Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1878-03-30
mR. SHERMAN AND THE FINANCE
COMMITTEE.


took place last week which ought to
have cleared up many subjects on
which mems minds have been much /
perplexed and might have led to
something like cooperation in
financial matters, or at least to a
better understanding between men
who are compelled to act together,
but have been for some time hope
lessly at variance on every point.
Mr.. Sherman had, on the 18th inst,
a meeting with the Finance Conn
-mittee Of the Senate, for the purpose
of discussing important practical
questions growing out Of two meas
ures, one Of which has recently be-
come law, the RECOMMENDATION of
silver, and one of which is now be-
fore the Senate, the bill for the
repeating of the resumption law.
For many reasons it was eminently
desirable that such an interview
should take place. A most impor-
tant measure had just become law
which had been the subject of vehe-
ment and acrimonious controversy
and i'm reference to which Mr.. Sher-
man had openly and strenuously
declared for the opposition, had
protested against it as ruinOus to the
credit of the country, as an obstacle
- 81
bonds; nay, was confidently believed
to have arrested the sale of the four
per cent. bonds for the very purpose
of making it appear that the bill
then before Congress was an obstacle
to the transaction. On the other
hand the repeal of the resumption
bill was before Congress, with an
apparent majority in its favor in
both houses. 1t was important to
both the Senators and the Executive
officer to come to some understand
ing with regard to both the meas
ures, how far the Secretary was
disposed with the large discretionary
powers eonfided to him to carry out
in the spirit of its intentions the
provisions of the silver bill, which
was already law, and how far the
practicability and expediency of
resumption might have been affected
by the new condition of the currency
established or to be brought about
by the coinage of silver. We will
add that the constitution of this
committee was favorable to a dis
passionate conference on the knotty
questions before it. The majority OF
the committee belonged to the same
political party as tie Secretary,
while the opinions of its members
were not entirely defined by party
lines Mr.. Jones, of Nevada, though
a Republican, having voted for
BANDS silver bill, and Mr.. Bayard,
of Delaware, though a Democrat,
having voted against it. Party an
mostly was therefore not likely to
act as a disturbing influence. Again,
the struggle was over as regards the
silver bill, and those who had been
most eager during its stress to eXag-
gerate the points on which they
differed had now every motive for
considering wherein they agreed
and could cooperate in rendering
the new financial arrangements con-
ducive to the national prosperity.
All the preliminaries therefore OF
this conference were favorable to the
establishment of a better under
standing between the executive and
legislative as a result of this inter
view. 1t cannot be doubted that
expectations of such result, if any
entertain them, have been COM
pletely disappointed. TwOquestions
were mainly the subject of discus.
siOn-the possibility and expediency
of resumption, and the aid or him
drance which the silver coinage
might furnish towards that result
On the duty and expediency of re-
sumption the Secretary, in answer
to the Chairman's question, gave q
decided answer: SCI think we ought
to adhere to the policy of resump-
ton and complete it," But when
the question was put point-blank
''Do you thiuk resumption is prac
ticable under the present lawY' He
produced a considerable array Of
figures. These figures as given in
the Cincinnati Enquirer do not cor
respond with the items when added
up. We will therefore give his re
suits; statistics reported by telegraph
are seldom accurate. In rough
numbers, then, the whole of the
gold and bullion i'm the treasury
against which there is no demand
is given at So, 672, 246, or about hal
what is on hand. The silver and
fractional coin added to this bring
IT up to S7l ,775, $50. The silver coir
was estimated by the Secretary t.
be available for the redemption o
the fractional paper. The amount
OF paper to be redeemed was stated
at lS,6lS,O24. This was stated t.
he less than was outstanding at the
time of resumption by over S3S, 600,
600. IT was also stated that the
amount of national bank notes out
standing had been reduced abou
$4,000, 900 i'm the same time, being
on Feb. %, 1873, $S22, OOO, 900 very
nearly. Deducting from this amount
the notes Of banks now in the pro
cess of liquidation, this last amount
was reduced to trifle under $3.50,
900, 900. For all these bank notes il
circulation a special deposit In green
backs is in the treasury. Altogether
the amount of greenbacks and banl
notes in circulation is estimated a
s643, 600, 900, after defeating the prob
able amount of notes lost or de