
prompted by spirit of hostility to the law.
If Secretary Sherman is not interfered
with by further legislation he may make the
Silver act an efficient means of carrying out
the Resumption law. That law is as bind
ing on him as the Silver law. 1t is
his clear duty so to administer both
as to make them cooperative. He
is no more at liberty to nullify
| To-, 20, e.,
yer law, and if he is shrewd and dexterous
enough to make them trot together in double
harness he will be entitled to great praise.
His determination not to pay out silver dol
lars except in exchange for gold coin at par
is master stroke Of policy with reference
to specie payments on the LIST of January
next, as required by law. If he is not
thwarted by hostile legislation on the part
of the silver men in Congress resumption
may be accomplished at that date without
shock or CONFUSION to the business Of the
country.
Of course the decision to part with the
new silver dollars only in exchange for gold
coin at par is only temporary policy. 1t
is to be hoped that Mr.. Sherman will
see his way clear to continue it until JAM
uary /, the date fixed by law for resump-
ton. He could not continue it beyond
that date if he would, but for the eight or
nine intervening months it would be most
salutary. It's effect would be to maintain
gold coin and silver coin at par during this
brief but important period, and at its close
the silver dollars would flow out into
general circulation in exchange for green
backs and prevent any contraction of
the currency by the operation of the
Resumption act. Mr.. Sherman's refusal
to give the new dollars in exchange for
greenbacks is in strict accordance with law
We do not merely mean that the Silver law
! porp,ifs him to do IL Int that tho Recumr-