Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-02-01
THEY SURRENDER.
HIVES And SIBERIAN BAck down.
The President Will Not Veto the silver
Bill, Though He May Protest--Sherman
Comedies that it win Not BE So Bad Az
ter All.

The Washington correspondent of the New
York Bulletin, the leading hard money finan-
cial organ of the country, telegraphed to his
paper on the 10Th of January, the following
which was based ON an interview with Sec
rotary Sherman:
''There are good reasons now for the be-
lief that there has been some sort of under
standing whereby the Senate will amend the
Bland silver bill so as to give the govern
ment the profits of coinage, and that the
President will not veto the bill. but let it be-
come law without his signature, or sign it
under lengthilywritten protest. The ad-
m1nistration, since the vote tonight, has
weakened somewhat, but may stiffen up un-
der taunt. The President does not like the
situation, but is preparing to pave the way
gradually for the introduction of silver; and
realizing that his veto would be oyerruled
by Congress, he is stubborn enough, how
ever, to repel any aggressiveness from the
silver infiationists. l have just left Secre-
tary Sherman, who says there can be
PRODUCTION of silver. He takes the
MINIS report, and shows that there can only
be two and a half millions a month got out
from the n1ints. and this would have no ap-
preciable effect even on the Customs receipts
for the first few months. He has an idea
that gold will go up in premium Immediately,
but that no premium can stand, because
there will be no further use for it if silver
can be used. Beside, while legal tenders arc
at par with gold, he says, there may be legal
difference in their value. because the holder
ca n readily buy gold or silver coin with
them His mind is fixed in the belief that
there will soon be absolutely no difference In
value between our paper and coin, because
of commercial reasons Gold coming this
way from Europe will supply our people with
plenty of gold coin for necessary purposes,
and before that change can cause q demand
for gold coin, silver will be used entirely for
payment of customs; and the silver now in
use will alleviate any trouble about the
scarcity of gold for its present purpose.
Finally, he thinks silver will be the coin in
use, unless it's value shall appreciate
to gold, because cheaper money always
drives dearear money out of circulation. He
does not anticipate any violent fuctuation in
financial affairs, but expects gradual dissi-
patton of the gold premium. When legal
tenders will assume full money functions,
coin will only be needed for change or spe-
cial purposes. He says he told the New
York bankers about Christmas time that they
must expect the conclusion unless they could
get up counter sentiment, and that his
position of tonight is not newly assumed.
The passage of the Silver Bill being fore
gone conclusion, the next thing in order
will be the establishment of three mints in
the Sundry Civil Appropriation Bills, which
will pass in June or July next, and the con-
sequent extension of coinage facilities from
about January, 1879, to about four millions q
month, with hands working night and day.
The Secretary says he believes resumption
will be feasible under any circumstances, and
instead of despairing, speaks pleasantly Of
the future