The New York herald., 1878-03-02
Preparations for the Coinage and Issue
Of the New Dollar.
THE POSTAL SAVINGS BONDS BILL
0ppositfon to the Retirement Of National
Bank Notes Developing.
YHR PAYMENT OF PENSIONERS in NEW YORK
FROM OUR SPECIAL CORRESPONDENT.

NEUTRALITY-SUSPICIOUS. FOR THE COIN
AGE OF TIE NEW poLLAR-CAPAcITIEY OF
THE MINrs.
The Silver bill having become Law there has been
lively discussion aii DAY about s real meaning and
probable effect. Tho differences Of opinion are as
great % they wore about tho probable effect OF the
Resumption act whom that passed In 1873 its sup
porters and s opponents at the time alike regarding
II a. . moderate imitation measure. whereas 1t has
really aided contraction TO . slight degree.
In regard to the Sivor ac theory is that II will
or may great and embarrassing contraction OF
the currency, the $s5 ooo 900 of gold
in the Treasury Will IN years time be paid out as
interest the dobt and must bs replaced to the
amount Of 500 ovoo coo BY s:senbacks. there being
silver gold tho place But 70 this theory
the reply, which sunlcient s made that the
baiance held In the Treasury needed by the Secre
tary pay the interest accrung the deDt, and
shat payable in gold silver but not in grecnbacks
he will constantly have 10 sell greenbacKs and buy
coin and thus Will necessarily prevent any such
traction Of legal tenders asserted and In fact. any
contraction all from this causo silver dollars
can be held as bank reserve ~ we'll az grecnbacks
ana can bs used for redemption purposes IL would
In fact that whatever silver gets into circulation
vii! be that much added 10 tho general circulation
different and opposite theory of tho act and one
presumably shs measure has been most carefully
studied. makes Il means Of innasion. The act d.
yees she Secretary to buy silver bullion, and allows
him 10 keep ON hand, exclusive OF what he coins,
5000, 900 OF such bullion. The mints are In excel
lent order aud alter the LIST OF April will
least three and . half million OF silver dollars per
month ana probably four. Now, says tho theory IN
question. the Secretary 1rst buys with money in the
Treasury say S. 900 OF buiion he coins that into
dollars ana with these dollars buys other S. 600 900
Of bullion; In doing that be OF course adds
100000 of silver dollars 20 the general
cFoulas,on but tho bullion he has bought with his
silver dollass ha coins into other 5000. 600 OF nl
SsF dollars sad again bsys bullion with aoilar
lhus iaisesang second sum Of $s.ooo,oOo into tho
mass Of the eurrsney. In short, every time no
buys 5000, 900 Of bullion he adds S. 900 10
~ currency. ead - n v probable that about
1oray-avs miliona Of silver dollars viii be coined In
lhs nrst year. thsss viii nsossssrily be imitation
that amount Nor Will II make any difference whether
ths Seersary uses the silver dollars every
70 purchase bullion, because II he should use them
Tor other payments, ~ 10 probable, he would only
have to use the gresnbaeks thus displaced 10 puy his
BUTTON.
Whether the Secretary Will choose to retain In tho
Treasury legal tenders the amount Of the silver
1ollars which will thus be issued is known In
aeed, is doubtful whether the administration has
Pot determined the details OF the policy TO be pur-
sued In carrying she act into cneot The Resumption
act gives tho Secretary very great power Il author
tees him 70 sell nvc, four and half four per
bonds as he may nt. TO the extent necessary 10
redeem coin the whole mass Of legal tenders after
next New Years Day, and for the purposes OF this
redemption the Silver undoubtedly helps him. for
be may under IT, sell his par Ia silver II he
chooses 10 do SO.
1t 10 probable shat the Secretary will try TO buy
bullion with silver dollars because did Amer.
loan bullion would be able TO make . corner
on him, the silver dollars will not be current clse-
where than hero He WILL therefore, find 1t more
profitable 70 buy bullion with bonds with gold Of
which he has astock Of $S4, 100000. This viii enable
him buy in the cheapest Market and, no cannot
hope silver dollars enough pay tho interest
the bonds and he cannot reasonably pay part In
SILVER and part In gold he will have
n buy gold for this purpose. Contraction Of green
backs will on this theory be impossible.
The Philadelphia Mint Will begin TO stamp silver dol
lars about the 18th Of March and the Western mints on
the LIST OF April. The Treasury will probably as soon
several millions arc coined transport them TO the
different government repositories and give public no
tios that on . certain day they will bo paid ex.
change Tor erssnbaekA This will be with tho view Of
letting lovers OF the dollar Of the daddes all over
The country have = fair chance ut II.
The coin certificates authorized in the act WILL,
whom issued depositors Of silver dollars be dated
and made payable only at the oco where the dollars
have been deposited II this were not done the gov
srnhsnt would be pus TO tho great cost OF
Transporting silver dollars from ono end OF the
land to the other for tho Of Spectators
who would deposit dollars say in San Francisco and
mail shoir certificates to Now York, there to demand
the dollars. The certificates will be- In fact like bank
notes. reaeemable only at the piaoe whore they wore
issued.
The government has now on hand about So 900 900
Of subsidiary silvcr this supply leaves the mnts
clear 70 coin dollars without stoppage 70 the ord,.
nary coinage Of gold, which will 60 The San Fran.
CISCO Mint can, from the LIST Of APRIL turn ou, abou,
million and half or nearly swo millions Of silver
dollars per month; the Carson Mint ia
equal 10 from half 10 throe-quartcrs Of 9
million per month; tho Philadoiphia Mint
csn turn out a million and hall. Thi,
makes q total Of NJ least So. 500 600 and probably
$4,000 600 per month. Dr. Lindorman has been caro-
tui 70 keep full supply OF his best trained nand.
aud Of tho best machinery and the mints will bs
worked 70 their full capacity on silver.
As silver dollars are under the act payable for cus
toms dusos and the supply will DO less than tn,
demand for some time, is remarked hers that the,
likely very quickly TO 60 up SO par OF gold al
viii leave bus small margin Of profit for those whs
wish uso them this purpose. Some OF tho siIvo
people here, when this was pointed out 10 them, wer,
ignorant enough imagine that they had discovered
cheap way 70 bring silver In general to par with
gold, and wsro dsgustcd whom IL was explained ts
them that tho rise applied only TO tho dollar OF the
daddies and to that only, whic but 100000 Of
taooO, 900 were coined.
The veto message has boon generally discussed TO-
day. and the President gets unstnted praise both fol
ths matter and the manner OF H. Tho general opinion
ei the friends OF sound money 10 that the message
vin do ssod In Europe and serve 10 allay somewhat
the alarm which the passage OF the bill would bc
nksy 70 create There 10 no doubt other, that the
uncourseous manner Of the Two houses In the sum-
mary scsion ON 'tAe veso has, on reflection, made
many Of shoN vAe seek part init ashamed, In iach