Democratic Sentinel, Volume 2, Number 50, Rensselaer, Jasper County, 24 January 1879 — Sherman on Resumption. [ARTICLE]

Sherman on Resumption.

The Secretary of the Treasury has recently written a letter for publication, in which he says: “There are but two points incident to resumption about which I notice complaint. First, the non-payment of interest on the public debt in gold at cities other than New York. Second, criticisms of the distribution of the silver dollar by this department. To maintain specie payments the coin must be kept in some central, convenient depository, always accessible. The law fixes New York as this place. It is not reasonable, while we promptly redeem our notes, and pay the interest on the public debt in New York, that complaint should be made because the coin is not scattered by being transported at the will of creditors, at considerable cost, to other parts of the United States. We must make no distinction between the payment of interest and the redemption of notes, but both should be paid at the same place and in the same way, or we again make the discrimination so much complained of between the noteholder and the bondholder. I hope after some preparation and lapse of time it may be convenient to exchange coin for notes and pay interest at all the depositories in the United States, and I will seek to bring about that result, not as a matter of legal duty, but for the convenience of citizens. As to the other matter, I have a clear conviction that to force payment of the silver dollar to the public creditors would tend to depreciate it and cause it at once to be sold in the market at less than par. No friend of the silver dollar should desire it to be forced into circulation under such circumstances. This would open a gap between the silver dollar and United States treasury notes that would tend to bring it into discredit among our people, while it is plainly the policy of the law that it should be maintained at par with United States notes. The department is now issuing the silver dollars, transporting them free of charge wherever needed to all who wish them in exchange for United States notes or in payment for services, and it is hoped that the whole coinage may thus be put into circulation. While it is the duty of the Government to coin different kinds of money as public policy dictates, it should be within the power of the citizen, at his option, to demand either form of lawful money. It is hoped that the friends of resumption will be satisfied with the beneficent results already accomplished, and will give this department reasonable forbearance in the practical execution of its plans. If so, those who have hitherto disagreed with us about resumption may join with us in applauding the policy now being maintained. Very respectfully yours, John Sherman.” Philadelphia has shut down on Sunday performances. *