The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-02-28

Republican caucus. md moved committee o.
nine Republican Nom beers, to whom tho sub.
jeet shGuld,bc referred. Il was COMPOSED; 4, as
men: John sherman tChairman,. ALLISON,
Boutwell,; Conklng. Edmunds. Ferry Oh MieM-
fhose esntsmen reprcse n al most every
dMhey met several times before agresitn ns R ,s
ts meaning and effects were so divergent TINT n.t
MT MT enter into discussion Of ~ dctai's; was
f that ptr no. friend thS Of The With SHOULD
participate In the debate except myself. an !
that ! was not to commit any one mnon, NY ny
tive declaration that the he United states would
rt,snmr specie paynsnts in reasonable time ne,
Secretary 1.-THE Treasury to ACCOMPLISH that re-
ssi5 phSr" was nothing tns b mat mn not
executed Th,. wit with yig9r and lirnness"
-, The bill was referred to the Committee on
FINANCE. and in due time was Reported by me
debate. with no speech in its favor except the
one made by me- have recently read i, and
90 MT see how could be added d 9
on ana t te
Imemorabe canvass Of 1875 in Ohio. in which
ton. was almost tho solo topic Of discussion;
yse sye tHTn igr or thc 9d
sun SUMPTION act. You know that rs tho result OF
that campaisn Hayes was elected Governor,
sSttrenrthened. especially among the people OF
ohio, Nothing was done for two years to exc;
1t relating to tho issue OF silver coin and tho
reti Ws Of fractional notes" ~,
rs id y" tnn prSdsessso!s
did not believe that resumption could be ac-
c;H;mGpl.hsSd under tn. Jaw Mr.. Morrill, Of
q the tim,c. III. and. while heartily in favor OF
the law; did nothing towar, its execution.
March St9r in Of sns s ths
act and the rcfnniinG Of our bonds, at a lower
rate 81 Interest," rs my chief duty. When twas
law was regarded by a large, portion OF tho
reggie almost as criminal The elections in
hoste OF ha r Win the
!. ALMOST equally divided. and soon aftcr
the Ssnat" became Demorratie. Hnt the Dom.
down the appropriation. and that was n help
f. fine me for rm money saved strengthened the
Currency of the House was very much opposed
to the hesumpti3n, net. They summoned mo
sSHss ts Mn rdS da of mH was ts
but Mr. Buckncrn e Of M Ha .% the Uhar
n%nsi E"S io as''S'ns T a iTnsq not
that Waa% e wood h i coS
be, accompishcd. They seomod Honestly to
believe that was laboring under II dclusion.
and that what proposed could not be done.
hsy" sei9po M mc 'S, 6 6Seker
his % att rsnds i' beavc sherman he Sne Is
sincere. | do not sec how he can bring about
sps sns hut il he h Would not 9s
Of RESUMPTION; He challenged a
United States Troasury was as we'll prepared
to resume or had in proportion to. its demand
tbe Ban cs in III its yonss
to its demandIiabities "' This p stSptsmsnt
Mr. Ewing believed was entirely pnfounded.
evidently expected to show my error and to
overthrow me. At the next meeting no re;
aea to y he Mhsh
to demonstrate what had said. , He seemed
not to be aware that the Bank Of England con;
e Bank Of England notes outstanding. ard
equivalent to 20 per cont. OF tho amount to-, Of
notes outstanding. When this was brought
out he asked me, how could say that the Bank
demaaa iaEtios t1 nam the re"sury Of y ths
lh H states at had then showed hin thHt
ity on its notes. was liable for a vast amount
81 deposits subject to cn In the dcnosit side
these tho most dangerous form of liabilities
except commercial paper and other securities.
Adding its liabilities for deposits subject to
call to tho amount OF outstanding notes 1t APP
peared that the Bank Of England had about |
30 por cent: OF coin to the aggregate OF its de-
mnnd-iabilities. whi!o the United States hav-
then on hand in coin about :S} per cent Of the
amount S Sf 3SsMnd ms circulating notes"
These statistics sustained my statements,
and were great surprise both to Gen. Ewing
and to the committee. and seemed to hive a
very convincing effect with them: but | told
them was not content with that condition.
the purchase Of S4O.OOOOO0 Of coin by the is
sue Of bonds at the rate of S5.OOO.OOO month.
when. said. the Treasury would be so strong
hat it would he impossible to break it. and
that. | was entirely satisfied. would prevent
my effort to demand coin for United States
Treasury would DO so thoroughly demon
without doubt or danger Upon this point
They, asked me II the notes were
Mt per cent. below par in coin
whether demand would not be made for coin.
told them that long before tho time fixed
cent. and any other difference between notos
and coin was then assured by three or four
members OF tho committee. among whom was |
MIR. Buckner. that they would not interfere
with my operat ions. but that II | failed would
be the 'deadest man in America to which
every, one, and from the day Of resumption to
his there has been no demand made upon tho
Treasury that has not been easily met. and
our notes have been ut par with coin not only
,he world" GEO. ALFHED TOWNSEND.