Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-03-29

| roacntu tne Elage before ner husOahu, ana
at once went to her fathers home. Mr.!
Austin has taken possession Of the child and
effects, but declines to again live with his
| wife.
Secretary shermsn's Views.
An important statement in reference to
the prospects Of resumption and the effect Of
the silver act, was made the other day before
the Senate Committee on Finance, by the
Secretary Of the Treasury. This statement,
revised by the Secretary, has been given 70
the public. The Secretary states that the
resumption act should not be repealed, be-
cause resumption is the repeatedly declared
policy of the country. Besides this, several
States have legislated in that direction, and
many corporations and individuals have
made their contracts upon the basis of re-
sumption in 1889. The whole country seems
settled down to the conviction that we can
resume, and business has adapted itself to
that view. To go back now would only be
a repetition of the suffering through which
we have passed. Not to resume would be
evidence of national weakness. The actual
amount of gold and silver in the treasury
available for resumption is 71,775, $50, but
the amount in a business sense is about
ninety millions.
The preparations for resumption have
practically abolished the premium on gold,
reduced the amount of United States and
National BInk notes outstanding, practical
ly paid off fractional currency, md the bal
ancs Of the trade is now largely in our favor
Last summer and fall the Accommodations Of
gold in this country were five to eight mil
lions per month. The Secretary expressed
the opinion, personally and officially, that re-
sumption on the first of next January was
practicable. 10 reference to the silver bill,
be said its evil effects we're to stop refunding
operations and accumulatioDs of coin and to
cause the return of United States bonds
from Europe. Its good effects were, it salts
fed the strong public demand for bi-metalic
currency and it enabled resumption to be
more easily maintained.
The Secretary thought that within a
month We can soil all the four per cent bonds
VIC want to carry out the resumption law
There is no special necessity to force the
bond market in order to maintain re-
sumption. If the sale of bonds were ever so
free be would not accumulate more than
FIVE million of the precious metals per month
funding of six per cents. The banks and the
treasury had been acsumulating metal at
the rate Of eight to ten million per month.
The return Of our bonds from Europe was
favorable to resumption, as coin interest on
these bonds would not be constant drain on
the country. Sufficient time. he said, has
not yet elapsed to determine the effect of the
silver law. 1t may be its effect will be that it
will favor resumption. 1t has undoubtedly
stopped refunding operations. Since the
agitation Of the silver question | have
not been able largely to sell bonds. al
though have made every effort to do so.
Since January we have accumulated no coin
except for coin certificates except the balance
Of revenue over expenditures. The revenues
in coin being more :han enough to pay the
interest of the debt and coin liabilities. we
accumulated some coin. Another effect that |
the silver bill has had is to cause the return |
of our bonds from Europe. Although the |
movement of our bonds in this direction has |
been pretty steady for more than q year, it |
is lstterly largely increased. The favorable |
effects were that the silver bill satisfied a |
strong public demand for bi-metallic money. |
and that demand is, no doubt, largely Sec
tional. No doubt there is difiere ence of |
opinion between the West. South and East |
on this subject. but the desire for the re-
none tization of silver was almost universal. |
In government like ours it is always good
to obey the popular current, and that has
I t-B kt, ba nF fba
silver bill. Resumption can be maintained
more easily upon double standard than
upon a single standard The bulky cbarac-
ter OF silver would prevent payments in it,
while gold, being more portable, would be
more freely demanded. think resumption
can be maintain ID with less amount Of sill
ve. than of gold alone.
In answer to the question by Senator Nor
rill, "How can the policy of resumption be
aided by Congress- Mr.. Sherman said:
If you will allow me TO receive United
States notes in payment OF bonds, as the
Senate has already expressed a willingness
to do.-if | could sell per cent bonds for
currency and then reissue the currency in
the purchase of 6 per cent bonds, it would
be an aid TO resumption.
would use the proceeds of the sale Of
these bonds in the purchase of outstanding
bonds. All would have to do would be to
Jay the difference between the currency and
gold. but that would only be paying one
per cent premium. | have a right to call
the bonds. and could use the currency in
their payment by giving SlOl for tho bond
in currency, the difference between cur
'eney and gold at the present time. He
added that be would on the lst OF October
next receive United States notes in pay
nent for duties, and yet provide for the
interest on bonds in coin. In other words,
10 would assume on the lst of October next
hat our notes were as good a. gold and
liver and would receive them as such. II
'ou gentlemen will feel your way clear to
'llow my receiving the United States notes
n payment Of bonds, and will make it clear
hat won't be compelled to redeem all the
United States notes that came in after the
st Of January next, | should be willing to
guarantee the resumption. | think for Us to
% backward over all this long, weary agony
nd struggle toward resumption. would be
sign of national weakness. and do the
lation great harm.