The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-02


Total. $24 ass, 22
No coin applications had been made TO the SINKING
demptor OF bonds heretofore called 10 the amount OF
$67, ZOO
In this connection the Secretary defined what was
meant by "balances" In the sinking fund accou Mt.
They simply meant the deficit In the annua
payment OF tho sinking fund and which carried
to the debit the credit OF the next year account
An exception to that rule after tho panic OF
1873. when tho revenues fell OF and there deficit
OF SIG, 305, 600 the sinking fund. Secretary BrIs.
tow sceing the inpr obability oil making good tina,
deficit, dropped IL entirely, aud II longer car.
ricd forward IN tho sinking fund account Last
tho deficit ia tho sinking iund had boon So 235, 00O
simply on account Of lack OF revenue make II
good
ing fund has been moro than made good snco the act
began 10 operate
Secretary SHERMAy--Yes; you Will ind a statement
OF that In Mr Merril's port The sinking fund was
never kept as an account IN tho Treasury Depart.
ment until after the Rounding act OF 1870. Up to
that time statement was made to how lar tn
sinking fund had been kept M. and II found That
by tho application OF the surplus revenue to The pay.
mcni OF the debt we had largely exceeded tho spua
tons OF the aw-o the amount OF over 500, 900 900
Farther on in tho conference this question OF tho
sinking fund was taken up by Mr. Ewing nni tho
proper construction OF the law was discussed Nv i'm
and the secretary the latter taking tho ground that
the cancellation OF legal tondcr notes was virtually a
payment 10 that amount into the sinking fund and
hr. Ewing denying tho correctness oil that str
ton.
cnIrrgSpxS's QUESTIONS.
Mr. cnfrTEsnss-l have prepared four questions In
The interest sot those whom represent, to which
bnuuiu like 10 nave your ansWef.-
firs-wuh silver dollars and silver certificates full
loyal tender Tor all debts including the customs and
the pubic deDt Is not gold Practically dcmonstizeo.
ahi how VIII you renew your supplies or prevent It's
exclusive uso as merchandise IN foreign commerccY
Second-is there DO danger that tho national banks,
In taking care OF themselves. VIII hoard grecuback
enough 10 exhaust your gold reserves when the day
for resumption comcsY
Th,rd--ls Il probable ina, before you have coined
hundred million OF tho silver dollars with greater
activity IN foreign trade, they Will be exported At
their bullion value TO settle trade balances, and with
nut nj IaF hn anu tlxaV nttlltA
Fonrth-Does not your success in resuming coin
payments with our so-cacd double standard dcpond
absolutely upon an advance In The price OF bull.
ION IN London 10 about nity-ninc pence sterling per
ounce2
nave not spoken with any member OF the CON-
mittee Ia framing these questions. They were
framed at my own table. and IN influenced only by
my correspondence and BY questions asked OF mo by
rnE sKcRrrAnY's ANSWER
Secretary sukRMAS-I would a great deaf rather Ia
tins conference give The COMMITTEE the facts and let
Tho committee draw ts differences than aitompt
to give my own opinions but | have
oolsa.,ons ,n answering n any OF those
Of silver dollars issued viii not have the elect
which Mr. Cbittenden thinks believe that we can
maintain vt par IN gold certain amount OF silver
dollars. Precisely what amount would not like to
say because that is question Of opinion, bu, would
no less than $50, 900 600. perhaps morc--say from
f50000000 TO $780, 600; but whoever those silver
dollars become SO abundant and so purdensome that
the people would not have them and would not take
them, and that they would not circulate, then, I'M
doubleday, they would gradually sink TO the value of
tho bullion In them. hat Is my opinion; but | do
not think " wise Tor either this committee myself
TO discuss this question much, because the silver oil
rs Law, aud, whatever wo may think OF its Effects
the public mind will not DO Satisfied until that law is
iairy tired The effect Of the silver bill is not gong
to DO very rapid, nor will the fall In silver
DO anything like SO rapid as probably
feared, aud long before tho silver dollar can sink 10
the value OF silver bullion Congress will undouDt edy
correct tho law n II were TO havo that eject H. on
tho other hand u should have The effect. which Is
anticipated, OF raising the mass oil silver up 10 tho
standard of gold. then Mr.. Cnittenden need no, DO
AFRAID Therefore say that | do not think ought
To give my opinion farther on that SUBJECT. have
not changed my mind about tho silver
BILL although tho newspapers say that have.