New-York tribune., 1878-12-03
sECRgT4RY SHERuAN'S REPORT

The report OF the oecreEhJ vi '"0 i
ury, which was transmitted to Congress yes
terday, is q report of exceptional importance
being his last official statement 10
Contress before the machinery OF re-
sumption is set in motion. The discus
sion of the methods to be employed IN
beginning and establishing specie payments
necessarily forms the chief feature OF the re-
port. The Secretary makes no request 1or
legislation, which is the plainest intimati0n he
can well give that he desires to be let alone !;
and Congress, which can take hint on rare
occasions, will not be likely to disregard one
so broad as this.
Reviewing the preparations for resumption,
the Secretary recalls the change in them made
necessary by the Act of May 81 last, which
forbade the further retirement of United
States notes md compelled the increase OF the
gold reserve to a figure considerably above
that which would have sufficed, had the retire
ment of notes been continued; recites the
history of the singularly successful loans made
to provide gold for redemption purposes gives
prominence to the hearty action OF the banks
of this city, and expresses entire confidence
that, with their cooperation, specie payments
can be maintained. The means OF restoring
coin and bullion withdrawn In the pro-
cess of redemption, he finds within the
powers already granted him by Congress.
The power to sell bonds can be used to
strengthen the reserve in emergencies, but
United States notes must he his chief means
of replenishing the store of com.
There are several subsidiary questions of
interest about which Mr.. Sherman makes
l,%,o InIIa thn nuninn
that no legislation is necessary TO authorize
the Treasury Department to receive United
States notes for customs duties, so long as
they are convertible into coin. To insist upon
the payment in gold, which was made obliga-
tory in the days of paper depreciation. would
only result in unnecessary Inconvenience. and
the Secretary therefore announces that, unless
Congress provides otherwise. he will direct
greenbacks to be received as coin in all
payments in all parts of the United States" :"
after January 1, 1879.
The anomalous condition Of the silver COIN
age is discussed at some length The Secretary
shows that the value in gold Of the so-called
standard silver dollar has fallen since the pas
sage of the act creating ii more than seven
cents, and he appeals to Congress either Ito
place limit upon the issue OF the silver dollar,
or to change the coming ratio OF silver To gold.
The extraordinary success of the four per cent
loan leads the Secretary to recommend legis-
larion authorizing the Issue of $40 certificates
of deposit, bearing interest at 3.65 per cent,
and convertible into four. per cent bonds. This,
he believes, would form very popular loan.
There are many other recommendations OF
Importance the adjudication of
CLAIMS upon the Department; the difficulties
arising in the collection of duties on sugar,
etc, etc.
The Secretary's statement of his plans for
maintaining specie payments is clear and con-
vincIng, and his exhibit of the condition and
prospects of the supply of gold is most en-
| couIaging. His discussion of the silver
question is thoroughly skilful. No doubt
there will be some dissent expressed from
| his unwillngness to retire the small notes,
but this course will undoubtedly smooth the
path to resumption, though it may leave
greater difficulties to be encountered in the
future. As a whole. the report is strong and
| cottsfocinry