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Secretary Sherman And Specie Resumption

Secretary Sherman And Specie Resumption image
Parent Issue
Day
25
Month
May
Year
1877
Copyright
Public Domain
OCR Text

The action taken by Secrctary Shernian vrith. respect to the purchase of gold witli 41 per cent. boncis, for the purpose of facilitating specie payment, ieaves no doubt as to the policy whieh he intends to piirsue. The purohase of $5, 000,000 of gold. it can be stftted upon the most excellent authority, was the lirst step toward the aecumulation of ft fund of $1.00,000,000 in gold, or legal tenders, or both, as a condition v ■ ■- dent to the resmnption of specie payment Jan. 1, 1879. Secretary Bherman considera that this plan is not only authorized, but is directeiby the Refiuuiption act, of which he himself is the author. At that time there will be nt least $300,000,000 of legal tenders outetending, mul Secretnjy 81iennan does not think that it would be practicable to commence the reBiimption of that sum with less than $100,000,000. There ík no doubt that his policy will be a policy of aecumulatring this imount of gold or lopi] t( luiers, or both, between now and that date. - ]rnüiifii Oor, Chicago Tribvw,. The Moseow öuzette says that there are 10,000 men out of empioyment in Mosco w. liussift may want hem vet.

Article

Subjects
Old News
Michigan Argus