Mexico weekly ledger., 1878-12-12
Mr.. SHERMAN AND RESUMp-
TON.

biu. SHEhMAN AND RESUMP
TION.
Now that Mr.. Sherman has tolc
Congress that sour ample reserves
and the general confidence inspired
In our financial condition seem tc
justify the opinion that we are pre-.
pared to commence and maintain re.
SUMPTION" he cannot say hereafter
upon falling, that Congress or any
one besides himself is responsible fol-
miscarriage.
The secretary seems to be fully
aware of the responsibility he is as.
Stunning, and that the means and man.
ner OF sustaining resumption have
been ''left largely to his discretion.
Mr.. Sherman may and most probably
does understand how he IS going to
accomplish what he has set out so
confidently to do, if he is not con
sclous OF ability to meet all that can
be required of him, he has committed
a great and objectionable error in
not saying so plainly, it is possible
therefore that the course he has mark
ed u as the line of policy he intends
10 pursue, is clear to his vision, and
still we are free to confess that we
cannot comprehend the statement he
a made Of his obligations and views.
For many years we have not been so
~bewildered. His report carries us
back to the days when in mute as
tlonlshment we heard the juggler cry,
NOW you see, and now on don'tl"
ely away Jack! Come back JILL"
"Com back Jacki Fly away Jill"
Mr. Sherman reports to Congress
that he will have considerable coin on
hand New Year. He does not say
how much. He only intimates that it
will be less than S14I, 1888, 100. ssThis
sum he continues will be dimished
somewhat on the LIST of January next,
by reason of the large amount of in
terest accruing on that day, in ex-
s OF the coin revenue received
meanwhile" This statement is quite
indefinite, to say the least Of it, but
let that pass, perhaps the secretary
can't tell how much coin he will have,
and we certainly cannot either.
The secretary next says there are
$40, OOO, O00greenbacks outstanding.
Now if MIR. Sherman had said he was
going to pay these notes, it would
not be necessary for any one to tell lis
that he did not have enough coin to
do So. But this Is not what he aims
at. He talks abont redeeming and
re-lssuing the greenbacks There is
10 De no contraction. she SAYS the
act of May 81, 1873 provides that
when U. S. notes are redeemed or
received into the treasury under apv
law from any source whatever, and
shall belong to the United States they
shall not be retired, cancelled or de-
stroyed, but shall be reissued and
PAID out again and kept in ~circuIa-
tion." Mr.. Sherman has not money
enough to redeem the greenbacks
once. We are informed that many
OF them are to be reissued, not once
or twice nor q dozen times, but per-
haps 800 times per annum Where
10 the coin 10 redeem them as often
as they are presented to come from.
Mr.. Sherman informs Congress that
the power TO sell bonds sscontinues
after as web before RESUMPTION.
Though it may not be often used. it
Is essential to enable this department
TO meet exigencies. By its exercise
1t is anticipated the treasury at any
time can readily obtain coin to rein
force the reserve already accumnlat-
ed" This is easily understood.
Bonds can be Used for coin. That
may increase the interest bearing
debt, but the greenbacks a be re-
deemed and re-issued. There will be
no contraction. In fact, did not Mr..
Sherman request Congress to author
lie him to reissue redeemed green
backsi But Prestoi And the ~secre-
tary adds. "Notes redeemed ara
IKE other notes received into the /.
treasury. Payments of them can be /
made only in consequence of appro- i
p~riations made by law or for the pur- !
chase OF bullion on for the refundino :
OF the public debt. The current re-. !
ceipts Of the revenu are sufficient IN !
70 meet the current expenses as we'll /,
tne accruing interest on the public i
oent. Authority is conferred bv the !
hefunding Act to redeem six uer !
eens. bonds ~ they become redeem. ],
sole by the proceeds Of the sala eli
soones bearing ! lower rate Sf interest (.
= Z; n notes redeemed under ,hs I,
$500 - 40 therefore The princi- |.
III { providcd AZ IL n-,rross--
~ nuIIFcn - 49, -.