The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-04-03
RESUMPTION.

RESUMPTION.
Secretary sherman Before the
Committee on Ranking and
HCurrency.
WAsHIsoros, April 1.-The House
Committee on Banking and Currency had
q long conference with the Secretary Of
the Treasury on the subject Of prepare.
tons made by the Treasury and National
banks 10 execute the resumption law.
Mr.. C%hittenden-I have prepared four
questions in the interest Of those whom l
represent, to which, would like 10 have
your answer: First. With silver dol.
lars and silver certificates a full legal ten.
der for debts, including customs and pub.
lie debt, Is not gold practically demonet.
lied, and=how will you renew your sup.
plies or prevent its exclusive use as mer.
ehandiseIin foreign countries? Second.
Ia there any danger that the national
banks, in taking care OF Themselves, will
hoard greenbacks enough 10 exhaust your
gold reserves when the day OF resump.
lion comes? Third. Is it probable that
before you have coined ahundred million
OF new silver dollars, with greater actiy.
ity in foreign trade, they will be exported
at their bullion value to settle the trade
balance, and with what effect upon the
price OF silver bullion. Fourth. Does
not your success in resuming coin pay
ments with our so called double standard
depend absolutely on advance in the price
Of silver bullion in London 10 about SO
pence sterling per ounce? l have not
spoken with any member Of the commit
tee in RETAINING these questions. They
we're framed At my own table, influenced
only by my correspondence and by ques.
tions asked Of me by those whom l repre-
sent
Secretary sherman-I would q great
deal rather In this conference give the
committee the facts and let the committee
draw It's own inferences than attempt to
give my own opinion. But ] have no
objection TO answering any oil these ques:
tons. Think that n certain amount Of
silver dollars Issued will not have the
effect which Mr.. Crittenden thinks. ]
believe We can maintain at par in gold u
certain amount OF silver dollars. Pre-
cisely what amount I should not like to
Say because that is aquestion OF opinion.
But I would have 1t understood that we
can maintain at par in gold no less than
fifty millions Of dollars, perhaps more
say from fifty 10 one hundred millions.
But whenever those silver dollars become
90 abundant and 90 burdensome that the
people would not have them, would not
lake them, undoubtedly they would grad.
ually sink to the value Of the bullion in
them. That Ia my opinion. But Idon't
think It wise for either this committee
or myself 10 discuss this question much,
because the silver bill Is q law, and what.
ever we may think Of It's effect, the pub.
lie mind will mot be satisfied until that
law Is fairly tried. The effect of the
silver bill 10 not going to be very rapid,
nor will the fall 10 silver be anything
like 80 rapid as is probably feared, and
before the silver dollar a sink the
value Of silver bullion Congress
would undoubtedly correct the law
II It were 10 have that effect.
II, on the other hand, it should
haye,the effect which Is anticipated, Of
raising the price Of silver up TO the stan
dardof gold, then Mr.. Chittenden need
not be afraid. Therefore l say that l
don't think that I ought TO give my opin.
ion further on that subject. l have not
changed my mind about the silver bill.
The newspapers sometimes say that l
have. think that, as q matter Of policy,
the silver bill, which makes silver 10 pay
bonds issued by The United States before
the war or after the resumption act Is
not good policy. I have stated that over
and over again publicly, and l don'tdepy
Il. But the silver bill Is the law. We
are not inlailible. II can't operate quick
" in that way, and therefore We had bet.
Ter give II the full benefit OF an expert
ment. In the certainty that II Congress
finds that Il has the effect which Is now
anticipated; Congress cat q. any moment
stop the isue OF the silver dollar. Think
that Ii as far aa 1 ought 10 answer.
Mr.. Chittenden 1t snot my object to
embarrass the Secretary In any way In
these questions.
The Chair-Ths Secretary ia Of the
opinion thatsnticient unto the day Ia the
evil thereol-that we will take q Of the
present and let the future take care OF it
Ralf.