New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-12
MR.. SHRRMANS POLICY.


Some Journals and correspondents take upon
themselves n great deal of fret and worry in
trying 90 explain the acts of Secretary Sher-
man in accordance with their precOnceyed
notions. 1t il quite enough for us to point
out the necessary results of his acts, presum-
ing that he knows very well what he il about.
1t is said, for example, that he has no idea of
boarding leRal-tenders, but "will pay out
"freely for ordinary expenses of the Govern
"mentn any legal-tenders received on or after
Monday next in exchange for silver. The
kind Providence which cares for children and
fools must have especial watchfuness for the
person who does not see that. ii Internal
Revenue receipts equal all expenses OF the
Government payable in currency, and the
Treasury receives in addition $10,000,000 in
exchange for silver coin, IL must of necessity
have on hand $1O,OO0,000 in legal-tenders.
If there is a slight excess or deficiency of
revenue receipts, the amount Of legal-tenders
accumulated will necessarily be correspond
ingly greater or less than the amount taken
for silver. An explanation from Secretary Sher-
man is not needed to make these facts known,
any more than formal declaration of intent
10 commit suicide would be needed II n man
should cut his own throat. The coin goes out
and the legal-tenders come in, without any
corresponding provision, either in appropria-
tiOns by Congress or otherwise, for the ex-
penditure of the amount which may be re-
ceiyed in exchange for coin. The obvious and
necessary consequence il that the excess will
accumulate, and be virtually withdrawn from
circulation rs currency.
1t is very senselessly objected that the Sec
rotary of the Treasury has no right to pay out
coin until January l, 1879. There are per-
SONS, it seems, commonly supposed TO have
average intelligence, who do not know that
the Secretary has full, absolute and unques-
tionable right to pay cut either OF three legal
tenders created by law, gold coin, silver coin,
or United States notes, for any of the Ordi-
nary expenses of the Government, except in
terest on the public debt. If he pays the
Navy in gold coin, as he does, it is because
that mode of payment is most advantageous
and creditable to the United States He has
absolute power to pay the salary OF any col
lectOr or postmaster, any laborer or clerk, in
gold, in silver, or in paper, because each has
been made full legal-tender by act Of Con-
gress. He has also the same unlimited and
absolute right, which has been exercised by
every Secretary since legal-tender notes were
issued, of selling surplus gold or silver coin
in the market, and that right is expressly
conferred by positive act of Congress. But
selling gold or silver is buying legal-tenders.
If the Secretary can exchange gold for legal
tenders at the rate of IL for 10. as he has
done often and publicly, he has the same
power to exchange either gold or silver for
legal-tenders at the rate Of 10 for 10, as is
proposed.
The business world knows what Mr.. Sher-
man means, on the instant, and gold drops to
1OOls, the premium being merely nominal,
before the ordered exchange of silver for
greenbacks actually begins Why any pre-
MUM whatever should remain on Monday
next no one can tell. And why any man who
does not wish to impair the public credit