The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-11-25
Resumption.

Resumption
WASHINGTON. Nov. 23,-The details |
of resumption are a constant subject of |
interest Every Congressman who ar
rives endeavors to find out about them
and nearly every member who makes in
vestigations Of his own has a different |
theory. The explanation of this is un-
doubtedly that the full details have not
peen determined. 1t is quite probable |
that as soon as these have been decided |
upon an official announcement of the pro-
gramme will be made in order to streng-
then public confidence and to remove need
less uncertainty. Meanwhile, from all
that can be learned from every source, it is
believed that the following will be the essen
| tial points in the resumption programme:
/. United States notes will be redeem,
at the New York Sub-Treasury in gold
OF silver coin, at the option OF the holder
of notes, without Limitation as to amount,
2 Legal tender notes of special issue
Of large denominations will be delivered
in place of gold certificates, and there
will be no further issue of gold certi6-
Gates.
| g. Holders of notes who prefer gold instead
of silver will obtain gold, and the Treasury
will not force upon the holder of notes the
kind of legal tender coin that is not de-
sired.
4. That legal tenders, even without the
enactment of any law afirmatively aHtho
rizing it. will be everywhere received for
customs dues.
5. That silver dollars will be exchange
for legal tenders or national bank notes in
multipIes of 81 900 at any sub-treasury or
national bank which is United States de-
pository, the expense of transportation to
be paid by the mint. This is the plan
which was inaugurated in September last,
!, but was so suddenly discontinued on the
ground that there was no authority of law
to exchange silver for legal tenders uuti
after Jan. /.
g. That perhaps arrangements would
be made at sub-treasuries other than New
} York to redeem legal tenders in coin with
} in ordinary limits, but not IN large sums.
J There can be no doubt as 10 the first point,
for the reason that the resumption act
) makes such an act mandatory. As 10
the seconl point, this was decided upon at
t the time the plate for legal tenders of as
/ large denominations as $50 600 was order
D ed engraved, The plate is ready, and the
object of the special issue of legal tenders
r sue of gold certificates.
: Secretary Sherman has frequently said
! for a couple of months that he did not in-
! tend to force silver upon any holder of
: United States notes who did not desire to
+ take it.
j For the fourth point there is, of course
It no authority of law, but prominent Trea
4 sury oficial said this afternoon that il
S would be manifest injustice to re-
d deem legal tenders at New York and
e Disseminated against the entire rest o
7. the country, leaving the merchantlle com
, munity nothing with which to pay Gus
O TOMS dues, The general powers Of
J. the secretary of the treasury unde
IS the laws providing for resumption, outside
e of the mere technicalities of what is knowI
4 as resumption itself, give the secretary full
d authority to receive legal tenders for Gus
toms, SO soon as legal tenders are equiva
n lent to q standard gold or silver dollar
IF Auy other construction of the power of tn
k secretary would be mauifestly absurd, b
d claimed, and to receive legal tenders 70
c. customs without regard to limit would be
r thus official maintained a strI3t coustruc
e; tion of the spirit of the resumption act
,e The plan to send silver dollars from th
excellently for the few days during whic
it was In operation, and the treasurer c
the United Estates very much regrette
ty having it discontinued He was confder
N that by that means the entire amount {
le silver coined would have been placed i
On circulation, and not be bought up by brC
an kers to be used for customs. After Jai
o. | there will be nothing to prevent an
ihs7kf of ha nd
d mint fund is ample to warrant the tram
to portation expense,
en- The plan is tina. upon receipt by the trea
urer of the United States from any pc
son, of certificate issued by any assistal
treasurer, or designated depository. or U;
es tiona bank designated as public depos
a. tory of the United States. stating that
u deposit of currency has been made to b
~ credit on general account, of the sum
w $1,000, or any multiple thereof not e:
III ceeding $4,000. to cause shipment to
'ar made from some mint Of the United Stat
rai to the person 10 whose name the certi6ca
is issued of like amount Of standal
silver dollars, the expense of transport
to ton to be paid by the mint. Upon r
cd ceipt by the treasurer of the United Stat
lga of United States netes or national bar
1as notes sent for redemption in multiples
m. 900 and not exceeding $4,000, stan
,as ard silver dollars will be returned.
Secretary Sherman is still very reticer
however, as to the details of his pla
Being called upon by a great many VI
for had special instructions, if possible,
ol- ascertain the seeretary's real purpose, t
er, following conversation occurred. The S;
lis retary of the treasury was asked wheth
on he thought the resumption act permit
him to redeem legal tender notes elsewhe