Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-01-14
THE RESUMPTION OF SPECIE PAY.
MENTS.
Letter from Secretary Sherman to
Thomas VI. NichOl.
SOME OF THE COMPLAINTS NO
TICED.

CHICAGO, January 10. The following let
ter is made public:
WAsnINGToN, January 3, 1878.
Thomas NJ. Nichol, ESD. Secretary of the
Honest Money League Chicago:
Dear .Sir:-I have to acknowledge the re-
ceipt of your letter of the 4th inst. enclosing
a copy of the kindly resolution adopted at the
meeting of the Honest Money League of the
ID inst, for which / return my grateful
thanks.
Resumption, so long struggled for and so
emincntly beneficial to all interests and
classes, is now secured. There are but two
points incident to resumption about which
notice complaint
First. The payment of interest on the
public debt in gold coin, in cities other than
New York
! Second. Criticisms of the distribution of
the silver dollar by this department.
/ To maintain specie payments, the coin
must be in some central, convenient reposi-
tory, always accessible. The law fixes New
| York as this place. 1t is not reasonable,
while we promptly redeem our notes and pay
/ interest on the public debt in New York. that
complaint should be made because the coin is
not scattered by being transported at the will
of the creditor, at considerable cost. to other
parts of the United States. We must make
no distinction between the payment of interest
and the redemption of notes, but both should
be paid at the same place and in the same
way. or we again make the discrimination so
much complained of between the note holder
and the bondhoder. / hope after some prep
aration and lapse of time it may be convenient
to exchange coin for notes, and pay interest
at all the repositories of the United States.
And will seek to bring about that result. not
as matter of legal duty, but for the conven-
fence of citizens.
As to the other matter, / have clear con
yction that "A forced payment of the silver
dollar to public creditors. would tend to de-
preciate it and cause il at once tn be sold in
the market at less than par. No friend of the
silver dollar should desire it ia be forced into
circulation under such circumstances. This
would open a gap between the silver dollar
and United States notes that would tend to
bring it into discredit among our people
while it is plainly the policy Of the law that
it should be maintained at par with the L. $.
notes.
The department is now issuing the silver
dollars and transporting them free of charge
wherever needed, to all who wish them in cx-
change for |. $. notes or in payment for SER
vices. And it is hoped the whole coinage
may thus be put in circulation.
While it is the duty of the government To
coin different kinds of money, as public policy
dictates, it should he within the power OF the
citizen, at his option, to demand either form
of lawful money.
1t is hoped the friends of resumption will
be satisfied with the benificcnt results already
accomplished. and will give the department
reasonable forbearance in the practical execu-
ton of its plans. If SO, those who have
hitherto disagreed with us about resumption,
may join us in applauding the policy now be-
ing maintained.
Very respectfully yours,
john SHERMAN.