Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-12-03

Of the flush times Of our most prosperous
days. justiies us in issuing one of the largest
daily uape-s in the United States
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THE TREASURY REPORT.
The earnest discussion that has for months
agitated the country respecting the pubic
finances and circulation, gives special inter
est 10 what the secretary OF the treasury has
10 say, in his report, when speaking upon the
sufie5t of resumption. The results Of other
portions Of that report are summarized IN the
message Of the President; we contne ourselves
therefore, 10 publishing this morning his de-
c'ared views on resumption. Without at
present crilicislng those views, we deem 1t
we'll to point out the salient part OF them to
the attention Of readers. Silver, 1t will be
seen, is not condemned totally; the secretary
thinks that metal a useful adjunct to the
gold coinage within certain limits. Mr.
sherman may. Therefore, be defined, not as a
simply anti-siyer man, but as an anti-stan-
dard-dollar man, as he desires to limit the
issue Of dollars, or 10 increase their
weight, or both. If any reader has
been Of opinion that the resumption
Of specie payments, according to the
act Of congress, will brng,gyery L nlted States
creditor "hard money" for what Is due to
him on and after the first Of January next, he
will fad, from this part OF the secretary's re-
port, that he is mistaken. Resumption is to
be IN q small proportion bymoney paid down,
and in a large one 10y promises Of more to be
paid down. Il will be observed that the sec
rotary does not explain how promises to pay,
issued after January ist, are specie resump-
ton, while, when issued before that date,
they are not. The question may be referred
to the conundum column Of the religious
papers. That we correctly represent the po-
sitiUn Of the secretary 10 shown by the follow
ing extract from his report: the power to
sell any Of the bonds described in the funding
act continues after as well as before resump-
ton. Though it may not be often used, it is
essential to enable this department to meet
emergencies. BY its exercise it is antici-
pated that the treasury, at any time,
can readily obtain coin to- rein
force the reserved already accumulated"
The following announces policy to be pur-
sued by the treasury, under resumption,
which has been Swallowed forth, but which is of
practical importance that demands special
attention: 'The gold certificates hitherto used
by virtue Of the discretion conferred upon
the secretary, viii not be issued after the frat
OF January next. The necessity for them
during a suspension Of specie payment is
obvious, but no longer exists when by law
every United States note Is in effect a coin
certificate. For convenience, United
States notes, Of the same denomination as
the larger coin certificates, will be issued. :"
The action here announced is what might be
looked for in view Of the general policy of
thetreasury, but the question naturally arises,
is a coin certificate, or a note equivalent to a
coin certificate, G certificate for coin? that is,
a certificate for which coin will be gwen.
The secretary considers no change Of law
necessary to authorize his department to re-
ceiya United States notes at the customhouse
after resumption, while those notes are re-
deemable and redeemed IN coin. The secre-
tIry Is Of opinion that the resumption act
implicitly modified previous laws, laws made
under the pressure Of war, so as to permit
payment in United States notes as well as IN
coin. This shows the secretary's opinion to
be that resumption by payment, and by
promising payment, come to the same thing;
as resumption is usually understood TO be
an abandonment OF promise for the actual
deed, substitution Of new promises in ex-
change for old ones appears at least pc
culiar way Of resumng-a little touch of the
Micawber mode Of pecuniary transaction.
With a good deal Of ingenuity, under this
state Of things, Mr.. Sherman says the United
States have NOW definitely assumed TO pay
these notes in coin, and this necessarily inn
plies the receiptof these notes as coin" 1t
logically follows that the United States
having thus taken It's own notes in
coin, may pay them away again rs coin,
30 TO that extent there is a resumption
Of coin payment without paying coin.
This % certainly ingenious, and so thoroughly
satisfies the treasurer that he adds: They
ithe United States notes. are then at a parity
with coin, and both should be received indis-
crim'nately.' The official, however, does
not entirely trust TO his own logic, for he
asks that this authority should continue only
while notes are redeemed in coin," evil
IDENTIFY contemplating the possibility of a ces-
saton Of such payment. Contrary to the e1-
pectati0n Of many huancialists, Mr.. Sherman
objects to Withdrawing small notes in order
that the circulation Of SILVER may be increased;
he leaves this TO the public, proposing to sup
ply such notes as are called for by the public,
whether below five dollars or not, he thinks
equal facility 20 get either notes or silrey. will
best maintain both ut par. The secretary re-
fers 70 the silver dollar provided by congress.
though evidently not intended 10 supercede
the gold dollar, and he estimates the present
value Of that dollar at eighty-six cents. To
sustain It's purity with gold, he thinks one of
two things requiEte-either to limit the
amount Of silver dollars the mint shall coin,
or to increase the weight OF them, so as to
approximate, intEinsic1lly, to The gold value,
otherwise It cannot be exported.
while the gold will be. Specially
the attention Of congress is called
to the expectation Of the secretary that, if the
silver dollars are coined in abundance. gold /
will be exported, and silver VIII remain orr
only coin. This possibility will greatly dis
tnro Confidence in resumption, and NAV
make necessary larger reserves and further
sales OF bonds Here again, az all the wav
through, Mr.. sherman shows his expectation /
OF the success OF resumption to be, not In the |
power of the United States to discharge its
debt, but in It's power to increase II by further
borrowing. The report bluutly Acknowledges
that the recent conference in Paris resulted
IN no aid coming to as from other nations in
deciding what relation silver coins shall bear
to gold, and " that each country must adopt
ITS own laws TO Its own policy" Our policy,
the secretary again explains, Is to limit the
issue Of the silver dollar, or to increase It's
weight; we therefore know exactly where he
stands on this subject, in spite OF inconsIst-
encIes that caused doubt as to his
real position. He thinks that to
make the United States dollar one
tenth to one-eighth thicker, would be
satisfactory. The final conclusion Of the re-
port is that We should limit the issue Of
silver dollars until the precise ratio of silver
to gold is established, then the weight Of
silver dollars should be increased up to that
ratio. In the meantime, the secretary says
he will redeem United States notes in New
York, in sums Of not less than fifty dollars,
with gold or silver coin, reserving the legal
option Of government; and will pay out
United States notes for all other demands on
the treasury, except in case Of coin demanded
on coin liabilities. This declaration defines
Just what kind Of resumption we are about
TO have and it cannot be too well understood
by bankers and business men, as CONNER