The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-26
THE CREDIrOa-s OPTION.

Secretary Sherman has issued circular
giving notice that the act Of January II, 1870,
commonly called "the Resumption act, will
20 into feet or the first day Of January,
1879, and on and after that date no tistinc-
ton will be made between coin and legal
tender rotes ain keeping, rendering or se,'
Ting the accounts Of public officers" Boi-
ders Of matured coupons Of United States
bonds, or checks issued by the Treasurer Of
the United States, will be paid at their OPP
ton, either in coin or legal tender notes. No
mention is made Of payment at any other
point than New York. By far the most i'm
portant question, however, that has been
raised in connection with the resumption Of
specie payments, the Secretary entirely
ignores, viz: When coin is demanded, Will
payment be in gold or silver, or both: Should
both metals be Used, what proportion OF each
will be discussed in satisfaction Of the cou-
p0ns, checks, or other demands, as they are
severaTy presented PHILADELPHIA Press &c.
The Pes il in error in saying that Mr..
Sherman has not stated which metal he
viii pay out when coin is demanded. In
i owE. ?arsgraph, which we quote, it il
stated That the payment will be made at
the option Of tie creditor, either in coin or
legal tender notes, and Mr.. Sherman has
since stated, 10 a committee of Congress,
that when paying out coin he shall be gov
erned by the came rule-that is, instead OF
giving tie government the benefit OF the
debtors option" which has been common
non, r,.rcial Lou f,r ca,-y-;a. ka ;,,o-,;, 20
revere the order, and pay in gold or silver
at the option Of the creditor This is all
that the gold ring asks him to do; it is all
that ia required of him by those
national banks which have en-
tered into the conspiracy to
nullify the silver bill. and it gives them a
clear field for carrying their resolution into
practice. The demands upon the treasury,
for coin, will, OF course, be made principal
ly by the bankers and brokers; their de-
mands will be, invariably, for gold, and as
the secretary has given notice that he will
pay in either metal at the option of the
creditor, the gold in the treasury will De
exhausted and Mr.. Sherman will still have
the bulk of all the silver dollars that have
been coined, in his vaults, instead of in the
hands Of the people, thu. enabling the gold
conspirators to carry out their determine
ton to discriminate against the silver dol
lar and prevent it from circulating upon an
equality with gold.
Mr.. Sherman has it in hands to enable
the conspirators to carry out their threats
Of notification, or TO defeat their schemes,
and render harmless their resolution to
defy and defeat the law. By permitting
the creditors of the government TO elect in
which metal they shall be paid, he enables
the banks to defeat the spirit of the silver
bill, and prejudice the commercial standing
OF the silver dollar; by retaining for the
government this option, which belongs to
it, be could Illustrate the scheme of the
clearing house banks, and utterly defeat
their attempt TO nullify the law; he could
place the silver dollar, at once, in the plact
which properly belongs to it, and make il
circulate co-equal with gold.
1t is a matter Of sincere regret that thu
Secretary OF the Treasury has determined
to aid the gold conspirstors in their effort
to defeat the law, which he is sworn to carry
out, rather than to carry out the spirit al
well as the letter of the law, in the Interest,"
Of the people.