The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-04-02
wasnington.

nsrprT.gY s,IgRMAS's VIEWS ON RESUMP-
r,oy--TnE RIVER AND IAEBoR BILL; Sa0,-
900 TO BE APPROPRIATED FOR THE M
rpOy6MENT OF JAMES RIyER-REVESCE
yA7TERs-PERSoNAI.-- VOTE TO BE REACH
I'm Tn-DAY ON THE CHINESE QUESTI0N--Too
Navy DEMOCRATS Observation-Disclosures
N ALBEMARLE soUND-FARIoUS ITEMS.
From Our Regular Correspondent
WASHINGTON, April 1.-Secretary Sher-
MON was before the House Committee on
ranking and Currency to-day for nearly
three hours, and gave his views in regard to
rcs,mp,ion. He did not finish, however,
md will have another hearing on Thursday.
Uc said he knows you cannot actually re-
deem S70O,O00,000 OF paper money with
800, 00O, 600 Of gold any more than you can
nnrcbase at one time the 100000 100000
worth OF stuff annually produced in the
United States with S650,000,000 Of paper
money. But in the ordinary course OF trade
al this produce is moved by $3.50, 100000,
ond so he thinks the $780, 100000 in goldwill
20 sufficient to bring about resumption.
His idea was that when people once know
thew can get gold for paper note they
will not want it, because the paper note IS
% much more convenient to carry. lie
startled those who have been getting up
bills to compel him to reissue legal tenders
that have been or may be redeemed, by
declaring that under the law as it now
stands he has the right to reissue re-
deemed legal tenders. General Ew-
inr asked him what The would. do
with them, and be promptly replied that
Is they would be as good as gold he would
nav them out for the interest on the public
debt and TO iueet the expenses OF the GOV
rrnmcnt. HIS view of the sinking fund
WAS novel one to the committee, for, lie
said, he regarded it only as fund set apart
TO meet any deficiency that may arise owing
10 an excess Of the appropriations made by
Congress over the annual revenues OF the
country. When asked if the law creating
it did not require that one per cent. OF the
public debt should be annually set aside for
reducing the debt, lie SAID if this had been
done So, 0O0, 900 more would have been paid
into the sinking fund than has been paid.
He was then asked where he got the law for
usingthe sinking fund to tide over deticien-
cies and he quoted section OF the resump-
ton act to justify the practice. He added
that but for this use of the sinking fund
congressman frequently would have to go
without their salaries. .-r.s..
NOT AFRAID OF THE BANKERS.
His attention was called to TIE statement
that the New York bankers have asserted
that they can make such run on the gold
OF the Government the first day OF resump-
ton as to compel suspension. He said, in
reply to this, that the powe. OF the Govern
ment over the banks was much greater than
the power OF the banks over the Govern
ment; and that on trial OF strength on this
point the banks would get the worst OF it.
lie alluded 20 the fact that the banks are ac-
cumulating coin for resumption.
HIS FIGURES FOR RESUMPTION.
The Secretary said he did not mean 10 use
the gold OF the bankers, but had S92,000,-
900 OF gold available for resumption-viz.,
S72,000,0OD belonging to the Government,
and S20,O00,0O0 held to meet balances and
the interest on call-bonds. He thinks he
can increase this fund to Sl20,000,000 by
the 1st OF January, and that with. this re-
sumption is perfectly practicable. Your
correspondent asked a greenbacEer ;"
who heard the Secretary throughout what
he thought OF him, and his replytwas, "Why
his view of legal tenders goes a bow-shot
beyond all the inflationists know, and his
idea Of resumption is that OF the French
man, who, hearings certain bank was about
to break, rushed in and demanded the money
he had deposited there. When the bank
officer commenced coolIy to hand him bag
after bag OF gold the Frenchman said, you
got my money, then:' Certainly re-
piled the pay-teller. 'Then you can keep
it, said the Frenchman, as he walked of
perfectly satisfied" IL.
APPROPRIATIONS FOR VIRGINIA AND WEST
VIRGINIA RIVERS.
The House Committee on Commerce will
tomorrow complete their final estimates for
the Improvement OF rivers and harbors.
The following are the appropriations re-
commended for Virginia and West Vir-
GINA: James river, $4,000; Appomattox
river, $4,000; Norfolk harbor, $4,000;
Elizabeth river, $1,000; Nansemond river,
$4,000; Hampton river, $4,000; Chicka-
hominy river, $1,000; Biackwater river,
$4,000; occoquan river, $4,000; New river,
$4,000; Elk river, $1,000; Guyandotte
river, $4,000; Big Sandy, $4,000; Great
kanawha, s222,OOO; Monongahela, 81, 900;
Little Kanawha, $4,000. The report will
be made at an early day. q e 49, . IS. -.
SENATOR B. E. WRITER'S.
For four months Senator Withers, OF
Virginia, has suffered very little from his
right eye, which for some time has been
diseased. On Friday last, however, he did
a good deal of writing inscommittee, and
the result was that it became suddenly
worse. This morning his physician ordered
him 10 80 into dark room and remain for
ten days or two weeks. III then proposesto
perform an operation on it, which he hopes
VIII prove beneficial. The Senator, how
ever, is not SO hopeful. His general health
Is excellent, and that. is very much in his
favor. During his confinement he will be
paired with Senator Ingalls, Of Kansas, and
Senator Johnston will decide ON, what qucs-
lions it is to be enforced. He has The SYM
pathies OF his brother senators, with whom
be is universally popular,as well as or hosts
Of other friends in and ont Of Congress. n.
TIE CHINESE QUESTION. y 333