New-York tribune., 1878-04-02


due and unpaid, and the amount to the credit OF
disbursing officers. Mr.. sherman stated the usual
amount of annual coin liabilities taking the last
fiscal yeaI as the basis as
S%onnt SE0 interest aSScd to sinking UGd 1900
Amount paid for diplomatic service 59299'IIS4G
Amount paid for foreign naval seryice 557 d1d NO
Amount paid for customs refunds O-t"oVU
Amount paid tor refumdlng National Debt part 90, oo7
ing and refining bullion ooIo-'
Total slO24GoO6S
Mr.. Sherman continued:
sinking fund in 1876 was .S7,O62142; in ls77 Sl4,-
fiscal year So $50 62I making total applied TO that
fund of S244SS.22l. No coin applications have
Current nf fiscal year, except the redemption OF
bonds heretofore called to the amount OF S677OO Mhs
the deficit in The annual payment OF h9e S sh c
next years account An exception TO that rule was
made after the panic of 1873 when The revenues fell
S tS9 Sd 1SSa f5sTe Sd secTea BstST seeing
the imprObabty of making good that deficit dropped
sinking fund account Last year the deficit in the sink
ing fund $9.235 000, simply on account OF lack
The Chairman-On the whole, however, the sinking
fund has been more than made good since the act be-
Secretary lsherman-Yes, you will find statement Of
kept as an account the Treasury Department until
after the Reminding Act of 1870. Up TO that time
been kept up, it found that by the application
of the surplus TO the payment Of the debt We
amount OF over $2OOO00,OO0
Further on IN the conference the question of the
sinking fund was taken up by MIR. Ewing and the
proper construction of the law discussed by him
and the Secretary. The Secretary took the ground
that cancellation of ega-tender notes was virtually
payment to that amount into the sinking fund.-
and Mr. Ewing denied the correctness of that con-
structiOn.
Mr.. CHITTENDEN's QUESTIONS.
Mr. Chittenden-I have prepared four questions in the
interest Of those whom represent, which should
like TO have your FirsWth silver dollars and
silver certificates full legal-ion6er for all debts, ncud
ing the customs and the public debt is not gold practi
caIly dcmonetized, and how will YOU your sup
plies or prevent its exclusive merchandise
in foreign cOmmercel Second-Is there dan
ger that the National banks In taking OF
themselves will hoard greenbacks enough to ex-
haust your gold deserves reserves when me day for
you have coined hundred millions Of the silver dol
lars with activity in foreign trade, they will he
snces, and with what effect upon the price
Of silver bulnGnl Fourtl-DCes not not, your
socailed double standard depend absolutely upon
advance in the price of silver bullion in London TO about
so pence sterling per Ouncel have not spoken with
member OF the committee in framing these resohi
tions 1hey were framed at my own table. and am m
nuenced only by my correspondence, and by questions
asked Of me by those whom represent
MIR. SHERMAN on THE SILVER BILL.
Secretary sherman-I would great deal rather, in
this conference give the committee the facts and let the
committee draw its infeences than attempt to give
my own opinions but have objections to answer
ing any Of those questions. I think that cci.
have fs 1nSoT tine effect which % ca Mr. chiendcn % thinks
believe that We can maintain at par In gold
certain amount Of silver dollars; precisely what
amount would not like to because that Is ques-
tion OF opinion But would have the idea tnat we can
baps more-say from $5O,0UOOO0 to S1O0,OOOOOO; but
Whenever those eT oIfs ta oecoe 80 aoG Gou
not have them, and wGnld rot take then
them. That is my opinion, | do not think it wise for
either this committee OF myself to discuss this question
much because the Silver BIZ is law, and whatever
may thnk of its effects but the public mind Will not be
satisfied until that law fairly tried The effect OF ne
Silver Bill is not going to be very rapid, nor viii
the fan III silver be anything Ike RAPID is probably
feared and long before the silver dollar can SINK TO the
value OF silver bullion Congress VIII undoubtedly cor
other hand It should have the effect. which is antcl
paed OF raising the OF silver up TO the standard Of
/ say that | do not THINK l ought to give my
opinion further ON that subject have rot changed my
mind about the Silver BILL although the newspapers say
that nave. think (as matter of policy the silver
Bill, winch makes silver available 10 pay bonds issued
by the United States either before after the Rcfundng
OF Resumption Acts, is not good policy. have stated
5 c IySs silver a BIZ IS e he M a are not uH SS S it
cannot operate quickly in nat Way and Therefore, we
the certainty that if Congress finds that has ne effect
which anticipated Congress can, at any moment,
stop the issue OF silver dollars think that that is far
as ought to answer these questions.
MI Chttenden--It is not object to embarrass the
Ire Chair man-The Secretary is of the opinion that
"suthcieut the the cYll thereof that will
take care OF tho present and let the future take care Of
Itself
THE MYsTERioUsLY PUBLISHED REPORT
Secretary sherman-If you allow me, now, IN
connection with your questions in regard to my opinion
es to the praecabllty Of resumption and especially in
regard an interview published in the newspapers be-
tween Mr. Ewing and bankers in NewYork, give you my
opinion. have read that interview with great deal Of
attention because know many of the gentlemen who
took part in It,
The Chairman-It is proper for me, on the part of
the committee say that IL intended that
that interview should be public but the report OF
1t was surreputously obtained from the committee in
some way. The committee did intend TO publish II at
proper tme after IT had these gentlemen here before IT,
Secretary ShcTman-I do not think there was the
slightest objection 10 publishing 1t.
The Chairman-Only, probably, on account OF conn-
Dental relations.
Mr. Ewing--we told those gentlemen at the conference,
when they came before U.S. that we ad our secretary 1o
The purpose OF taking down their statements, not
with "A view 10 publishing them, but merely for the
information OF the committees and the committee fee
exceedingly annoyed about the publication because IL
would seem like violating that understanding which We
had when the conference was held, but the paper
surrepousy obtained and the committee does not feel
at fault about II.
Mr.. Chtenden-special pains taken at New-York
10 exclude newspaper reporters.
Secretary EhermanIt Is pretty hard 10 exclude
paper reporters but think IL right enough TO have
that conference published 1t presents the opinions OF
very Intelligent gentlemen, whose business II Is 10 be
familiar with the subject and their opinions entitled
10 full weight can only give you my general reply to
Mr. Ewing-I supposed that these gentlemen were
coming here
The Charman-we expected to get them here at the
same time, aud hence in some manner understood
that the conference rather matter OF confidence
between the sub committee and these gentlemen. or
We expected TO get those facts out through them
iD different form but this conference has sort OF con-
Adentiat communication on their part.
euFRMANs ANSWER To THE RAyErRs