Mexico weekly ledger., 1879-12-04
REPORT
OF the Secretary of Treasury

receipts and expenditures, to which
we shall, no doubt, often have occa-
sion to refer. We do not propose,
however, to take up this part of it at
present. We shall eonfiae what we
have to say to-day, to its financial
views; which, 1T is to be regretted,
lack the essentials of farsightedness
and craftsmanship. Still, wherever
there shall be time and disposition 20
peruse the lengthy columns of this
document, it will be read with inter-
est as presenting the platform of at
least one presidential aspirant. 1t
may be that the lack of wise sugges-
ton, so noticeable in this communi-
ton, arises from timidity. On the
other hand, 1t may spring from desire
to please ali sides. Such trimming,
however, is not likely to satisfy any
body, and the more especially, that it
is connected with some recommends
tons that are positively Objectionable
to a very large proportion of the ma
ton.
That the Secretary should assume
great credit to himself for the success
OF resumption is quite consistent with
his former utterances, while ignoring
the help received IN the part that fell
to him from both Providence and the
amendments made to the republican
plan of resumption by the democracy,
preserving the le~gal-tenders from can
collation., and maintaining them as an
integral element in the composition
of the currency. 1t is not a little ex-
traordinary, however, that self-com-
placent and satisfied as Mr.. Sherman
evidently is with the result of demo-
cratic policy. he should aim to i'm.
prove that financial condition ofwhicE
be Is so Eoastfal by eliminating from
the currency that portion of it which
has most contributed TO renewed
prosperity. The legal-tenders, not
withstanding all he has heretofore said
in their favor, are a source of trouble
to MIN. He desires their retirement,
and recommends congress to with
draw them.
Unless We are greatly mistaken, a
very bitter opposition will be made to
this proposition should it be seriously
introduced on the floor of congress
this winter. In our opinion, the
country will receive with dissent, if
not Indignation, any scheme whose
object is to diminish greenbacks and
multiply blackbacks. The cry that
has been raised by the friends of tic
banks in regard to imitation is non-
sensical. Those spreading such
alarm, forget how much Of the cur
rency is OF necessity confined to puo-
lie and private vaults. They say they
hope to arrest stock gambling by con-
traction. Is every interest to be made
subsidiary to Wall Street? Is real
estate 10 be depressed in price to
prevent the Goulds and Vanderbilts
from pluckIng each other. and the
multitudinious brokers that throng
the stock exchange?
The banks would no doubt gladly
replace the nations gold accumulated
in the treasury with paper, but for
that reason, if for no other, the pub
lie will seriously demur to the de-
struction Of that portion of the cur
rency, which is not only the best and
cheapest circulation it has eve been
blessed with, but an element without
whose assistance the national banks
themselves would be wholly unre-
liable.
The recommendation of the Secre-
tary 10 limit further coinage of silver
is ultimately connected with retire
me1t Of the legal-tenders, and forms
another link in his evident design TO
promote the interest Of monied cor
porations, about which we shall have
much to say hereafter.