New-York tribune., 1879-05-26

sale of so certificates, are violently confract-
ing the currency. Every person in each long
line has some currency, and by far the greater
number have 800 each. Millions every day
are drawn from bank, in this city alone,
to equip this army of pretended INVESTORS
who are in reality acting only as the messen-
gers of bankers and spectators. Millions more
are drawn in like manner in other cities all
over this land. and in towns and villages
wherever the certificates are sold. From all
these places there comes n sudden and un-
natural demand for legal-tendcrs. The drain
from this city, unlike the ordinary outflow
which is both caused and compensated by
commercial movements, takes away currency
TO be employed in this systematic fraud uhtil
it gets locked mp in the Treasury. Between
81 100000 and ;S2,U00,00O each day thus
goes into the Treasury, and much larger
amount each day goes out OF the BANKS III
preparation for further pretended invest
ments and unless the greatest care Is taken,
the powerful contraction resulting from THIS
unnatural and discreditable process will cause
serious trouble.
No banker or business man needs to be told
that this army of so-called investors " Is not
composed of persons to whom the treasury
intends to sell the certificates. Surely, Mr.
Sherman knows by this time that 1t Is utterly
impossible to prevent wholesale disregard Oh
the law and Of his orders. As long as the
certificates are worth over three per cent
more than the legal-tenders demanded 1or
them. the Government IS robblnS ltseli
for the benefit of q set of spectators ana
bankers. ANY man or woman, boy or girl, who
will consent to stand in lire all day, and can
buy only 300 worth OF certificates, can there
by make more than an average days wages
for an able-bodied man, on farm or III
shop or mine, and as much besides iOf
the banker or operator who sends tho
money. This is as Improbable an ope-
ration for the Government as 1t IL oe-
moralizing and discreditablc, and Secretary
Sherman may well consider the proprlety OF
Withdrawing the certificates altogether. Ihat
they do not get into the hands of small IN
yestors is obyiors to everybody. The Treas
ury has tried its best and has demonstrated
the futility of any attempt to prevent the
orgauzed capital Of the country from crowd
ing the places Of sale with its messengers.
If the sale is to be continued, however,
some strong precautionary measures by the
Treasury are necessary to prevent monetary
disorder The legal locked up by
purchases of certificates Will not, in the Or
dinary course, come ont OF the Treasury again
until calls for bonds mature in July. About
s25, 900, 900 in currency has thus been sud
denly drawn from the store at the chief
commercial centres, and the banks do not
yet get into their possession the new
bonds, which might be employed as
basis for increased deposits Of currency, nor
the old bonds which are TO be redeemed. I'm
less some arrangement can be made to obviate
the difficulty, by a more rapid disbursement
of currency in redemption of called bonds,
there is reason to fear that the sale Of $19,-
OOO, 900 more of the certificates will prove
ill-timed and undesirable. The matter GER
tainly deserves speedy attention and action.