The New York herald., 1878-03-06
No ADDITIONAL LEGISLATION PROBABLE.
Silver as an Aid to the Resumption
of Specie Payments.
THE APPROPRIATION BILLS.
Speech Of Mr. Kelley OF Pennsylvania
on the Finances.
FROM OUR SPECIAL CORRESPONDENT.


WASHINGTON. March 6. 1878
THE SILVER MEN GROWING MORE coNsER-
vATIvE--EFFEcT OF The Law UPON THE
REFuNpINa OF THE DEBT AND SPECIE RE-
SUMPTION.
Tho Asders OF the extreme silver movement have
cetcrmiued rest content with The Silver act ios
q while sud for tho present will not attempt push
any further legislation in regard TO silver. They admit
that Is their duty to allow the results OF tho Silver
act to work themselves out before urging tho next
step and they sre as uncertain almost everybody
else OF what may be It's effect.
In Administration sircles tho Silver act is NOT
garded as dangerous the country 1t has done its
worst hafm prominent members OF the administration
say, stopping tho retundng process, Tor that has
inflicted large pccuuiary loss tho taxpayers by
preventing tho reiundng OF the debt AZ lower rate
OF interest.
The Secretary OF the Treasury understood 10 be-
eve that tho Silver act be made helpful toward
sumption year. II allows him. OF course, to
In silver. and resumption silver Is likely to be
easy matter, because, beyond tho dollars which will be
used for paying duties, there viii be very little de-
maud for silver Tho general public VIII prefer green-
backs to silver dollars and the Treasury having sup
piled tho demand for dollars TO pay duties with,
there will DO It's store.
Atthe same time tho Secretary has II In hts power
10 maintain tho silver dollar substantially ~ very
near par with gold. TO do this no needs only to
tain pArs OF hts surplus resumptioa fund all the
dollars which no Will receive customs Sup
pose him to buy four millions OF bullion per month
and pay Tor It with silver dollars, he would then
medstey have these dollars returned to him ON pay
ment OF duties and locking them up, would buy
bullion with tho four millions coined In this way
would receive four millions OF silver dollars per month
and the remainder o the customs dues must be paid
in gold, and tho end Of the year he would have
fund consisting OF about two-fths silver aud three
0ns gold, the whole customs revenues amounting to
about $I2O 000 OF course, long thefe is
enough silvor coined to supply the entire demands for
customs dues be dollar viii roman at par Of
gold, and so long the secretary chooses to hoard
his customs receipts there will be only the
100000 Of monthly issue OF dollars out
and available for customs payments But
whom he resumes specie payments and begins to re-
deem o1er to redeem the Greenbacks then hs will
havo 10 supply tho whole demand for customs, and
after the 1st Of next January, therefore, supposing
this iobc his plan, the entire customs rsvonus would
be paid in silver.
This Is. OF course, on the supposision that tho rs
sumption date 10 not repealed. II probably win not
bc The siivor men themselves, or at least some Of
thom, concede that 1t would not be polite to do IT,
and II is majority Of both houses
could be got to for II In tho OF the that
tho Secretary resume in silver which s what the
silver men have cried out tor and which u large pro
portion OF them sincerely wish to have DONE
A MEASURE TO EcoNoMIzE IN THE USE AND
CONSTRUCTION OF PUBLIC BUILDINGS.
Mr.. Schleicher, OF Texas, has introduced bill for
oconomiz!ng In the and construction of public
buildings all over the country. He finds, he says
that tho government has begun q large lumber OF
custom houses and other public buildings in the
large cities East West and South, work on many Of
which has been stopped for lack Of appropriations
which passed In the annual appropriation bills
cantiine he also 0nds that the government, whilc
waiting for the completion OF these buildings is pay
ing about 81 600 900 per annum rent for private
buildings which II needs. His proposition Is to capt.
taze this ST. at vo per cent raisc $50 600 900
on bonds, and this complete all the needed
buildings within a year. The 81, 600 600 now paid
out would then be paid interest these bouds and
small sinking fund would exngulsh the whole after
some years aud leave the government in
possession us owner of the accom- IN oda ions
II neods He urges that this would be in the Ian
guaRe OF raroad men, separating the construction ac-
count from operating expenses; that 1t would cause
important economy, and that both labor and build
Ing materials being now cheap It is a time In which
any capitalist needing houses would prefer TO build.
Mr. Scheicher means to push his pill, which finds q
good deal OF favor among congressman xous get
work for their constituents ut homo ana IL s not un.
likely 10 pass.
Mr. HEwITT's REMARKS ON THE EFFECT OF
THE SILVER BILL.
Mr.. Hewitt, OF New York. desires II to DO known
that tho whole Of his remarks on the effects Of tho
silver act were not printed in New YORK, and that
discussion OF them In the HERALD failed to present
his entire views He held that while the Secretary
could bring about severe and disastrous conractiou
his powers under tho act such that ho avoid
this and he foresaw that several ways open to
him to avoid-one by selling his boarded grecnbacks
TO buy gold another by boarding tho silver be might
receive, and thus retanng greonbacks out OF tho
circulation. 1t IS most probable that Secretary Shcr
man Will adopt the latter plan, as will not 10 any
perempory way interfere with tho natural oi
the dollars which will now into the Treasury Of thsm
selves.
FROM OUR REGULAR CORRE SPSNOENT