New-York tribune., 1878-04-05


inability to 90 farther. would you feel At liberty stop
Secretary Bherman.-That cannot state That VIII
not occur IN my time II you give me now such re.
serve as mention, and II Will not occur at al ID your
%s snaspas 9 WHAT WY tine me @
know but what we may be involved in war; which
SSCW SSa SHSs1 s se the eject q in Europe
Mr. Phillips-I was going to ass you on tnaI very ~
RGilRI ISising MSua the price cSt Of sscdl ss1fA "'
secretary sherman-wise men differ very much upon
such demand for our agricultural products and FOR
every thing that we produce ana sell hat - ~ 4n
probably inspire confidence ana there "ouiu W '' U'
Mr. Philps-Mght not raise the price of gold as COM
The Cbarman@or might it rot have the effect Of send
Secretary sherman-we are not bound to pay for our
Mr. Ewng-Bt banks aud Others that hold geld would
Secretary sherman-I do not think So have shown M
now Ifess hseS th tS OF the United
States is stronger for resumption thah the bahA Vi
Mr. Ewing-Is now. siri
Secretary sherman-,No I cay will be II you give
the Bank of England With that $50,OO0,000 adj
Gitional tmaxng our S13O.Oo0O0O or Sll0OOO
OOOl, with the fact that our notes are OF universal
credit and distributed throughout ms great GA'
te1t OF country and among 4OOoooOo OF PeUpIt, PT IT,
the Treasury not likely be called upon and WIN we
act that tie banks have to take care OF S7OOOOOOo
smh,rcting themselves 10 The violation OF the law
OF their creation, with their notes absolutely
secured by United states -, notc;-if We camel l1d
maintain specie payment, then IL IS impoSsiuie
to maintain specie payment on paper cifeuatom @
But suppose that am nisakeir suPose tlt our m oa
are well grounded, aud hat am Oyersanguin as some
peOpe say am; still Congress VIII meet IN December,
and then the question wiz De 50 p"tCht 10 tasi5 ~ %
that il the Resumption Act cannot De carried Out,
shall Congress and say that nave Deeh unao
to accumulate this reserve or Dat an adverse stare G
circumstances has arisen ana that ain unable TO 90
Mr. Twnc-Bnt IN the meantime The country is on the
rack and torture of preparation for impractical resup
tioni MI.
Secretary sherman-Thcrc you mistaken The pro
cess toward resumption is not harsh process What ~
harsh and what has been Of great weight upon the peo-
pie has tho effect OF extreme paper mnailon re-
sultng the panic OF 1873. sixteen or eighteen months
mer. when accumulated SGOOOO,oOO OF gold and wa-
going on reiundng The debt every slgn OF prosperity
Mr.. EwIng-lf the Resumption Law had never been
passed the country would have revived frOm the panic
SECRETARY sherman-You and l. no doubt. differ very
honestly Oh that point
Is THERE DANGER FROM TIE DANKsf
Mr. Hartzell-DOes the mere fact that the Govern
ent wi on the lst OF January be able 10 redeem ail
Its lccaeuder notes bring of scf to specie resunp
tionf /, that what mean by specie resumption
Secretary sherman-l mean by specie resumption not
the payment Of all these debts IN CON- but mean the
rnuiVaeucy OF these United states notes WIN com,
that the people VIII take paper al par WIN CON- ana II
tney want The coin. they can ge' ~ 40 moi 81 l'se
will be presented for redemption.
lions as understand, and there general uudcrs and
ing bc tween hCm al stons affecting Their in'c-
ess ~ we dud their unaniniy IN applying for To-
peal Of The bank tax. 1890
SeciStary sherman-Mr Chiitcnden hero can tell YOU
that there people who have such diverse VIC a
the National banks
Mr. artzcl!-li should appear that the safety and
security uf these National banks demanded II, could
they not unite and get toseiher such securities aId
DR. sent them thc Treasury would drain the Treas
ury OF al the gold that md. and ,hus absolutely IIr-
vent by their combination. the Secretary from carrying
out the provisions OF the Re- unpton Law
sccretay sh-rmaH-I do not th.ug IN the first place
that uey would attempt 10 make such u combination
against the Government; and, IN TIE second place. II
with the amount .! lcgatrudcr notes which tAey hold
admitted 70 be about SToUpoOOO-that thcy could
take the whole OF them ana present them ~ te rc -
ury. thing D. not possible. occAurr TIC hanks
could not brcug ght into anything A" cooptlutl'n ~
that KIND. nor could thcy kc pup continuous su m ~
demand on ie Treasury. And tA,u, sdc-, thr lftds
urN hnh ample power make the banks redeem ihclr
notes.
Nr. EwinC-in legal tender notes :
Secretary Shermdn-Ies, in lcsali-udcr notes.
III. LWinE-Or % silver and gold.
Secretary -hcrmau-Irs. that would throw the gold
back on tie Treasury some o the papers thOugbt that
did not threaten ho hut there doubt ahou Il that
the Treasury would be- stronger than The banks IN such
contest There is 10 danger that tIc National bauks
going combine TO present tolr legatcnder notes to
the Treasury.
Tho conference lasted over three hours, the Sec!e
tary showing no abatement Of confidence in the
ability of the Government to maintain resumption