Daily Kennebec journal., 1878-04-04
The Resumption Question.

WAsHINGToN, April l.--Mr. Ewing, of the
House Committee on Banking and Currency, has
been making elaborate Preparations for some time
to bring Secretary Sherman before that
committee and compel him to acknowledge that
he could not resume sptcie payments as di-
rected bv existing law. Mr.. Ewing had gathered
all possible objections and lmpOss lities, and had
them ready to suggest to the Secretary, expecting
that the latter would be coniounded by their mag
nitude and force. The interview between the
Secretary and the committee was not concluded
to-day, and indeed advanced only into the middle
of the question. Ewings examination was very
sharp, and directed to those points which have
been discussed in the papers, and by bankers and
fnanciefs. Ii MIR. Ewing expected to get any
conce ssons or TO force the Secretary into any po-
sition which would aid in urging upon Congress
any further legislation in the direction Of MIR.
Ewing's ideas, he was much disappointed, for the
Secretary was far too wary to be caught in any
such snare. The Secretary bearing before the
committee WAS one of entire confidence 10 his
| ability 10 resume specie payments on the lst Of
January, 1879, if only Congress would stop tinker
| ing the financial laws. He impressed the commit.
| tee-both those who agreed with hun and those
who did not-wth his entire earnestness and sin
cerIty in his ability to execute the law, and in
spired some degree of confidence in members who
have been doubtful. Some of the Secretary's
statements, however, amounted to a concession
that certain events which seemed hey ond his con-
troll must take place 10 order to make resumption
possible. He agrees, substantially, that the IT,
erenee between silver and gold must dssp pear, n
order to maintain resumption. lie did not
state to the committee. and perhaps could not any
re .sons which lead him to believe that the silver
dollar will be equal in value to the gold IN Jan.
next. Mr. Chittenden pressed several questions
upon him, among them one relating to this very
point, a, to whether he could resume unless silver
should advance to 5S or SO pence in London.
tn .ftb tb.,., aati,, tnt a,
cuss these questions vey fully and 1t is uncertain
what he may do with them at the next hearing.
He assumes that to resume specie payment. he
must have Sl35,000,000 in gold. independent of
what may be owned by the banks. lie also as
sumes that there will be no such demand upon
him for the redemption of greenbacks as is pre-
dieted by the various bankers and hnancers. He
still contends that the Treasury has S90, 900 900
in gold available for resumption purposes and be
needs according TO his view. to secure but $780,
600, 900 additional. Thir be feels certain he can
procure from the sales of the 4 per cent. bonds;
but in case they do not sell at par, he has the IL
and per cents to fall back upon.
The discussion to-day directed to the Legality
and possibility of using subsidiary silver
coined, to aid in resumption; Of the practical
use of the amount due to the sinking fund by let
ting any deficiency that may happen fall upon
that fund, and upon some other matters Of detail.
The condition of the Bank Of England was re.
feired TO- and Mr.. Sherman made the statement
that the treasury would be rs strong, compars-
lively, next January. with fifty millions more OF
gold in its possession, as the Bank of Eng land.
THIS subject OF comparison OF the Bank of Eng
land with the Treasury was only incidentally re.
ferred to, and will be brought up before the COM
mittee at the next hearing. Ii seems altogether
likely that whatever the final result of the attempt
to resume specie payments may be; the Secretary
will succeed IN preventing any further fna ncial
legislation adverse to the executlan of the resump.
ton law. Of course, it is hopeless TO expect that
any measure can be secured which will aid the
work of resumption.