The New York herald., 1878-11-16
THE CURRENCY PROBLEM.

Boston TrdpcLer:-"At last going to act on
Greelcy's maxim. The only way to resume is to re-
sume.'"
Cincinnati Tines:-"We warn the Secretary very
earnestly that these twin schemes OF the demonetiza-
ton of silver and the withdrawal of small bills. will
not meet with public favor.
Cincinnati Commercial:--"It would be unfortunate
for the republicans of the East If they should insist
upon forgetting that silver is hard money. they in
sst upon the merits of single standard perhaps they
may find it in silver"
Pittsburg Leadcr:-"The banks only propose to en-
ter into the conspiracy that California has
prsctised for fifteen years. and value at it's real
nste,d Of its statute value. II public opinion sup
ports them they will succeed; not. not And that
is all there is III the question"
Boston Past:-"God and paper cannot be perma-
nenty kept equality while paper is at liberty to
make endless rounds with its claims to redemption,
and coin of another metal is legal tender in unlimited
amounts being also worth from ten to twenty cents
less than gold on every dollar.
Boston Transcript: pf:-'erhe discrimination which the
banks purpose making against the silver dollars is
hardly in accordance with law. yet without such dis
criminaton resumption gold basis is impossible.
The most that can be hoped from the present Con-
gress is that it will not make matters any worse.
Cincinnati Commeycial:-"The crusade against silver
will revive the greenback monster Coin not gold
is the word in the contracts-the word in the law OF
Interpretation of March, 1869, and the bonds.
When the word gold appears in the contract II must
be respected, bat coin an expression did and
does Include silver dollars well gold"
Cincinnati Enquirer 1.-THE national bankers seem
to think that the recent elections condemna-
ton OF the dollar Of the daidies. That dollar bears
on its brow In God trust That is kind OF
trust national bankers don't deal in their coun-
colaterals or accepted indorsers. Intrinsic value
and trust in God win be hard to beat by national
bonkers."
Chicago Tribuae:--"The New York bankers, led by
Mr.. Coe and acting in the interest Of the money
lenders have taken rash STEP and the they
recede from it the better IL will be for them The
proposition TO against the circulation
OF the silver dollar is prompted by the desire to
hance the value Of their money stock gold basis
as compared with the value of all other property.
Baltimore -"Reviving prosperity under
the operations Of resumption will be argument
which must puncture their bag Of wind and reduce
1t to condition of collapse. The country will be-
come satisfied with sound and reliable currency,
and the mission of the inationist and repudiaonist
will vanish. The New Years Day of 1879 ought to
mark the commencement of brighter era for the
Republic
Chicago Ne,rs THE fact is. the plan to which the
politicians have bound Secretary Sherman is to force
out greenbacks and silver matter what they are
worth: not TO pay all notes as presented; TO use
senta.ion and let the coin balance and currency bal
ance take of themselves afterward This policy
is anything but honest and square resumption !;
further, il viii surely fail worse. too 1t will put
honest resumption of indefinitely.
Boston Adrertiser:--"We presume that most Of the
banks throughout the country will follow the leader
ship of the New York association. In fact, they
do So The banks In redemption cities have deposits
in New York. and cannot accept az bankablc funds
what their New York agencies rftsc. Nor the
country banks receive deposit funds which their
agencies in the redemption cities refuse. SO much
can now bc accomplished by harmony Of action, and
90 little hut mischief result from diversity Of
policy that the wiscs and most patriotic Is to
fall in with the current
Richmond Wig g:-'Thc most remarkable and ex-
traordnary circumstance Of the financial situation is
that the national banks, which insistent for
specie resumption by the government. practically
exempt from the operations Of the Resumption act.
Their notes not redecmabe by them In either
gold or silver. will they be even when the Re-
sumption act goes into effect except at the option of
the banks II they had been included in the act
they would not be ready TO DISCARD silver
pecunary 'rcdeemcr.' II should he the OF Con-
ress TO remedy this defect In the Resumption
act-unless the law be wholly repealed without
leila