Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-04-18
pRAoTI0ABILIrY OF RESUMPTION.

PRAoTICABILITY OF RESUMPTION,
Extract From an Intssvlew OF Secretary She,
man with the Finance Commitsee Of the o.
9. Senate, March 10.
The CHAIRMAN. Mr.. Secretary. /
! have jotted down few general
questions and some in detail, which
propose to ask you, and l suppose
that other members of the com nit.
tee may have questions which they
may desire to ask st later period,
bot will ask some general questions
10 order that you may make state
ment, ii 700 choose, with moro free
dom than you can by going into
smaller detaile tthe commencement
First, ought the resumption act, 10
your opinion. to be repealed and if
not, why not?
Secretary SHERMAN. That uues
ton, as you say, is very general.and
| it ia rather legislative than an ex-
ecutive question, but lhave no OBJ
lection to answering. Think that
the resumption act ought not to be
repealed and that it was deelara-
ration Of public policy, commenced
with the act OF February, 1862. re.
peated by Congress several times,
notably in 1866. notably again in
l869,and again by the passage of tho
resumption act, that we would as
soon as practicable, redeem any Uni
ted States notes which were present.
ed for redemption, 10 gold and silver
coin that this is he declared pub
public policy of this country and it
ought to be adhered to aud now |
am fully convinced that we are able
to do what we have so often prom.
ised TO do, and ought to do. Besides
this, several states have by their leg
| islation, indicated q purpose TO con-
form their laws to ours.
Senator BAYARD. Which States
besides Now York?
Seer .tary SHERMAN. Well, Mass
| achusetts to some limited extent, bat
don't know how far; and many
corporations and many individuals
have made their contracts upon the
basis of resumption in 1879. The
whole country seems to have settled
down to the conviction that we car
/ resume. and that business has adapt
ed Itself, and contracts have been
| made with that view. So far as any
suffering from resumption, or prep
aratifn is concerned, we have al.
ready suffered. and now to 90 back.
wards would be only to invite suff.
| ering again. 1t strikes nae there
fore that it is better to GO ahead, and
that to retrace the policy of resump.
ton now would separate the metals
from our currency, and we would
have to go through the same trouble
again. 1t would be an evidence of
| national weakness. The struggle
| between metallic money as the basis
of paper money and irredeema Bile
paper money, must be made come
time.apd / thing we had better COM
plete it now. Therefore 1 say, in.
regard to your question--although
it is legislative question for you
gentleman TO answer, and not for
mel think we ought to adhere to
the policy of resumption and COM
plote it.
The CHAIRMAN. Do you think re-
resumption is practicable under the
present law2 You have partially
anticipated that question, but still 1
ask it.
Secretary SHERMAN. That is
question very much Of figures, and
supposing that it would be the prin-
cipal one would have to answer. L
have brought quite number OF doc
uments here which / will give you,
and they will speak better than l
can. The best evidence that we are
able to resume on the first of Janu-
airy next il the progress that has al
ready been made. When the re.
sumption act passed the premium on
gold was about ten and one-half per
cent. Since that time it has been
reduced to o nominal rate. 1t is
now little over one. Since that
time we have accumulated in prep
aratiou for resumption large sum
of gold. | have taken some pains
to get the figures which / will! give
you now. They are accurate, so
that you may have the exact condi.
ton of the Treasury. This is tho
statement of the Treasurer, made
yesterday
TREASURY OF THE UNITED STATES
Washington, March Is, 1878.
SIR: In accordance with your request have
the honor to state the amount of gold and sill
yer in the treasury on the 2Sth utimo, the
date of the last debt statement which is as
follows, viz
Gold coin SIT, l6l ,455 81
Gold bullion .............. 1888 800 81
$l25,0SS, 1888
Less amount to credit Of dis
bursting officers and out
standing checks .......... 6,fs9, 500 60
Gold certificates actually outs
standing .......... 44,4ss, 800 90
Called bonds and interest,". 6,Sl7,6T7 90
Interest due and unpaid -. 1908, 705 81
62,4l6,5O9 10
Available gold coin and bullion 62,672 .246 IS
A-a;fabl Ia u,Iyar oo,r fra nf;oual orc cox 40