Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-16

these worGs Of the President, taken down by
Gen. Hawley and read over to him, cover the
subject sufficiently. ~- .-..
Z ..r Blaine Dissents. .-,. *
Interview in Boston Journal -
what do you think of the report of Score
tary Sherman and its various recommends
tions?" - s..l ....-..-
Il have read that report with great interest.
The financial exhibit which MIR. Sherman makes
il most honorable to our country, and does very
great credit to the secretary. He has conduct
ed the refunding of the public debt with abil-
ity, wisdom, and tact. The results are highly
advantageous to the treasury and to tho people.
Mr.. Sherman's administration of the treasury
department will remain most memorable one
in our financial history"
slow do you view the specific recommends
tion that the legal tender clause should be
struck from the greenbacks; and that they
should be left to circulate merely as treasury
notes?" --r a-
Il should be compelled to vote against that
proposition, because I think it would work
great injustice to the vast majority of the peo-
pie OF the county. The greenbacks are
actually redeemed at only one point-the sub
treasury in New York city. Now, suppose a
man away down here in Msj.e. or out in Iowa,
or Texas, or Minnesota, or Orc ,,n, owes debt
of say $4,000, and his creditors demand the
gold. There stands the debter with his $5, 600
of greenbacks with the legal tender out of
them, and the creditor refuses to take them.
What can he do?'' .rsrs s- r
But wouldl,'t all notes be given payable in
currency, and thus the business of the country
soon adapt itself to the changer" ~ :,
Negotiable paper might soon assume that
form, but that would cover very small part of
the debts Of the country. Negotiable paper,
payable at a bank counter at given day, aver.
aging four months credit, is generally given
with full understanding of its terms. But go
all through the country and take mortgages,
due-bills, book accounts, debts contracted by
verbal understanding, judgments of the courts,
and the thousand-and:one forms of indebted
ness that spring up in the transactions OF &c.
100000 of people, and see what tremendous
revolution it would make to strike the debt
paying quality from $S40, 100000 of paper
money now in the hands of the people," ,
But the experience of the country since last
January has shown that the people do not
really care to handle the actual coin" ~ .--
"Of course nQt, if they can have something
equally good and more convenient as the re-
deemable legal tender note is. But strike tbs
legal tender out, and with actual redemption
only in the city of New York, You impart to
gold An extrinsic value which it does not
possess to-day. You might indeed create such
exaggerated notions of its possible value that
you would have panicky run after it. and in
this scramble those who live nearest to the sub
treasury would have the best chance. If there
is to be race, we ought all to have q fair
chance to start even. I don't think it possible
to get together enough gleenbacks to drain all
the gold from the sub-treasury, but the with
drawal of even twenty FIVE or thirty millions
would produce n very bad effect, create wide
spread scare, and embarrass business immense
ly throughout the country"
'sYou don't think it possible that 30 much az
that could be withdrawn, do your"
II do not see why, q great deal more would not
necessarily be withdrawn. The national banks
hold to-day from $75 ,00O, 900 to sl00 000, 900 of
legal tender for redemption purposes. and if
the legal tender feature be struck ont Of the
notes they would be compelled to redeem in
CON- and that coin they would necessarily draw
from the treasury of the United States.''
well, don't you think it better, on the
whole, to have each bank in the country re-
deem in coin?"
Certainly, as coon as we have sufficiently
large accumulation of coin. Our stump
speakers during the late campaign-the secre-
tary of the treasury leading off-pointed ont
that the $3.50 ,000 600 of national bank notes
are actually redeemable only in legal tender
notes, and that the $347, 100000 of legal tender
notes are redeemable in coin. This divides the
load and makes the burden far easier Will
ahy one now say that, with $3.50, 900 900 of coin
$3.50, OOO, 600 of paper money directly on the
treasury for coin redemption? For that is the
real point involved in the repeal of the legal
tender. clause
do you hold that the greenbacks now ont
shall be always kept in circulation?' p
'That is an entirely different question, though
Secretary Sherman intimates that he sees no
objection to the simple treasury note, stripped
of legal tender, remaining permanent part of
the currency-subject to increase or decrease
by Congress. Does this not leave the whole
volume of our paper currency to be voted up or
voted down according to the temper of Congress
the most dangerous fall the heresies preached
by the Greenback party?" 'asa z'
81 do not quite apprehend your meaning?''
what mean is this: The country has lust
emerged from prolonged and very severe
financial depression, and is getting into good
condition again Is rapidly as we could possibly
expect. Every body is taking heart and hope
for the future, and I cannot conceive better
mode of checking the rising tide of prosperity
than to throw the country into another angry
financial excitement to carry out what is at best
but theory"
"Then you would let the legal.tender notes
alone for the present, would you?''
"There is every reason for 80 doing. The in
fux of coin is hourly increasing our financial
strength. and will soon make US complete mas
tiers of the situation. And then We NAV have n
judicial determination of the question by the
supreme court, whose decision on the pending
case may lead to results not now foreseen. And
then in three years the bank charters expire
and the question of the currency will neoessar-
lily be then discussed. Let US wait. A very
wise old political reader in Kennebec of the
past generation-Ben White Of Monmouth
was in the habit always of repeating to his as
bociates the adage, Stand still while you stand
WE'LL And he always added Don't venture on
experiments, prOnouncing the word with full
double e. I say with Ben White Don't ven
ture on expeeriments.'
Then " n object both to the suggestion and
to the time it is made?'' s-s
81 object on both grounds think if the
proposition were even expedient in itself this
would be an injudiciOus time to make it. Sir
Robert Peel made notable answer to Lord John
Russell once, when he told him that his
even if right in principle. was
wrong in time 1t is of great conse quence
that our people get accustomed to the specie
without going through some expert
mental legislation which many will oppose and
nrny more distrust
Let us not forget that specie payment was
suspended full seventeen years. We have had
resumption now only eleven months. We are
doing wonderfully we'll. Let us continue to
10 10"
An Episcopal Rec or Stricken With Pa.
ralysis.
MEdPH1s, Dec. l4.-Rev. George White, rec
;or of the Calvary Episcopal church, was
stricken, this morning, with paralysis, while
addressing Sunday school class. He wass
emoved to his residence on litter. His