New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-09
SECPFTzRY MANNIkG'S PLAN.

This Administration is the long-lost ell
wind that blows nobody good" Its success
in suiting nobody is remarkable. Secretary
Manning's chief recommendation kindlcs the
wrath of greenback men; he would retire all
the legaI-tende s, and for re iring small part
Of them Secretary McCulloch and Secretary
Sherman were savagey denounced. 1t Of
tends men who believe in sound currency,
because the issue OF $3l7, 100000 more silver
certificates. which promise TO pay nothing
but 75-cent dollars, would be the straightest
road to an Asiatc monetary basis 1t does
not even please the tra,i orous "Times." whose
doom and shame it IS that it must praise the
Administration its treachery helped to make.
wha ever that Administration may do. For
those who must follow the Secrc airy would
like to have him propose something that will
not be rejected with contempt.
/ Mr. Manning might have the advice Of shrewd
men, if he would ask it. The experienced and
able Treasurer, who gave such excellent reasons
last year for withdrawing part of the silver
certificates when there were only about $780,
100000 in use, and when the flood Of them
in daily receipts threatened to make silver
payments unavoidable, could easily tell the
Secretary what would be the result Of at
tempt to put $3OO,0OO,OO0 more of these Ger
tificases into circulation. Mr. MantOn Marble
could tell him that it would suit Great Britain
precisely to have the United States drive gold
out of the country. and make deprecated
silver dollars the only basis of vast paper
circulation Any practical banker might have
reminded him that the banks, unable to use
silver notes in international settlements. and
therefore unable to use them as the equivalent
of gold in settlements with each other. would
he forced either to refuse them or TO open
separate gold and silver accounts.
The Secretary does not appear to have con-
sideIed the Inconsistency of this recommended
tim with the strongest and best parts OF his
report Possibly he only meant TO propose
substitution of silver certificates for the legal
tender notes of the smaller denominations
used in retail trade. with gold certificates to
take the place of the larger notes used in CON-
mercial transactions. But his proposal Is
made Is doubly impracticable. Congress Will
not listen to it, and it could not be carried out
even il Congress were to repeal the act re-
curing the reissue of legal-tendes If it is
proposed to offer something else in exchange
for legal-tenders, gold must be offered. unless
the acts quoted by Mr.. Manning as authority
for holding his gold reserve are 10 he dis
oleycd. Bankers and others will call for gold
ms cad OF silver notes. Refusal would destroy
The public credit at once. But if the Secre-
larry should pay out all the gold demanded in
exchange for lcgal-tondes. his gold reserve
would vanish before tho banks alone had
finished their part Of the exchange. In terms,
he proposes to cxpcnd the existing surplus and
whatever may accrue in paying the Icgal-tcnd-
cs. and that means contraction OF the circ,i-
lation 10 the full amount of the surplus. Yot
in the same breath he proposes to do this with