The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-20
Course Of the Department In the Issue
of the New Dollar.
The TIMBER QUESTION IN THE SENATE.
Bitter Attack Of Republicans on
Secretary Schurz.
THE CHARGES AGAINST D00RKEgPER POLK
FROM OUR SPECIAL CORRESPONDENT.

WASHINGTON, March 10. 1878.
FINANCE CoMMIrrzE-REAsoNs WHY THE
RESUMPTION ACT SHOULD NOT BE RE-
PEALED-THE USES MADE OF THE SILVER.
Secretary Sherman appeared before the Senate
Finance Commilsee to-day and Was asked to give his
opinion on thu. question OF repeating the Rcsump-
sion act or date He spoke at considerable length,
and what he said thought by the com.
mittee Of 20 much Importance that It was
determined 10 withhold publication until tho matter
Is revised BY the Secretary He left tho impression
the committee that no carrying the provisions
Of the Silver net faithfully and judicousy. He said
be thought needless and injurious to repeal either
the Resumption act or date and gave Q number OF
reasons for this opinion. He pointed out that the
gold, both In the Treasury and In the National
banks has been increasing in amount, and that,
II the Treasury gold should hereafter accumulate
10 fast IS In some previous periods, 1t was probable
that the banks would grow stronger in gold for
time to come He thought the country was working
BY natural causes toward resumption; that the
Silver act in somo ways hindered, but in
others, he believed, IL would help toward this end !;
That to repeal the Resumption act date would
cause needless and Injurious disturbance Of conf
dence, and thus hurt the rcviving prosperity of the
country; that Congress could repeal It at any timo
even atsor II meets next December ana that If 1t
were 70 be repealed this ought to be put
on ~ long a. possible, and until II shall appear
y everybody plainly necessary. he stated that the
mints when they get fairly 10 work. coin $42oo
200 OF silver per month. He believes the sending
home Of our bonds from Europe will presently stop.
He laid some Interesting figures before the committee
and, on the whole. gave an encouraging view Of the
financial situation.
Some OF tho silver men dissatisfied with the Sec
rstary's proposed manner Of using the silver he
coins They say he ought to out as part OF the
expenditures distribute over the coun-
Try at the nationals depositores They forget how
sver that there but triHing of silver coined
yet and that not than $50 600 will be coined
iurlng the year ending In April 1879. which will
70 only about 81 per head Of the popuaton. They
orge. also. that II the silver 10 paid for current
expenses greenbacks to the amount will remain
In the Treasury. and there will thus be contraction
or ths currency, which Is what the silver do not
want. II Mr. sherman uses the silver dollars coined
70 buy bullion, Is he for the present proposes
70 do, he will, in iaet expand the eur
rency by the amount coined every month II
s Understood that the Secretary believes the country
will absorb into without difficulty at least hun
drod millions Of silver dollars, but two years Will be
required TO coin that much Somo OF the southern
titles in their section, because they believe the
eolored people will prefer It to greenbacks,
and II is believed that good deal OF
silver will DO boarded by them whenever
they get It, Some persons believe that $50 600 or
$40 900 will thus eventually disappear for time
~ least from circulation, the negroes being fond OF
boarding what will seem to them to DO substantial and
indestructible money
10 said that the Secretary would ike Congress TO
give him leave to sell four per cent bonds par In
sreenbscks and undoubtedly this has good deal
Of favor both houses and bill allowing direct
Ing him 10 do 30 may pass before long.
Those who wish the Secretary 10 distribute tho
silver dollar through the country and exchange them
for gresnbacks 1t the national repositories forget
that this would be partial resumption specie pay.
msnts. The law nxes the LIST Of January next as the
period for resumption. Whom that time comes,
unless the law Is repealed, the Secretary will
be obliged to pay out specie for green.
backs on demand, and then the wishes
OF these persons will be satisfied but Il is curious
evidence Of the confusion which prevails In peoples
minds about these questions that many OF the very
men who want him now, at once and whom tho coin
age OF dollars has hardly begun, to distribute them
ever the country and exchange them for grcenbacks
IN the same breath demand the repeal OF the resump-
Non net.
rHE TARIFF BILL TO BE REPORTED ON FRIDAY
NExT-TAcrICs OF IT'S OPPONENTS IN THE
HOUSE
Mr.. Wood will report the Tariff bill to tho House
next Friday, and will then, or At some subsequent
time, ask that be referred to the Committee Of the
Whole and made special order for a fixed day. The
bill. a. 1t will come into the House, will have the
consent and support Of nine Of the eleven mem
bers OF the committee, and tho active
opposition Of but one. Mr. Kelley. This fact will,
doubleday, lend II strength In the house. Tho op.
ponents OF the bill active and already trying
70 kill II before u is born. resolution that It Is not
sxpedent 10 touch the tariff at all has tailed to get
tho requisite twothirds needed 10 bring II before tho
House. An attempt will be made, al the bill 10
reported to prevent its reference to tho Committee
Of the Whole, and II that falls motion will probably
be made 10 kill II ut BY striking the enacting
clause. These devices. which, though psrlia-
mentary, are very unusual and extremely dis
sourtsous to 80 important COMMITTEES as
The Ways and Means, show the desperation
81 the opponents OF tho measure and their extreme
dislike 10 have fairly and fully debated In tho House,
They Will, however, fail, for even many OF those who
mean to oppose tho bill will not support 90 unfair a
proposition a. TO prevent tho House examining and
discussing H.
EHs TIMBER QUESTION IN THE sENArE-A
BITTER ATTACK OF REPUBLICANS ON SEC
RETARY SEIZURE.
The republican side Of the Senate spent the day on
IN acrimonious debate on the government timber
question and the dement's Of Secretary schurz The
Administration has bot few and not very zeal
Gus defenders IN the Senate, and Senators
Blaine ana Sargent were not sparing In
their attack. But the whole the Secretary OF
The Interior got tho bost o, tho day. for the close
shcre was general agreement that no had only en-.
forced laws actually the statute books ana that no
Aad not evon exacted the penalties which the law
directs; that his justified oy the ntorpre-
Iat.on gwen TO the laws BY the Supreme Court;
that both tho Secretary and tho Commissioner
Of Lands had recommended q change In the
laws, and that Congress Is fault toward tho Western
settlers in not having before this amended them.
senator Hoar quoted Saying Of General Grant, that
tho best way TO get bad Law repealed to enforce