Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-04-02
TE LIE GRAPHIC.
Secretary Sherman on
Specie Resumption.
He Is Confident That We
Can Resume in 1879.
ESPECIAL DISPATCH TO rus Coin HILL
DAILY Naval

II lbE8lIAL DltFAIth To " eohb AAN@
DAILY Naval
s~scressry sherman on Resumption.
WASHINGTON. April 2.-Tho House Com
mitteo on Banking and Currency had .
long conference with Secretary Sherman
on the subject Of the preparations made by
tho Treasury and national banks to sre-
cute tho Resumption law. The Secretary
said that no bonds were ever delivered
until paid for. The committee asked tho
usual amount Of annual coin liabilities.
The answer was siO2 ,OOO. 900. In 8
to questions the Secretary said the amount
Of fractional currency applied to the sink.
ing fund in 1876 was s 1900, 900. In 1877
II was sl4. ZOO. 900. and mp TO date $685.
333, . total Of s2i, SOC, 900. Last year the
deficit In the sinking fund was 80, $50 900.
simply ON account Of lack Of revenue to
mako II good. However. on the whole.
tho fund had been moro than made good.
The Secretary engaged In q discussion
with Ewing on the sinking fund. The
Secretary argued that the cancellation Of
legal tenders was virtually o payment TO
that amount. Ewing denied this.
Chittendcn asked tho following four
| questions
Pirst-with silver dollars and silver GER
| t~llcates n tho legal tender for all debts.
| including customs and public debt, Is not
gold practically demonetized. and how will
YOU renew your supplies or prevent its e.
| elusive use ~ merchandise In foreign COM
mercer
Seconds there no danger that the Ma
| tional Banks, In taking care OF themselves,
will hoard greenbacks enough to exhaust
your gold reserves when the day for re-
sumption comcsf
Thirds II probable, therefore. that af.
ter YOU have coined o hundred million OF
The new silver dollars, with great activity
In foreign trade, they will be exported at
| their bullion value To settle the trade bal.
snce, and with what effect In the price OF
silver bullion2
Pourth-Does not your success In re-
suming coin payments with our so-called
| double standard depend absolutely upon
an advance In price In silver bullion In
London To about ffty.ninc pence sterling
per ouncef ,...
The Secretary answered that he didn't
| think the certain amount OF dollars thus
| issued would have the effect Chittenden
anticipated. He believed the silver dol
lars can DO maintained on 4 par with gold.
| though no would not fix the amount.
Certainly II would not be less than $50.
900, 900. and perhaps 500, 900, 900. When
| these dollars got NO burdensome that
| people wouldn't use them, then they would
sink 10 their bullion value. The people
would demand q fair trial OF silver. and
| changes I'm value Of silver would be quietly
effected. IIe had not changed his mind
,bout the Silver bill, although the news.
papers claimed that ho had, but he was
liable 10 err. Whenever the effect Is bad,
Congress can instantly stop the coinage OF
silver. 10 didn't care TO discuss the
question thoroughly.
Regarding tho report a Ewing's visit to
New York bankers and their talk on re-
sumption, Ewing said tho report was stolen
and published without tho consent OF the
committee, or the gentlemen who talked
before Il under a promise Of secrecy. The
committee were much annoyed at the pub
LEGATION, The Secretary exonerated the
committee and said the bankers assumed
that wo sell enough four per cents. to pre-.
pare for resumption, that the national
banks can shove on tho Government the
burden Of the resumption OF bank notes As
we'll as Of United States notes, and that
resumption requires tho resumption ana
cancellation. without the power OF reissue
Of all United States notes below 3oo,ooo'-
900. He believed that enough iour per
cents. could he sold, but falling IN thai'
enough four n one.half aud hVe per
cents. to maintain resumption. These
bankers had offered To buy enough ionr
and one-hAlf per cents. 70 guarantee re-
sumption. and the whole question was
only q TO the rate OF interest on
the bonds. IL tho money cannot b~ had
for four per cent, IL will be time 70 pay
~ per cent. Although the silver bill has
crippled this power 10 sell 1 per cents, vet
. vise sayipgs bill enabling the treasury
IN desi direct with the people, would
isroelv renair this. On tho second point, |
t,e national banks cannot throw upon the
government the burden OF redeeming
thcir notes. The attempt would lie sui.
eide. They are bound to redeem their
own notes at the Treasury and maintain
In the vaults q very large reserve OF
United States notes. II they attempted to
force resumption the Government would
xitbdraw ali deposits from them, and
thcy would lose their power 10 issue cir
c%ulating notes. The Government now
holds A larger proportionste reserve 10 de- !
,"uJ ,isLiI,,is. liam any hank Of tbese
Gentlemen. and il has the wi TO In.
crssse N. THE most dangcro,i. liabilities, |
tbe certifcates OF deposit, are secured
sm,iv Inv coin mr. notes. while the banks
a-a o,sr .iY hundred millions 10
isnositors. which Ia chiefly represented by