New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-20
A CONFERENCE WITH Mr.. SHERMAN.
THE SECRETARY TELLS A COMMITTEE THAT SPECIE
PAYMENTS ARE ENTIRELY PRACTICABLE, AND

PAYMENTS ARE ENTIRELY PRACTICABLE, AND
The SILVER LAW WILL BE A HELP.
Try TELEGRAPH THE TRIBUSEl
WASHINGTON, March 19.-The eenatc Committee
on Finance sent to Secretary Sherman. few days
ago. an invitation to appear before it to-day.
and TO give at length his views in regard
10 the bill for the repeal of the Resump
ton Act. Secretary Sherman went to the committee
room this morning carrying with him written docu-
ments and statistics and remained with the com
mittee until the hour fixed for the meeting of the
Senate. During Che interview different members of
the committee interrupted the Secretary freely and
questioned him in regard TO the statement which lie
made.
The session was private one, and although it is
the desire both of the Senators and of the Secretary
himself to give the main points of his statement to
the pubic it was concluded to reserve the notes of
j. until they can be revised tomorrow.
Secretary Sherman told the committee that in his
opinion it would be unwse and nexpedient to
repeal the Resumption Act. He did not sup
pose that it would baye any special influence
at home, but the principle would be wrong, and
being an act of bad faith with the creditors of the
Government would have an injurious influence on
to have 10 doubt OF his complete ability
to carry the Resumption Act into full
execution without the slightest injury to
the business of the country while he believed that
Its execution would have very Denehclal enect
upon the price of our securities abroad. In demon
stratng the practicability OF carrying into effect
tbe Law as it stands the Secretary mentioned the
amount of gold aud silver now III the treasury
vaults and disclosed some degree his plans Tor In
Secretary Sherman was questioned by several
members of the committee III regard TO the effect OF
the passage OF the modified Silver Bill on the
operations of the Resumption Act. lie SAID
that he was bound to admit that the
effect of the bill generally had been good,
and that it would probably be an aid rather
than an obstacle TO resumption. In his opinion, IT
would be easier to resume specie payments with
double than with single metal used as legal
tender. The injury that has been done by me Sill
yer Bill is that it has caused suspension OF the
sae of per cent bonds and has induced holders OF
our public securities abroad TO send them home in
large quantities. In answer TO question Dy Il
member of the committee. he added that ne be,
lieved all the bonds that had been Imported had
been taken by our own people and that the prices
A Senator asked the Secretary the date at which
the sale of per cent bonds had practically stopped
He replied that it stopped the 10th day. of
October last. One of the members then SAID that
the Silver Bill could not have caused this suspen-
sion because il was not introduced at that time,
and because the special sesl on OF Congress dd not
begin until the 18th of October.
The Secretary said that he could sell any amount
of Az per cent bonds either for gold or silver, at
premium to.o, 90 aostrov,no aud
taking out of circulation the leealtender notes re-
deemed under the operations OF the Resumption Act,
but believes that they ought TO remain as part OF
our circulating medium. lie Is in favor OF receiving
customs duties in lcgaltender notes after the first
of October next.
The Secretary told the committee that the banks
of the country are already increasing their coin
reserves that while specie is not Aowing into the
Treasury, il is beng accumulated in the banks,
and thus becomes available for the maintenance OF
specie payments.
The full report of Mr.. Shernan's conference with
the committee will be given to the press tomorrow
THE PACIFIC RAILROADS.
BOTH THE TEXAS PACIFIC AND SOUTHERN PACIFIC
BILLS REPORTED TO The sENATE-KANsAs
PACIFIC
lBY TELEGRAPH TO THE rIIBUSE.l
WASHINGTON, March 19.-Thc Senate Committee
on Railroads voted, to-day, to report TO the Senate
the Texas and Pacific Railroad Bill prepared by
Colonel SCOTS representatives; but nearly every
member of the committee reserved his right to
oppose the bill in the Senate, If lie should think 1t
wise to do So The vote, therefore, cannot DO con-
sidered rs on indication that the committee will
give the bill effective support when it comes up for
discussion. The committee agreed to report back
the Huntington or Southern Pacific Bill, and
have 1t placed on the calendar without recon-
.mendaton.
The following is the text of Mr.. Abram S. Hewitt's
RESOLUTION in regard to the Kansas Pacific Railway
Company: