The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1878-03-29
WASHINGTON.

The enemies of the silver ACT, by which
the double standard of gold and silver
was re-established, are disposed TO assail
Secretary Sherman for frankly admit
ting that he was mistaken in his precon-
ceiyed opinions in regard to the effect of
that measure. Like all those who OBJ
posed reconciliation, he thought that
its effect would be TO enhance the pre-
MUM on gold, to deprcciate the value
of the government bonds, and 10 render
more difficult the resumption of specie
payments. lie now simply coniesses
that he was in error, and for his candor
in owning the fact, he is assailed rs
tickle in purpose or false to his friends.
In other words, he is blamed for reftis-
ing to shut his eyes TO palpable facts.
In his "interview" with the Senate
finance committee OH Tuesday, Mr..
Sherman gave il as his opinion that ''tbe
silver bill has had some adverse effects,
and it has had some favorable effects on
the question of resumption" II has
stopped the sale of four per cent. bonds,
and it has stopped the accumulation of
gold in the treasury Another bad eff
feet has been 20 cause the return of the
United States bonds from Europe. He
states, however, that the bonds have
been returning for a year past, but they
have come back more rapidly since the
silver bill passed the House in Dccem-
Der last. This effect is partly due, as
we suspect, to the vast balance of trade
in favor of the country, which must be
paid for in money or bonds. Importers
of American produce would avail them
selves of every favorable phase of the
markets to buy the bonds, and send
them to this country. The outgoing
gold TO pay interest has not been equal
to the excess of our exports over i'm
ports.
The beneficial effects of the silver act
are stated by Mr.. Sherman TO be the
following: ain the first place the sill
YER bill satisfied strong public demand
for bi-metallc money, and that demand
is, no doubt, largely sectional. No doubt
there is difference of opinion between
the West and South and the East on this
subject, but the desire for remonetiza-
lion was almost universal. In govern
ment like ours it is alwa, s good TO obey
the popular current, and that has been
done, think, by the passage of the sill
yer bill. Resumption can be maintain
GU lllOlt easily uDOU II uOllDIt SInllu1r0
than upon single standard. The bulky
character of silver would prevent pay
ments in it, while gold being more por-
able, would be more freely demanded.
and think resumption can be main
tanned with less amount of silver than
of gold alone"
Yesterday a subcommittee of the
House committee OIL banking and
currency called at the treasury depart
ment, and interviewed Comptroller
Knox, Treasurer Giliillan and Secre-
tary Sherman upon the amount ofstand-
ard and subsidiary coinage in the treas
ury and sub-treasurics and in all the
banking institutions throughout the
country, with view of ascertaininp tle
exact condition of the treasury and the
banks and their ability as regards the
amount of coin on hand TO commence
assumptions but as regards the nation
al banks, concerning which they had not
the data needed, the treasury officials
were unable to afford the desired infor-
nation. The House committee on
banking and currency does not believe
that the secretary of the treasury will
actually have the amount of coin which
he claims on hand when the deductions
for the sinking fund and payments for
interest on the national debt have been
made. The committee will endcavort 10
obtain the information which they seek
by sending out letters and circulars and
by calling for bank statements.
The masonic celebration at the Foun.
dry church, last night, was grand and
impressive in the extreme, the occasion
being special meeting of Mithras
Lodge of Perfection, No. >, A. A. s. r.
for the purpose of holding lodge of
sorrow in memory of John Adams Stew
art, sixteenth degree, and John Barrett
Wadsworth, thirty-second degree. who
died within the last year. The hand
some auditorium was crowded by a
large and fashionable audience, who ap.
peared strangely and deeply impressed
by the awesome and solemn character
of the mystic ceremonies. The myriad
of twinkling lights in the branches
clustered round the columns shed dim
and chastened light upon the silent
hrong, while behind the alter-rail sal
several of the highest dignitaries of the
great masonic order decorated with
heir magnificent and glittering regalia
= Oh'iiSh. niiOhS tHcsc WIN MS veneer
able white hair and handsome face, SAT
Albert Pike, the presiding dignitarv
Albert Pike,the statesman, soldier, poet
and jurist. The altar-rails were hidden
by forest of green leaves and by the
choicest flowers, while round a hand.
some black, velvet-covered casket, rich.
ly decked with silver mountings, burned
the mystic tapers of the mournful cere.
monial. Upon the walls behind hung
The three white banners of the departed
knights, the name being embroidered
upon each. Midway up the aisle, against
two of the pillars, sat enthroned above
the audience, one upon the right hand
and the other on the left, the senio,
warden, Mr.. VIM. r. Singleton. and s
T. Schotield, the iunior warden. Tho
solemn services were read. the rituaI
and responses being recited and made
by the presiding officers. the wardens
and the other masons present in the mos
impressive manner. When the solemn
yoia1;oto,,, l.Co,o,ont r....--,I