Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1878-03-29
,eyond that should be applied for refundinp 8

beyond that should be applied for refunding
per cent bonds.
Alllson-Do you think that you can ado
largely 10 the stock Of coin IN this coun
try by your process Of adding TO your reserves
5000, 600 per MONTH That is TO say, will you
accumulate from other countries, or simply
/ draw into the Treasury accumulatiOns already
existing In our own countryi
Although since the lat OF Jan
| uary last we have accumulated no coin IN
the Treasury the amount that we had prioi
| TO that accumulated has gone into the banks
/ In New York alone the accumulation Is S5,OOO,
600 per month; but in Boston and Philadel
| phia IL is also going on. should think it tC
/ be- in both the banks and Treasury, between
5000, 900 and $40, 600, 900 per month.
| In giving an answer 10 the question as &c
the general effect OF the Silver bill, / would
not ike to give positive opinion. | do not
think, taking IL altogether, that II is an oh
staclc in the way.of resumption. IL has oper
ated in some respects adversely aud in some
respects favorably, but on the whole do moi
| think II should discourage us from resump
tion or from carrying out our general policy.
Jones-Then in its effect upon the return o
| the vast amount Of bonds you refer to, would
there not be an element OF strength added IL
favor of resumption in that the interest OF
these bonds returned would not be constant
drain upon the countryl
Sherman-Undoubtedl
Jones-Would the fact that they come bach
SheTman-UndOubtedly The fact that
we have s4l4,000000 of debt in foreign
countries is favorable. There is another point
| in this connection. IL seems to me that IL Il
not necessary TO determine this question now,
because a sufficient time has not elasped To
enable us to determine the effect of the Silver
| bill, and You had better let things run along
| and see its effect. IL may be that its effect
will be such that all will favor resumption
and that resumption will come without
nHnrt Tho of thfa hill have NJ
effect until January next, and it may be
| that before that time all will agree that II
ought or ought not to be repealed
| Voorhees-Did understand you to say that
| you would undertake to maintain resumption
| with S9O00O,OOO of coin reserve!
Sherman-No, sir. | would undertake ia
resume upon the power afforded by the pres
ent law by going on and doing what did
! last summer
Voorhees-Then YOU say that you would De
willing to undertake resumption under the
| existing laws by the LIST of next Janu ary
| New with the aid of the Silver bill and coin
| age, what amount of coin would you expect tC
| have on hand with which to undertake re-
sumption at that time.
Sherman--I would accumulate about 50,
100000 per month of both metals from the
| 1st of April to the LIST of January which would
be s45, 100, 600 and If the market is favorable
| think would try to make good the loss that
| I have suffered by not accumuating in Jan
! think / could in this way accumulate fifty OF
| sixty millions
voorhees-That would give you s15O,OOO,
OOOl
Sherman-No, not so much; nor do l think
| Il Is necessary to have so much.
Ferry-Then on the question of resumption
| your view is that with $50, 900 on hand, ant
| the accumulation of $50, 100000 more, or ever
S40,000,000, which would be sl30,OO0OOO yOI
would be willing to commence resumption OF
the present volume ofcurrency, both nationa
and bank!
Sherman-O yes; the banks must look out
| for themselves
Morrill-How can the policy of resumption
be aided by Congress.
Sherman-I think that you can aid resump
| ton very much il you will allow me TO receive
| L. s notes in payment OF bonds, as the Sen
| ate has already expressed a willingness to do
! and II the House would concur with them. i
| | could sell 4 per cent. bonds for currency anC
| reissue the currency in the purchase of pc
cent. bonds, IL would be an aid to resumption
Bayard-You can sell your 4per cent. bonds
| at par in currency, and you can then use the
currency to redeem high-rate bonds.
| Jones-HOw would that aid resumptioni
| Sherman-By repeating the discrimination
| that is now made against legal-tender notes il
payment of bonds. The bond issued woult
| be a coin bond.
A large number of questions were asked b,
several members of the committee, and tn
| Secretary, in the course of his answers, said
! One thing he would recommend namely: Ill
would, on the 1st of October next, receive I
| S notes in payment for duties, and yet pro
| vide for the interest on bonds in coin. Ii
other words, he would assume, on the 1st o
| October next, that our notes were as good a
/ gold and silver, and would receive them a
such. You gentlemen, he said, will feel you
way clear to allow my receiving L. $ notes IL
PAYMENT of bonds, and will make it clear that
| will not be compelled to redeem all the L. 5
notes that come in after the lst of January next
| and if you think, under the circumstances,
would be strong enough TO receive these note
! on the lst of October, | should be willing t.
| guarantee resumption. think for us to q,
backward over all this long, weary agon
and struggle toward resumption would be
sign of national weakness, and work grea
harm to our credit abroad, and bring injur
| upon us all.
! The Chairman-Would not a repeal of tn,
| Resumption act cause the fall Of paper beloV
| gold and silver!
Sherman-I have no doubt of that thin
the repeal of the Resumption act would a
once cause widening between coin and pape
money, depending entirely upon the conf
dence the people at large would have in tn
ultimate redemption of paper. ..o.,
Ferry-YOu state that with Sl4O,OOOOOO 0
J gold reserve you would be willing to hOl
1900, 900, 600 as part of the currency and NEE
resumption on that basis. Now desire t
ask If, with the contraction as it is going on,
would be any obstacle to resumption, even
the outstanding circulation should be $500
100000 on the 1st of January nextl
Sherman think the S20,OOOOOO would b
provided for by the Increase of bank notes.
Ferry-Without amy further direct col
traction than under the present ResumI
tion act
sherman-The present Resumption ac
would be sufficient
The Chairman-Don't you believe there vii
be an expansion come upon us naturally or b
the action of the Treasury Department on tn
LIST of January VIII there not be more none
in actual circulation after thatperiod'
Sherman-I think and hope so.
Ferry-Would that not produce healthit
condition!
Sherman-Yes, sir.
Bayard-What would be the effect, in you
opinion of the declaration that $500, 100000 {
Treasury notes might be reissuedas minimum
and as a maximum, to be supported by a r
tention by law of SlOO,OOOOOO of gold in tn
Treasury!
Sherman-That would be beneficial, becaus
/ think the fear about that $3OO,OO,OO woul
be overcome.
Kernan-And your opinion is that the al
thority to reissue the legal-tender notes shoul
be expressly given by law!
Sherman-I think that authority to reissu
unquestiOned and uudOubted, would tah
away the fears Of all classes OF people; frs
those in favor of imitation, who do not wal
the greenback destroyed; then in the Easter
States, where they think we ought to retiI
greenbacks and issue bank notes instead, an
believe we are bound under existing laws
pay the whole of the $500, 100000, and that "
are not prepared to do.
Allison-ln other words, you think we cal
not come to and maintain specie payment
without the power to reissue.
Sherman-I do not think we can.
THE ETNA LIFE INSURANCE Con-
PANY, of Hartford, Conn. with its as
sets of SPA, ,175. 20 and it's clean sur