The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-02-07
ALMOST READY TO RESUME.
STLTER TO M SUUST rTUTED FOR
IR.1CTIONfI CURRENCY.
The Treasury Ready 80 BeGin the Work Of
Redemption on she LIST of rchTWelvo
Millions Of silver Coin Already on Hand.

House Committee on Appropriations. having
under confederation the estimates for carrying
on the mint service FOR the next fiscal year, was
Unexpectedly brought into contact with specie
resumption. II. Il. Indcrman, Director Of
Minis, was before the committee to explain his
re asons for asking for Increased appropriations
at san francisco. Carson CITY, and Philadelphia.
He said It was Oh account OF tho largely in
creased coinage OF silver under the operations
of the resumption act. or this committee Of
eleven members, majority (sevon) are hard
money men, viz, the Chairman, Mr.. Randall,
Hamilton OF New Jersey and Wells OF Missouri,
Dem ocrats, and tho Republican members
VIII oler, Hale, Foster, and Wuldron. The pro-
nounced groenback supporters are Holman Of
Indiana, Singleton OF Mississippi, Atkins Of
Tennessee, and Blount Of Georgia. 1t will thus
be seen that, In advance Of any action OF tho
Committee Of Ways and Means, or the Commit
tee on Banking and Currency, the whole nnan.
cial question will be brought before the House
with majority Of the Committee on Approprla-
tlons In favor of maintaining the specie resump-
tinn act.
Ire Director Of the Mint was heard In full, the
question being chiefly upon tho APPROXIMATION
for wages Of " Jrkmen and tho supply Of mate
rials necessary to conduct tho coinage. While
nothing definite was determined, It has given an
opportunity To az once bring the subject before
the House. and 1t is understOod 1t wifi be done
to morrow In the form OF resolution to this
effect
U1,reos appear. from the report OF the Secretary
o. y Treasury That about twelve millions u dollars IN
oas Of lie rsi section Of tio aei Of Jse l. iss5 and
g., lie silver coips is now less than tGe yalee Of
9 ebA teaicr note, and is likely 10 remAin SO there
Ta Tsat R f. the pgHSp Of q ~ & m2os ne e. tin:
ifacional currency should bo begun.
he section IN the specie resumption act re-
I rred to is ne folOwsi
rhat the Secretary the Treasury hereby author.
aAu required, fu.lGy prnct allH.
b. coined al t mns Of the United stses SILVER eoins
OF standard value aai 10 iSsne them ii fedemptioh q
m e puno,r Pl apa amount Yi iticSne y9sSney
issue such SILVER coins through the m'nts the sub.
ua & sn usan snh '1S s 0 e Z hereby % Ss .S
te1Titsd ana required to redgsm an equal amount oi
such fractional currency outstanding shall be redeemed
1t Is well known that the main expense Of the
mints during the pa ycNr, their enlarged Ca
ptcliy, and their constant ana increasing activ-
", we're al on account Of the section above
act Is sepea ed the soft AS well Hs the hardnOney
men will tc obliged 60 support 1t. fhe COM
mtttee viii recommend that every fuclity be
gwen for the plrp ses OF coinage. There is.
however, some doubt rs to the cxpcdienry OF
Boise CITY and she assay branch IF the san Fran
cisco mini. A. 70 tic location oi a central mint.
II was shown that upon the ground OF economy
alone II ought to be Exel in the valley OF the
Mis spp.
During the heayng Of Dr. Linderinan, which
occupied several hours, II was stated thar the
amount OF SILVER coin on hand and avail allie for
gedemption Of fractional currency ia $3,0oo0oo
nnn % - M a T., h
that the goli value Tor export or melting OF
w coit III v.l,c ~ ,ha croahnhct dngs liz 'u1
Furthermore appeared that the supply and de-
mand indicate lower rather than higher
rate for silver for some time to come and the
situation generally would JUSTLY the immediate
ner currencS Ihn cf,icin ro,o,ts .bo,vad pa
hTv tnns' of srbsddiarv siiyer cine ,yar 'iS. 10,
culated ia the hrsines. Of the country before
any Tropv.nrence whcye,s - - ,,stce thst a.
r,,,,.t ,id n hsnronJ as~..,oiii0 'ae IN
eno tener ~ such cdins Won d 'v hv
- H. ,rI,tti "A, 80. ,.ae',, ~ -,
i, - 'vr , I q "Ju'u ~
pnl,6 , t,niiior. ~ ,yas a ,hat ~ ,,,, v,v
,niins unin hc ma a ~ H. 10 10 ,le eca' -,
ffacit1@s . irrs,,cy actually fin c,rcti'atton while
futei ..r ,reenhacts. inns edueing fbs yoi,iInc
of inc iier no tlreo npindr. i1iii-,ns v'ttbomt
TN" nl.niI d,,,t Al tenant ,,n tIe n,sf ,f Fei
ruary showed tNe outst9n'iing fr c,iSnIl cur
rencv 10 he nearly iSUnIUl or this anionnt
four millions is IA tn Treasury ana the rcst i'm
circulation. the wOrn-out and ln.t notes br-
ing estimated at twelve millions, leaving
thirty millions In actual ule. The silver
coin on hand had accumulated so fnst
that there was no Longer vault room
for its convenient storage. tie caDacious vaults
in b ,ston, New York Puiladelphia BaItimors
S, Louis and San Francisco being already nlled'
AT the latter place only Last week the United
States Treasurer when notified that k2;1 .0pj WIS
read for delivery, was compelled 10 reply that
thence arose from the fact that the law does NOT
contemplnfe thnt the mints snail be- c,stodinos
, tr " & ev NM ~ a. si III
with the coinage, ihe nina tnerefore' mist
either stoo coming silver wbtcb would he con
trary to the letter and spirit Of the mandatory
law known as the specie resu;nption art or eIse
Congress must make immedl5te nnnronrlntion
Tor the c1nstrurtion Of oddifinn,i yauits and
the further coinage OF silver deferred un,ii they
snail be ready Tor use In this condition of
an irs and in of the TACT that there
IA no danger of the exportation of SILVER coins
they beinv less vIuaiie th,n the greenbaeks
the inference was that the time had arrived Tor
The issue of these coins tkerebv reIieying tho
Secretary Of the Treasury of a troublrsolne
burden The present gold value of the stand
ard ounce OF silver bullion being I'll o. and the
coining rate Sl9t 10. the diifsreuce hetween
Inc expurt and nominal value OF such coins ts
Ia cents and 4 mills The gold rrcmiun would
hayo to advance and remain for some time at
III before these cc.ns couid he exnorted at n
nro0t freirht and Insurance about ~
Der cent, being taken into The ejaculation.
backs had exceeded that of the silver coins
since the Ist of 4 .nunrv md thaI MS dav fI,ah
- 5s"Vo '.e - % 'nul & au anel 'wl9 usS & go,
o ~" ~ No. ,artt tV' di. =" "i'e i an i we
etiitt ~ ,h, .,,r ,i,, rca,,u nu'eer r"o ,iI
tt. kXI Ian ptrf al a on