Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-09-09
Practical Resumption Of Specie Pay.
mRntS.


IMPORTANCE OF SECRETARY SHERIAN'S
LATEST SILVER DOLLAR ORDER.
Secretary Sherman has authorized Treasurer
Gilfllan ION and after the 10th day of this
month, at the Treasury in Washington, and at
the several sub treasures in the United States,
to exchange standard silver dollars for United
States notes.
This order. removes every restriction to the
circulation OF the standard silver dollar. From
the results expected to follow its being car
ried into effect, it is considered at the Treas
ury to be one of the most important steps
toward resumption taken by the Treasury de-
partment since the great purchase OF gold last
spring. When the silver dollars were received
at the Treasury fresh from the Philadelphia
assistant treasurers were allowed to pay the
coin out for currency on condition tnat the
parties TO whom, it was paid should not
ment for customs duties or four per cents
The depository banks were next allowed
to receive currency for silver dollars, Then
credit account with the Treasurer of the
United States, without the currency having
been first forwarded for them. A few days
send silver in amounts Of $1,000 and up wards
to anybody who deposited the greenbackS
with these banks. Through all these different
arrangements there was the provisO that Gus
toms duties and per cents must not be paid
for in silver. Secretary Sherman'S letter to
Treasurer Gilfillan will, as before stated, when
CdlIleu Out ny tIc IdtlGT IOIIlOVS every re-
StrictiOn to the issuing of silver for green
backs, and every limitation as to the amOnnt
to be issued therefor. Four per cent
bonds can then be purchased and customs
duties paid in greenbackS: for silver is re-
celyable for both, and can be procured for
greenbacks. In New York, Washington, San
Francisco, Boston. and other cities, not much
silver Will. 1t is thought even under the new
order OF things to be inaugnrated on the 16th
come into actual circulation. The great de-
mand for it win be to buy four per cents
and pay. customs duties. AS soon as pur
chased for paper it will be redeposited and
a certificate procured for such transac-
it will be shipped as is now is, minus the re
strictions, and come into actual circulation
TIE one great result that is certain to
follow will be the disappearance of the pre-
MUM on gold, now only Onequarter to one
half of one per cent. GreenbackS being a
good as silver and silver as good as gold
under the law, god will of course be no bette
than greenbacks. When this is accomplished
there will be a practical resumption of speci-
payments. 1t is predicted by gentleman
thoroughly familiar with everything relating
to finance, that if Congress does not abrid ge
the provisions of the silver bill that silver coin
will take the place OF gold altogether, and tn
latter coin take a trip abroad.
1t is suggested by many that if Secretary
Sherman's only object was to circulate the
dollar of our dads, he could do it readily by
paving the 100,G00 employees of the United
States say $40 each month in silver BY this
means above he could circulate 81 100000 per
month, and the dollar would soon be no longer
rarity.