The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-03-21

This capii al seeks our bonds wnen this Dl-metac
basis is declared?
FOR BONDS.
Secretary snERMAN-Ycs. Many circumstances
favor TINS The demand Tor bonds extends 10 the
four ana half per cent, and thinK within b
we can sell all wo want Of four per cent bonds
to carry out the Resumption law, tor would
not accumulate more than Ave millions a
month, aud that largely In gold anu SILVER bullion
There Is uo special necessity to force tho bond
In order 10 MAINTAIN resumption. We have
ST. 000,0OO 10 $4,000 OO0 hand every one can
measure now much more viii be necessary 10 main
tam resumption. II tho sale OF bonds was ever SO
free would not accumulate more tnan So, 600. 600
month OF botn metals. ana all sales beyond that
should be applied for reminding six per cent Douds
senator ALLIsoN--Do you think that you can add
largely 10 the stock OF IN this country by your
process OF adding TO your reserves s5,0O0,OO0 per
month"; That Is 10 say, will you accumulate from
other countries or simply drsw into the Treasury
accuinui,tions already exs,ine In own country
secretary SHERMAN / am gIad you mentioned that
point although since the LIST OF January last wo have
accumulated no coin in the Treasury, the amoant
that we hai pror 10 that accumulated per month has
since then gone into the banks; the banks have al
ready accumulated more than $5,0Uooo0 in gold since
the Ist oil January.
senator MoRRILi-Thcy have Increased thor re-
serves by the amount of 600 600 ia gold per month
Secretary SnERMAy-Iicre ~ sta cment which
shows tue aggregate amount Of specie held by The
banks fine United States during the several periods
therein mentioned. Now, in the United states there
have been no statements Of national banks since Dc
cember last but In the city OF New York they have
weekly statement OF the Clearing House. ThIs shows
the amount at tho beginning OF every week, from
was s2l,Ssi,lo0 That sum Increased IN
amount until March 10, 1878, when "
reached SOL j5l COO, difference of about $13 600 0O0
which is just about s. 600, 900 per month ncreasc
that this accumulation OF coin has gonc on In the
banks since It stopped in tho treasury.
Senator FERRy-rhen, II you embrace the accumula-
on In tho banks and IRE sury II has been progress
Ing gradually at the rate OF about S., ooo,o 900 per
monthY
Secretary sHERNAS--Ycs, sir; more than that. In
Now York alone the accumulation Is SIS, 900 900 per
moath, but in Boston aud Philadelphia IL Is also gong
on.
senator FKRRY--Wnat in your judgment is tho ac-
emulation IN both the banks ana the Treasury per
month IN amount2
secretary sHERMAS-l should think 1t to be between
$4,000 900 aud $4,000 900 per month. In giving an
answer 70 Nr. Morrls question as TO the general
elect of the silver bill would not like
give positive opinion. l do not think,
taxing II all together, that u Is an obstacle
IN the way OF resumption Ii has
operated IN respects adversely, buIon the whole
do not SUNK u should discourage US from resump.
Ton or from carrying out our general policy.
Senator JorKs--Thsu In It's effect upon the return
OF the oil bonds you refer 10, would there
not ha An asent Of strsaaih sddsd IN fsvox Of 80,