The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-11
ARE WE READY TO RESUME!
MIR. SHERMAN sIrs THAT WE IRE, md
SETS FORTH the REISON.
finnnciers. However, Think TINT Resumption
Ought Not TO he Forced. but Allowed 60
Come when the circumstances Permit.


or late there have been published many
interviews with the de fdctO Secretary sherman.
in which that eminent nnancicr has been made
to promulgute some cheering views ms to re-
sumption. Once it wns asserted that he had
decided to resume ON the LIST OF October; but
this being contradctcd. the country was told
that the Treasury wns in condition to resume
ON that date but that tho de factO Secretary had
doubts about the legality of rcsuming before
the LIST OF January. the date lxod by net Of Con-
gress. dry or two ago there came from the
Treasury Department Il statement showing the
amount of coin on hand on June 30 the gist Of
which is here given Total coin on hand. $780,
222.5O2. of which slGl 100000 is in gold re-
demption fund. accrued from the syndicate
purchases and other sources 9.OOO. 900.
Against this fund the obligations outstanding
are tj7.7i7. $50. leaving n surplus Of s2.474S22
and making the strength OF tho redemption
fund s12l 100000. 1t was set forth also in the
report tina, the Government holds 100000 900 Of
the legal tenders. The redemption fund was
represented to he fully thirty-nvo per cent. of
the entire amount OF legal tenders outstanding
and able ilnancicrs affirm that the Bank OF Eng
land seldom holds II larger coin reserve than
forty per cent. and has often been known to
come down to thirty-nvo per cent.
Tho discussion Of resumption that has been
carried on for several days past gave great ON
phasls In the public mind to the arrival Of the
ne Jacto Secretary in this city yesterday. and 1t
was broadly limited that the object Of his visit
was TO secure a further supply OF gold for re-
sumption purposes. 1t was even said that ho
was about to offer sOmo more Of the a.. per
cont bonds TO the late successful syndicate
Then n rumor flow about that he intended tn
throw tho peoples loan-thc per cen,s.-into
the hands of the syndicate. and there were
some knowing ones who asserted that he had
ngreed To- give them an option Of tl5OQOOOOO,
s5O.OOO 900 to be taken at once. and tho rest
within six months.
Mr.. sherman. soon after his arrival. called
Sub-Treasury. and he WIS visited there 10y Mr.
Iuckr ot August Belmont h Co.. Mr.. Buker Of
the First, National Bank. aud other men 81
money. From the Sub-Trensury he went to the
Custom House. and was closetrd with Collector
Arthur Tor an hour or more. Then he dined at
p-lmonicOs with Surveyor Merritt, md finish
cd tho afternoon and evening on Manhattan
Beach. lie held no conferences with bankers.
AMI accorded only the shortest and curtcst in
tcrvcwe To reporters.
With gold at thrcr-cighths Of ono per cent"
Mr.. sherman said. the question OF resumption
H. practically settled. | don't believe that II VIII
be- nrres-try Ia issue Au order for r"-uml tun
in January next for long before that time r.,
come by force of circumstances. and u vii come
before the time fixed by Congress. Tho Treas
ury If ahundnnily able To- resume and to meet
all the obligations ~ the Government"
In regard to the placing II the four per cents
In the hands Of the syndicate. Mr.. sherman
loan he said and they want to buy it
straight from the hands ot the Government.
Thoy want no Intermediates II Is selling now
ut the rate OF s2,OOoOOO week. and there is
lsood reason 10 believe that 1t will soon 10 OH
still faster"
York To- look AROUND and ENJOY himself. and
denied the rumors relative to the syndicate and
Among promncn, bankers resumption is
looked upon rs an assured certainty, although
there Is some diversity OF opinion as To its
ttt. ala IA NOR II
saving that resumption. under the act oi Con-
erCs-. WI. he Initiation. and not CONTRACTION.
"a has generally been held. and argue that the
volume 81 the currency VIII un gr'htiy increased,
and that tae natural rcsult-hign"r prices
will follow. Mr. John 4. stewart. President OF
the United States Irus, Company. said TINT no
difficulty stood IN the way Of resumption. You
must rrnemher. he said. thnt thY legal ten
oven allowing -. the rush for gold should bo
three times US great as il anticipated. the rcns.
ury could pay "ut gold 10 those VINO demanded
H. and a. the Same time d,sbursr legal tenders
10 those having Chains against II, for legal tom
d"rs would ho on a par with gold. Then Mr..
sherman has his silver reserve to fall back
upon. aui should this DO exhausted
be is empowered TO issue more bonds.
that is not pleasant TO contemplate. You can-
not los-l,ie away the value OF any commodity
IN demand. Congress has tried 10 do this with
gold ana III, prople. deluded By mn iilusory
prospect y pros p"rity. seem To- sustain is ac-
ton. Trade must regulate iseli. Among our
selves our SILVER tnd our paper dollars VIII pass
readily enough. rut how Will they pass whrn
We are cdllHN upon lo huN Ahh nay lrf Entlls
ahroadf W. may plcnse ourselves with the
pleasant fiction that ~ a cents is dollar; but
those We deal with in Europe will demand loo
| cents. just now there Is not much to lear. Tor
the balance of trade Is in our favor; but let
the scale tip the other way and You will find
that gold viii assume its status RS n commodity.
and that our merchants will have 10 go into the
market and buy II in order 20 pay Tor their Inn
pOrtations. Then silver and LEGAL tenders Will
sink To- a common level and although nominal
Is We may have u bi-ncta!llc currency. We Will
actually have currency such ~ We have now
the price Of gold. II may DO that we may main
tain the balance OF trade IN our favor. but this
Is by no means certain. Peace in Europe, with
good crops. would materinIly reduce tho de,
mand for our products. II silver could be- sold
nL ondon tor GO pence an ounce our currency
would bc N right. but II II SELL ing AT 81 pence.
and the price has been steadily dropping of
ever since the silver bill passed"
Mr., Charles VI. Fry. President of tho Bank OF
New York, thought that resumption was posi-.
bic. but did not think that Mr.. sherman would
ATTEMPT To- resume officially until the day fixed
by the uct He might. however. lend his moral
aid to tho scheme. Mr.. Fry professed entire
ignorance OF the silver question.
Mr.. Anthony Lane. cashier OF the Fourth
National Bunk, took II CHEEKY view Of the situa-
ton. although he considered the Finances OF the
country in an anomalous condition. Tho only
thing - do was H. wait ana watch the result,
Mr.. George :. Coe. President Of tho American
Bank. declined to talk ON the subject. although
be confessed that he could not fully understand
Sir. William L. Jenkins, President c, tho
Bank Of America. said that the nearer Secretary
sherman stuck 10 the law in regard to resump-
ton the better II would be for him and the cOun-
try nj large As II general rule II was the most
wise for public flrinls TO obey the law In It's
strict letter aud spirit; but Mr.. jenkins did not
think that resumption can be confined TO gold
coin. Gold Is one thing and silver is smother
thing. We may resume in coin-pnrtly gold
and partly silver Mr.. jenkins did not wish To
be- quoted NJ speaking II Secretary ShermHns
acts in political point Of view. any further
than they had u bearing upon tho currency
question.
Mr. George /. Seney President Of the Metro
politNn Bank. said that Secretary sherman.
having the card in his hand. could play 1t Just
rs he pleased; but II would be- much more nd
vsable to let resumption come IN its natural
way. and not try 10 force II by premature meas
ures. Resumption would eventually come
without special enactments. and OF its own ac
cord.
An officer OF the Bank Of the State Of New
York. VINO did not wish % appear as having
been. interviewed. snd: We cannot make u
Inv that will make water run no hill unless it is
forced upward. SO laws will not enforce re-
sumption permanently The state OF the cur.
rency depends upon the state Of trade Re-
sumption. 10 be OF lasting value. must come
about III Il natural way.
More MOrmons.
lorenzo Young the sixteenth son OF tho late
Brigham Young, was passenger in the steamship