New-York tribune., 1878-03-16
THE TRE4SURT's SILTEI POLICT
US PPORaBIF EFFECT.

] "
/ law which gave the Secretary Of the Treasury
such complete control over part Of the currency
/ Of the country a. that conferred upon bin by the
| amended Bland Silver Bill. Everything depends
upon his Interpretation Of the set, the language OF
which l. such a. 10 leave him the choice of a.
least hall a dozen different methods 0. S-J,Ds TIE
silver dollars 10. which II provides into eTelAlIo
To. Present ehec; Of the sw and ~ influence 20
considerable extent upon our public credit deQ~-ii
/ Therefore cpon The disposition which Secretary
Sherman makes Of tee Lew silver coins q they aTe
1 l1anufacinre-l.
The fr,t authoritative announcement OF tlls sub
let wss made lssi week when the ScTet1fy. aLIrG
consultation with members q both Houses Of Cop
ces, determined 70 tie 6rst silver do!-rs coined
only in exchange for god coin AZ par Or ior the Pur
cLs-@ of silver builion 81 market prees- lie doe.
not feel al liberty II was aid 70 them 10 pay
for current expenses until the anogui coined i sui
fe!eai - furnish all alike without dlscrmiEa'
nor dos be deem Il eXJeienr at present % exchange
then fe- United states noe-. ~ p u>e them - pay
meat oi i.s interest Oh the Public debt until TIE
a-nouu; coined IS sufficient 70 .l-t!s hin . % e.
/ i,lpl.ti-l.y.r
L. scooriAnc4 with this decision tie sale Of llTeI
dollar. Al ~ IL gold h4s already begun. Tie y---
ton # tie S-crvtAry ee-s iO - - sound o5e
I aud must meet with tie approval Of Congress
Nothiu. more obnoxious % tie public sentiment
tan UNEQUAL treatment II citizens 10 have co lal
clans u7o- tie Government TIE ordinary current
eI--u,es O! tie Government are payable II leg--
tender notes. SILVER dollars VII. 1o- the present
., Least. 10 natter th-9l.h waai channels they
pass into circulation, be a. o snail premium -
Erss1backs b-cag-e, be-.les be--s r---iva'.e ~
al ordinary debit which creelb4-.s VII cance-.
ttey CO. a--o De us-L :-e qay yu---t = duties on
iua,.rt,. To pav part Of the clrTelI expenses g
ae Gover-er; Il .iive. dollars and part IN legal
tender nst-s therefor would be- T. s.'e 90 sole Il
tie Go7eruueut's creditors more valuable money
t4a1 others. h-a al Lave eq1al claims
- o. re othe- hand, the inter-, on tie public
Gelt Is I1yab.. n CON- w.-cL G-te- eIl--ng lar,
n.-aus gold and silver. But he silver dollars, Z
,Isoed b. the Scretayy 4 the Treasury The sane
footing Nth rsA-ielder notes Wo1ld BOT te worth
Quite =. much - gold con- taat 81 pay part OF
e. iut--cs, on the bo-d, gold ald pari = slvsr
-ro-t il . di>-1l..a1:e sE-.-si some > giv--s
iI-,a l-s, valuable money tan others received.
~ eve. Il ;Le silver do,-r, a.e placed o- ,le se
fo..uras co,d col- az o., OIL PAL O-t e., -
wIta -o.t IT, oaa-rs ot IT, bond, vt, received
tx interest j. s.-Ee. wo--l s-1e- Je-a--c tlel
would receive con iAa D. rs very nature, IS E7.e
restricted in is than god. v-cl cannot - el--
o.oyed n TIE payment of fore - deb;., aid W.. 3,
therefor Nigh; b. 81 q small discount.
Th;. aa-ouucer1-u' ~ ne >ecreiary, q rs p.es
eft Polcy - p1yiag o-; silver dollar, furnishes iLe
fri bass for -lte.e- estimate q lie tlec; ~
tie silver l4V. ~ pre-eiI1g What vii become q
t1e s..yts dol4:s -;.eF they leave TIE TIeas-T5.
WLat then Kill be- tle qFose1i e;--t 4 tie silver
Act q. me Secretary q the Treasury uss tie new
! CONS only f.. the purposes now --uo--c-i
Fin!-IIe WI p-y Olt yely le-@ 4 item =
e1ctan.e for gold coins. FRA frw day. curiosity
VII prompt people 20 pas ior them IL god c0'--.
b-: tie demand iro-1 i-s s,lTce VI 70. .e lo--
" l.-t.u-. The only 4cy4ntase Which tie
r,>.=s.or 4 ..ire: con VIII have over tie holder
oi gold c.u. provided tie tw0 are kept. az
pa-. y De iLai he ob.all .iu csrt 1,are- o.
l.o--ll4,.la ~ !0, so t9T tie fo--l ?. = -..-
The sua Lest gold cerllcste, are fOr -. MS all
vantage al! De- more than ove--b4la-c,c - ~
fat that the value Of TIE god coin is Zeal whl-
that u the .llver coin = . certain extent Tep-e
sa.;.ge: thai tie former cAl b. u-.d L. the p.1-
chase Il f1re. ~ exchange aai the sef-.eme-. q
f,--ga balances. wll.e the later cannot. TIE
- ictsry 81 I-e IT'4>ury j. Ipt L.rr =, .Tetarr.
10 lncfes-- b. -t'.s cf -"diu tn r~a-nrF Wy
greatly - directly eZc1alg-s SILVER co.--Is Tor
gold coin
N,lgad-TLe Secretlry's ilieu:-oa IS 30 purchase
-vel bu.io- at rs market prce II gold. and O. pay
t,r II il gold 4lt silver .o-n. estimating tie latter
~ par with gold No viii ther~tore be able q
0h-a.n Z tho new s.rer DO lar- without r.f.ns
4 -
Ao frcelVr- silver dollar 9n tA-ee terms mus
u -keii Do tie woIA of gold co.L. % si--r lo,,
The oniy work of so.t Dollar " - B q silver lo4r
perform = % pay ir-; and u iIlioW, t4i fIc
silver dollars paid 0lt d, re way contemp s-c l.t I
aod tleir way. by tie -horte>t practicable roctr I
into tl- hands of iuPlT.,- and through them back /
i-;0 tie Tg-.,ury. The importers y ~ not s-es tie /
.iy.r 5-c1-sc theTe VII te ID pc9It II u-ns i -
SOD z gid. Iae owner q tie silver dollar. Wi.
* tic importer 81 10 VII b. tEe only cas- who /
can Use tie silver dollars without loSs The anxiety /
Il the holders # the silver CON 20 sell, nay cause
them % o1er = AZ veTy small discount Zen con-
Vlr.c w'h sl.d Dlt ms c4s' lht VII h3t - !aIs'
and th- tTo Kinds q coin VIII remain substantially |
~ psr with c1ch Other.
Iird-A portion ri tie silver d0..a-s coined must !
ra-r.ia permanently ln rhe lTra-ury. aud t-e ten
t.l-; ul.l De .,l al oi tA-ul q accumulate the-,
!: 'la retary u tie tr-asrry purchase All Tie /
o.u.l remain IL the Treasury about 100000 4
w.r-u cf t-,-e CONS u each months lAnltlctu-e,
ard WIKI those PAID OLt vl probably return before
tie eai II each month. Tie silver 81. accumulate !
~ ,hc Treasury aliaos. a. fast il l. turned out
ton The uiu'..
Ftt-If tIi. policv Is continued about oue-tlirl 1
~ Ihc gold revenues OF The Government viii De con-
yeI-eI into silver reVeuues and - the gold ebllga
.nce held bF the Government Will De reduced. The /
Government all --il continue 20 receive tTO-irIs
% - Custom. duties ~ gold a. long o. the Secretary
n Tie !r7as-fE u--- tie new slVer co--rs ioE 10
o.ll1 pl-pss Than those alDCuQ 81. No silver can
come -cs into the Treasury tl4t has not Lrst been
Ia 4 out, aa4 ane-s people b-.ug iprW aru gold coin
- tie new viii be ~ tle purchase Vi bullion
d. than = 800 90 per month.
f4fh-Ile secretary OF the Treasury possesses the
r.g0grI . V-r-erye us gold balance by tie sale oi
bond. authorized by the Resumption Act and VIII
probably DO 80, II tie National credit J. not % much
impaired b. tic legislation ol this Congress -
make lie d.sy s.ty-. VI Ier cent bones - p-r IL
possible.
sL7a-Ihc Silver law vii not NATURALLY aid the
Secretary II the Treasury IN b. preparation. for the
resumption ot specie payments. On the other
L.uf ihe agitation Of tie silver question has put
stop % The progress he ALREADY making in that
direction. l. VIII not make tho Resumption of specie
r.Trni- any easier, b.cause the com balance IA tie
Ir.e.grv yrt CDle.sr. " gold silver.