Savannah morning news. [volume] (Savannah) 1868-1887, 1884-03-07

The fact that little or nothing has been
sad about the decision rendered by the
Supreme Court in the legal tender case
last Monday, in which it was held that
tender in treasury notes, reissued ana pul
in circulation under the act Of May o.
ISIS. was a tender Of lawful money ID
payment Of debts. is exciting, II seems,
some comment in Washington. The Ne"
York Herald has interviews from quite
number Of Senators and Representatives,
who say that they regard the decision as
a great and far-reaching calamity Iney
think il VIII open the door 10 attempts 10
an exclusively greenhack currency. one
Senator said that the decision would have
a tendency 10 check any disposition TO
stop the coinage Of silver. He regarded
the silver dollar better than legal tender
note. one Of the parties interviewed put
the matter this way: 1t is not improba-
bic that the Morrison bill VIII not
be passed this year, and probably not
next year. If il should not be passed oy
this Congress it IS pretty certain that
there viii be no reduction Of the revenue
for at least three years. The surplus will
continue 10 be about S1o0,00o,o00 year,
and it Will. Of course, be used TO pay the
bonds. The payment Of the bonds will,
81 course. tend to contract the national
bank circulation, because il VIII dc
priye the banks Of their basis OF cir
culati0n. Then win come the cry
for greenbacks TO keep up the circulation.
The Supreme Court having declared that
the legal tender notes are money, the next
move viii be TO make them receivable for
customs dues. That viii drive gold out
Of circulation, and we shall become sub
stantialIy a silver country. There has
been a good deal Of sensational talk
lately about the currency Of the
country. and these interviews in
the Herald are in harmony with
it. The shipment OF a few millions
of gold to Europe within the last month
or two, and the offer Of small premium
for gold on one or two occasions, has been
seized upon as indicating that gold was
about to be driven out Of circulation. \
statement published by the Treasury De-
psrtment Wednesday shows that there
was over $4,000, 900 more coin in the
country at the close Oflast year than there
was at the close of the previous year.
While, therefore, there is some reason TO
apprehend evils from the continued coin
age Of silver and from the legal tender de-
eisIou. there is no immediate reason for
fearing that gold viii become de
monetzed on account Of continued silver
coinage or that the country viii become
flooded with greenbacks as the indirect
consequence of the legal tender decision.
II one is to judge by the delay Of the
German Minister in returning the Lasker
resolution, in obedience to the instruc-
tons Of Prince Bismarck the indignation
Of the German Liberals and feeling in this
country on account Of this action of the
Chancellor have not been without effect
on him. 1t is stated that the resolution
has been in the hands Of Baron Won
Eisendecker, at Washington, for some ten
or twelve days, but that it has been
held by him in obedience to telegraphic
instructions from Berlin. The pr0babili-
ties are that Prince Bismarck regrets the
| course be pursued in the matter. The
German diplomats seem now quite anx-
ious to impress the Washington authori-
ties that the return Of the resolution is
not an unfriendly act. At any rate it is
| stated that the German Minister at Wash
| ingtOn has used his influence to secure
suppression Of the subject on the part OF
! the House of Representatives. The Oh
stacle in his way seems to be threat Of
/ Gov. Curtin to move an investigation Of
! the relations between the United States
and Germany as soon as the resolution
! is returned.