The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-04-12
9fIu.lollil isuatfll.
Fa1p Az !. {. APRIL u, 1878.
RasuYnpti a gain.

-
SIR. SHERMAN IS making desperate efforts
to convince the country that he has q hercu y
lean labor before him In the matter OF pre-
pairing Tor the resumption OF specie pay.
ments. The difference between gold ana
creenbacks IS already so small that practi.
.calIy specie payments have been resumed.
The house OF A. 4. STEWART q Co., IL -
said, pays out gold 10 making change ior
grecnbacks, as do other large houses 10
New York city. Mr.. SHERMAN, now
ever, continues TO consult bankers ana
brokers as il they had the power
to prevent him frou redceniing MS treas !.
ury notes, Notwithstanding that ne last
week claimed to be able to do snem more
harm than they could do him. lie insists
upon selling to them for gold fifty millions
az bonds, the gold to be paid in monthly
instruments. Perhaps this may aid hlm Ia
preparing for specie payments; but II
would not be wonderful il demand
for fifty millions OF gold at time when
the treasury has in its vaults nail
the whole amount in this country should
tend rather to increase the difference De-
tween greenbacks and gold than to dimin-
ish it. one.haN OF one per cent. is next 20
no difference. And to do away with TINS
little difference the Secretary has from now
untilthe 1st OF January next.
Ii is said that the presidents OF the New
York national banks voted down PROPOSE
ton to subscribe for fifty millions OF four
Der cent. bonds, but have agreed to take that
amount OF four-and-a-half per cents. il he
will contract to take them back in case they
cannot sell them. This counter-proposltlon
will hardly commend itself to Mr.. SHERMAN,
unless he considers the bonds to bel such
demand ms to render it certain that the en-
are fifty millions will be sold--an opinion
which is not consistent with his application
to the banks for their assistance.
MIR. SHERMAN is quoted AS follows:
Secretary Sherman said that he felt con-
fident of the ability OF the Treasury to re-
sumo by January LIST, ii not before tnat
time, il he could secure the sale OF S00,-
100000 Of bonds, and he claimed that with
the gold now in the Treasury and the
amount yet to come-S50, 100000 realized
from bonds as he proposed-he would have
nearly S200,G0Q, U00 by january ISL, WnlcH
would render resumption entirely prac-
ticable. The bankers said they were pre-
pared to make an offer OF AZ per cent,
and IL it should be accepted they
would hold themselves ready to honor his
draft for gold upon the issue OF bonds in
instalments Of five million dollars per
month. The offer was submitted, and Mr..
Sherman promised to give final answer to-
day, remarking that he would accept the bid
which proved most favorable to the Govern
ment. 1t is understood that the 0tfer made
by the members of the late syndicate was
103 gold for AZ and accrued interest.
HORACE GREELEY said, "The way to re-
sumo is to resume" Some OF the best finan-
ciers in New York say that Mr. SHERMAN
could resume now ii he would. lie does
not seen to credit the public with any faith
in greenbacks. He evidently thinks that
every greenback would be returned to him
for redemption. He is not the confident
man that he was week ago. We ask him
to return to his first opinion, and keep up
his courage. Resumption will come before
the 1st OF January without any new mea-
sures to bring it about, unless he himself
does something to retard the growing conf.
dence Of the country in the greenbacks.