The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-21
WASHINGTON.
An interview with Secretary
sherman ON the Question Of
ResumptiOn-An Elaborate Re-
view Of the Financial Question.

sherman ON the question OF
Resumption-An Elaborate Re-
view Of the Financial Question.
WASHINGTON, March 20-At an in
teryiew OF the Committee on Finance with
the Secretary OF the Treasury in regard
to the repeal OF the resumption act on the
18th inst, the Chairman said:
Mr.. Secretary-I have jotted down 6
few general questions, and some in de-
tail, which propose to ask you, and /
suppose that the other members OF the
committee may have questions which they
may desire to ask at later period, but l
will AK some general questions in order
that you may make q statement, II you
choose, with more freedom than you can
by going into smaller details at the COM
mencement:
/. Ought the resumption act, In your
opinion, be repealed, and II not, why moi?
Secretary Sherman-That question, as
you say, is very general; but 1t is rather
q legislative than an executive question;
but I have no objection TO answering. /
think 1t ought not to be repealed; that il
was declaration Of public policy com.
menced with the act Of February, 1862,
and repeated by Congress several times,
notably in 1866, notably again in 1859,
and again by the passage Of the resump.
tion act, that we would as soon as prac.
ticable redeem any U. s. notes which
were presented for redemption, in gold
and siyer coin; that it is the declared
public policy OF this country and it ought
10 be adhered 10; and | am fully CON-
yinced that we are able to do what We
have 90 often promised 10 do and ought
TO do. Besides this, several States have
BY their legislation indicated their pur-
pose to conform their laws TO ours.
Senator Bsyard-What States besides
New York?
Secretary sherman-Well, Msssachu-
sets, 10 some limited extent but ] don't
know how far, and many corporations and
many individuals have made their con.
tracts onthe basis Of resumption in 1879.
The whole country seems to have settled
down to the conviction that We can re.
sume and that business has adapted itself
and contracts have been made with that
view. So far as any suffering from re-
sumption or preparation for 1t Is con-
cerned, we have already suffered. Now
to 90 backwards would be only to invite
suffering again. It strikes me, therefore,
that 1t Ia better TO go ahead, and that to
ret,ace the policy ot resumption now
would separate the metals from our cur.
rency and we would have to go through
the same trouble again. It would be an
evidence Of national weakness. The
struggle between metallic money as the
basis Of paper money and irredeemab!e
paper money must be made some time,
and I think we had better complete 1t
now. Therefore cay in regard 70 your
question, although 1t Is a legislative ques.
tion for you gentlemen to answer and not
for me, think we ought 10 adhere TO the
policy Of resumption and complete it.
The Chairman-Do you think resump.
tion is practicable under the present law?
You have partially anticipated that ques.
ton, but still / ask it.
Secretary Sherman-That is u question
very much Of figures, and supposlng that
It would have 10 be answered ! have
brought quite number OF documents
here which I will give you, and they |
will speak better than can. The best
evidence that we are able TO Tesume the |
frat Of January next ia the progress that
has already been msde. When the re.
sumption act was passed the premium
on gold was 10! per cent. Since then 1t
hss been reduced 10 nominal rate; II Is
now little over one per cent. Since that
time we have accumulated in preparing |
for resumption large sum Of gold.
have taken come pairs TO get the figures
which give you now. They are accurate,
so that you may have the exact condition
OF the Treasury. This is the statement
Of the Treasury, made yesterday:
TREASURY OF UslrED srArEs. i
WASHINGTON, D. G., March is, 1873. ! |
s1s:-In accordance with your re-
quest / have the honor TO state the
amount OF gold and silver in the Treasu-
~ on the 18th ult, the date OF the late
debt statement. which is as iollowa, viz
Gold coin Sill, ,15l ,455, gold bullion 81
937, 800, total Sl25,0ss,755. Lsss amount
to credit OF disourSing officer and out
standing checks &, ,lS9, ,626, gold certif-
Gates actually outstanding S44, ,49S. 500,
called bonds and interest $6.SlS.G77, in
,erest due and unpaid s4,909,705, total
s62, ,4l6,5O9. Available gold coin and
bullion S62 872, ,246, available silver coin
fractional S5,972! !S05, available silver
bullion S3,l3O,7l6, total available gold
and silver S7l,77h,S6O. The amount Of
gold coin in the Treasury il Sill, isl, ASS,
.nnunt ~ cold hulkinn 81 Q07 Xn0 Inak-