The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-02-18

the character nor In the language stated by him. ue
has been misinformed. FERNANDO WOOD.
MIR. FERNANDO WOOD AND THE COIN BALANCE
IN THE TREAsURy-HE EXPLAINS his DILL
HE SAYS IT WILL NOT INTERFERE WITH RE-
SUMPTION.
FROM QUE SPECIAL CORRESPONDENT.
WASHINGTON Feb. II. 1879
Mr.. Wood says to-day that your correspondent did
not correctly represent him his proposition in
He says that the measure referred to was not pre-
sented in the shape Of BILL but rather
proposition on which to base legis-
lation. stating such views he (Mr. Wood
honestly entertans He prefers that the proposition
shall be considered precisely it made by him.
rather than in such a summary Of it your CORE
spondent sent you last evening" and for that
he asks that it shall be printed verbatim 1t is in
these words:-
TEXT OF Mr.. WOODS RESOLUTION.
Whereas the amount necessary to be provided for
the arrears Of pensions created by the act Of jan
Representatives by the Secretary OF the Treasury in
his letter of February H. 1879 will be SAL OOo
and
Whereas the Secretary OF the Treasury further
states his letter that tho estimated receipts and
expenditures. the Of pensions be provided
for will leave deficiency at the end Of the next fiscal
year Of 81. 06a. 4l9 II. and
Whereas the Secretary further states that there
are but two means Of supplying this deficiency.
VIZ. by additional taxation by the sale Of four per
cent bonds, the latter method of which he recon-
mcnds. and
Whereas the people cannot bear the burden Of
additional taxation and it Is inexpcdent to
the bonded debt. and
Whereas by the monthly statement Of the public
debt issued by the Secretary of the Treasury. Febru
ary l. 1879. there cash balance in tho Treasury
Of $142, OAo o.. part of which is reserved for
purposes Of resumption. under the Act Of January
H. 1875. and
Whereas here can be no good reason at this time
for the reserve Of large a sum. which produces
interest and against which there caa be no large
probable demand. and In view Of the fact that the
Secretary has authority to sell bonds resumption
purposes whenever required for that purposes there
fore
Resolved. That the Secretary Of the Treasury Is
authorized to pay out Of the cash balance in tho
Treasury now ON hand and unexpended any money
that may be required to pay the Of pensions
required by the act Of January IS 1872 or to issue
temporary certificates of indebtedness rcdcemable
the pleasure Of tho government bearing per cent
interest, the proceeds OF which shall be applied to
this Object.
rHx ACTUAL pkyIcfTs.
Mr.. Wood said to your correspondent urthar this
evening I'm my opinion this docs not attack tho
reserve fund for resumption purposes. Tho bill
from the Appropriations Committee concerning the
payment Of arrears Of pensions which passed to-day.
appropriates but 81. 600 900. whereas tho amount
required by the Secretary of the Treasury in
his letter was s4l.5Oo.OOO. consequently there
is only o deficiency of between $12.OOo.Ooo and
$I3OOO0oO and there Is than that in the Trca-
sury cash balance. leaving untouched the coin re-
served for resumption purposes. Besides. there
need be no anxiety about the for resumption
because tho Resumption act gives tho Secretary
authority 70 sell bonds Whenever required for TO
sumption purposes. Therefore. even any
of the present reserve should DO taken
to pay tho arrcarage of pensions. aud
tho balance to that credit did not In the estimation
Of tho Secretary appear TO DO largo enough he has
power TO procure gold whenever the emergency shal
ariso- Moreover in my Judgment. there need be mo
apprehension of anything impairing resumption. It
is an accomplished fact. There has been morecoin
paid into the Treasury since tho LIST of January when
ve resumed than has been drawn out forpurposes
of resumption"
WILL II RErARD RESUMPTION
Mr.. Wood continued :--'I have voted for, every
bill aud proposition looking to resumption of,specie
payments for tho last ten years. and will make any
sacrifice to maintain II intact but do not think it
necessary to keep idle in the treasury so largo
sum Of coin. for which NO receive no interest.
whne arc paying interest tho bonds
with which wc procured It Nor do I
think that when the Treasury gets tho benz
eft Of the reduced interest consequent on the
conversion Of tho six per into four per cents
there will be any deficiency at all shall report to
tho House to- morrow from the Committee OF Ways
and Means Q bill reducing the timo during which
double interest runs the six and four
per cents from ninety to thirty days. which
win save US a. least S2oOo.0oo on interest
account alono during the balance Of tho fiscal
year, and with tho increasing prosperity
of the country the will be largely increased
80 that think that by tho emd Of tho fiscal year it
will DO unnecessary to touch tho resumption fund
to issue additional obligations or sresort to tax
alton. What We require now is temporary
provision 10 meet this additional expendi-
ture, and 1 think That my prorpsition will