Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-17

No one doubts that the national banks are
Infinitely superior to State banks, and yet
there is great and growing demand in the
South to-day for the establishment of
State banks. But there IS another reason
why we cannot very we'll do without national
bank notes. When I came into Office
found the resumption law upon the statute
books. The time was near at hand for its
consummation. No preparation has been
made by my predecessors in Office, and it de-
volved upon me to execute that law. With
out discussing the wisdom of that law, there
1t was. If it had caused hardship, and do
not believe that it did cause any hardship
1t was the panic of 1873 which caused the
hardship-it would cause less hardship to 60
ahead and carry it to successful issue than
to go back. Moreover, was allowed no dis
erection in the matter My duty was work
of difficulty, but may say it is now practi-
cally accomplished. There are $346, 100000
of legal tender notes to look out for. l
have made provision for them, and the re-
sumption of specie payments may be regard
ed as certain for Jan. l, next
''But suppose that instead of having only
legal-tender notes to provide for the law had
contemplated the coin redemption by the
government of the national bank notes?"
"There would then have been about $780,
100000, and with the coin resources of this
country, am satisfied that resumption
would have been impossible
Supposing resumption 20 be an accom-
plished fact, Mr.. Secretary, and the country
settled down to specie Standard do you not
think the time will come when national bank
notes may be dispensed with?''
''That is quite possible. There being no
longer any necessity for them, they will
be legislated out of existence. l have stated
repeatedly in my speeches that when it comes
to question between legal-tender notes and
national bank notes, am in favor of legal
tender all the time, but that is question for
the future. Its consideration now would
only hamper resumption"
NOT BoNDHoLDER.
"You are represented, Mr.. Sherman, as
being in leaugue with the bondholders.
have curiosity to know if you own any con-
siderable amount of bonds.''
81 do not own single bond, nor have |
for five or six years. And so far from work
ing in the interests of the bondholders,
was the first to introduce a funding scheme
in the Senate, and afterward to advocate
bond which would be taken up by the
people at large instead of by capital
lists. In 1868 l introduced bill which, after
a vigorous fight, passed the Senate, but never
went through the House, to fund all govern
ment securities bearing high rate of inter
est IN 4, ~, and per cent. bonds. | was
indeed, the first to urge the importance of a
per cent. bond into which greenbacks could
be convertible at will. If my funding scheme
had been adopted believed then, and l be-
lleve now, that greenbacks would have stood
at par in gold several years since. This
funding scheme was not in the interests OF
the bondholder. 1t was in the interests OF
the people,"
"You did urge, then, the adoption of g
convertible bond?"
81 did, and was the first to do so.''
THE FOUR PER CENTS.
'Was it your idea, Mr.. Secretary, to pro
vide peoples savings bank in per cents?
Certainly. That is evident 1t is one o.
the principal features of the scheme. THAI
it is answering this purpose is demonstrated
by the books of the treasury, upon which
the names of over 5000 new bond
holders have been entered within sixty days
The per cent. bonds, instead of beng, in
the interest of capitalists, place the govern
ment in the light of poor mans savings
BANK
Having been attacked by the greenback
ers, see you are now accused of initiating tht
currency by an addition of $200,OOO,OOO OF
silver
eyes, am abused pretty generally, but
have laid down for my guidance the inter
ests of the whole country, and do not permi
harsh criticisms to keep me from sleeping
believe that after time my course will b.
justified by the mass of the American PEG
pie. The time will come when they will SCI
clearly that have attempted to do what
believed to be best for all, and then the wis
dom of my course will, believe, be mad
apparent
| DAILY WEATHER BULLETIN.
OFFICE OF OBSERVATION, SIGNAL CORPS, q. s. A
INGERsoLL BLOCK, THIRD STREET.
ST. PAUL, MINI.
| Observations taken at the same moment O
| time at all stations.