Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-12-17
Practical Specie Resumption.
GOLD WORTH NO MORE THAN GrFrNparrs

The near approach TO resumption day -
January 1st. 1879, ana to the consequent out
flow Of the Treasury-s boarded gold in the re-
demption Of legal tender notes has caused the
disappearance OF the slight gold premium which
has been obviously changing for the past
four or five months. To-day for the first time
since January 18th, 1862, the year of the sus-
le, sion OF specie payments by the goyernmen
gold is worth no more in the market than the
United States promise to pay. This Is practica
resumption. That U. s. notes should be at pa
iG,lir nan month MOI before the date fixed i
taken to be unmiStakable evidence that re
sumption will succeed. 1t shows a general
confidence in the ability OF the Treasury
TO maintain itself in the position it viii
tion is half accomplished. Secretary sherm shl. IN
is highly pleased at the gold quotations that
were telegraphed him from New York to-day
ne taxes them as an earnest of the succe ssfu
termination OF his hard work for the past two
Years When gold went above par Jan. 18th.
1865, 1T sold at l03. During that year it went
as hlgh as l. 33ss.. At the latter quotation 1t
opened in 1863, and closed December slst, 1858,
at ~ Z. 1t was highest in June of that year.
and in January and February, 1856 1t reached
IN the palmy days OF Jim Fisk 242aI. From that
IL went along from 122 to 1917 during the next
two years. In 1915, after the passage OF the
resumption act it began the gradual fall which
resulted To-Day IN the disappearance entirely OF
its premium.
Silver Coin for Payment OF Interest.
sECREIATY sHERhAN'S ANSWER TO Mr.. BEcK's
RESOLUTION.
A communication from the Secretary of the
Treasury was laid before the Senate to-day in
response to the resolution OF Mr.. Beck adopted
by that body on the Sd instant calling for infor-
nation as to the amount Of silver coin received
Tor customs dues since the beginning Of the
current fiscal year, and whether it has been
afplied TO any extent to the payment OF inter
est On L. s. bonds. and IL not so applied TO state
the reason why. Secretary Sherman transmits
a report made to him on the subject by the
nod ODD -
gold coin or standard silver dollars may be used
IN payment OF the interest of the public debt
The law does not direct which Shall be paid
but leaves this to the discretion Of the depart
ment, TO be exercised upon considerations of
public policy, and the practice as stated by the
treasurer of allowing the public creditor the
option OF the form and denomination Or money
In which he shall be paid has thus far been OBJ
served. The manifest object OF the act to ati-
thoiMe the coinage Of the silver dollar and re-
store ltS legaI-tender character. when construed
IN connection with the resumption act is that
gold coins and the standard silver dollar Shall
be maintained ut par with each other. and this
object can best be attained by paying out suca
coin as may subserve the convenience of tie
person TO be paid. and not to force uoon him
either form of money. Any other course would
discriminate against the standard silver dollar
and tend to its depreciatiOn.'
TREASURER GILFfLLAN ~ HIS REPORT
10 the secretary says, among other things, that
no distinction has ever been made between gold
ana silver moneys in the TreaSurerS coin ac-
count. 1he total receipt OF standard silver dol
lars from the period from July 1St to November
80, 1878, were S., LIS, ,345 one million and a half
being on account Of customs. These figures
GO hot cover silver certificates. The Treasurer
has exchanged standard silver dollars with the
PUBIC 1or gold to the amount OF 81, ,534 7S5. The
coin interest paid during the year amounts to
S39 1924. The silver coins received during
the current fiscal year have not been specific
ally applied to the payment of interest upon
bonds and notes of the United States. eXcaD.
so far as the fractional silver received has been
used in disbursements for coin interest In max
Ing payments OF fractional parts OF dollar.