The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-21
THU FINANCIAL QUESTION.
Secretary Sherman Before the Sen
ate Finance Committee.
PRACTICABILITY OF RESUMPTION.
Detail of Preparations Made for
the Great Event.
AMOUNT OF COIN IN THE TREASURY.
The Reduction Made in United
States Bonds and Notes.
EFFECT OF RECONCILIATION.
I'VE Can Resume Under the Basis
of the Existing Law"
AMOUNT OF COIN IN THE TREASURY.
The Reduction Made in United
States Bonds and Notes.
EFFECT OF RECONCILIATION.
I'VE Can Resume Under the Basis
of the Existing Law"

WASHINGTON, March 20, 1878.
At tho interview OF the Committee Finance wt6
tho Secretary OF the Treasury in regard the repeal
OF tho Resumption act on the 10th inst the Chairma
saia:-
Mr. SEcRErARY-I have jotted down few general
questions and some in detail which propose to ask
you, ana suppose that other members OF che CON-
mittee may have questions which they may
desire TO ask at a later period. But l
will ask some general questions In order that you
may make a statement, II you choose, with more
frecdo than you BY going into smaller details
at tho commen cement.
First-Ought the Resumption act, IN your opinion,
to DO repealed, and II not, why not?
Secretary SHERMAN-That question, as you say, is
very general aud II is rather Legislative than
ecutive question. But have no obj cotton to an
swcring. think that the Resumption act ought not
to be repealed; that It was declaration OF public
policy, commenced with the act Of February. 1862
repeated by Congress several times, notably Ia 1866
notably again IN 1862 and again by the passage
of the Resumption act, tina. would,
practicable, redeem any United States
notes which presented for redemption In gold
and silver coin; that this the declared public policy
OF this country, and 1t ought be adhered to; and
new am FULLY convinced that able do what
VIC have SO often promised to do and ought to do.
Besides this several States have by their legislation
indicated purpose TO con form their laws TO ours.
Senator BAyARD-what States besides New York?
Secretary SHERMAx-WelI, Massach usetts TO some
extent, but don ~know how far; ana many corpora.
lions and iudividnts have made their contracts upon
The basis Of assumption in 1879. Tho whole ooun.
try to settled down to the conviction that
we can resume and that business bas adapted itself
and contracts have MADE with that view. So TAR
as any suffering from resumption or prepa.
| ratio Tor ia Wa
havo already suffered, and now 10 60
backward would be only TO invite suffering again.
1t strikes mo- therefore, that 1t is better to 60 ahead
and that to retrace the policy OF resumption now
would separate tho metals from our currency and
we would have to go through the same trouble
again. It would be evidence OF national weak
ness Tho struggle between metallic money as
tho bases OF paper money and irredeemable paper
money must be made some time, and think we had
better complete 1t now. Therefore, say IN regard TO
your question: although is legislative question for
YOU, gentlemen, TO answer and for mo- think VIC
ought adhere to the policy OF resumption and COM
THE PRAcrIcABILIrr OF RESUMPTION
Tho cnAIHAAS-Do you think resumption is practi-
cable under the present awY You have partially an
ticipated the question, but l still ask IL
Secretary SHERMAN-rhat is a question very much
of ngnres surprising that It would be the prin-
opal one would have to answer, l have brought
q to q Number OF documents here when Will give
you, and they will speak better than The best
LIST OF January next is tho progress that has
already been made When the RESUMPTION
act passed, the premium gold about ton and a
hall per cent that time 1t has been reduced TO
q merely nominal rate. II Is now little over one
Since that time have accumulated IN preparation
for resumption large sum OF gold. have taken
some paths get the figures, winch will give you
now. They are accurate, SO that you may have the
exact condition oil the Treasury.
STATEMENT TREASURY
This ID the statement OF the Treasury made yester-
day.
TREASURY UNITED STATES /,
WASHINGTON, March IL, 1878.
SrR-Tn accordance with have honor
to in gold and silver in the Treasury
ult the date OF the last debt
u follows. via -
Gold coin sll7I5l4 55 81
Gold bullion. 79373OO II
Total. rs .oS5 755
Less amount to credit OF dsbursing
officers and outstanding checks S6.ls9
Gold certificates actually outstandiug.... 44DS $40
Called bonds and interest 6,s1s ST. 20
Interest and unpaid. 4,9O9.7U5
Total $50 416 500 10
Available gold coin and bullion $62672 2i6 50
Availab silver coin, fractional 1912 AZ
Available silver, bullion. 3,i3i7lS
Total. ,.,...........-. $7 ,775 $50 SO
The Of gold coin in the Treasury ISL
The amount OF god bullion 1878 81
Total gold coin and bullion. S125.0SS 1855 93