Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1878-12-04
SHERMAN'S REPORT.
,nsflCII IN the REVENUES ESTl-
MATED At TEN MILLIONS.
resumption Predicted Reasonable and
Permanent Certainty Restrictive
Legislation on Silver Cola
age Recommended,

nnvrrulnont revenue and expenditures,
'S,I, hay, already been printed. The
""'" ,,J ,xncndi,ur.s including sink.
e''"'"' :, .;u ,;u;,
ins tuni 'hc"'N "''1 'n'"9 '"'''''l
,n,, SGT down at $40, ldf, ,2W"i, Nhu the
.,.,st,J rrcciptsRt S2Bi, 900 600, show
,.,;ra,,J deficit Of over ton mil.
HE :" ~. ,,,,l,l;u,, u,, sinh
hons "' "'''"''' - .na 80, oo- on
Ing tund surplus Vi SO '''''''' ''~'
m, estimates ior revenue next year are
~" 80, ,,,r. ,ban ,ha .c,nal ,,y,nuc
S'''"''-' - -
lot the current s""',
Resumption OF opoai" rayh'n's
Tho Secretary discusses tins question
-, Iengih. Three of the provisions OF
',.,,r,;o, Inv b,y, already becn
'"u J ~ ,mtn rlIrct hy substituting irac-
,"' ,'"nI coin ior fractional currency. by
%. ir,, coinage ui gold, and by ireu
S,nlny There rumaius only the
.,,,nI Trsumpliun in coin on January
Is,u and lis maintenance.
'E,,,y urr cent. uf coin, the Secretary
,,lIs ~ the smallest reserve upon
'I;J, rrsu,nption could lie prudcntly
"r,'',nceJ VIZ" This made nocossury a
',','ry, '""r Of Sl3s 200. 900. The amount of
,,n hrld by the Treasury on the 23d of
T'",nnhor last. in excess oi all accrued
I,riIties Mas SI4I, ,SsS, 100 and consti-
ur,, the coin reserved inr resumption
,.,,r,usrs This reserve comes from the
.,l,ni MI GOO 900 al u per cent. huuds
~, Am onO inlir nor cont. bonds. 10
h;J, hos b,en add,d the surplus roy,
',''',. ,r,,, limo to time.
rr,unpt,ou il mandatory only at
u,'otbr, al The Assistant Trcasuror in
New York il was important to secure
T,'c,' 'oncratiou of the associated hanks
~ Gat city, in the ready collection of
Jr,iI. nu these banks aud in the pay
wrnt Of Treasury drafts held nv them.
T,r secretary then continues:
.,t,,ln,inry ARRANGEMENT has been
u,'in hywh,rL all drafts ON the banks
iii, ,I,c Trcusury are in l., maid ut
NV L,r,,,,, i,,,,.o an1 ull drafts ON tho
a. T.a.,,r,, LsId hv ihc,u are to be puid to
- 'J''a;;r,, hnusc nj tho Office nf the
,'', + rr,,,,,,r,,r in limited States
a,J ,f,,r ih, Isi of .Iouuary
T',,', %"','' S,at,,s nn,.s arc io l., received
y, "',,,' ,T,,r, "srn,n Thi, will greatly lessen
a. ,;I nrJ l,hor All ,nllcctinns both to
T'. Trras,,ry and tho banks.
Fy,ry scu i'm these prcparatiuns Tor
r,,um,,tinu has bocu ACCOMPANIED with
',,''.','I Iu.;n,., nnd confidence The
,,,.,,.nt rnnIiiiuu oi our trade, indus.
iry and cnumer,c. our ample reserves,
AMI the general confidence inspired III
uur financial condition seem tu justify
thr opinion that We arc prepared I"
commence and maintain resumption
from aud after tho LIST day at January,
A ID. 1870.
The current receipts nom revenue
ar sufficient t. meet llss cutIeW Tx
ponditures az We'll IN Tho accrning IN
irrrst on the public debt. Authority II
conferred hy the rolunding net to re-
do,m siA per cent. bonds as they he
como rcdccmahlc, by tho proceeds "t
thu sale ui bonds bearing lower rate
ol interest. Tho United States notes
rriccmcd under the resumption ac' are,
therefore, the principal means provided
lot the purchase at bullion or com win
which tu maintain resumption, nut
should only bc paid when they can he
usrI lu replace an equal amount Oi COIN
Withdrawn from tho resumption fund.
They may. il ~ truN, hr used for current
ru,,ns,s iik. other money, but when
~ used thor place in filled by money
received from taxes or other sources ot
myrnuc
n,,,,;,s ,f c,;n IN th, Treasury will,
nn Jn,,h, ,nnt;nne tn bo made after tho
g., -; inrnarv nv horcioforc Both
,,lIorI .,lycr coin ltou its weight and
1ru v.,II naturally so,k such "A safe do
I,'.'','', .,I,,r,lJ, In coin
'"'' ;,,,',n.;,r ""," - nonrcn;enco will bc
"""' '''''' '"f.' g. rno,,,,n,;on
%'',''' '""'I" I',,,,, ,,,;r onJ n jnit,d
~" '''''''' WI, ~, no Iar os nrnrti.
II,' TT hau3m"I I"'uo S ~ a. ,o currcnt affairs of
,".,'''r''"'o,,,, S,,,' """ amJ ,hcrriorc mo- coin
Wv H,''I'"'''J"', G,,' 'L,iI ~ ~ ;ssnrJ rxrrpt
ubor" c~"rcsIy c rr,nired by the provi
s,ns of law as I'm tho case uf sit
yrr certificates. Tho gold certificates
hitherto issued bv virtue oi the discrc-
u,u conferred upnu the Secretary
will not bc issuod after the lst of Janu-
Sry next The necessity iur them dur
ny a suspcnslon oi specie payments is
obvious, hut no longer exists, when by
law cvcry United States note ~, III ct
tct, II coin certificate. Tho only pnr-
pose that could be suhscryed by Their
ISSUE hereafter would be to enable pcr'
suuS to convert their notes into com Ger
uGUtcs, and thus contract the currency
ani hoard gold IN tho vaults oi the
Treasury without, the Inconvenience or
risk oi ,ts custody. For convenience
United States notes of the same dcnom-
luailou IN the larger coin certificates will
be issued.
The provision in the law for redemp-
ton in New York was blicrcd To he
practical redemption III all parts oi the
United States. Actual redemption Was
confined toa single place from the ne
'csslty oi maintaining only one com re
serve aud where the coin could be easi-
" accumulated and kept.
With this view oi the Resumption
Act, the Secretary will feel il to be his
duty, unless Congress Otherwise pro
yides, to direct that after tho first day oi
January next, and while United States
a.