OCR Interpretation


Chicago daily tribune. [volume] (Chicago, Ill.) 1872-1963, March 21, 1878, Image 1

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn84031492/1878-03-21/ed-1/seq-1/

What is OCR?


Thumbnail for

VOLUME XXXIX.
ftlMtJI.
SILKS
AX
lioTfflSlP*
We will open the season with
the following bargains in
FANCY
STRIPED SILKS
gB different stylos, in every de
. sirable color, at
50c per yard.
300 PIECES
FANCY STRIPED
AUI)
CHECKED SILKS,
Extra quality, choice styles,
At 65c, 75c, 85c, and $1
per yard.
I COLORED SILKS
Our stock far exceeds any pre
vious season. The qualities at
85c and SI.OO
Will compare favorably with
goods sold last season at $1
and SI.SB. Qualities at
$1.25 and $1.35
Will compare favorably with
goods sold last season at $1.60
and $1.76.
Hare opportunity to purchase
GUINET'S
BLACK SILKS.
IDO Pcs. Gninct’s Black Silk at s'l.oo.
200 Pcs. Guiiiet’s Black Silk at $1.25.
250 Fes. Guinct’s Black Silk at $1.50.
300 Fes. Ouinet’s Black Silk at $1.75,
$2.00, $2.50, and npwards.
Our Silk Department bas been
greatly enlarged, and, located
immediately under our new
skylight, it affords customers
an opportunity to inspect the
mostdelicate colors at all hours
of the day. We are pleased to
announce to our friends that in
consequence of the DOW
PRICES made, which has al
ways been our motto, our sales
during the past twelve months
are more than double any pre
vious year.
Please favor us with a call.
131 & 123 State-st.
Micliigan-av. and Twenty-setond-st.
TO KENT.
TO EENT, LOW,
For Jobbing or Coinmlsiloo. the corner store. 4.ixi?a
feet. In building comer of Flfth-av. and
(Also the spacious tofts shore, well lighted and finished.
Wluding ilesm elerator. with power, *
Nixon Building. cor, fasaile*an<Miomme»sta.
107 & 109 Lake-st.
Store 40x105; Hale's Water Elerator. Apply to
W. J. FAUIAN, A?ent,
Room 4U, 110 Washlni’ton-at.
BTAIICIB*
ERKBNBRECHER’S
Bon-Ton Starch
Is absolutely odorless, and Chemi
cally pure.
It in snowflake white.
It le susceptible of the highest
Ud most lasting Polish.
It possesses greater strength of
rod? than other trade brands.
It is packed in Found Parcels.
Pidl Weight guaranteed.
It costs less money than any
Btaroh in the World.
It is manufactured in the heart of
the greatest cereal region of the
ulobe.
It is Sold universally in America
»y Oroaers and Sealers.
Its annual consumption reaches
Twenty Million Pounda.
ANDREW ERKENBRECHER,
-, CINCINNATI.
*rtenftraeAer*« Worhl-t'ainou4 Corn-Blank for foot.
KAVOIt A: HNAIJHH.
_ Bole Wortbwaatern Agunta. Chicago.
OIUDB.
K Imported CANARIES. Talking
ParroU, and utter Fancy blrda.
Clulddeb A Aquarium*. PJt&O
KAEUPFHB, Td7 Clark-al.
TamtermlgH' Materials, he.
PUOXOGUAPUV.
Cz? J /? Photographer
75 HADISO.N-bT.,
VC7 v/ Take Elevator.
CabiHls.tt: caito. 13.
Fairbanks*
|\—rt WTAKDAkO
I? SCALES
■ nj or all giHoa.
* 00.
g WP I» s W 111 it 118 Lake SL. Chicago.
Be careful to bay oaiy tbg Genuine,
Wbt
' ones» GOODS.
NOVELTIES
IINT
Spi k Siir
Dress Goods!
Field, Leiter
Co.
WABASH-AV.,
Between Madison & Monroc-sls,,
Are showing the most extensive and
choice variety of
SPRING & SURER
NOVELTIES
(Of their own importation), in
Dress Goods Dwrlient!
That can be found in this or any
other marheit comprising exclusive
styles in
Louvain Chenille,
Tourney Mosseline,
Rosille Crepe,
Daventry Suitings,
With many other new fabrics not to
he found elsewhere. The line of new
materials for Summer wear Is ex
ceedingly attractive. Grenadines,
.French Organdies, Jaconets, Cam
brics and Cretonnes ; Tolls d’Alsace,
Linen Lawns, Tcnanyc, Cheviots,
<Sc„ ,Cc.
In Topaiar and Low-priced Dress
Goods the assortment is elegant, and
our prices throughout are the lowest .
ncnCKANT TAIJLOIt IXG*
ELEGANT BUSINESS
SUITS
made to cGok and tjp-
ORDEB AT «PaO WARDS I
GATZERT'S,
179,181,183 Olark-st.,
CORNER MONROE.
t3T* OPEN TILL 0 V. M.
NBW PUIILIOA'I'IOIVtt.
TUB
POPULAR SCIENCE MONTEY.
FOR APRIL.
CONTENTS.
I. Eroluilon of Ceremonial Ooremment. IIL Mo*
tllatlun*. Ur Herbert Spencer.
11. The Eucalyptus In the Future. Djr Prof. Sam
uel Lockwood, (Illustrated.)
111. Introduction and Succession of Vertebrate Life
la America. Ur Prof. o. C. Marsh.
IT. The Wicked WeaaeL
V. The Dissipation of Energy. Sr George Ilea.
VI. Illustrations of the Logie of Science. IV. The
Probability of Induction. Ur C. B. Peirce.
VII. Onßdlson'a Talking-Machine. By Prof. Alfred
U. Mayer. (Illustrated.)
Till. TbeMarpingea Miracles.
IX. The Source of Muscular Power.
X. Llrlog Corals. Ur W. E. Damon.
XL poisons of the Intelligence.—Chloroform. 9/
Charles Itlchel.
XII. Sketchof Prof, fieccbt. (With PortralL)
XIII. CoanaipoNUtwcn.
XIV. KmTon’s Tents: Amerlrsa Contributions to
Electrical Science—Mr. Wallace and Clairvoy
ance—New Solar Photographs—The Edison
Phonograph.
Noticuii Iluxler'a Phrslography
of Chaunrer Wrlght-Ste-
Froeihlnklng sad Plsln Awaking—
Flint • Science of Muscular Power— raocuast's
‘he True Science ofllght-
H . hM " M Her or. Jesus In the Nine-
A “«'-
Pofi’hAa Mi»c*u**ti Anticipations Concern-
U l * ~‘h® I huoograph—Garden-schools— New
Ko-11, Iteptllee—Trees and llrsith—Csmlror
ous Plants—Sew nuccu of Sugar-Uanufme*
Jure—lolepalty of Different (Slo«d Liehw-
Csusesof }Jie Chinese Kauiine—l'ruportjou of
Thelue lu Different Kinds of Tea—Do Lleht.
ning-itods Attractf—Cooking. otcT * l
Kotks.
Conducted by E. L. sad W, J, TODMANB.
Tsawai taper Annum. pottage free. cr&ocentaper
Number.
APFLSTONa' JdOIBiL *n4 Tus POPI'LAB Boiimoi
Uqvtklv. together. for |7.aoper annum, ooatage pro*
paid by the publlibcra.
D, APPLETOH A 00., Fabliibers,
and &M llroartway, New York.
HATH AND CAP*.
Boya* Olenyarry Capa, “Perth,”
“Eton,” “Marquiaof Lome,” “Tam
O’Shanter,” J, S . BAXNES, Fash
ionable Hatter, 80 Jkladiaon-aU,
Tribune Building.
qUATEB AND IttAHTEU.
V liil 1
FINANCIAL,
PEOPLE’S BWLD’G & LOIN ASSO.
SO WAbIUNOTON-BT.
Will lake np the mortgage on Tour beuaeorloaa you
money to build and receive back urlnclpai and Intercat
la monthly pay menu oo larger than rent.
HAUUIhOS KItLLET. Sec.
niBCTUANBObk.
rawnioi^sgw
I 11) I UillJ B ' J -JdhsSK r -
A AM * V*dW » Trllmnu Hull,tinw
CHICAGO, THURSDAY. MARCH 21. 1878.
cxotiiinj;
NO FRAUD!
“A WORD TO THE WISE IS
SUFFICIENT.”
Our Spring Goods have
arrived, and we can
show the largest and
best selected stock of
Men’s, Boys’, and Chil
dren’s Clothing ever
shown in the West, got
up in Nobby Style, and
trimmed and cut to fit.
Our cloths are all
sponged before making
up, and we will pledge
ourselves to give you a
BETTER FIT, BETTER
GOODS, made up in bet
ter shape, more nicely
trimmed than any of
this CHEAP CUSTOM
WORK that is put up in
this market. All we ask
is a CLOSE INSPECTION
TO PROVE THE ABOVE
FACTS, for everybody
knows that we sell
the best Ready-made
Clothing in this coun
try, and this spring we
far surpass all former
efforts, so as to surpass
in every particular this
cheap custom business.
Our Spring Oversacks
are beauties, from $6.00
up to $25.00. Our Boys’
and Children’s Depart
ment we make a spe
cialty of; in this de
partment we can beat
the world.
On Saturday, March
23, we have a Grand
Opening, and we invite
aU to attend.
JAS. WILDE, Jr., & CO.,
Popular Clothiers,
Corner State & Madison-
sts., Chicago.
ADVEUTISBMi.
of Chicago and the West can nt a larger circulation for
the muner, br using the columns u( the
than through any other medium now offered to the
public. Our
CIRCULATION IB THE LARGEST.
OUR RATES THE LOWEST.
OUR PAPERS THE BEST.
Call and see ns before cloeing your contracts.
CHICAGO NKWSIMPIHI I’NION,
177. 17U ib lUI Finit Avenue.
IR. S. THAIKT,
Special Agent for Chicago.
LAKE NAVIGATION.
NAVIGATION OPEN!
GOODRICH TRANSPORTATION
codVEF.A.isr-sr-
For all Weat shore poruand Waolalee. trl* weekly.
KurUraod Haven and Mtukeguit, tri-weekly.
ForUreea bar. Mackinaw, etc., weekly.
Scad freight to ourOotk*. foot of Mirhig«n*av.
T. U. liUiLIN. tiupt.
CUTLEUI.
SPENCER
CUTLERY.
Aiwa;* the bell I Pocket and Table Halve*. Carver*,
Baton* Sclaaora. our apcclaltiea The Trade auppileu.
51 miE.NI.
OPTICIAN.
UANAbNE. OPTICIAN. Tribune Uulldlug.
agr iiT [email protected]
Fine Epcctac ea aultcd to all algbu on aclenUOoprlo*
cli'lca. Opera and Field Glaaaca. Teleacopca. Micro-
Kotca. Baruuetcra. Ac.
BTATIONCUY AND PUINTINU.
JjJjiiiM JjL VuroUicd oreiujlb .od U Io«
■nAnT/TI tus i. m. w. joxia m.
11l It Il\ N TiOSEBI .PUISIIMI CO.,
101 »ud 100 dludUun-.!.
f
WASHINGTON.
Secretary Sherman's Views
on the Subject of Re
sumption.
110 Eclicrcs tlio Existing Law
Should Do Allowed to
Stand.
Business Fast Adapting Itself to
This Acknowledged Ne
cessity.
The Silver Legislation Likely to
Uavo u Very Beneficial
Effect.
Ur. Sherman Confident of Securing
a Sufficient Coin Be
servo.
I*llo Secretary New Desires to Day
Duties in United States
Notes.
Toll Text of the Lake-Front BUl—The
Deficiency Bill Passed in the
House,
RESUMPTION.
SECRETARY SHERMAN’* VIEWS ON TUB BUD-
Washington, D. C., March SO.—At the Inter
view of the Committee on Finance with the
Secretary of the Treasury In regard to the re
peal of the Resumption acton the 10th lost., the
Chairman said:
Mr. Secretary, I have Jotted down a few gen
eral questions and some la detail which I pro
pose to ask you, and 1 suppose that other mem
bers of the Committee may bare questions
which they may desire to ask at a later period,
but 1 will o*k some general questions In order
that you may make the statement if you choose
with more freedom than you can by going into
smaller details at the commencement. First,
ought the Resumption act, In your opinion, bo
repealed, and, If not, why not!
Secretary Sherman—That question, as you
say, is wry general, and it is rather a legis
lative than an executive question, but I have no
objection to answering. 1 think that the Resump
tion act
OUGHT NOT TO OB REPEALED;
that it was a declaration of public policy com
menced with the ret of February, 1802, repeated
by Congress several times, potably In 1800, nota
bly again In 1809, and again by the passage of the
Resumption act, that wo would as soon as prac
ticable redeem any United Slates notes which were
presented tor redemption m gold and silver coin.
That Is the declared public policy of this country,
and It ought to bo adhered to, and I am fully con
vinced that we are able to do wbttfwe bare so
often promised to do, and might to do. Besides
this, several States have, by their legislation, in
dicated a purpose to conform Ilnur laws to ours.
Senator Bayard—Which 'Slates besides Sew
York?
Secretary Sherman—Well, Massachusetts to
some limited extent, but I don't know how far,
and many corporations and many Individuals hare
made their contracts
UPON A RASIB OF RESUMPTION
In 1870. The whole country seems to bare settled
down to tbo conviction that we can resume, and
that business has adapted Itself and contracts
have been made with that view. Bo far as any
suffering from resumption or preparation for re
sumption Is concerned, we have already suffered
all we can now. To go backwards would be only
to Invite suffering again. It strike*
me, therefore, that it Is holier to
go ahead, and that to retrace the pulley of resump
tion now would separate the metals from our cur
rency, and w e would have to
OO TUHOUOII TUB BANS TROUJII.X AGAIN.
It would be an evidence of national weakness.
Tho struggle between metallic money a* a basis of
paper money, and irredeemable paper money must
o«i made some time,and 1 think we bad bolter coni*
plctc It nnw; therefore 1 aay, lo regard to your
question, although It la a legislative quealion fur
you gentlemen to answer, and not forme, 1 think
we ought to adhere tu the policy of resumption and
complete It.
The Chairmen—Do yon think resumption la
practicable under the present law? You hare par*
tlally anticipated that question, but still I ask U.
Secretary Sherman—That la a question very
much of Azures, and supposing that 1 would have
to answer, 1 have brought quite a number of docu*
merits here, which 1 will give you, and they will
speak better than I can. The best evidence that
wo are able tu resume tho Ist of January next is
the progress that has already been madu. When
tho Itcsuiuptlun act passed the premium on gold
was about UMi per cent. Since that time It baa
been reduced to a nominal rate. It Is now a little
over 1 per cent. Since that time we bavo accumu*
luted lu preparation for resumption a largo sum of
gold, i nave taken some pains lo get figures whlcn
I will give you uuw. Tboy aro accurate, so that
you may have
TUB EXACT CONDITION OF TUB TREASURY.
This Is the statement of tbe Treasury made yea*
terday:
Treasury of tub Uritko States, Wasrino*
ton, U. C., March 18. 187 B.—Sin; In accordance
with your request. I nave the honor to state (be
amount In gold and ailver in the Treasury on the
limit ulu. Ibo date of tbo lost debt statement,
which Is as follows, viz.:
Cold rein fill7.iai.4a}
Gold bullion T.uJT.aou
Total fim.OM.7M
Lew amount to the credit of disbursing of*
ucer* snd outstanding cheeks... fi 0, I ho. nan
Gold certificates actually outstanding 44.4M.MX)
Called bunds and Interest... fI.tMH.H77
Jutcresidue and unpaid.,... 4.UM.IM
SaToul $ irA<m.sa>
Tvattaolu gold coin tod bullion $ ictoTJ, jtd
Available silver coin, fractional ft.un.Hua
Available sllvrrhullloo. 8.1JU.710
Total available gold and ailver. f 71.773.tw0
The amount of gold coin In the Treasury is sll7, •
amount of gold bullion, $7,0dt,800,
maklUF tho aggregate gold coin and gold bullion,
tr.i3.0H8.7M. Tula is, however, subject (a a de*
auction of the following items; First, oiitstand*
mg checks to otMcers, $0,180,1120. Although that Is
really money In the Treasury, yet it Is drawn for
and not paid.
The Chairman—Doesn't that alwoys happen!
Becreiarr Bborman—lt always happens that some
money Is dr*an upon snd not paid, and this Hem
is also large.
GOLD BULLION.
Senator Uayard—You spoke of sold bullion.
TiiatU (be properly of Indhlduls. U It not?
Secretary bbemau—All that Is Government prop*
erty.
senator Bayard—Where does the Government
get the sold bullion?
Secretary Sbermao—We buy it, or receive It on
deposit or melt foreign coins Into oulhim and coin
It aa needed. Wo receive It Jost tike gold coin, but
not much of it In comparison with the coin re*
celled. '1 ben there ore cum certificates ouUland*
lug, 5H.4U5.500, for gold deposited by bank*and
Individuals. Third, are Ibo vailed bonds and in*
tereat. J 0,518,077. That amount Is always large,
and baa reached 118.000,000. Fourth, interest
due and unuald, g1.uuu.705. That makes go*,*, •
410.50 U in gold subject to demand, or about one*
balr the supply on baud, leaving available gold
cum and bullion against which there Is no
demand liability, jWd.oyd.tHO. Then there
la silver fractional coto,gs,il7u.HUs; silver bullion,
ga. 100.718. I can say, though. If tbla statement
was wade up to date, tbo stiver bullion would bo
a good deal larger. \V« have bought much lately,
tbe total availablo gold and sliver over and above
demand liabilities U 171,775,800. Of the Items
that are counted here ami deducted from gold,
about 8-0, 000.000 are practically available for ro*
sumption, because tbe outstanding drafts and
called bond*, and interest due and unpaid, at*
though due, yet Iho amount actually iu the Tress*
ury is generally about tbe same. It Is remarkable
that so much money is left after it la due. Ilonas
that are due and out presented. and Interest that Is
due for vears, are left In Government custody
without being drawn. Of the amount of gold
certificates Issued, tbo law authorises go per cent
more certificates to be Issued loan the amount of
gold or gold bullion deposited, although that pow
er has never been exercised, at least not within ray
recollection, uot certainly wllhiu ray terra.
Beualor Ferry—You spoke of the $44,000,000
of gold certificate*. ]• that about the annual out
standing average?
Secretary Sherman—No; it it more than the av
erage.
Senator Ferry—What la tbo average for ten year*
back?
Secretary Shermin-Thlrty to forty million*.
Secretary Sherman—The amount of cold now on
QCpOfll.
I* Tsnr f.innn
for the reason* I have stated. The amount of cold
and Mirer coin and bullion available for remain-
Hon In a business sense I* about 800.000.000. but
the actual cold and silver bullion and com In the
Treasnry, over and above all demand liabilities. Is
171.77fi.H00.
Senator Jones—Could the amount of subsidiary
coin which yon sneak of a* tielnc on hand be
counted as in any way assisting resumption?
Secretary Sherman—l think so. because it la ex
chanced for United Mates notes or fractional cur
rency, and can be paid out for current debts.
Senator Jones—l thought you could only ex
change it for fractional cnrrency?
Secretary Sherman—Probably there Is enough
sliver com on hand to redeem all tbo balance of
the fractional cnrrency.
The cnnlrman—That It, the Secretary thinks
some fractional currency has been lost.
Secretary Sherman—Now. In mrard to another
point pertinent to your question. We hate in process
of preparation for resumption n reduced volume of
United Stales notes. The precise figures ore familiar
to you. The amount was $.'182,000,000 at the time
of the passage of the Resumption act. and the
amountnowls $348,018,024. Attain, the amount
of outstanding bank notes has been reduced. On
Dec. HI, 187fi, the amount was $340,470,750; on
LH-c.UI. ]R77. $.'121.072,Q0fi; and on Feb. 28,
1878, the amount of bank poles outstanding was
tttil.tmo.Wl. Rut the amount of bank notes of
banks In existence not In process of liquidation
was 8-0.1,540,475, and the difference between
these two sums being the notes of banks In process
of liquidation, although the notes are In circula
tion. yet an equal amount of greenbacks are In tbo
'treasury as a special deposit to redeem them.
Senator Kcrn.ni—'They make part of the $348,-
000,000 legal-tender notes?
Secretary Sherman-Yen, as many of the legal-
Under notes are held (n the Treasury as there are
HANK-NOTES IK PROCESS OP REDEMPTION.
Senator Ferry—Then really there should be but
S2UI). UOO.OOO National Dank notes outstanding?
Secretary Sherman—lf you count the whole
greenbreks a* outstanding. ’.hero would be $'iUU,-
000,000 of National Dank notes. Then It moat bo
remembered that the United Staten note* lure been
In circulation since anii.hank-uotes since
IWlt. and that Urge sums are lost or destroyed.
Tills diminishes to some extent the atnonnt out*
standing; how much I don’lknow. You can Judge
as well as I.
A statement was here produced showing by
month* the Issue of sllrer coin and reduction of
fractional currency, under the act of April IP,
IH7O, from April 20, IH7U, to Feb. 2tt. IS7M,
the amount of fractional currency redeemed being
$24,H1M,030, and the total silver payment S3B, •
47P,hoa. The total amount of fractional notes
outstanding on the llitli Inst, was $17.100,71. P ».
The average monthly reduction of outstanding
fractional currency, estimated upon the bail* of
redemptions of the past four months, is $200,000.
ben&tor done*—How many millions, then, of
lewl-tendcra do you estimate as being In circula
tion now outside of what you hold to redeem notes
of hanks (n process of liquidation!
Secretary bnermou—l should think $320.000,000.
deducting those that have been lust or destroyed
and those held fur outstanding bank-note*, max
ing the aggregate of bank-notes and greenbacks
nboolso4U,ooo,ooo. To repeat the general result
of our
PREPARATIONS FOR RESUMPTION,
we bare already practically abolished the premium
on gold. We hare reduced the amount or United
State* notes and amount of National Hank notes
outstanding. We have paid off practically the
fractional currency, and now we have a very re
markable circumstance In our furor. The balance
of trade is In our favor to the amount of 8100,-
000,000 a year, biluglng silver, and gold, and
bands back to us. In the last three years the bal
ance of trade In our favor is $414,034,000. I
br.ng you this statement because 1 thought you
might aeem it Important to hare the actual figures
about
THE STATE OF OCR TRADE.
The table showing tbo details I will (care with
you. "
To a number of questions asked. Secretary Sher
man replied: We nave got Übih gold and silver
from England, but we must do It as Lincoln said;
unbeknownst to them. It must come by tne
natural currents of trade. To attempt to bring bv
any artificial movement a large sum of sold to this
country would be to create alarm. All laat sum
mer and fall the accumulation was from $5.000,000
toBM.OOO.UOO each month. Borne of that came
from our owq mines and some of It from abroad,
but we accubiulated It without any possible injury
to anybody.
Now. in general answer to your question, I do
express my opinion oHiclolly and personally that,
for the reasons 1 bare given, we can resume on the
Ist of January next, under the basiaof the exist
ing law.
The Chairman—What effect has the Silver bill
had or la likely to on resumption?
Secretary .Sherman—l do not want to tread on
delicate ground. In answering that question. Mr.
Chairman. 1 shall have to confess that I have been
mistaken myself. Now. as to the Silver bill, 1
have watched Its operation very closely. 1 think
tbo tihver bill
HAS HAD BOMB ADVBRSB EFFECTS,
and It has had some favorableeilecta upon the ques
tion of resumption. Perhaps the best way for me
to proceed would be to stale the adverse effects
first. It has undoubtedly stopped (be refunding
operations. Since the agitation of the silver ques
tion I have not been able largely to sell bonds,
although 1 have made every effort to do so.
Senator Jones—At what date wta the hut bond
sold?
Secretary Sherman—We are selling bonds all the
time.
Senator Jones-I mean the refunding of bonds
inlo4*per*cents.
Secretary Sherman—The 10th of October waa tho
timd when the last of the oonolar loan waa paid
for, and wo had then a call ready to issue of sio, •
000,000. and the associates, as they bad a right to
do. withdrew the call. The sales from the lost of
Septumlwr, IH7U, lu tho 16lh of October were
about Slf7ti.ooo.ooo. We sold 5W00.000.000 4H*
per*cculs, and then we sold $73,000,000 45i*per*
cent bonds.
senator Allison—About a year and eleven
mouths.
Secretary Sherman—Since October last we have
sold $1,000,000, and perhaps now the sales bavo
gone up lu between $1,000,000 and $3,000,000 of
4 per cunt bunds, how.
ANOTHER AUTXRSB EFFECT
the Silver bill has bad la to stop the accumulation
of colu. Since the Ist of January we have accu*
mulated no coin—except for coin certificates—«x*
cept the balance of revenue over expenditure. The
revenues In coin being more than enough to pay
the Interest of Hie detit and coin liabilities, we ac*
cumulated some coin. Another etfect that the
Silver hill has had ts to cause the return of our
bonds from Europe. Although the movement of
our bonds in this direction bos been pretty steady
for wore than a year, it Is latterly largely mcreas*
ed,— hmv much lam not prepared tu say. On the
other baud, 1 will give the favorable effects: lo
(be first place, tho bllvcr bill
SATISFIED A bTItONO PURLIO DEMAND
for bl'Uirtalllc money, and that demand Is no
doubt largely sectional. No doabt there Is a
difference of opinion between tbe West and Sooth
and East on this subject, but tbe desire for the
remonetization of silver was almost universal.
In aOuvermnoul like ours It Is always good tu
uoey the popular current, and that has been done.
1 think uy the passage of tho Silver bill resume*
lion can bemuintstned more easily upon a double
standard than upon a tingle standard. Tbe bulky
character of silver would prevent payments In It,
while gold, being more portable, would be more
freely demanded, and 1 think resumption can be
maintained with a less amount of silver than of
goal alone.
Benator Uayard—You are speaking of resume*
lion upon tbe basts of silver, or of silver and
gold!
Becretarr Sherman—Yes, sir; 1 think u can be
maintained better upon a bi*meUl)tc or alterua*
live standard than upon a single one, and wan leas
accumulation of gold, (a Ibis way the rcmonell*
ssllon of silver
WOULD RiTnBR All) RESUMPTION.
Tbe bonds that have been returned from Europe
have been readily absorbed. Remarkably so. Toe
recent returns In New York show tbe amount of
bunds absured m ibis country j* at least $1,230.000
a day. This shows (be confidence of (be people la
our securities, snd their rapid absorption will tend
to check the European scare.
Mr. Voorhees—That.shows, Mr. Secretary, that
this cry of alarm lo New York was unfounded.
Tbeu (bla capital seeks our bauds when Ibis W*
metallic basis Is declared!
hec:ctary rlbenhau-Ves: many drcnmeUacee
favor Ibis. Tbe demand for buuda extends to tbe
West, and to tbe banks. I have no doubt we can
sell 4)> per cent, and 1 think within a month we
can sell ull we want or 4 percent bonds to curry out
tbe resumption law; for 1 would nor accumulate
more than go, 000.000 a mouth, and that largely in
■ilvcraad gold bullion. There Is no special neces
sity la force Ibe bond market m order to
maintain resumption. We have |71.000,000
to gUO, 000.000 on bands and every one can
measure bow much more will be uecesairy to
maintain resumption. If tho sale of bunds was
ever soiree, 1 would not accumulate more than
85,000.000 a mouth of both metals, and ail sales
beyond that should be spoiled for
Uin'NOINO 0 I’BB CBNT OOVD*.
Senator Allison—Ho you think that you can add
largely to tbe stock of coin In this country by your
process of adding to your reserves $5,000,000 per
mouth? Thai is to say. will yon accumulate from
other countries, or simply draw luto tbe Treasury
accumulations already existing In our own coun
try?
Secretary Sherman—l am glad you mentioned
that point Although since tbe Ist of January last
we have accumulated no cola in the Treasury, tbo
amount that we had prior to that accumulated m-r
month since then bos gone Into the beaks. Tbe
banks bavo already accumulated wore than $5, •
000,000 of gold since tbe Ist of January.
Senator Morrill—They have Increased their re
serves by aa amount of g6.UU0.000 gold per
mouth.
Secretary Sherman—Here it a statement which
■bows the aggregate amount of
9PBUB Ifßt.D nr TUB RANKS,
of the United States during several period* therein
mentioned. There have wen no statement* of
National Rank* since December last, but they
have In the City of New York a weekly statement
of the Clearing-House. This show* the amount
at the beginning of every week from Jan. fi, 1878.
On that day the amount wa* 821.884.100, That
has Increased In amount until March 10.1878.
when It reached $34, fifil, 000. a difference of
about 810.000,000. which Is just about 13.000,-
000 per month increase, so that this accumula
tion of coin lias gone on in the banka since It stop
ped In the Treasury.
Henat»r Ferry—Then If vou embrace the accu
mulation In the bank* amf Treasury. It baa been
progressing gradually at the rate of about $5,000.-
000 per month.
Secretary Sherman—Ye*, sir. more than that
In New York alone the accumulation la $5,000, •
000 per month, but in Huston and Philadelphia It
I* also going on.
senator Ferry—What, In your Judgment la the
accumulation in both panka and Treasury per
month in amount?
Secretary Sherman—l should think it to be be
tween $5,000,000 and $10,000,000 per month.
In giving an answer to Mr. Morrlll'a question as
to the general effect of the Silver bill I would not
like to give a positive opinion. I do not think,
taking it all together, that It is an obstacle in the
way of resumption. It has operated In some re
spects adversely and In some respects favorably,
but on the whole 1 do not think It should discour
age us from resumption or from carrying out our
general poller.
Senator Jones—Then in It* effect upon the return
of the vast amount of bonds too refer to. would not
there oe
AN ELKMBNT OP BTRBNOTII
added in favor of resumption in that the interest
on these bonds returned would not be a constant
drain upon the country?
Secretory Sherman—Undoubtedly,
Senator Jones—Would the fact that they come
back enable as to maintain resumption much
easier?
Secretary Sherman—Undoubtedly. The fad that
we have paid sll4, 000, Oooot debt In foreign coun
tries la farorabte. There la another oolnt in thia
romiectluu. It aeeua to me it la not Decenary to
determine this question now. becaitae a
autUclcnt time bw not elapsed to enable
0" to determine the effect of the Silver
bill, and you had belter let things run
along and ace its effect. U may be that ita effect
will uc mich that all will favor resumption, and
tbut resumption will come without effort. The
passage nf tins bill can have no effect until Janu
ary next, and It may be tbut before that time all
will agree that it ought or ought not bo repealed.
Aa you have tbla measure In the Senate, you can
control it by a majority vote of the Senate at any
time. Why not let It atay here?
Senator Voorhcea—Did I understand you to say
you wonid undertake to maintain resumption with
ninety minions of coin reserve?
Secretary Sherman—No, sir; I would
UNDERTAKE To RESUME
upon tbe power afforded by tbe present law by go
ing on and doing wbat 1 did last summer.
Senator Voorbees—Uow much surplus did yon
say you bad on hand I
Secretary Sherman—l have now 871.000.000.
Senator Voorhevs—Then you say that you would
be willing to undertake resumption under existing
laws by the Ist of next January. Now. with the
aid of the Silver bill and coinage, what amount of
coin would you expect to have ou hand with which
to undertake resumption at that time?
Secretary Sherman—l would accumulate about
$5,090,000 per month of both metals from the let
of April to the In ut January, watch would be
$15,000,000, and If too market is favorable 1
think 1 would try to make good the loss that I
have suffered by not accumulating in January.
February, and March of the present year 1 think
I could accumulate in thia way $00,000.009 or
$00,000,009.
Senator Voorheea—'That would give you $150,-
000,000.
Secretary Sherman—Mo, not so much; nor do I
think it is ncccaeary to bare to much.
Senator Jones—And does that look to eliminat
ing the legal-tender function ou the Ist of Jan
uary?
Secretary Sherman—Mo; I think not, sir. lam
In favor of maintaining tbe legal-tender currency;
but this la nut In controversy.
Senator Kcrnao—Vuu thought that you could
practically redeem all that would be presented?
Secretary Sherman—l have no doubt of my power
to reissue up to $300,009.009 legal-tenders.
Senator Junes—l have an idea that would make a
goad deal of difference.
Senator Voorhees—Have you spoken of tbo
capacity of the present coinage?
Secretary bh-rman—Mo, sir.
Senator Ferry—Tuon, on tbe question of re
sumption. your view la that with $00,000,000 on
band and the accumulation of $00,000.000 more,
or even $10,000,000, which would be $130,000, •
000, you would be
WILLING TO COMMENCE RESUMPTION
of the present volame of currency, both naiional
and bank.
Secretary BhermiD—On, yea; the banka moat
look out for themselves.
Senator Mornll—l will now aak yon Ibta qnes
lion: How can the policy of resumption bo aided
l)V Congress?
Secretary Sherman—l am very willing to answer
that, although 1 think It la a legislative qnration.
1 think that you can aid reaumption very much If
you will allow me to receive t'nltod States notes In
payment of bonds, ta the Senate baa already ox*
pressed a willingness to do, and If the House would
concur with them. If 1 could sell 4 per cent bonds
for currency In the purchase of t) per cent bonds.
It would be
AN AID TO RESUMPTION.
Senator Dayard—What would you do with the
proceeds of the sale of these bonds t
Secretary Sherman— I would use them In the
Surrhase of outstanding bonds. Ail I would have
i do would be to pay the difference between
greenbacks and gold, bat that would ouly be paying
1 per cent premium. 1 have a right to call bonds,
and I could
use currency in mint patment
by giving 101 fur tbo bond in currency, the differ
ence between currency and gold at the present
time.
Senator Dayard—You can sell 4 per cent bonds
at par In currency, and you can then use currency
to redeem thu higher rate bonds?
Senator Junes—How would that aid resumption?
Secretary Sherman—Uy repealing the discrimina
tion that la now made against the legal-tender
note in tho payment of bonds. Tbo bund Issued
would be a coin bond.
A large number of questions were asked by sev
eral members of tbo Committee, and the Secre
tary, In the coarse of bis answers, said one thing
he would recommend, namely: bo would, on tne
Ist of October next,
RECEIVE UNITED STATES NOTES IN PAYMENT
POK DUTIES,
and yet provide for interest on the bond* In coin.
In other words, be would assume, ou the Ist of
October next, that our notes were as good as gold
and silver, and would receive them as such.
You. gentlemen, will feel your way dear
to allow mv receiving the United States notes in
payment of bonds, and will make it clear that I
won't lie compelled to redeem all the United States
notes that come lu after the Ist of January next,
and If you think under the circumstances 1 would
be strong enough to receive these notes on the Ist
of October, I should be willing to
GUARANTEE TUB RESUMPTION.
I think for ua to go backward over all of this long
weary agony and struggle toward resumption would
be a sign of national weakness and do the nation
great harm, do our credit barm, and bring Injury
on us all.
The Chairman— I What effect would a repeal of
the Resumption act have upon the relatione of
currency, legsMendeis. ana our coin,—gold and
silver? Would nut the rei*al of the Resumption
act cause a fall of paper below gold end silver?
Secretary bhermau—l have no doubt of that. I
think tho repeal of the Resumption act would at
once cause a widening between coin and paper
money, depending entirely uu Iho confidence the
people st Urgu would have lu the ultimate redemp
tion of tbo paper; but 1 dou'l want to enter upou
this delicate ground.
Among other questions asked was the following
by Senator Ferry: You slate that with lUO.UOU,-
000 gold reiervs you would be willing to bold
$300.000,000 aa part of the currency, and meet
resumption on that basis. Now I desire to aak it,
with contraction ae It is going on. It would be any
obstacle to resumption even If the outstanding
circulation should be $330,000,000 on IbeUtof
January next.
Secretary Sherman—l think the $30,000,000
would be provided for by an Increase of bank
aotca.
Senator Perry—Without any direct further con
traction than under the present Resumption act?
fiecrclary Sherman—'The present Resumption
act
would be sufficient.
I would not by myself provide fur and direct the
contraction o( the currency except wbxtledene
under Ibe act.
Ttie Chairman—Don't you believe (here will bean
expansion come upon ua naturally or by the action
ul Urn Treasury Dooaitmenl on the let of January!
Will there not oe more money notea in actual cir
culation after that period!
Secretary Gherman—l think and hope eo.
senator Ferry—Would tt not produce a healthier
condition!
Secretary Sherman—Yes, air.
Senator ilayard— What would be the tllsct in
your opinion if tbo doclsrstion that fJUO.OUO.OOO
of Treasury notes might bo issued aud as a mill*
mum to bo supported by a retention by law ul
f 100,000,000 of gold lu tbs Treasury!
Secretary Sberuian—That would be beneficial
because 1 (biuk tbe fear about that fJ00,000,000
WOULD UB OVEUCONB.
Senator Ksrnan—And your opinion la that tbe
auibunty to reissue legsl-Urnder notes should be
•ipressiy given by law.
Secretary Saertniu-I think tbal the antborlty to
reissue, unquestioned sod undoubted, would tsko
away tbe fears of ail classes ol tbe people, first
those In favor o( InfiaUun, who do not want (bo
greenback destroyed, (ben In (be Eastern Slates,
wbsro (bey think we ought to retire tbs
greenbacks and Usao bang notes
Instead, and believe that we are bound order ex*
iallmr law to pay tbe whole of the gJOO, 000,000,
and Chat we are nut prepared to do.
Senator Allison—ln other words, yea think we
PRICE FIV
'SCENTS.
cannot come to and maintain specie-payments
without tne power to reissue?
Secretary Sherman—j do not think w« can.
THE HOUSE.
called nr Tim mour name.
Special Diipatch 19 Th« nitviu,
Washieotox, D. C., March 20.— 1 n the dis
cussion of tbo Deficiency bill today Id the
House, tbc Democrats were sorely troubled to
explain why it was necessary to pay $27,000 do
fldcDcr to the Isboriogmen In the navy-yards
who had been six months without payment*
Epps Hunton, of Virginia, paraded himself as
the friend of the laborinemco, and justified
himself as a Democrat In this assertion by
producing the life of Jefferson to prom that ho
was a friend of tbo workingman. Fos
ter, of Ohio, keenly turned the point
upon the Democrats, charging them with
demsgoglng, and said that those
who were responsible for the cheese-paring
economies of the last House should answer to
the workingman for this deficiency. Whit
tborne, Chairman of the Naval Committee, de
nied this, and said that the money bad gone
Into the pockets of dishonest contractors, and
that the isboringman bod been robbed. In the
coarse of the debate on the Deficiency bill*
Representatives O'Neill and Wright, of Penn
sylvania, Intimated their Intention to opposo
the Tariff bill, and Wright sold bo would move
to (able it as so injustice to.the laboring
classes. The Delldcucy bill *wa» passed, tbo
House refusing to amend the titlo
so that the Democrats might not be obliged to
call it a Deficiency bill. They sought by
AK INGENIOUS PARLIAMENTARY TRICK
to avoid tbe public odium of this difference by
declaring Ita bill for miscellaneous expenses of
the Government. A roll-call waa forced upon
it, when this expedient was defeated—yeas
100; nays, 110.
DISTRICT AFFAIRS.
The House debated, without Unlshlng, an lo>
portaut bill which provided for a permanent
form of Government for this District. The bill
will probably occupy some days. The bill pro
poses popular suffrage baaed upon three years*
residence, without educational Qualifications,
but with a poll tax. The bill haa tbe unanimous
support of the Committee.
THE SENATE,
asmiid rbadt to orats.
Social tHfpateh to The Tribune,
WiiniHOTOM, D. C., March 20.—An announce
ment was made lit tbe Senate which probably
will be followed byablll or political debate next
week. Senator Howe indicated that it was his
purpose to speak on the Louisiana question.
In explanation of bis opposition to the Presi
dent’s Southern policy, he will take for his text
the alleged defalcation of Whitaker, the Judge
who tried Anderson, at the time tbe former
was a Federal officer.
TUB TIMBER QUARREL.
Late In the day the Senate narrowly escaped
another exdting debate ou the timber question.
Teller, of Colorado, iu a long speech, arraigned
the Massachusetts Senator for having, as ho
charged, called the people of the Territories
thieves and plunderers. Senator Hoar respond
ed with spirit, tbat he could not conceive the
mental condition of a man who put such a con
struction upon his remarks of yesterday, and
Hoar again stated that the main thing to do
would be to repeal the law which Secretary
Schurx had enforced, and not to arraign the
Secretary for doing bis sworn duty, lu the
course of Ida remarks Teller Insinuated that If
New England was uot watchful of her parlia
mentary acta the population weal of thu Mls
alsslpDi'Vallcr might ultimately put down Mew
England Interests.
LAKE-FRONT DILI,.
TEXT OP TUB MEASURE AS AGUBBO UPON IK
COMMITTEE.
Special Diipaick to The Tribune.
Waiuinoton, I>. C M March SO.—The lloqbo
Committee on Public Buildings and Groqnds
to-day reported to the House for printing and
recommittal tbc Carter Harrison LakeFrout
bill. Tills bill has been somewhat changed
since It was originally presented. The Commit*
tee submit It to the House for actlou In the fol
lowing form:
A Dill to confirm to the City of Chicago, 111., the
title to certain public ground*:
Wukbkas, In the year IKUU the United Stales
caused the lands lu the southwest fractional quar
ter of See. 10, Township UP, North Range 14,
cast of the third principal meridian, tbeu known
as Fort Dearborn, a military reservation in the
County of Cook. State of Illinois, to bo subdivided
Into blocks, lots, streets, alleys, and pubho
Krounds, and a plat thereof to be made, acknowl
edged, and recorded In the Decanter's offleo of said
Cook County, and designated as Fort Dearborc
Aodltlon to Chicago; and
Wuxncse. All of the blocks and loti In said ad
dition have been sold by tb« Government, and Ik
being manifest that It was the intention of tho
Government that said lends should lie subdivided
and the plat thereof acknowledged and recorded In
pursuance of the statutes of Illinois, but owing to
some Informality in this respect It Is claimed that
the dedication of the public grounds in said addi
tion was one at common law, and not a statutory
dedication, as intended at the time, and that iho
fee of the streets, alleys, and public grounds was
uot diverted out of the United Hlstee, and tho Gov
ernment oeing willing to convey and confirm to
the City of Chicago a legal title to such streets,
alleys, and public grounds pursuant to the Inten
tion st the time, when said plot was made, ac
knowledged, and recorded; therefore.,
Jle It enarfrrf, Dy tho Henate and House of Rep
resentatives of the United Mates of America, m
Congress assembled, that ail r.gbt. title, and In
terest of the United Mates In and to all public
grounds to that portionuf the city of Chicago
knowuastbs Fort Dearborn Addition to Chicago,
la hereby conveyed and ivieased to tbs City of
Chicago, together with all rights thereto belonging,
slid all accretions and riparian rights thereto ap
pertaining; provided, however, that this act shall
lu no respect impair the dedication heretofore
made of said grounds or In any manner to preju
dice the rights of owners or Individuals therein.
THE COMMITTEES.
MAIL CONTRACTS.
fipedai Dispatch to The Tribune.
Washington, D. C., March SO.— The Housw
Committee ou Post-Offices baa entered upon an
Investigation Into the method of letting mill
contracts which is likely to become protracted.
This morning they discovered a contract In the
naino of John M. AtUma fur 940,QU0. Thla con
tract Adams sublet/ for $15,000, pocketing the
difference. Subsequently, In the House, lu tbo
general debate on a bill to regulate tbo adver
tising of mall contracts, It was made to appear
that tbo Democratic Congress has not
been more successful la preventing straw
bids and irregularities In mall contracts than
Republican Congresses and Republican Post
master-Generals have been. It was stated that
one Ring lu Washington here controls 600 routes,
none of which are actually managed by the
holders of tbo contracts. Tbo Post-Office Com
mittee will endeavor to frame a general bill
which will correct these evils. The Post-Office
Committees of past five Congresses hive
undertaken to do the same thing, and have
thought that they accomplished It, but the King
still seems to c?st. and It appears to be impos
sible for Cougress to enact legislation that will
prevent them.
NATIONAL BANKS.
Tbo Select Committee investigating tbeTreaa
ury Ibis morning examined the Comptroller of
of tbe Currency and Secret ary of toe Treasury
la matters relating to more thorough protection
of depositor!. Tbe Inference from the quea
tioaa put was that It was tbe intention of the
Committee to oropoae a bill which ahall require
cut pcrloda of the exact condition of their affairs;
attested statements fromXstlooal Banks at differ*
that these statements shall he collated so that
say person on inquiry at tbe Treasury can oh*
Uln au answer as to the standing of any haiffc
as they could learn about a mercantile firm upon
application to a commercial agency.'
aUBVBTOB-OIBXBALS.
The ilouae Committee on Public Lands U
about to eater upon tbu consideration of the
propriety of abolishing tbe Surveyor-Generals
oi tbo Land-Office, aud wIU bear Profs. Hayden
and Powell on the subject.
tue tAiarr bill.
Fernando Wood said this morning that he
hoped to have the Tariff till tu me House by

xml | txt