The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-12-23

as time passes and difficulties to that end
are obviated, other offices of coin redemp-
ton will be established at other CONNER
cial points for the greater convenience
of the public.
In order to mitigate, SO far as praeti-
cable, the public Inconvenience arising
from this process of resumption, the
Treasury circular directs that holders of
any matured interest coupons may, at
their own option, receive the amount in
greenbacks on presentation of the cou-
pons at any U. S. Depository. By this
means, holders of interest coupons
against the Government may realize the
amount in greenbacks without expense or
delay. And, as the greenbacks are now
as good as gold as to value, and more con-
venientas to use, the presumption is that
multitudes will readily accept them IN
payment of their coupons rather than
resort to the troublesome process OF send
ing them to New York for the coin.
1t is obvious that one effect of this
process of resumption will be to- with
hold from immediate presentation for
coin redemption an immense amount OF
the greenback currency, and keep it in
the channels of business circulation. This
will be public benefit, at the same time
that it relieves the Treasury from imme-
diate redemption, and thereby promotes
and confirms permanent resumption.
For, it is the known certainty Of re-
demption in coin whenever it may be de-
manded that really constitutes resump-
ton; even more so than the actual pay
ment of any given amount of coin. That
certainly places the currency at par
with coin, and Herewith the business
public is content without demanding the
coin. And this is the foundation OF
Horace Greeley's aphorism: "Ihe way to
resume, is to resume"
We are all aware that there have been
numerous croakers, wearing editorial
plumage who have volunteered to be-
come prophets of evil, and have pro-
nounced resumption failure, in ad-
vance. Some of them have appropriated
valuable time and a little arithmetic in
giving the columns of millions that the
Treasury, on resumption, would be i'm
mediately required to meet. One OF this
innunerable army Of croakers made a
conclusive showing, by voluminous col
umns of well added figures, that not less
than s., 200, 100000 would speedily fall
upon the Treasury for redemption in
coin. And that particular croaker
couldn't see how the thing could be done
with only one-tenth of that sum in hand
to do it with. That particular croakeI
was esteemed wise in his generation
But. when it is considered that there are
but $946, 100000 of Government cur
rency outstanding, that croaker's wisdom
stands at serious discount.
And even of that lesser sum, no intelli
gent man not croaker can presume thai
any very large proportion will be speed
ilv demanded in coin. This currency
being now, for all practical purposes, al
valuable as coin, and for such purposes
far more convenient than coin, will no
rapidly seek the Sub-Treasury for re
demption in coin, but will continue a
now largely in business circulation. And
as the National Bank notes are redeem
able in the Government currency, as wei
as in coin, this currency in reserve will
serve the bankers purposes precisely a
we'll as coin; and little better as bein
more convenient. There will consequent
be no heavy pressure from the banks O.
the coin of the Treasury.
Again, as the appreciation of the cul
, rency has made it par with coin, gol
gambling and speculation are wiped ou
as is the margin upon which such specr
lation was formerly founded. Hence
{ there can be no great pressure on tn
E Treasury coin for that purpose. Furthe
more, as greenbacks will become recei1
able for all dues to the Government, il
t Guiding custom duties, there can not
: any serious demand for Government gol
for such uses. 1t is, therefore, difficu
\ to perceive any source of very great d.
D mand for coin that will press immediatel
t upon the coin resources of the Cover
t ment. Such being the case, the preser
2 amount in hand, say $250,000,000; tt
0 increment from our mines, about $100
5 100000 annually; with balance of fo
eign trade in our favor to the amount {
: 1857 100000 this last year, and payab
S chiefly in gold, there can certainly be
f reasonable apprehensions as to the pc
: manency of the resumption of spec
y payments, now close at hand, the pr
e cesses for which are well calculated
d sustain the step without detriment to tt
: public.
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