New-York tribune., 1885-07-18
EV5DING RESPONSIBILITY.

A dispatch from Washington to The Herald,
one of the sort which occasionally appears
when the correspondent is dreadfully oppressed
with feeling of official responsibility, informs
the world that after all it is not the business
of the Treasury of the United States to main
tain specie payments. as an ignorant public may
have imagined That is the business, accord
ing to this quasi-oficial out,,ving, of the New
York banks, which, though not part of the
Government, are in some mysterious fashion
supposed to be more responsible Tor the imam
cial conduct of the Government than the Ad-
minstration itself. 1t is asserted in this curt
ous dispatch that the banks have somehow or
other protected themselves rs best they could
by accommodating gold, and by turning in to the
Treasury as fast as possible the silver certih-
Gates which by the action of the Treasury were
constantly thrust upon them. This sort of
thing, and the effort of the banks themselves to
get silver certificates for use in distant cities
in order to avoid for their correspondents the
cost of shipping money to those cities, has been,
it is said, chef cause of the difficulty under
which the Treasury now labors. Hence 1t is
said, if the banks want specie payments in gold,
the banks themselves must do what is neces-
sary; and if they do not, the Treasury is not to
be blamed if the Government repudiates its
obligations.
This is ridiculous. 1t is the business OF the
Treasury of the United States under the act of
January. 1875, to establish and to maintain
specie payments. 1t is the duty of the Treasury
of the United States, under the laws
which govern Secretary Manning and which he
has fully recognized to maintain redemption
r. Il Ill, h,,ft srul1 nj
amounting to $1)0,O0o,O00. He has the
power; all the power necessary to do this. anu
to do it continually for all time TO come. If he
refuses or ueglects to perform the duties winch
the law requires him to perform, he will be held
responsible, both by public opinion and II
necessary by Congress which is likely, within
the ne xt TWO years, to be in the himor to ask
why he does not discharge his Official duty.
Any attempt to shuttle off his responsibility
upon the New-York banks will be promptly
reblked by an intelligent public.
1t is not the business o. the banks to run the
Treasury. Their business is to hold as safely
rs they can the money of their depostors. If
they have in any respect abused opportunities
given them, it is the duty OF the Secretary OF
the Treasury to stop that abuse. The banks
have no right to take out silver certificates for
delivery in distant cities, as THE TRIBUNE has
often urged, and the Secretary of the Treasury
has no right under the law to permit them to
do so, or to issue single certificate under such
circumstances If the Secretary does it, he dis
regards his official duty, and he has no business
to blame the banks. 1t is his duty TO maintain
resumption, ana if he cannot do it otherwise, to
sell bonds to that end II he refuses for any
reason to use the powers entrusted to him, the
blame is his. 1t would be we'll for him TO
muster up pluck enough to do his own duty,
and to stop finding fault with the banks be
cause they have taken advantage of such OPP
portunites as the Treasury has given.