The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-21
SHERMAN BEFORE THE SENATE
FINANCE COMMITTEE
I'm Opposition to the Repeal of the Re.
sumption Act.

WASHINGTON, March 2o.-,Dluring the Interview
between the Senate Committee on Finance and
the Secretary OF the Treasury yesterday. the
committee, said: II think the resump ption act
ought not to be repealed ahat 1t was declaration
OF public policy. COMMENCED with the act Of Feb
ruary. 1862, repealed by Congress several times,
notably in 1866 notably again in 1869 and again by
the passage OF the resumption act. that we
States notes nc % WITCH hi b We're Presented for redemp
tion in gold and silver coin. That this is the
declared public policy of this country, and it
vinced that we are able to do what we have 80
often promised to do. and ought to do. Besides
this. several states have through their legisla-
turt indicated a purpose to conform their laws
to ours"
Senstor Bayard-Whlch States besides New
York?
Secretary sherman-Wel' Massachusetts to
far; and many corporations and many indi-
vduals have made their contracts upon the
try seems to have set led down to the conviction
hat we can resume. and business has adapted
itself to, and contracts have been made with
sumption is concerned, we have already suf-
tered. and now to go backwards would be only
to invite suff ring again.
ahead. and that to retract the policy. of resumD
tion now would separate the metals from our
currency, and we would have to go through the
Of national weakness. The struggle between
metallic money as the basis of Taper money
and irredeemabl paper money, must be made
some time and think we would better COM
plete 1t now. In regard to your question, al
though it is Legislative question f2r you.
genlIenen. to, ask, and not for me, think
we ought to adhere to the policy Of resumption
and complete 1t.
The Chairman-Do you think resumption is
practicable under the present law? You have
partially anticipated that question. but still l
ask it.
Secretary Sherman-That Is question very
much of figures; supposing that it would be The
principal one. and would have to answer that,
here. which will give you. and they will speak
better than I can. The best ey dence that we
are able to resume on the first OF January next
When the resumption act passed the premium
| on gold was about 10h per cent; since that time
| 1t has been reduced to nominal rate. 1t is now
| Since that time we have accumulated in pre-
paration for resumption largesum of gold, I
have taken some pains to get the figures which
you may have the exact condition Of the
Treasury. This is the statement of the Trea-
| surer made yesterday:
TREASURY OF THE UNITED STATES,
Washington, March IS. 1878.
! Sir-In accordance with your request I have
the honor to state the amount of gold and silver
in the treasury on the twenty eighth ultimo,
the date Of the last debt statement which
gold bullion, 1887 800 81; total sl25 Oss 755 %
ing officer. and outstanding checks. ssls,sas co.
call-d bonds and interest. $685. 179 %; interest
due and unpaid, a. 9o9 705 ~ total ss2, bOs 10
available gold coin and bullion. SCI .s72 24s g.
| Available silver coin. fractional. S. 972 a95 AZ
available gold and silver. ST. 776 800 Sc.
| OF the items that are connted here, and de-
dncted from gold. about go. % 900. are Dracti-
standine dras s1l and called bonds. % ana Interest R g
due and unpaid although due, yet the amount