The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-28
SENDING OUT SILVER COIN.
Why THE TREASURY DEPARTMENT
HESITIIES TO BEGIN,
The Secretary Unwilling to Assume Re.pon

The Secretary Unwilling to Assume Respon-
sibility, aud Waiting TO be Ordered bv
Congress Currency Printing TO be stopped.
WASHINGTON, Feb A.-Last evening Mr..
Foster OF the Appropriation Committee learned
from Senator sherman that there was no reason
why tho Secretary OF the Treasury should not
Immediately begin the substitution Of subsl-
diary silver coin for fractional currency. This
fact Mr.. Foster communicated to the commit
tee when It met this morning, and Secretary
Brstow was requested to appear before the
committee imme ediately, and answer why, with
nearly $1i00O,000 OF silver on hand, he should
ask the committee to perpetuate the Printing
Bureau by providing for deficiency for the re-
mainder Of the fiscal year amounting to nearly
t5OO,00O Mr.. Bristow admitted that the amount
Of ready coin was nearly ti4,0O0,0O0, but
said that unless Congress should take the re-
sponsibility OF ordering the carrying Into effect
OF law passed ayear ngo, he did not care to d o
II. He said he must take into consideration tn Q
status OF our credit abroad, whether there would
be a demand for our four and half per cent.
bonds, whether he had a sufficient amount OF
silver to begin the redemption OF fractional cur
rency, whether IL would stav IN circulation "
put out, and whether gold was likely to remain
at price that would Justify the substitution OF
silver for paper. lie admitted that the rcsump-
tlon laws gave him plenary power to act immc-
diately,
Mr. lIolman, who lei member OF the commit
tee, and also a member Of the caucus Finance
Committee. thought the solt-money millennium
had come when he heard the SO ,retary
assert that lie was really afraid TO do that
which the resumption act declares is manda-
tory. Mr.. Holman emphatically ssid that he
hoped the Secretary would not delay another
day. but at once get rid Of the tons of silver,
which he understood was accumulating so fast
That I, was becoming nulssnce' even to the ore
1t was paid out, the sooner would the hollow
ness OF the resumption, act he known.
The Chairman, Mr.. Randall, asked the Secre-
tary II 1t was not fair to state why he hesitated
to carry out proposition OF law which Imposed
the cost principal and interest. of Ave per cent.
bonds to procure silver bullion, while at the
same time he was asking the committee to Inn
pose an additional burden upon the people by
| continuing the issue OF fractional currency.
The Secretary rel lied that he was not ready
now to issue silver and discontinue the printing
| OF fractional currency.
1t can here be stated that the annual interest
| on the bonds which must be sold to obtain IN
amount OF bullion sufficient TO replace paper
would be the same as tGe amount of the annual
| cost Of maintaining fractional currency, and the
| Appropriation Committee could not. In Its eco
monte mood, AFFORD TO allow toe Administration
| to indulge Ia continuation OF both of these
luxuries. one Of two things Is, therefore, ineNi-
| table the carrying into immediate effect OF the
| Resunption act so far a. the Issue of silver Il
| concerned. OF n provision IN the deficiency APP
| propriation bill for rcsuming work in he Print
| ING Bureau, and to repeal at least the nrst sec
| tion of the RcsumptiOn act.
| Outside Of the committee room the subject
|
| ocrats. Mr.. Holman was particularly happy. and
| said IL was the best Illustration thHt could be
| had Of the nonsense OF substituting demone-
| tized coin for paper, with the expectation of de-
| luding the people In believing that the day OF
| specie resumption was ut hand
| The United States Treasurer says that tho
stock Of fractional currency Is being RAPIDLY re-
duced under the demands from all parts OF the
country for new notes, and this too In the un-
certainty OF the Printing Bureau again resuminQ
| work Fortunately for his bureau, the orde- re-
| qulring parties to pay the cost OF handling cur
rency seut in for redemption that Is still Ut for
| circulation has diminished the demand abou,
forty yer cent. while the exhaustion OF the ap-
preparation TO pay for the carving Of mutilated
| currency, and the expense falling upon the
| seuders, has also materially lessened the de.
| maud for new notes. Otherwise, the closing OF
| the Printing Bureau wouid have compelled Con-
| gress to promptly appropriate, or take the re-
| sponsibitY Of making currency famine. A. II
| is, the Treasurer believes he can continue re-
| deeming without receiving another new note
| by reissuing the partially worn notes unit
| the lst OF July next, when the new hsch yeaI
| begins. lie Is in favor OF INN ediately crculat-
| ing the silver coins, and cremating the paper
| currenCy-not ns "A step toward specie resuup
| tion, tut AS "A measure OF economy, now that
| more than one-half OF the silver coin necessary
to supply all demands can be put out to'mOr
| row,
The resolution which would have been offered
| In the House nearly three weeks ago viii proba
| bly, be offered by Senator sherman next we X
| at once to stop the issue OF fractional currency
and pay out silver.