, 1880-02-17
FINANCES.
s1EnMAN's REPTILES 70 THE BENArE FINANCE

Special Dispatch 10 The Chicago TRIBUNE.
WAs11s0roN, D. c., ,Fob. 10.-The stntcment
Of Secrutnry Sherman to tho sennta Finnnco
Committee In secret sessIuu has Just been printed
from tho atonographor's notes. Tho following
lvC questions wore Asked:
First-What roason II any, is thoro for 70.
fus!ng to pass a blu authorizing tho receipt Of
le9nl-tcntlcrs for customs ducs2
'Scconl-Why should not tho tratc-tlo1lar be
converted into standard tlnll,lr?
Thff1l-Wh&t haa ben tho cost OF converting
tho interest benring debt, us It stood .Tuly II,
1870, to what 1t is now including double Ill
tercst?
Faarth-The effect of tho abolition Of tho
,s.snass sna, quality 8 FFeonba'ks upon tho
Fyah-rho necesstyxer sinklus-funa, and
Secretary shorlnan's pnsYnss oro contained In
auttn large pauanhi5;Se whiuh tho tollowlugis Is
braof summary:
To TIE F11.eT 1NQu1Ry
SecretRry Sherman, in substance, answers: Tho
United atatcs. by act Ut Feb. Is, 1850 provided
thMt tho duties OIL Imported goods ahali be paid
In coin, and that coin si,nli bo reserved as Bpc-
cal fund for tho payment OF interust OIL tho
public debt and tho notes OF tho United
States. Therp IL no objection to receiving
lcEnl-tentlers for customs 30 long as legul.
tenders remain at par The Department cut
keep TIP this pr7lctiee onty as long rs parties
holding Interest obligations aro willing tc accept
tho samo notes in I'aynscnt therefor. II from
my ca,lso tho ]cgal-tundcra should Icprrclatc
below coin, tho Government would at!ll bo re-
qulrcd to pay tho interrst OIL tho public debt In
coin, Gnd II customs dies wero payable In legll-
tender notes tho Treasury would hnyo
no gold supply. 1tofcrring to tho state.
mcnt r. the nnnuAl report ct Decem-
L. r xa IT, tcca tHSt e II s sas 1t nofs Ct ~ snssy ss
toms 'scs. Secretary sterulnn k,lys ho rnw curs-
clndca that it would lu t,ottur u lcayo tho Inv
rs u is leaving to Government tho right TO III;
tho individual tho authority Il, tie.1lnn coin for
Interest Of tho pllb|Iu iudt. Iu other wor,ia. he
or egui-tolors TOR cl,stsl,s w,,silG o to sul,si-
tuto for Il liked contract hutwecn the Govern
nSnt tn,,sna and ,rs tho t. hs'ior Of It's % olil.
o5sotlou ls q '% With III Ill., wS& Ss lons ~
II fo 5sIsfy ssasf% 's Il a Sc rssHaef III Mt,spex ep u
Tint tio Trc.!su1y t.%inicaiiy cSml:l trcaat shc
notes are now only received In tho naturs Of d
cnIn certificate. lnnstn',ch us Congress hAs not
.Nsente. to this construction Of tho las, sccre-
Seoretary shortnaM thinks q luw passed Il,
obccton esG fo?" fGs e +ccs1a MG taS S
customs tluca would vlnln!r obllxntols IN crtsl-
lt0rN." Mites thus received will IN every In
stNhtr be ilapcsilcl with tho Tr1lstIrer nr AZ
Hlatant-TrcAsirur nf tho United HtuteS, M .lrt.
0ther collections IT aleh duties, to he rctlep1netl
from. tnn to tMe tn co!n IN Government ue-
count ~ tho convenience Of tho scrvtco 1l,ay
det!uNQ,"
THE TRADE DOLLAR.
In response to tho slHestlnfi Why tho trade dol
lar st,slllii mt lH converted into II atandlri n-
YER !lD!Enr, scorBtnry Sherman HAl: "Vll1re n
ITO 0lrCt0 1t, my nM, IL l,gs,ylle f0F e1Et!tlu9u
nt tho tr!Itlo dollar far tho ssanlnrl sity0r
dollar The only pont Is whether tho tf!ttln ,O-
Jar snal! b1 treated ~ lull!sl or IN ca!llt" dol.
tho opln!nA tllAt 1t ought ~ lM trrateA uA *,
1GiiaE bullion Issued ut Tho expense VI tho NOR
chnnts fur their tn'nvuflrntO nud tfcflGiit, md
without prDltt tG tho tnltrtl btltea Ml,l there-
torN not entitled tH my preference oyer nther
!ntlEn, and VIZ Mfghf say not NJ, mieh, t,ctn'sstt
1t Wt!a iaNtcd to prtyntn part lrs fur their DnlGt
and ut thcfr, cost. hut aalnusel by thu Unte4,
lnttcr advantage IN y fnrIesl marknt., hnye
tInt, therefore, any objection to the bill. II ytHl
itlltw tho JIlttH1 Statoa ~ pay thu hAtlle for
thcso trsl&!0 doliara us fDr nt!anr blllnI,"
RESPECTFULLY NEYErtttEp.
Asnn Rlswcr tn tho question Whit eft!ct tho
lcgnl-tcnl8r lality 1t tho Xtccilllacka will hnyu
n1l ol,r p4por ctlrEcnoyl' St!crutary Sherman ro-
fcFB tho Committee tn his lust A1.i.linl report.
COST or HEPuxntSn.
The oxren6o Of EtG,tfsiing $S00, ,U10, 90 OF Der
cont lntltls WIN $a,6o1,UJ),
MI: Bhernins n!iAwer tn tho inquiry as to the
Sinking FUN! contained untbtnx now
ON THE SILVER QUESTION,
he referred thu Ctlmtntttee IN his intorvoW with
tho lInNso Commerce Cnmmlttce in8t yenr.
which was printed IT that ttlnD In THE TRIBUNE.