Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1879-01-08
Our Washington Letter.


Vessrs Editors The principaI event of the
opening Of the New Year, not only at the national
capital hut throughout the whole country IL the |
p,-r,,,v ro srvc,, ,,v,,ryra
In 1900 occ,rred tho s,sno,s;on of amid mo.
me,ts he ,bis oo,er,me,t and simon that doto |
until about two weexa AGO GOLD has been worth |
mora in tho ma,se, than tho rp,ted States local |
tender notes Al one time dur,ng the wear '65 |
our nubic credit was 90 law ,hn, one dollar in |
cold was worth 90 s1 in Jrnitod states ,o,es In |
is75 n, no, L,ou, no ,bo ros,n,,io, M, was |
nossed hy Corgross dirocuna ,he rroos,rv IN 70.
anna s,cci. ,avmen,s an Ian,orv ia, 1870 That |
40, ,yon, in,a oSroc, On rhnrsda,Ios ,,o Cd inc,
"wednesday ,ho fat he,ng a local holiday and |
rosnm,,,iov nav now NO oors,dorod 90 a svod
,ao, AGO. noa.,,, ,hroo ao,,a ,r;a, 4, ,o,, lao
,o,,ood 40 ,h,s tar s,oooss Tho ro,,oo, 49,
nost,opement of resumption has freouen,lv been
aotated but without effect In fac, tho oues,,op
If rosumr,,on bos beap ono of ,he lo.d;na ,on,cs
Il, o,r ,a,;ona, nol,,cs for tho nos, ton yoors 90
mora ,,,iro tbo tmo s,,co tba co,oin, In o,,ho
,,roson, ad,,inis,ra,,on eooro,ar,, shorno, Oh
In tho sono,o ,roued ,bo rim and socrrod Re- uos
sooo bo. hoo, ,o,iin,, rroraro,io, q. ,,,oa. ,ho
=, ,,,o s.,,,,.',,,,a. a. 1r.., H.
,nrL a. ., ,,ro,,o ,sand s,ooos, ,,,a,, ,o soid q,
a. aI.o.,.. -, nj ,at, :, - 49,,
a., ,,o,,o.oi no., 49, ,i.s,,,.,,. h.,
,ho ,,n,o,,o,,on. ., ,to ,r,oa,,,.,. ,,a,a.,,'oa.
i,a... -, a..t,o.a ,,,i. ,.., -. =. -.
yi,hin ,ho loo, ,o, ,,,,,,,,. ,,o ,, ,oor ,i,., -.
a,,,,,,, a,,,a NV, ho .,,aaaa.,',I Saa hoa,' 49,,
,,oo,oa ,r,.,, ,,a,a ,,,oa.,.,ia J., ,a, ,.a,,.i,.
and roror,od ,ha, gnocn,a,ors COT NJ, CON-
bination. and Inv purchasing and screaming togetber
all the greenbacks. coupons or gold bearing bonds
and coin checks possible. throw them Mt the head
of some assistant treasurer and demand gold for
them with tho gold distributed at various noints
such n combination could secure n sufficient
amount of paper calling for gold to exceed the
amount that might he held by any one sub-treas-
ury. As soon as the government was unable to
meet every demand of course gold would 90 I'M
and the government be dsgraced. To defeat
such an ATTEMPT as this the department concluded
upon two stems One To take ADVANTAGE Of the
resumntion act which saws that on and after the
lat Of January. 1870 the assistant treasurer at
New York shall redeem in coin all legal tender
notes presented for such REDEMPTION in sums of
fifty dollars and upwards" and accordingly in
augurate resumption only at New York This
prevents the distribution OF the Treasurys gold,
which would be necessary II specie payments
should be resumed at all the sub-treasuries and
at the Treasury here. The amount Of gold col
leoted in the sub-treasury vaults at New York
amounts to the immense sum of one hundred
millions of dollars. For any combination to be
formed that could call on the Treasury for this
amount of coin would seem to be almost impos-
sbe. The second precaution against any
,r.rpuprs 10 nrrr,r prs,vpr,ox
was that the Treasury should pay matured con-
pons and registered checks in gold only at New
York and presentation OF such obligations for
payment elsewhere should be met with the offer
OF legal tenders or coin checks on the assistant
treasurer at New York By not commencing re-
sumption outside of New York, and not paying
interest in gold at any other point, and having
one hundred millions in gold at New York, it IL
evident that any gold speculation that could be
effective would have to be so gigantic as to make
its formation almost outside of the range of
possibility.
Another important measure naugurated at the
same time at the Treasury Department was the
receipt of legal tender notes for customs duties.
This does away with the principal objection to re-
sumption at only one point The amount re-
ceived by collectors of customs will be turned
into the Treasury, and the collectors will be cred
tied with so much gold-that is, the collector will
send forward the legal tenders which he receives
for duties and the Treasury will simply redeem
them by placing like sum of gold to the col
lector's credit In the Treasury accounts all dis
tnction between gold, silver and legal tenders is
abolished All are treated as Lawful money -
With resumption appears, also, the new five thou.
sand and one thousand dollar notes Just printed
THE NATIONAL RANKS
arc occordiny IN Comntroller Knox readv IN re.
s,na and ronorts sboy that NJ, trouble ia an,re
hended bv them TINS far Many have reduced
their circulation and all have been gathering gold
Tho amount NJ GOLD hold nv them agoregnte
for,v milons This ia amnlv sufficient IN allax
tho gold fever and satisfy the warnings of thai
class vino wish IN fill the traditional stoclxinq
with the "sbiners " Ifit il not sufficient tn,
hapts can call IN the Government TN redeem IN,
lo,ol terdar resarva which tbev have nm hand
and fins oct mora gold
Tho potes redeemad nv the Government ore M,
:, ha do.troyod Tboact NJ Nav 91st 1879 >yhic,
conoress rassed only because II over.estimate,
,ho a.oo,t,ot, s..ori,,, IN Tho oo,n,r,, n.o,;da
.,..t.u 49,. - ,a,,,t,I o.. "a, soaro,,,, ~,
A., .ra - - =, a, , IT,; =. .,oi -
=, ,to Irni.od s.a,as 1a,,aI ,ar3a
~, ,,,.,,o,,o. a,,, - ala 80 mos. h,
-, 10 .oaai,.o1 i,,,, ,ho r.oo,rr,
a,,,Ii t,,.,n, :, ,ho I-ni,ot
60. a,,au 49,. ~ .o,irod oanoala, 49, 40
-, ~, ,i,o.. Ill 10 ,o;,.,,oa 90 ,,oi5 -,
a,,a;, ,,,5 bon, ~, oir,,,a,;or ,nv ono u,h,
r. A., .,,.a,-.,.. l., ,.1,,,
-, ~, So r.oa1,,s,. ,.o,,s ona h1nd,a on
leaol tordars "a fast "a thev ara redaemed i
lahoring under n mistake The Secretary car
only nav them ont for current obligations of til,
government The notes redeemed will only b
maid ont for the current expenses and disburse
ments nj tho government
The nroblem for the future il now will resump
zion Ina maintained The outstanding redeem
able circulation If the Treasury is in round nam
hers ahout three hundred and fortv-six millions
The gold held Inv the Treasury il fully eoual I,
fortv ner cent If that amount Every one from
, the Secretary down. ia confident that this sum /
fullv sufficient to maintain the equality of golt
and tho ereenback There ia evidently To be n,
rusb for gold The fever will take out it is esti
mated about fifty millions. and the Treasur
would prefer to have as much as that in circula
tion. believing it will help sustain specie pay
ments Secretary sherman has abundant powe