Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-01-01
AFTER SHERMAN.

AFTER SHERMAN.
When Secretary Sherman and the banks
OF New York and Boston, md other Eastern
cities, entered into a combination to deprc-
ciate silver in defiance of law, and to drive
it from the channels of trade, it aroused q
feeling in Congress which the Secretary
and his confederates had better heed. At
a recent bank conference in New York it
was announced
The associated banks Of this city, after
the LIST of January, 1879, will receive silver
dollars upon deposit only under special
contract to withdraw the same in kind.
The act Of February %, 1878, authoriz-
ing the coinage of the standard silver dol
lar, and to restore its legal-tender charac-
ter, declared: Which coins, together with
al silver dollars heretofore coined by the
United States, Of like weight and fineness,
shall be a legal tender, at their nominal
value, for all debts and dues, public and
private, except where otherwise stipulated
in the contract"
Since the passage of that act, the import
ers' interest has been to pay the custom
dues in silver, and the question now is,
what amount Of duties has been received
in that particular metal, and how it has
been applied. The law directs the Secre-
tary Of the Treasury specifically what shall
be done with the money received for
duties, as follows, in the Revised Statutes /:
SECTION 1904. The coin paid for duties
on imported goods shall be set apart as a
special fund, and shall be applied as fol-
lows:
First-To the payment in coin Of the in
terest on the bonds and notes Of the United
States ;
Secondly-To the purchase or payment
Of one per centum Of the entire debt of the
United States, to be made within each fiscal
year, which is to be set apart as a sinking
fund. \ n Il
Thirdly--The residue to be paid into the
Treasury.
This Especial fund" is thus separated
from the general receipts Of the Treasury,
and consecrated to three particular objects.
The Secretary has no right to mingle it
with the miscellaneous moneys. To do
that would be to offend the Law and to per-
wort its purpose in guarding this resource,
to make the interest on the public debt al
ways secure, and to provide for the sinking
fund. II, therefore, any silver was paid
for custom dues, the Secretary was bound
to apply it to these objects, and any fail
ure to do SO would render him liable to
prosecution for embezzlement under Sow
eral sections Of the Revised Statutes, as
follows:
Sec. 5,48S. Every disbursing officer of
the United States who deposits any public
money intrusted to him i'll any place or in
any manner except as authorized by law,
or converts to his own use in any way what
ever, or loans with or without interest, or
for any purpose not prescribed by law with
draws from the Treasurer OF any Assistant
Treasurer, or any depository, or for any
purpose not prescribed by law transfers or
applies any portion Of the public money
Entrusted to him, is, in every such act,
deemed guilty Of an embezzlement Of the
the money SO deposited, converted, loaned,
withdrawn, transferred, or applied. \ n
aeo. 5,490. Every officer or other person
charged by any act Of Congress with the
aafekeeping Of the public moneys, who
fails to safely keep the anne without loan
ing or using, converting to his own use,
dep0siting in banks, or exchanging for
other funds than as specially allowed by
law, shall DO guilty OF embezzlement of the
money so loaned. used, converted, depos-
tied or exchanged. n
If, with ample receipts from duties on
imports in silver, John Sherman has paid
interest in gold, and satisfied the Sinking
Fund in the same way, he is within the
penal sections above cited, unless there
was also sufficient gold from customs dues
to enable him to do SO without violating
the law. The belief is, that in order to
degrade silver, and virtually to demonetize
it. he exchanged the silver receipts at the
Custom Houses for gold in the Sub Treas
ury, and paid the bondhoiders with the
superior coin, without any regard to Sec
ton 1904, already referred to, 'setting
apart the coin paid for duties on imported
goods as a special fund"
With these suggestions, the force Of MIR.
Bcck's resolutions in the Senate will at
once be seen. 1t is precise and exaeting,
and will be apt TO give Mr.. Sherman as
much work as he can do just NOW:
Resolved, That the Secretary Of the
Treasury be, and he is hereby directed to
inform the Senate what amour Of silver
coir has been received in payment Of Gus
toms dues since the beginning Of the cur
rent fiscal year, and whether or not he has
applied the silver coin thus received, in
whole or in part, to the payment of the in,
terest on the bonds or notes of the United
States il it has not been so applied, tc
state tho reason why if it has been ap'
piled to that purpose in part only, to state
what portion has been SO used and on wha'
character Of obligation. He is directed te
inform the Senate the mount of interest
he has paid on the bonds and notes OF the
-nited states since the current fiscal yeai
y and the amount of such interest
re has paid in gold and silver coin
ely.
York Tribune, the organ OF the
emit Of the Republican party, il
claim: 1.-THE negro is ignorant
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