Year: 1878

|
tails OF resumption refollowed with grea
interest here. Every Congressman who ~


rives asks for full information, and nearl!


every member who makes his own inves


legations has different theory. The ex


planation Of this is, undoubtedly, that ful


details have not yet been determined upon


1t is quite probable that as soon as these


have been decided upon an official an


nouncemcnt OF the Governments pro
grammc will be made in order to strength
en- public confidence and TO remove need
less uncertainty. Meanwhile, from all
that can be learned from every source, il
is believed that the following will be tho
essential points in the resumption pro.
gramme:


First-United States notes will be re.
deemed at the New York Sub-Treasury in
gold or silver coin, at the option OF the
holder OF the notes, without limitation as
to amount


Second-Iegal.tender notes OF special Is
sues Of large denominations will be deliv-
cred in place OF gold certificates, and there
will be no further issue Of gold certificates.
Thinl-lioldcrs OF notes who prefer gold
instead OF silver will obtain gold. and the
Treasury will not iorce upon the holder oil
notes the kind Of legal-tendcr coin that Is
not desired.


Fourth-That lcgal-tendcrs, even with
out the enactment OF any law Affirmative
ly authorizing it, will be everywhere re-
ceived fo- customs dues.


Fiith-That silver dollars will be ex-
changed for legal-tenders or National bank
notes in multiples OF $1,000 at any Sub
Treasury or National bank which is u
United States depository, the expense OF
transportation to be paid by the Mint.
This is the plan which was inauguratcd in
September lust, but was so suddenly dis
continued OIL the ground that there was
no authority OF law to exchange silver for
legal.tender notes until after January ],
1870.


Sixth-That perhaps arrangements will
he made at the Snb-Treasuries other than at
New York to redeem legal.tcnder notes in
coin within ordinary limits and rs the in
terests of the place demand. but not in
large sums.


There can be no doubt rs TO the first
point stated above, for the reason that the
Resumption act makes such acourse neces-
sary. The second point was decided upon
at the time the plate for legal.tender notes
OF the denomination OF $4,000 was order.
cd. The plate was ready, and the object
OF tho special issue OF legal.tenders is to
avoid the necessity Of further issue OF
gold certificates. Regarding the third
point, 1t may be stated that Sec rctary
Sherman has frequently said that he
does not intend to force silver upon any
holder of United States notes. For the
fourth point there is, OF course, no author
ity Of law, but prominent Treasury Off
cial said this afternoon that it would be
manifest injustice TO redeem legal-tenders
at New York and to discriminate
against the rest OF the country, leaving
the mercantile community nothing with
which to pay customs dues; that the
general powers OF the Secretary OF the
Treasury under the laws providing for re-
sumption give the Secretary full authority
to receive legal-tenders for customs dues
as soon as the legal-tenders are equivalent
to the standard gold and silver dollars.
Any other construction OF the power OF the
Secretary would be manifestly absurd, he
exclaimed; and 10 receive legal.tendersior
customs dues, without regard to limit,
would be, this official maintained, strict
construction Of the spirit OF the Resump-
ton act. The plan TO send silver dollars
from the Mint free OF expense to any per-
son worked excellently for the few days
during which it was in operation, and the
Treasurer OF the United States very much
regretted to have ii discontinued. lie was
confident that by that means tho entire
amount OF silver coined wonld have been
placed in circulation in remote places,
where it could actually go into circulation,
and not be bought up by brokers to be
used for customs dues.