Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-02-14
SECRETARY SHERMAN
AND the SENATE COMMITTEE ON 81.
NANCE.
S.nmly Of their Discussion Of financial
IssIes-lhe Bayard Resolution
The Cost Of Rsfunding-
The Sinking Fund
WI lsnINnInN- Erhmnrr hi

i,,Iy, oi the daN. Mr. Beck is the
s,rluZ hgure 'n It, aud he gives MIR.
Sh,uuIu a great heal of trouble with
straightforward, common. sense ques-
u,u, uu ,he Bsyarl proposition 10 re.
I,s. the legal tender quality IT United
stale, treasury notes He showed that
BE- has thought over II a .r,-at deal and
ll, strong convictions. and does not
4rJympJ ,n u ucgl that Le wanted
square answer from Mr. sherman as To
ta, Ittrr.- rira at the ellrct Ut the Raw.
art resolution. Ia fact, he seemed
determined % possible, t. antagon-
o.. tu,sr distinguished representatives
ut hard money Mr.. sherman answered
h.m a., a Presidential candidate at times,
aui finally, when pressed t. the wall,
nat O., Sly that il would ., indelicate
ior him tu cunstrue In aiyance resolu-
t.uu that Was belor. the senate fur con
sulrntiun. Mr. Allison, who seemed To
he somewhat on the fence m rrgard to
the Bayard Resolution,
asked a lew uu,itst but suitable uues-
tJ1u,. ami Mr. herman talked like law
,rr Who liuky-i at u lruu a purely legal
standpoint Mr. Wallace, after letting
M B,yk lea "a the examination. took
the secretary ia hand AMI showed plain.
Is ttlt hy. tuu, had studied the question
Iu "a, 10, bearings aud had determined,
la advance, uu his line oi investigation.
Eut Nr Ferry, u finance is his strong
,u.t. .,lu,, not appear irum this publication
O. have been happy either Ia the lan-
guagr OF the substance oi the questions
sh,,h be- uoR and then pr0pOundrd.
Dor after asking question which Mr..
sherman jui not comprehend he fol-
uNrl % zap hy ala explanatory question
whirh iur,yl Mr. Sherman, Presidential |
candidate a, Do. o., actually to say he
could not -,r the point IL Is not hard I
o. imagine that Just here Back smiled !
broadly AMI Bayari bit his lip to re-
press smile Mr Bdyari said but !
httle, but Vas evidently nrJtlri:at the |
determined manner With which Mr.. |
Beck pressed Mr. sherman ia regard To
hls resolution
The Questions that Mr Beck Pressed
most prrtIuariuu.'y and which the /
Secretary rya,!cj a. long as possible
direct replies, werr, whether, II the
Bayari resolution passed, National
bank notes would not have higher
quality than lT,,ubackS, aud whether
National bans notes would not then re-.
main I,-Jl tender tu banks. to mem
byr, ui tur-Jts, aud % creditors OF the
government, cNrrpt tu bondholders.
Nr Wallace supplemented these qucs-
tons by the UIUiryShcther the banks
would nuf have the right io paw their
OUTSTANDING; notes la grcenbacks, even
though the lJttrrw,rc, by the resolution
IA question, deprived of their legal ten
der quality
VIZ. sherman finally said that It the
legal tender quality VAS taken from
grrrnbarks they would still be lawful
money, just a. fractional currency Is
lawful money, although only a legal
tender Tor SO lie got rld Di giving his
views as % the effect oi the Bayard res
olutIon on the score ui dylicary, as al
ready stated.
Mr. sherman was allowed o. explain
The Working OF the Syndicate
VA putting the tour per cent. bonds On
ihr market. and made statement as to
The cost oi feiundlng, without being ask
ri maRv questions by members oi the
committee When giving the amounts
1aid the New York National banks he
turned to Mr., Beck aud said that there
lai been a good deal oi criticism on the
part OF the press IN regard 10 the com
missions earned by the First National
Bank Of New York, and said he believed
Mr. Reck had also alluded 10 Il in his
speech. lie asserted. however, that this
lank had only been paid the lawful
il had earned. some OF the
ahlcs given must have cost Mr.. Sher-
mans subOpinates a good deal Vt hard /
xOrk
A % the issue Oi bonds under IL
unding act, be cOntcni,d that before
i.65 bonds can be sold At par I percents
must be worth 100 The committee. no
iuubt, remembered that the predictions
,s To the four per cents we're oi a like
,haracter and have not been iulInlled.
Mr.. Thurman vas very pointed IN
lls definition Of that bu ;bcar alike To
,ummOn people aud tinancicrs, a
sinking Fuud
Tie said 10 Is nothing morr than a
name Tor the surplus revenues ot the
government and government without
surplus revenues cannot have a sink
lng fund There Is noway IN the world,
be added, toPay debt except by having
an income above your expenditures,
and you can call your surplus revenues
a sinking fund Il YOU choose to
do 81. Ii Congress will supply
the surplus revenue ucccssary to com.
ply With the present sinking iund law.
the National debt would trrxtiuguishrd
IN thirty wears, whether YOU call ita
sinking fund or not
The Action 0fthe House Committee.
The action oi tb, Ways and Means
Committee OF the House, yesterday,
ooly tsenty-t0ur hours after Mr. Sher-
nsn ha,i gwen IL members less elab-
o<zfs 1nsncial talk than he gave the
Scnzle Finance Committee, does not in
d1csfs that thai committee believes IN
->-->----~a~i inlAlbihty. for instead OF
4 ~ oenL bonds they reported in favor
silf psr cents. as have all along pre-
l<s<ed they would. lie advised that
~ per cent IN coin Of the
AHoRHl OF greenbacks in circu-
><ion shall be kept in the
nsas1fy, and yet on Tuesday next you
~ nj a subcommittee Of the Ways
md Means viii report To the full commit
'ee bill for only SSi per cent, on one
dollar for three. a. in the case Of the
ante war state banks. The House viii
concur in the recommendations OF the
Ways and Means Committee. Mr.. Gar
held, Who always Il In accord with Mr..
SHERMAN, viii Of course oppose them.