Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-03-30


our bonds from Europe as ocea-
stoned by the silver bill, and also
he check it gave to our refunding
our debt at four per cent. But he
admitted that the return
Of bonds had been going on all last
year, and was owing TO the balance
Of trade being in our favor, the Lon
don brokers returning part of the |
balance in bonds and only part in
coin. He also admitted in answer |
to Mr.. Jones' question that the re-
turn of our bonds from Europe
would be conducive to resumption
80 far as it prevented the paying out |
a large sum in gold coin for inter-
est every year. There seemed to be
a scarcity of fixed ideas in his mind
one way or other.
However, our space isshort. The
main points left are that he thinks
the silver bill on the whole favor
able to resumption that he wants
the power given him of receiving
greenbacks for four per cent bonds,
allowing the discount on them. He
calculates that the present balance
i'm our favor will continue, and that
it will bring $5O,OO0,0 900 into the
treasury or the banks by Jan. |,
1879, which added to $50, 000,0 900,
which he now considers available,
gives him a basis of $140,00O0,0 600;
then he will coin in silver about
$50, zoo, 900 more, but then he pays
gold for the silver he coins and this,
therefore, will be merely substitute
ing $50, 900, 900 in silver for so much
gold and will not increase his stock
of coin, but he thinks resumption is
easier in silver than in gold, because
the silver is heavier and the holders
of greenbacks will be less eager to
take it in exchange for them. FL
nally he takes back all that he has
ever said about the silver bill in the
following astonishing words aston
ishing as coming from him:
Resumption can be maintained
more easily upon a donble standard
than upon single standard. The
bulky character of silver would pre-
vent payments in it, while gold,
being more portable, would he more
| freely demanded, and / think re-
sumption can be maintained with a
less amount of silver than Of gold
alone.
Senator Bayard-You are speak
| ing of resumption on the basis of
silver, or silver and gold?
Secretary Sherman-YeS, sir; /
think it can be maintained better
upon a bi-metalic or alternative
standard than upon a single one,
and with less accumulation of gold.
1 In this way the reconciliation of
silver would rather aid resumption.
The bonds that have been returned
| from Europe have been readily alb
sorbed-remarkably so. The recent
returns in New York show the
amount of bonds absorbed in this
country is at least a million and a
I quarter day. This shows the con-
fidence of the people in our securi-
/ ties, and their rapid absorption will
tend to check the European scare.
Senator VOorheeS-That shows,
Mr.. Secretary, that this cry of alarm
in New York was unfounded, then;
| that capital seeks our bonds when
| this bi-metalic basis is declared
| Secretary Sherman-Yes many
circumstances favor this. The de-
mand for bonds extends to the West
and to the banks. | have no doubt
we can sell four and one-half per
cents, and / think within a month
we can sell all we want for four per
cent. bonds to carry out the resump-
ton laws, for / would not accumu-
late more than $5,000,0 900 a month,
and that largely in silver and gold
! bullion. There Is no special neceS-
| sity to force the bond market in
/ order to maintain resumption. We
now have from $71 100000 to $91, )
DOC, 900 on hand, and everyone can
measure how much more will be
necessary to maintain resumption.
If the sale of bonds was ever so free,
/ would not accumulate more than
So, 900, 900 a month of both metals,
and all sales beyond that should be
applied for refunding six per cent.
bonds.
And finally here is a hint of an
nTriere penSee, a forebOding that re-
sumption, eyeJa I0ih the help Of re-
mOnetizotiOn, may not be attainable
by Jan. 1, 1879, and the resumption
bill had better be kept where it is,
locked up in the Finance Commit
tee, until we see what we shall see
There is another point in this con-
nectiOn. 1t seems to me that it is
not necessary to determine the ques-
ton now, because a sufficient time
has not elapsed to enable us to de-
termine the effect of the silver bill,
and you had better let things run
along and see its effect. II may be
that its effect will be such that all
will favor resumption, and that re-
sumption will come without effort.
The passage of this bill can have no
effect until January next, and it
may be that before that time all
will agree that it ought or ought
not TO be repealed. AS you have
this measure in the Senate, you can
control it by majority vote of the
Senate at any time. Why not let il
stay here?
The only thing that seems certain
about Mr.. Sherman's views is that
he has no clear views one way Oh
another. He quotes thesame circum-
stances as adverse to resumption in
one breath and favorable to it in
another; it brings the bonds home
and prevents the sale of new ones,
and then again the refunding has
revived since the bill became law,
and moreover their return is favor
able rather than not to resumption.
Upon the whole, then, the ques.
tions at issue and mems opinions OF
them will remain pretty much
where they did. Our own coincide
pretty accurately with the last eX.
pressed by the Secretary, that re-
monetization will help resumption