New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-21

favor TO the amount Of s16o 100000 year. bringing
ana gold and bonds back to s SFnf yol a
ant TO nave actual figures about the state OF our trade
All last summer and Autumn the accumulation of gold
| was from $5,0oOoOo TO $1,000 900 each month Some
il came from abroad. but we accumulated
without any possible en, injury to do anySSay
opinion officially and personally that for the reasons
have given can resume on the LIST OF January next
| under the basis of the existing laws
BAD EFFECTS OF THE SILVER LAW.
The Chairman-What effect has the silver Bill
| had, or is likely to have. on resumptioni
Secretary Sherman-I do not want tread
delicate ground in answering that question, Mr..
Chairman shall have to confess that have beer mis-
taken myself. Now as TO the Silver Bill have watched
its operation very closely think the silver Bill has bad
| effects, on the question OF resumption ierhaIps
the best for me 70 proceed wond be- to state the
ing operations Since the agitation OF the silver qnes-
ton have not been able largely to sell bonds although
Senator Jones-At what date was the last bond Sold9
Secretary ShermanWe are selling bonds all the time
Senator Joncsi mean the refunding OF the bonds into
Secretary sherInan-The 10th of October was the time
when last OF the popular loan paid tor and we
! had then cali ready to issue OF $iO,0O0O0 and
the call Tho sales from the last OF September, 1877,
were about $27j,00O0G0. We sold s200.00OO9O Az
per and then sold $75,Oo0OO0 4i2 per cent
senator Alllson-About year and eleven months.
Secretary Shcrwan-Sncc October last have sold
$I.O000O0 and perhaps the sales have gone NJ TO
between 100000 aud S3,00OO00 OF per cent bonds
Now another adverse effect toe silver Bill has had Is 10
| stop the accumulation OF com. since the Isl
Sfeeo o cSn ceTs sxeS the b
| ancc OF expenditure. ihc revenues
debt and coin iabincs accumulated some coin. An
effect the Silver Bill has had is to cause the return
mont of our bonds this direction has
been. pretty steady for more than year
pared TO say. On the other hand viii give the favor
str puhli Y,
demand is, doubt, largely sectional No doubt there
and the East this subject, but the desire for the
monetization of silver was almost universal In gov
be popnar and that has been done think b.
the passage the Silver Bill Resumption can he main
tanned more easily upon double standard than upon
single standard. The bulky character of silver would
in , ThS s1 po and UTS or r
sumption can DE maintained with less amount o: SILVER
senator Bayard-You speaking of rcsrmt ion upon
the basis of silver or of gold aud siiveri
tanned better upon bi-Detac alternative standard
than upon single one and with less accumulation OF
resumption The bonds that have been returned from
Europe nave been readily absorbed d KS ar, on s9
Of bonds absorbed In this country is at least million
senator Voorhoos-That shows. Mr.. Secretary. that
this cry of alarm in New York was uniOunded then
This capital seeks orr bonds when this binetalc basis
Secretary sherman-Yes Many circumstances favor
this The demand tor bonds extends to the West and to
the banks.
COIN ACCUMULATioXs.
Senator AllsonDO you think thatyou add largely
10 the stock Of coin in this country Ivy OF
adding to your $5,00O000 per month THAT is
TO say, will you accumulate from other countries. or
simply draw into the Treasury the accumulaons al
ready existing I'm our own country
Secretary sherman-I glad you mentioned that
polnt-aithouch since the fret OF January last have
accumulated no coin m the Treasury, the that
we had prior to that accumulated month has since
then gone INTO the banks banks already
mulated than S. 100000 in gold since the first of
January. ,
the amount Of ~. coo. 900 III gold per month
Secretary Shcrman--icre Is statement which shows
the aggregate amount specie held by the banks OF the
United States during tie several periods therein men
toned Now IN the United states there have been no
statements OF National banks since December last bGt
III the City OF NewIoIk they have weekly statement Of
the Clearing House This shows tho amount at the be.
ginning every week from January ,. is7s. ON that
day the amount was 81 -, 100 That ruin
reached S34 SOL .O0O difference of about Sl3OOoO10,
which is about s50G0OO0 per month increase; 30 that
the accumulation OF CON has gone On IN the banks since
it stopped in the Treasury.
tion IN the banks and Treasury it has been progressing
gradually AZ rate Of about S5.OU00O0 per months
secre ,o me the "a IS 600 900 ,cr inop
but NJ BOSTON ard Philadelphia it l. also going on.
Senator Ferry-Whaj III your ju1gmeni, rs The accu-
mutation in both The banks and The Treasury per month
secretary sherinan-I should think 1t TO be he
tween $5oooooo and Tlo99oo9G Pcr o mon,h;
as to tie general effect OF the silver BIN. l
would Ike 10 give positive opinion. do
not thinE taking ii an together tha Is an obstacle
IN the way OF resumption. II has operated In
some respects adversely, BAT on ine Wnoie do
ton or from carrying out our general pohcy:
Senator Jones-Thcn in its effect upon ne return Of
the vast Of bonds refer a. would there not
be element Of strength added n favor OF rc.u9ton
be 4 constant drain upon the county
Secretary ShcImGn- Undoubtedly.
Senator Jonts-Woud the fact that they come back en-
able lis to maintain resumption much casicrf
Secretary sherman naouotediy
you would undertake. To MAINTAIN resumption with
ninety millions of cola reserve!
sumo upon the power afforded by The present Law, by
going Oh aud doing what did last summer
sen VOOrhees-lIVw much surplus did you say you
secretary sherman have 81 100000.
senator VooI hecs-Tbcn yOu say that YOU would he
alag undertake resumption under the existing laws
y the first OF next January Now with tie AID OF the
silver En and the coinage what amount OF coin would
you expect have on hand with which to undertake re-
sccretary sncrman-I would accumulate about s. OoO-
TIE hrs January, which would be ~l1,ooO.ouv; AMI
il market is favorable. thilk wonld ty 10 make
good he lOss that have suffered ~ not acc"nulanng
In January, February and March of the present year;
think could, in this way, accumulate fty or sixty nil
senator Voorhees, That would give you Sj0.OO0.GO0
Secretary ShcDau-NO. not 40 much as that, nor do
senator Jones-Anl does that look to eliminating
the legalenGer function on tae fret OF Jonnaiy mex
favor OF maintaining tIc legai-tcnder currency but
senator Kcrnan-You thought you could practically
redeem all that could be presented
Secretary shermsu-I have no doubt OF my power to
reissue up to 5000 .OOO, 900 OF lCgaitcndcrs.
Senator FerIy-Inen on he question OF resumption
your is that, with SDOOOOUOO on sand ANA The ar-
cunulatiOn Of SCDO0O,OO0 mO.t-Or even y4OO00GO0.
which would be Si300oGo0o. would be willingt to
commence the resumption Of The present volume % ibe
currency, both National and bank
secretary 5hcrman-Oh, yes the banks must look out
fOr themselves.
WHAT AID CONGRESS CAN GIVE.
Senator Morrill, VIII now ask you this question
HOY can the policy Of resumption be aided by Congress
Secretary .Lerlau-I ala very willing 10 answer that