The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-21
The secretary-Thirty to forty million

sons / have stated. The amount Of gol,
and silver coin and bullion available 10
consumption Ia business sense Is abou
500, 900 600, but the actual gold and sill
yer bullion coin in the Treasury is owe
and above all demand. The liabilitie
are S7l,775.S60.
Senator Jones-Could the amount o
subsidiary coin which you speak about a
being on hand be counted as In any wa!
assisting resumption?
The Secretary-I think so; because i
Is exchanged for United States notes ol
fractional currency, and can be paid ou
for current debts.
Senator Iones-I thought you coult
only exchange It for fractional currency
The Secfetary-Probably there 4
enough silver coin on hand to redeem al
the balance Of the fractional currency.
The Chsirman-That is, the Secretary
thinks that some fractional currency has
been lost.
Secretary sherman-Now, in regard to
another point pertinent to your question
we have 10 process OF preparation for re
sumption the reduced volume Of United
States bonds and notes. The precise
figures are familiar toyou. The amount
was S3s2, 2,0O0,0 at the tine Of the pas
sage Of the resumption act, and the
amount Is now S34s,6ls,024. Again, The
amount OF outstanding bank notes has
been reduced. On December 81. 1875, the
amount was S346, ,479, ,758; on December
81, 1877, sS2l, ,672, sos. aud on February
2S, 1878, the amount Of bank notes out
standing was SS2l, ,9s9,sal. But the
amount Of bank notes Of the banks in ex-
istence not ia process Of liquidation was
S2g9, $40, ATS, and the difference between
these two sums being the notes Of banks
In process Of liquidation. Although the
notes are In circulation, yet an equal
amount Of greenbacks are 10 the Treasury
as special deposit 10 redeem them.
Mr., Kernan-They make q part Of the
SSls,000,0 900 legal lendesH
The Secretary-Yes; as many legal
tender notes are held In the Treasury as
there are bank notes 10 process OF re-
demption.
Senator Ferry-Then really there
should be but 299,0o0000 national bank
notes outstandingi
The Secretary-Ifyou count the whole
greenbsck "a outstanding, there would
b. 200, 100000 national bank notes Then
II must be remembered that the q. s.
notes have been in circulation since
1862, and bank notes since 1854, and that
large sums are lost or destroyed. This
Lessons TO some extent the amount out.
standing; how much, / don't know. You
can Judge "a we'll as /. A statement was
here produced showing by months the is.
sue OF silver coin and the reduction for
fractional currency under the act OF
April 1s, 1875. From April 20, 1875 to
February 2S, 1878, the amount Of frac.
tional currency redeemed being 81, ,3ls,.
039, and the total silver payments were
SSS, Az, ,3OS. The total fractional notes
outstanding on the 10Th inst. was Sl7,-
l09,7l5. The aversge monthly reduction
OF outstanding fractional currency estt'
mated upon the basis OF the redemptions
OF the past four months ia $3.50, 900.
Senator Jones-How many millions,
then, OF legal tenders do you estimate as
being 10 circulation now outside OF what
you promise to redeem-notes Of banks
in process OF liquidationH
The Secretary-I should think $780,
100000. Those that have been lost or
DESTROYED and those held for outstanding
bank notes make the aggregate Of bank
notes and greenbacks about S643, 600, 600
to repeal. As the general result OF our
preparations for resumption, we
have already practically abolished
the premium on gold; we have reduced
the amount OF United States notes and
the amount Of national bank notes out.
we paid Of practically the
fractional currency. Now we have a
very remarkable circumstance in our
favor. The balance Of trade Is In our
favor to the amount OF 100000, 600 q
year, bringing silver and gold and bonds
back to US. In the last three years the
balance OF trade in our favor is S4l4, ,0s4,.
666. Ibring you this statement because
I thought you might deem II impor.
tant 10 have the actual figures
about the state Of trade, the table show.
ing the details will leave with you. To
u number Of questions asked, Secretary
sherman replied we have got both gold
and silver from England but we must DO
/, as Lincoln said, unbeknownst to them.
II must come by the natural currents Of
trade to attempt to bring by any artiii.
cial movement q large sum Of gold 10 this
would be to create an alarm.
Last summer and fall the accumulation
was from S5,000,000 to .Ss,000.000
each month. Some Of that came from
our own mines and some from abroad,
but we accumulated 1t without any pos.
sible injury to anybody. Now, 10 gen.
era! answer to your question, ! do e1-
press my opinion, officially and person.
ally, that for the reasons l have given We
can resume on the tirst Of January next
under the basis OF the existing law.
The Chairman-What effect has the
silver bill! had or Is likely to have on re-
The secretary-1 do not want to tread
on delicate ground in answering that
question.
Mr.. Chairman shall have 10 confess
that 1 have been mistaken myself. As
10 the silver bill have watched its oper-
ations very closely. think the silver
bill has had some adverse effects, and 1t
has had some favorable effects on the
question OF resumption. Perhaps the
best way for me to proceed would be to
state the adverse effacts first. Ithas un-
doubtedly stopped the refunding opera
tions. Since the agitation Of the silver
question, have NOT been able largely to
sell bonds, although l have made every
effort TO do SO.
bonds soldP
the time.
Mr.. Jones-1 mean the refunding Of
bonds into 4 per cents.
secretary-The 10th Of October was the
time when the last Of the popular loan
was paid for. We had then call ready
to issue $4,000 900, aud the associates, a
they had right TO do, withdrew the call.
The sales from the last Of September '76
to the 10Th Of October were about S276,-
100000. We sold S200,000,000 ~ per
eents. Ithen sold s75,00o,000 Of ~ per
cent bonds.
Secretary saerm.n-sinee October last