Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-01-15
SPECIE RESUMPTION.

SECRETARY SHERMAN TO THE SECRETARY
OF THE HONEST MONEY LEAGUE
Chicago, Jan. 15.-The following was re.
ceived here to-day:
Washington, D. c., Jan. s.-1Aomas N,
Nishols, EGG, Secretary Of Hone.t None,
League, Chicago. INs.-DEAR SIR IL have
to acknowledge the receipt of your letter Of
the 4th inst enclosing copy of the kindly
resolution adopted at the meeting of honest
money league on the End instant, for which
return my grateful thanks. Resumption,
go long struggled for, and so eminently bene-
fetal to all interests and classes, liz now Sc.
cure. There are but two points incident to
resumption about which notice complaint:
First-the non-payment Of interest on the
public debt in gold coin at cities other than
New York. Second-criticism of the dis.
tribution Of the silver dollar by this depart
ment.
To maintain specie payments the coin
must be kept in come central convenient de.
pository, always accessible. The law fixes
New York as this place. 1t is not reason
able while we promptly redeem our notes
and pay the interest on the public debt
in New York that complaint should be
made because the coin il not scattered by
being transported at the will Of creditors
at considerable cost, 10 other parts of the
United States. We must make no distinc.
tion 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 60 much
complained Of between the noteholder and
the bondhlder. | hope, after some
preparation and lapse of time it may
be convenient to exchange coin for notes and
pay interest at all the repositories in the
United States and I will seek to bring
about that resnlt, not as matter of legal
duty but for the convenience of citizens.
A. to the other matter have clear con.
viction that the forced payment Of the silve,
dollar to public creditors would tend to de.
preciate it and cause it at once to be sold in
the market at less than par. No friend o
the silver dollarshould desire il to be forced
into circulation under such circumstances
This wonld open gap between the silve,
dollar and United State note,
that would tend t, bring it into discredi
among our people, while it is plainly th,
policy Of the Law that it should be main
tained Al par with United States notes. TIL,
department is now issuing the silver dollars
transporting them free of charge wherever
needed, to all who wish them, in exchane
for United States notes, or in payment fo
services. aud i, il 10 be hoped that the who'll
coinage may thus be put in circulation.
While it is the duty Of the government I,
coin different kinds Of money as public pol
icy dictates, 1t should be within the powe
Of the citizen, at his option, 10 denan,
either form Of lawful money. 1t i. hone,
that the friends Of resumption will be salts
fed with the beneiccnt results already ac
complished, and will give this depar.meu
reasonable forbearance in the practical exc
cution Of its plans. II SO, those who hav
hitherto disagreed with Us abou. esuup,io
will join with'os in, spplauding the polio
now being maintained.
Very respectfully yours,
JoHx SnrrxAx.