The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-01-13
REsUMP PIoN.
Secretary sherman's Letter in Reply to
Resolutions of the Honest Money League.

Resolutions of the Honest Money League.
CHICAGO, Jan l3.-The following was
received here TO day:
WASHINGTON, D. c., Jan. 8th, 1879
THOMAS MoNIoHoL, Esq, Secretary Honest Money
League, Chicago.
DEAR SIR:-I have TO acknowledge the
receipt of your letter of the 4th instant. in-
closing a copy of the kindly resolution
adopted at the meeting OF the Honest
Money League, on the 2ad instant, for
which | return my grateful thanks. Re
sumption, so long struggled for and SO emf
nently beneficial to ali interests and all
classes, is now secure. There are but two
points incident to resumption about which
l notice complaint. First, the non-pay-
ment of interest on the public debt in gold
at cities other than New York. Second.
criticisms of the distribution of the silver
dollar by this department. To maintain
specie payments, the coin must be kept in
some central convenient depository, al
ways accessible. The law fixes New York
as this place. 1t is not reasonable 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 is not
scattered by being transported at the will
OF creditors at considerable cost to other
parts of the United States. We must
make no distinction between the navment
OF interest and the redemption of notes
but both should be paid at the same nlaca
and II the same way, or we again mako
the discrimination so much complained of
between the noteholder and the boudhold
er. | hope, after some preparation and
| lapse of time, it may be convenient to ex-
change coin for notes and pay interest at
all the repositories iD the United States,
and will seek to bring about that result
not as a matter of legal duty, but for the
convenience of citizens. AS to the other
matter | have clear conviction that the
| forced payment Of the silver dollar to the
public creditors would tend TO defeat it and
cause it at ouce TO be sold 10 the market at
| less than par. No friend of the silver dollar
| should desire it to be forced into circulation
| under such circumstances. This would
open a gap between The silver dollar and
| u. S. notes that would tend to bring il
into discredit among our people. willie il
is plainly the policy of the law that il
should be maintained at par with I. s
notes. The Department is now issuing
tu6 SIifSl uUiLdlSi tIauNpOi AIuS tLCM lLCE
of charge whenever needed to all who wisl
them in exchange for u. s. notes or IL
payment for services, and it is hoped tha
the whole coinage may thus be put in cir
cuation; while it is the duty of the gov
ernmcnt to coin different kinds of none,
as public policy dictates, it should b,
within the power ot the citizen at hi
option to demand either form of Lawful
money. 1t is hoped that the friends o
resumption will be satisfied with the be
ne6cent results already accom- piished ant
will give this department REASONABLE
forbearance in the practical execution o
its plans If so, those who have hithert
disagreed with US about resumption, ma
join with US 10 applauding the policy noI
being maintained,
i, Very respectfully yours.
JOHN SHERMAN.