The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-03-27
GENERAL TELEGRAMS.

Full Text Of the Statement of the Sec
Rotary of the Treasury Before the Sem
ate Finance Committee ON the Re
sumption Act and the silver Bill.
WASHINGTON, March 20.-At the interview
of the committee on finance with the secre-
tary of the treasury, in regard to the repeal
of the resumption act, on the 10Th inst, the
chairman said:
Mr.. Secretary, / have jottsd down few
general questions ard some in detail, which
1 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 1 will ask some general
questions in order that you may make
statement, il you choose, with more free
dom than you can by going into the smaller
details at the commencement.
First-Ought the. resumption act, in your
opinion, be repealed? And If not, why not?
Answer Secretary Shermen-That ques-
ton, as you say, is very general, and II is
rather legislative than an executive ques-
ton, but have no objection to answering.
/ thi2S that the resumption act ought not to
be ealed; that il was a declaration of
public policy, commenced with the
act of February 8, repeated by
congress several times. notably in
1866, notably again IN 1869, and again by the
passage of the resumption act that we would
as soor - practicable redeem any United
OtdlFe uOtcS WcIc pICSCAbCO AOI It.
demptiOn in gold and silver coin. That is
the declared public policy of this country,
and it ought TO be adhered to, and am fully
convinced that we are able to what we have
so often promised to do and ought to do
Besides this several states have by their leg
isfaction indicated a purpose to so conform
their laws.
Senator Bayard-Which states besides New
York?
Secretary Sherman-Well, Massachusetts
to some limited extent, but don't know
how far and how many corporate and many
individuals have made their contracts upon
4 basis of resumption. The whole country
seems toshave settled down to the conviction
that we can resume, and that business has
adapted itself and contracts been made with
that view. So far as any suffering from
resumption or preparation for resumption
is concerned, we have already suf-
fered, and now to go backwards
would be only to invite suffering again. 1t
strikes me, therefore, that it is better to go
ahead, and that to retrace the policy of re-
sumption now would separate the metals
from our currency, and one would have to
go through the same trouble again. 1t would
be an evidence of national weakness; the
struggle between metallic money as a basis
of paper money and irredeemable paper
money must be made some time. 1 think
we had better complete it now. Therefore,
/ say in regard to your question, although 1t
is legislative question for you, gentlemen,
to answer, and not for me, that 1 think we
ought to adhere to the policy of resumption,
and complete it.
The Chairman-Do you think resumption
is practicable under the present law? You
have partially anticipated that question, but
still / ask it,
Secretary Shenandoah is a question
very much Of figures, and supposing that
would have TO answer [ have brought quite
number of documents here, which / will
give you. and they will speak better than
can. The best evidence that We are able to
resume on the 1st of January next is the
progress that has already been made. When
the resumption act passed the premium on
gold was about l014 per cent; since that time
it has been reduced 20 a nominal rate. It is
now little over one. Since that time we
have accumulated, in preparation for re-
sumption, a large sum OF gold. | have
taken some pains 10 get the figures, which |
Will give you now. They are accurate, 50
that YOU may have the exact condition OF
the treasury. This is the statement OF the
treasury made yesterday:
TREASURY OF THE UNITED STATES,
WASHINGTON, March Is.
SIR-In accordance with your request
have the honor to state the amount in
gold and silver in the treasury on the 2Stf
ult., the date of the last debt statement
which is as follows, viz:
Gold coin n IL l5l 4