New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-21
THE sECRETARY'S VIEWS.


fUI-
WAsuIXGrov. March Goat the interview be-
tween Secretary Sherman and the Senate Committee
on Finance yesterday in regard to the repeai OF inc
Resumption Act the following conversation took
place:
The Chairman-Mr. secretary, have iotted down
n few general questions. and some in detail, which
propose To ask YOU and suppose that other members
OF the committee may have questions which they
may desire to ask at later period. But
will ask general questions in order that you may
make n statement, IL you choose, with freedom
than YOU can by going smaller details at the COM
uencement. First: Ought the Resumption Act, III
your opinion, to he repealed and If not, why not
Secretary shermanThat question: MS you say is very
general and It rather legislative than an executive
question. Bat I have no objection to answering l
think Resumption Act onght not to be repealed
haiti declaration OF public policy commenced with
the Act February 1862 repeated by Congress several
tmes-notably In 1866. notably again in 1862 and
again by the passage OF the Resumption Act
that would pay soon MS practicable:
,edeem any United States notes which were presented
for redem on in gold and silver COIN that this Is the
declared public policy OF this country and 1t ought to
,e adhered TO. And now fully convinced that we
re able to DO what have often promised to DO,
and ought to do. Besides this several States have, by
their legislation indicated purpose to conform Their
laws TO ours.
Senator Bayard What States besides New-Yorkf
Secretary sherman-Well, Massachusetts, to some
extent but don't know how far and many corpora
tons and have made er 6ds PR
seems have settled down TO the CONVECTION
itself and contracts have been made with that
So far as any suffering from resumption or preparation
and now to go backwards would be to invite suffering
sgan aDG hs % retraee the policy of resumption
now would separate the metals from our currency and
we wOuf R Mona " be 60 an evidences OF National
weakness The struggle between metallic money as
money must be made solne time and think we had
better complete the work now Therefore say IN re-
gard 10 YOUR question: although II IS 70 legislative quts
ton for you. gentlemen to answer. and not for me,
think ought adhere TO the policy of resumption and
complete H.
NINETY MILLIONS or COIN AVAILABLE.
The Chalrman-Do you think resumption is practicable
,nder the present law You have partially anticipated
the question, but still ask IT,
Secretary Shenandoah is a question very much OF
figures and supposng that it would be the principal
one would have TO answer, have brought quite
oumber OF documents here which will give you and
they will speak better than Tie best evidence
that we are able the first VI January next,
Is the progress that has already been made When the
Resumption Act passed. the premium on gold WAS about
lob per cent Since that time 1t has been reduced to
smerely nominal rate. II is little over l. Since
that time we have accumulated in preparation for re-
sumption f. large of gold have taken some pains
10 get the figures which l will give you now They are
accurate that you may have the exact condition OF
made yesterday:
Treasury OF THE UNITED STATES,
WAsHISGToN, March IS, 1873
SIR: In accordance with your request, have the
honor to gold and silver in the Treas
ury the 2sth ul the date OF the last DEBT statement
which Is as follows, VIZ:
Gold coin ~ '392 %
Gold buiuD..-..- ',90|.ooo u
Total 1925. Oss.7J So
Less amount to- credit Of ds6ufsing ON
GERS and outstanding ehecss....:.....S 6Is9626 90
Gold actually
Called bonds and nterest.....-..-..... sls,6lI ~
Interest due and unpaid 4'oVV''V' -
To.o, ...................S 62416.5O9 10
Available gold coin and bullion w SG2672,2l6 50
Available SILVER coin, fractiOnal....-.... J9lze91 -
Available silver bullion. 3I1o'fle 81
Toto, ~ ST. 775 $50 SO
The amt OF gold coin in the Treasury 81 l 40 81
The amount Of gold bullion----..-.... |o]''1VV 81
Total gold coin and bullion. Os8755 80
This is however subject to deduction of the follow
Ing items First-Outsandne checks TO Officers,
s61s9.GZ6 GO Although that Is really money III the
Treasury, yet it is drawn for and not pad
The Cboirmen-Doesn't thai a. way.- happen so,.o
Secretary Sheyman-It always Eappens mat some
money drawn upon and not pad and this item Is also
large. ..,, ,..,,,o. nh. :.
the property Of individuals. is II not?
secretigy shernan-All that Is Government properly;
Senator Eayarl-WLere does the Government get gOid
sec,eary shernauwe buy il or receive it on deposit
or melt foreign coins into bullion and coin 1t as needed
We receive Il Just like gold coin but not much OF i in
fSee are com Certificates outsandng amounting TO
ii49s 500 for gold deposited nv bank. aud md vidas
Thrdlv-al bonds and interest S6SlS.O7T 20. That
Is always large and has reached eighteen MI
7o5 81 That makes S62,4lG5O9 10 gold subject 10 de
nand. about onc-nal1 tho sui2y on hapd, ieaYihS
there Is no demand liability. s62.e72,9iG 50.
Then there is silver fractional coin, S3972sD9 AZ
sgeI %. made up to date hD silver T1oa woa
be good deal larger We have bought lately. me
liabilities, IS S7I.775.s6O Sc OF the items that are
effeglf ~
though the outstanding drafts called bonds ana interest
due and unpaid are due yet the amount actually IN the
that so much money is left after il Is due. Bonds
Ssi are due due o ana ye nT. are e IN the Cow
ernment's custody without being drawn , OF the
authorizes 20 per certificates TO be issued
than the amount Of gold or gold bullion depos;teai a.
not within my recollection, certainly not WITHIN my
senator Ferry-You spoke of S44Oo0,o0o OF gold GER
t1cates-is that about the annual standing average
Senator Ferry-What is the average for ten years
seeretary sherrnan-Thlrty to forty millions.
The Chaiiman-It 10 $31,00O,OOO or S35,OOOOOO
nS sss% YS ree for the REASONS have stated The
amount OF gold aud silver CON and Ouion aVsaDe l9r
hut the actual gold and silver bullion coin III the Treas
uy over and above all demand Liabilities Is s7l775'
OUTSTANDING NOTES.
Secretary Sherman-Now In regard 10 another point,
pertinent to your question: have in the process OF
preparation Tor resumption, reduced the volume
OF United States bonds and notes. The pre-
else figures are familiar to you The amount
was $3s2,00000O at the time Of the pass
age OF the Resumption Act. and the amount now IL
S3is6ls O24 Again. the amount Of outstanding bank
notes has been reduced. on December 81 1875,
the amount was $346,479.75G; on December 81
1877 1921 ,672. J05 and On February %.
1873 the amount OF bank notes outstanding was
1921 9s9 SOL But the amount OF bank notes Of banks
In existence not in process OF liquidation was $685.
o4OAg5 tie difference between these two sums
BENG the notes OF banks in process OF lquida-