Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-11-25
RESUMPTION.

REsUMPTIoN.
1t is very generally regarded as q fixed
fact that the attempt at resumption will be
made on the LIST Of January next, and very
naturally there is considerable interest mani
tested as to the plan to be pursued. There
have been no end of theories evolved, for the
most part from the inner consciousness OF
the Washington correspondents of the metro
politan press. The best authenticated of the
lot, apparently, comes from the Washington
correspondent Of the Chicago Tribune, who
asserts, on what is evidently good authority,
that the following will be the essential points
of the resumption programme:
First-United States notes will be redeemed
at the New York sub-treasury in gold or silver
coin. at the option of the holder Of notes, with
out Limitation as to amount.
Second--Legal-tend notes of special issue
OF large denominations will be delivered in
place Of gold certificates, and there will be no
further issue Of gold certificates.
Third-Holders Of notes who prefer gold in
stead OF silver will obtain gold, and the treas
ury will not force upon the holder of notes the
kind of legal tender coin that is not desired.
Fourth-That legal-tenders. even without the
enactment of any law affirmatively author
lzlng 1T. will be everywhere received for GUS
toms dues.
Fifth-That silver dollars will be exchanged
multiples of 81 600 at any sub-treasury or ma
tlonal bank which is United States deposit
tory, the expense of transportation to be paid
by the mint, This is the plan which was inau-
gurated in September last, but was SO suddenly
discontinued on the ground that there was no
authority of law to exchange silver for legal
tenders until after Jan. l.
Sixth-That perhaps arrangements would be
made at sub-treasuries other than at New York
to redeem legal in coin within ordinary
limits, but not in large sums.
The policy of resuming only at New York
is questionable one, and has created con-
siderable dissatisfaction at other financial
centers, but as the law of 1875 prescribes
only that point as a repository of the national
gold treasure, the injustice will have to be
endured. On their face the other points
look fair enough, and there is an evident
purpose on the part Of the treas
ury department-presu the in
formation to have been derived
from that source to endeavor to make specie
RNy AAOA4Co " 4Co1lCS. udu IL Will U0 DuU b
cd barren ideality,'' to use profane
though expressive phase of old Bill Allen
results will prove. There is now in the
treasury coin balance of about hundred
and fifty millions of dollars. Under ordinary
circumstances this would be sufficient to
meet all demands. But there are some
peculiar circumstances that will, no doubt
have an influence upon the undertaking. In
the first place the action of the New York
clearing house portends disaster. If that
association, which commands q capital of sis
hundred millions of dollars, persists in its
avowed policy, resumption from the start
will be impossible. It can, if it will SO
choose, absorb all in the gold in the treasury
and all that may come into the treasury, by
means we'll known to financial men, and
thus defeat the purpose of the secretary OF
the treasury, unless he shall decide,
by authority of Congress, to demonetize sill
yer. OF this latter outcome of the pend
ing trouble, no fears may be entertained
for Congress will not so far disregard the
known wishes of the people as to consent to
demonstration of silver. But the plan as
3 whole is bound to come to naught. AS
long as the prime principle of resumption
is left out-that of making the government
issue of paper the equal of coin for the pay
ment of duties and interest--all efforts in
the direction of resumption must inevitably
fail. In every other country in the worlc
the paper currency in circulation is received
by the government as the equivalent of gold
and the attempt of this government to star
an innovation, making coin a sole lega
tender for one class of debts while currency
is legal tender for another class, is absurd
on its face, and must be failure. This i,
the long and short of it, and no amount O
sophistry can alter the fact.