New-York tribune., 1878-07-10
RESENPTLON AT HIND.

Resumption Is virtually accomplished The
very important statement by Treasurer Gii+illan,
made public yesterday, shows that the Treasury
held S161 343 914 in actual gold coin on the lst,
besides $19,469,320 in its own gold notes
which are charged against coin on hand in
the regular debt statements. 1t held also
S6,O90,439 in gold bullion, making over
S167 100000 in actual gold. Moreover it
held. of silver which can be used to and re-
sumption, So. SS7, ,94S in standard dollars, and
So, S91 POI in bullion, besides 81, 1876, 500
in fractional coin. The amount of specie is
larger than was reported in the debt state
ment, because the last payment Of $1O,O0O,0OO
was made by the Syndicate on Saturday, but
notice was not received at the Treasury until
the monthly statement had been completed.
OF the specie on hand Treasurer Gifllan
states the amount of the fund applicable for
the redemption of United States notes rs
$121 600, 900, and thirty-fve per cent of all
notes outstanding would be 1921, ,31G,305. But
the Treasurer obviously understates the
amount practically applicable to that end,
because, fiIst, there remained in the
Treasury $50, 9,222, ,502 while the aggre-
gate of coin liabilities June 80 was
S5S, ,997, 40; and second, because a not in
considerable part of the debt on which interest
has ceased, of the unmatured called bonds,
and of the unpaid interest, will practically
remain outstanding, at least until after the
date fixed for resumption. In practical opera
tions moreover, the Treasury can and will
ultimately use the fractional coins hand,
and the law enables the Secretary, moreover,
to issue gold notes in excess of the coin actu-
ally deposited. The Treasury holds in coin
and bullion S206,82S,351, including frac-
tiOnal coin, and can in effect command about
$40, 900, 900 by issue of certificates, and it is
safe to say that the actual demands for coin,
on account of bonds called, interest due, and
certificates outstanding June 80, will not ex-
ceed $5O,OOO,0O0. Practically, the balance
NAV be considered available for redemption of
notes.
In any case, the reserve is abundantly large.
1t is really over 40 per cent, the ratio of coin
to liabilities which the Bank Of England has
deemed ample. For part of the legal tenders
technically outstanding are really owned by
the Treasury. and cannot be presented for
redemption. It's currency balance on the LIST
was $40, 653,4 ,479; it also holds, and must at
all times hold considerable sum for the re-
demption of bank notes, and other large sums
in other funds. A portion of the outstanding
circulation, also, has been lost or destroyed
during sixteen years of use. Less than $780,
O00, 900 can at any time be i'll the hands of
the people or represented by certificates of
deposit and against that amount the Treasury
has more than so per cent in available coin.
That resumption can be realized at almost
any time, no reasonable man can now doubt,
and the only question remaining is as to the
best means of using the powers OF the Treas
ury. Secretary Sherman, it is announced,
will be in this city during the present week,
in part for the purpose of consulting as to
practical details. We take leave to make one
suggestion which seems to us important:
Whatever is to be done, let it be done with
out any announcement or fOreshadowing of
purpose, and without any formal declaration
of policy, even after its execution has COM
menced.
There are very excellent men who will OBJ
ject to each and every step which the Secre-
tary can take. There are also not very ex-
cellent men who are exceedingly eager to
have some sort of announcement of which
they can take advantage. The necessary ac-
ton, with the least possible talk about it, will
reach desired results with the minimum of
friction and difficulty. The grandest opera
tons Of nature are very quiet. When Gen
eral Sherman wanted victory, he did not