Chicago Daily Tribune Newspaper, March 21, 1878, Page 1

The hicage Dailp Teibune, VOLUME XXXI1X. RILIKS, ja DRESS GOODS, NOVELTIES Sori & Stmmer oo 1 Dress Goods! the following bargains in ———— FANCY |Fueld, Leiter STRIPEDSILKS| & Co. 26 different styles, in every de- W A B A S H ™~ A V-, sirable color, at Dot Madison & M I ctiveen Madison & Monroe-8is,, 500 per ya'rd' "Are showing the most extensive and 300 PIECES choice variely of PANCY STRIPED |SPRING & SUMMER CHECKED SILKS,| NOVELTIES (Of thelr own importation), in Extra quality, choice styles, At 650, 750, 850, and &1 | D055 G005 Department! per yard_ That can be found in this or any atyles in Our stock far exceeds any pre- Louvain Chenille, vious season. The qualities at TOHI‘IIBY MOSSBhne, 85c and $1.00 Rgsille Crepe, Wil compue favoravly with | Daventry Suitings, and $1.26. Qualities at With many other new fabrics not to be found elsewhere. The line of new $1.25 and $1.35 materials for Summer wearis ex- 'Will compare favorably with ceedingly attra:uvc. Grenadines, 2 i I ts, Cam= goods a0ld 1aat senson &b $1'5° French Organdies, Jaconets, Cam and $1.76. bricsand Cretonnes ; Toile A’ Alsace, Linen Lawns, Pcnange, Cheviots, &c., Le. In Popular and Low-priced Dress Goods the assortment is elegant, and our prices throughout are the lowest. Rare opportunity to purchase GUINET'S BLACK SILKS, 100 Pes, Guinet’s Black Silk at $1.00, 200 Pes, Guinet’s Black Silk at $1.25. 250 Pes, Guinets Black Silk at $1.50, 800 Pes. Guinet’s Black Silk at $1.75, $2,00, $2.50, and upwards. Our 8ilk Department has been greatly enlarged, and, located immediately under our new skylight, it affords customers an opportunity to inspect the mostdelicate colors at all hours ofthe day. Woe aro pleased to announce to our friends that in congequence of the LOW MERCHANT TAILORING, ELEGANT BUSINESS AND UP- SUITS Sig WARDS] GATZERT'S, 179, 181, 183 Clark-st, CORNER MONROE, EOPEN TILL 0 P. M. NEW PUBLIOATION; MADE TO ORDER AT PRICEE made, w:a’ch hnsnla.l- THEB ‘ways been our motto, our sales during th past tweive months | POPULAR SCIENCE MONTHLY, fig l;-;.oyx-:: a1;tlmn double any pre- BOIR KR Plense favor us with a call, RiLLs i 121 & 123 State-st.| | T W 1y pi th 3 e > e ok oo GlLRisinY:) Dy Frot. Sam 111 Tatroduction and Buccewlon of Vertebrato Lifo A America. by ror Or 0. Mur, e L IV, The Wicked Weasel. V. The Dissipation of Koergy, By Georgoe Iles, 1. ustrations of the Logicof Belence. 1V. M - ST o Pl e g VO 70 RENT, L.OW, For Joybing or Commtuloa, th 3 Teet tu butlding cormer af Tth-ar. and Hearse u tho shacious b ve, well Tighied aud Saisned, . On Kdlson's Tatking-Machine, By Drof. luding bieam ¢ — Y e ElakiMschiss..” By Eiot. Allred ssalie and Monroeats. _ | VUL The Marptagen Mirscies. 107 & 109 Lake-st. W, J. PABIAN, Agent, Room 435, 116 Washington-et, STARON ERKENBRECHER'S ng-TunStarch IX, The Source of Muscular Power. X. LivlogCorals, By W, E. Damon. IL 1ol the InteNigence.~Chloroform, aries ftichiet. X1, Bketchof Prof. Secchl. (With Porralt.) X1IL ConmusroNpENCE, X1V, Em7ox's Tante: American Contributlons to s iy baler Phonograph. i Liremany Novicws: Huxler's Physiof irsd RS Lo Ml PRplomany e ethinking and Plain ™ u: ctence of Muscular P By ng: 'sgcuast’s tis. or, iha Trus Science of Lighie Denton's What Was He? or. Jesus in the Nine- ecnih Century — e Eensh Contul o Contribations w North Amer 8 ubsoh:zo‘ly odorloss, and Chomi- Forvuax Muscais fug the X1 Anticipations Concora- 1t'ia snowflake white, ) Fouyl lteptitea=Troes "dq}lflfifl-cnml ot e aad mont Taatuog Pash oo | iR S M . It possesses greater strength of Bihgtiods AV TG oe kg Sea—Do Lignt: y than othor trade brands. It'is packed in Pound Paroels, ‘Weight guaranteed, It costs less monoy than any Btaroh in the World, Itis manufaotured in the heart of glln groatest cereal region of the obe, It 15 Sold universally in' aAmerios by Grocers and Dealors, ts annual consumption reaches Twenty Million Pounds. ANDREW ERKENBRECHER, rkense CINCINNATL. .- cher’s Worlu-Famous Corw-Stareh for Food. Sols Northesters Agunte Lhiceso. BIRDS, Imported CANARIES, Talking FParrots, snd other Fancy Birds. Guiddeb & Aquariuws, ~ FRED KAEMPFER, 127 Clarkest, Tlfl}ltl'flllll!' Materials, &, Nozxs, COonductsd by E. L. and W, J. YOUMANS, Txaws: §5 per Anouw, postage free, oF 50 centa per Number. ArrLEToNs' JoumNaL end Tux PoPriax Borgwon MoxTuLy, together, for §7.20 pes sanum, Postage pre- Pald by the pubdlishers. D, APPLETON & 00, Publishers, $49 and 831 Urosdwsy, HATS AND CAFS. Boys’ Glengarry Caps, * Perth,” “Eton,” “Marquisof Lorne,” “Tam O’Shanter.” J,S. BARNES, Fash- donable Hatter, 86 Madison-st., Tribune Building. GHATES AND MANTELS. Piatn,” Gotd “snd " Nickel trimmed, and BLATE MANTELS, PROBASCG & RUMNEY RUS NTATE=ST. rog 1R, 2 73 / Photog:‘g}gher ====calot - 15 ALY oy, | PEOPLE'S BUILD'G & LOAN ASS0, — Cabinets, 86: Caids, 90 WASHINOTON-BT, SOALEY s s B o peceite Dacd SaTateate of Jota, You ALES, FATRBANKS: | msatbyparme o 8 i R erLuy. sec. S C'K"‘i‘: E S MISCELLANEOUS. S 7-8HOT, Nickel Plated | FAIRBANKS, MORSE & 00, 812.00 111 & 113 Lake 5t., Chicago. By 3. Wil KELLEY, Bocarefultobuy oaly iy Geaulne, PTeiluus Dulidinz CHICAGO, TIIURSDAY, MARCII 21, 1878, NO FRAUD! “) WORD T THE WISE 1§ 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 GOO0DS, made up in bet- ter shape, more nicely trimmed than any of |this CHEAP CUSTOM- I'WORK that is put up in this market. Allweask isa CLOSEINSPECTION TO PROVETHE 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 all to attend. JAS. WILDE, Jr., & CO., Popular Clothiers, Corner State & Madison- sts., Chicago. AVEAE ©of Chicago and the Weat clnlrt » larger :Irfl::lunn for o maney, by using the columns of than through sy otber medium now offersd to the 5 public. Our CIRCULATION 18 THE LARGEST, OUR RATES THE LOWEST. OUR PAPERS THE BEST. " Oalt and ses us before closing your contracts. ] CAGID NEWSPAPER T'N1ON, e 177,170 & 181 PlnII’Avclnl- R. S. TELAIN, Bpecial Agent for Chieago, LAKE NAVIGATION, NAVIGATION OPENT COODRICH TRANSPORTATION COMPAIN Y. ror all Weat 8ho ts and Manlatee, tel-weekly, Fortitans wven ahd Aluskegome ATl weoklys T ‘or Green Bay, Mackinaw, elc. ,'weekly. send trelebi 1o aur Docka, fui of Michigan:ar, T, U. BUTLIN, Supt. BIlTl'l-l:lll- SPENCER CUTLERY. Always the best! Pocket and Tuble Kulves, Carve: Ralors, Bclasors. our specialiies ‘1bo Trade lnvvueuf" 54 STATE.ST. T opTICIAN. A A A A A A e A A AN BIANANSE, OPTICIAN, Tribuse Bulldlug, Fi ctac e2 ufted Lo all alchits 0n sclentifig prin. cipies. Upers aud Fleld Glascs, Teleacopes Micro- acobes Barulweters, &c NTATIONERY BTATIONERY & PRI ¥uralahed promptly asd at low prives by THE J. M, W, JONES §TA. TIONERY & PRISTING CO. ¥ 104 aud 106 Madlson-sts BLAN BOOKS WASHINGTON. Secretary Sherman's Views on the Subject of Re- sumption. He Believes the Existing Law Should Be Allowed to Stand. Business Fast Adapting Itself to This Acknowledged Ne- cessity. The Sitver Legisiation Likely to Have s Very Beneficlal Effect. Mr. Sherman Confident of Securing a Sufficient Coin Re- 8Crve, Tho Becretary New Desires to Pay Dutles in United States Notes: Pull Text of the Lake-Front Bill—The Deficiency Bill Passed in the House, RESUMPTION, SECRETARY SHERMAN'® VIEWS ON THE BUB- JECT. ‘Wasninatox, D, C., March 20.—At the inter- view of the Committee on Finance with the Sccretary of the Treasury in rezard to the re- peal of the Hesumption acson the 10th {nst., the Chairinan said: Mr. Becretary, I have jotted down a few gen- eral questions and some In detall which I pro- pose to ask you, und [ suppose that other mem- bers of the Committce may have questions which they may desire to ssk at a later period, but I will exk some general questfons in order that you may make the statement if you choose with more freedom than you can by golne into smaller detslls at the commencement. First, ought the Resumoption act. in your opinion, bo repealed, and, If not, why not? . Secrotary Sherman—That question, as you say, Is very gencral, and it fs rather a legls~ Jative than an eaccutive question, but I have no ol:jectiun to anawering, I think that the Resump- tion act OUGHT NOT T0 DE REPEALED} that it was & deciaration of public policy com- menced with the rct of February, 1802, repeated by Congreas soveral times, notably in 1860, nota- bly again in 1800, and again by the passage of the Ttesumption act, that we would as soon as prac- tlcable redecm any United States notes which were presented for redemption 1 gold and sllver coln, “That 18 the declared public policy of this country. and it onght to bo adhered te, and 1 am fully con- vinced that we are able to do wirt- we have so often promised to do, and sught to do. Desldes tuls, soveral Etates have, by thelr legislation, in- dicated 8 purpose to conform thuie laws 1o oura, Scuntor Dayard—Which -5tates besides New York? Secrctary Sherman—\Well, MMassachusetts to some limited extent, but I don't know how faz, snd many corporations and many individuaie have made thelr contracts - UPON A DASIS OP RESUMPTION in1870, The whole countryseoms to hiave sett] ed dawn to the convicilon that we csu resume, and that business bos adapted ftsclf and contracts bave been inkdo with that view. Fo far as any sufferlng from resumption or preparation for re- mption Is concorned, we have alrendy suffered sllwe can now. To go backwards would be ouly to iuvite suffering ogalo. It strikes me, therefore, that it s better 1o go abead, and that to retrace the policy of resump- tlon now would separate the metals from our cur. reucy, and we would heve to QO TIRROUGH THX BAME TROUDLR AGAIN, Tt would bean svidence of national woakness. ‘Tlio struggle between metallic mouey as & busis of paper mouey, snd irredeemablo paner money must oo mado some thne,and 1 think we had bottér conie plete It now: therefore 1 i regqard to your quextion, although it s you gentlemen to nnswer, and not for me, 1 We ought W adhere to the poticy of resumption and cumpleto I, ‘The Chafrman—Do you think resumption fa praciicuble under the present Isw? You have pare tlally anticipated that question, but stlll | ank Secretary Bhermau—Lhat §8 & g; 1nuch of Ogured, and supposing that 1 would ha: 1o anwwer, 1 have broughit quite 8 nomber of docu- menta here, which I will give you, aid they will speak better than 1 can. Tho best evidenco that wo ate ablo 1o resume the st of Janoary nexi is the progress thal has already been made. When tho Resumption uct passed the premium on gold waa sbout 1085 per cont. Bince that time It hax been reduced (o 8 nominai rate. It i now a little over I percent. Kince that time we hiave sccumu. fated Iu preparation for resumption & largo sum of gold. 1 have taken sonte palng L0 get feures whicu wlll give you now. Thoy aro uccurate, wo that you may lave TIE EXACT CONDITION OF TIIK TREASURY, "Thi terday ‘Tuzasuny or Tux Uniten States, Wasmina. Tox, D, C., March 18, 1878, —8m: 1n accordance with your request, I have the honor Lo state the amount in gold and eilver in the 'I' ury on the 25th ult., the date of tho Jasi debl statement, Which 16 s (ollows, viz.: tho statement of the Treusury wade yea- $117.131, 433 T, 0 Guld certll crully uta Calied bouds and ute, Jutercat dug sud uupal old co d b ver colu, fractionsi AT yerbullion. oue WIS ‘Tutal available gold and siiver. <8 7775800 ‘The auiount of gold coin Inthe Treasury 188117, « 161,435: mmounnt uf gold bulhiou, $7,047,300, akiug the uggregato gold coln und guld bullion, 2, 048, 753, e {s, hawever, subject ta u do- uction of the following tems; Firut, outstan 180,020, Although that ls ‘reasury, yet it s druwn for sud ot patd, ‘The Chaltioan—Doesn't that always hapoe m-c!ou:{ Shorman—Italways .| pe moucy ra #0 upon snd not pald, a 16 als0 largy. OOLD BULLION. Seustor Bayard—You nrun of gold bullivn. That is the gruvzru of indi Becretary erty. viduls, Is 1t not? bernau—All that is Governwent prap- ator Bayard—Where does the Qovernment o gold bullion? ecretary Shorman—We buy it, or recelve {ton deposit. or melt forelgu colus futd vulliun snd coin it as needod. W recsive it just ike guld coln, but uot much of ¢ fu comparlson with the colu ru- cebved. 'I'ien there arv culu cerlificates outstand- Ing, $54,408,500, for gold duposited by Lanis und individuals, Third, d tereat, 80,818,077, and has reaclied $18, 000, 000, due and unpaid, $i,900,705. Thst n 410,500 in gold'subfect fo dewand, or about vn ik ud, leavioyg avaliable gold ullion cu agaiust which thero I8 no demand Lability, 072230, ‘Then thero fu sulver fractional cotn, 85,172, 8055 sliver bullion, $3. 130,718, 1 can say, Lhough, if this statement was mado up $0 date, tho stlver bullion would be a good deal larker. We bougtit wuch Iately. the Lotal & Hhh&nm aud silver over and abuve demand Liabllitics 1s $71,775,800, Of the items that ar¢ counted here aud deducted from guld, 0,000, U0O are practically avaslable fur ro- ption, because the outstanding drafts sud called bouds, and luterest duse aud unpald, ale though due, ¥nl tho swount actuslly in the ‘Vruss- ury 18 geuerully about the sawe. It s remdrkaule that so wuch pioney is left sfter it 18 duv. Honas that aze due and nut preseuted, sud intercat tust is due for years, aro lolt In Government custody without belng drawn, Of the suiount of guld certiticates lssued, tho law sulhorizes 20 per cent ore certidcates Lo be las tusa the amount of u1d or ¢old bulllon deposited, slihough that pow- € has never been oxercised, al least not within my fecollection, ot cortalaly withiu wy tersa. Beustor Ferry—You spuke of tus $i4,000,000 of gold certifieatcn, In that abont the anpus] out- standing average? N;:'mq Sherman~No; it is more than the av- erage, Henator Ferry—~What | e Ty at Is the average for ten years Hecretary Sherman—Thirty to forty millions, The Chatrman—It ta s:u.'ono,ouo or u{'ooo'- g;e'miuu Sherman—Tbc amount of gold now on nt. depo P 15 vuny rinan or the reasona J have etated. The smonnt of gold and sllver coln and bullion Avafiable for ruufr?p- tion in a buriness senac In sbout $00, 000, 000, !.rhc l-cnul gold o wvtr lPllrl(l"lllun :lu'd coin in the reasnry, over and above all demand Iabilitics, $73. 73 W00, pes Nenator Junes—~Conld the amount of enbaidiary coin which you sveak of 83 lelng on hand be counted as in any way asisting resumption? Necretary Sherman—I think wo, hecanee it fs ex- changed for United States notes or fractinnal cus rency, and can be pald out for current debts, Senstor Jonea—I thought you could only ex- change it for fractional enerency? Kecretary Sherman—Probably there is enouph sllver comn on hand to redecn’ all the bslancs of the [ractional carrency. ‘The Conirman~That is, the Secretary thinks some fractional (u"nn‘tl haa been lost. Becretary Sherman— Now, in regard to another point pertfnent to your question, We hasein process of preparation fof resamption a reduced volame of United States notes. The precise figuresare famillar 0 you, 'I'ie amount was 882,000, 000 at the time of the nassage of the Itesumption act, and the amount now 14 4K, 618,024, Ausin, the amount of outstanding bank nutes has been reduced. On Dec, 31, 1875, the amount was $340,470, 7:0; on Dec, 810 1877, $321,672, and on_Fen,' 24, 1878, tle amount of bank notes antstanding was £:523,680,001, Bt the amouns of bank notes of bunka in existence not In process of liquidation was 8:00,040,475, und the difference between these two sums being the notes of banks in process of liquidatlon, aithough the notes are in circula- tion, yot #n cqual smoant of grecnbacks are in the “Iteanury an a svecial deposit o redeem them. Eenator Kernan—They make part of the $348, - 000, 000 Jegal-tender notesy Sccrotary Shermai—Yes, a8 many of the legal- tender notes are held |n the Treasury os there aro BANK-NOTES 1N PROCESS OP REDEMPTION. Senntor Ferry—Then really there should be hut 8200, 000, 000 National Bank notes outstanding? Secretary Sherman—If you count the whole greenbreks as outstanding. thera would be $204), - 006,000 of Nations] Bank niotes, Then it must bo remembered that the United States nutes Liave heen In circulatiun ce 1842, andsbank-uotes since 18G4, und thet targe sums arc loat or destroyed. ‘This dimniniahens tu some pxtent the omonnt out- atanding; how much I don'tknow. Youcan judge anwellas I, atoment was here produced showing by months the lssue of sliver coln apd reductivn_of fractional currency, under the act of April 10, 170, from Apni 20, 1870, to ¥eb. 24, 1874, the amount of fractional carrency red=emed being 824, , 030, and the total milver payment $38, - g2 47 ‘The tota} amount of fraclional notes outstanding on the 10th inst, was $17.109,715. The average monthly reduction of outstanding tractional currency, estimated upon the basis of redemptions of the past funr monthe, 18 $200,000, Senator Jones—ilow wany millfons, then, of legul-tenders do you estimate as ueing In circula- tion nuw outside’'of what you hotd to redeem nutes of banks [n proceas af liquidation? Secratary Snermuu—1 should think $320, 000,000, deducting thoso that have boen lust or destroyed and those bield for outetanding bank-notes, mak- Ing the agurcuste of bank-t:otes and greenbacka n!i»mll $043,000,000. To repeat the general result of our VREPARATIONS FOR RESCMITION, ‘we have nlrgld{‘prnc"nllly abolished the premium ongold, We have reduced the amount of Unitea States notes and smount of Nations! Bank notes outstanding. We have pald off practically the fractional cutrency, and nuw we lisve s very re. markable clrcunistunce in our favor. The Lafanco of trade is In var favor to the amount of $1U0, - 000,000 o year, biluging eliver, and gold, and bonds back 1o us. In the last three {t the bal. ance of trade in our favor In $414,034,000, 1 irng you this stalement becanao [ thought you :r&zln leem it important to bave the actual fAzures abont TNE 6TATE OF OCR TRADE. The table showing tho detailsl will leave with . 06 & number of questlons axked. Seceotary Shr. man replied: We have got Lbth gold and ailver from England, but we muat do it as Lincoln eald, unbeknownst to them, IiL must come b nutura) currents of trade, uy artificial movement & la sum of country wonld be to create slarm. All last sam- 1d to this ‘mer aud {all the accamulation was from $3, 000, 000 10 88,000,000 each montb, Some of that came frum our ows mines and some of it from abroad, ‘Lut we nccuthniated It without any possible tnjary 1o nnybody. Now, in general answer to your queation, I do oxpress my opinion officlolly and personsily that, for the reasons | bave given, we can resume un the llll llll Jonusry next, under the basiaof the exiat- g la, 7ihe Chairman—\What effect has the Sllver blll had ur le likely 1o on resumiption? Sccretary Sherman—1 do not want to tread on dellcate ground. aworing that gnestion, Mr, Chatrnian, 1shll hayo 10 confess that 1 have been nlstaken myself, Now, as to the Silver bill, 1 bave watched Its operation very closely, 1 think the Bliver bil} 1AS JAD SOME ADVERSE XPFECTS, and It has hod sume fayorable eects npon the gues- tion of resumption. Perhaps the best way for mo to procecd would De tostate the adverse effects first. It has undoubtedlystoppea the rafunding operations, Since the agitation of the sliver que tion | have not been able larzely 1o sell bonds, although 1 have ade every effort 10 do so. Senstor Jonea~At what date was the last bond sold? |Htcuury Sherman—\We are selling bonus all the thite. 1 mean the refundiugof bonds into 4-per-cent Hecretury Stierman—The 10th of October was the timd when the laet of the vovular loan was paid for, and wa had 1 dy to fasue of $10, - 000, 000, and the associates, oa they bad a right to do, ‘Witlidrew the call. Lol The sales from the last of Beptember, 1870, to thy 15th of Octover were abuut 875,000,600 Wo sold $200,000,000 445+ pes-cents, and then we wold $73, 000, 000 415-per- cent bond, renator Allison—About & year aod eloven mouths, Necretary Bherman—Sinca October last we have #0ld $34, 000,000, and perhiaps now thy. esles have gune up to between $1,000, 000 aud ,000 of 4 per cent bunds, Now, ANOTHER ADVERSH RPPECT the Sliver bill bau had ia to stop tho accumulation of colu, Since the 1ot of January we have accu- mulated no colu—except for coin eertificates—oxs cept the balance of revenue over expenditure, Tho revenaes In coin being wore than enough to pay the interest of thy debt and coin liabllitics, we ace cuomulated some coin. Another ofect that tho Sliver bill bas had {s to cause the return of our bonda from Europe, Although the movement of our bunde 11 thiv dlrcction Las been pretly sieady for wore (hsn a year, it 1a latterly largoly increas- ed, —how much 1 s not prepared to say. On the other band, 1 will give the favorablo effects: In the firet vlace, the sliver bill ATISPIED A STHONG PUNLIC DEMAND ctallic woney, and that gemand {s no rgely sectional, No doubt there fs o difference of opinun between the West and Sonth and East on this subject, but the desire for the rewouctization of sliver was alinost univorsal. 1n & Governmeut llko ours |t is always good Lo wpey the K«vulu curreut, and that has beon done, I think by the psssage of tho Ivurlnllmumr tiun can be muintained more easlly upol louble standand than upon & singls standard, * The bulky cliaractee of sliver would provent payuenta In it, while gold, beiug moro portable, would be more nded, sud L think resumption can be with & lcas amount of silrer than of goid alune. Senator Lsyard—You are speakin, of reaump. uuu‘nwn the basts of sl silver and ol S Secratary Shermau—Yos, I think it can bu maintalned better upou & bi-metallic or altvena- rd Lhun upon 3 single one, and with less ;n of guid. la this wey the romonell- ver WOULD RATIER AID RESUMFTION. The bonds that have been reivrned from Bnml:c bave been readily absorbed. Keourkably so. The recent returns in New York sbow ibe amount of Londs absored 18 this :uunu‘v 1» at loast $1, 250, 000 adsy. ‘Thisshuws the confidence of the people In aue securities, and sheir rapid absorption witl tend ws, Mr. Secretary, thay n ‘Now York was unfodnded. seeks our bouds when this bl 318 I8 declared? Bec:clary Bbernlau—\es; many clrcumetances favor this. The dewand for bouds extends to the Weat, und to the usnks. I bave no duuut we can sl 433 per ceut. and 1thiuk within » month we 11l we want ot 4 per cent bonds fo cacry out the resumption law; for | would nut accumulate More than $3, 0. wonts, and that largel tiverand gold buillon. Thero's no o or vl clal neces- ity tu force the bond tasrket lu order 10 maintaly resumption, — We havo $71,000,000 o #00, on hands sod every one can weasure bow much wore will be neéceasiry to walutain reyutiviion. 1 tho eale of buade was wvereo tree, 1 would not accumulals more than 3 000, mouth of boih wmetals, aad ail salcs beyond that should be spolled for UEVUNDING 6 VER CENT DONDS, Senator Allisun—1Jo you think that you can add largely to the vtock of cola in this ;nun&s by your Process of adding L0 your reservea $5,000,000 per wonth? That elo say, will yuu accuwmulste from olher countrice, or siiply draw 1uto the Treasury accumulstions slready exiating in our own coun- v VL keretary Sherman—1 am ghd you mentioned 1bat point. Although since tbe lst'of Janusry last wo hive ccamulated B0 coln th (e Tresauty) i uwulsted ner umount that we had prior tw that month sluce then has gune into the o banks bave slready sccumulated more thag §3,- 000, 000 of gold since the Lat of January, Senator Mornli—They bave tocreased their re- terves by an amouat of $5,000,000 goid per woul Secretary Sherman-—lere isn statement which shows the aggregate amount of APRCIE HELD BY THE BANKS. of the Unlted States during several periods therein mentioned. There have been no statements of tional itanks since December last, hu ave In the City of New York 8 weekly statement of the Clearing-House. This shows the amount at the heginning of every week from Jan. 5, 1478, On that day the amount " wan_ $21.K84.100, That bas Incrossed in smount until March 10, 1478, when 1t teached $34,551,000, # difference of about $13.000, 000, which {s just about §5,000, - per month increase, 80 that this accumula- tion of coin lisa gona an in the banks since it stope ped In the Treanury, Senalor Ferry—Then udym: embrace the accu- malstion in the banks and Treasury. 1t has been proatesning gradually at the eate of alout $3,000.- month. Breretary Sherman—Yes, sir, more than that. In Now Yurk alone tho sccumulation te $3,000,- 000 per month, but in Suston aud Philadeiphis 1t 1 alno golne on. penator Ferry—What, In your judgment. is the sccumulation In both' panks sad Treasary per mounth in anonnt? Secretary Sherman—1 shonld think it to b be- tween $5, 00,000 and $10,000.000 per month. In giving sn anawer to Me. Morrili's guestion as to tho gencral effect of the Bllver bill f would nat like to give & ponilive opinion. I do nmot think, faking it all together, tht it 15 an obstacle In the ay of resumbtion, 1t haw operated In some re- spceta adversely and In some respects favorably, But on the whole I do Bot. {bink 1t should discour: age ua from resumption or from carrying odt our general polley, Senatar Jones—Then in itsefect upon the retarn f,! 1hie vast amountof bonds you refer to, would uot. ere be AN ELEMENT OF STRENGTR added in favor of resumptiun n that the intereat on thess bonds returned wuald not be a constant drain upon the country? Secretacy Stierman—Undoabtedly, Henator Jones—Wonld the fact thot they come hflB‘k enable ue Lo maiutain resumptivn much easier? Secretary Bherman—~Undaubdtedly. The fact that we have paid £114,000,0000f debt in foreign coun- tries ia favorable, ' There {e another point it Lhis conuection. It seems to 1o it s not neccasaty to determine thls question mow. because n suflicient _time hbas mnot elapscd to enable ©h to determine the effect of the Silver bhl, and you had bettar let things run slong and see ita effret. 1t inay by thot iis effect will be such that all will favor relull?llofl. aud that resutnpiton will come without cfort. The passage of this bill can have no eflcct until Janu. sry next, and it may be that before tuat time all will ngree that it ouzht or vught not be repealed, An you have this measure lu the Senate, you can contrul it by n majority vote of the Senste Atany time. \Why uat let it stay bece? Senstor Voorhees—Did [ understand you to sa you wonld undertake to maintain resumption wit uinety millions of coin rexerve? Becretary Sherman—No, sir; 1 wonld N UNDERTAKE Tu RESUNE i upon the power afforded by the present law by go- ing on lngadnlm( what 1 did 1ast sammer, Senatur' Vourhees—iluw much surplus did you s8y you kad on hand? secrrur{,flh!rmln—l have now $71,000.000. Senator Voarhees—Then you eay that you wonld be willing t undertake resumoption nnder existing 1awa by the 1at of next January, Now, with the ald of the Silver bill and cuinage, what amount of coin would you expect to have ou bsnd with which to undertake resumption at that time? Becretary Shierman—] would sccamulate about $5, 000,000 per month of both metals from the 3st of Apriito the 1st of Janoary, which wonld $15,000.000, and If tne market is favorable I think I woald try t0 make good the Joss that I have suffered by not accumulsting in January, February, und Starch of the present year 1 think 1could accumulate in this way $30,000,000 or 000,000 Senator Voothees—That would give you $150,~ Secretsry Sherman—No, not 10 much; nordo I think 1t Is neceesary to have so much, Henator Jones—And does that look to ellminat- ing the legal-tender function on the 1stof Jao. ary? anry Secretary Bherman—No; I think not, slr. Iam in favor of maintaining the legal-tender currency; but this Is nut in controversy. Nenator Kernan—~You thought that you cculd practically redecm al) that would ba presented? Becretary Shermau—1 have no doubl of niy power to reissue Tp to $300, 000, 003 legal-tenders. Senstor Jones—] liave un jdea thal would make & 203d deal of difference, Senator Voorhees—ilave you spoken of tho capacity of the present colnsge? <retary Bharman—Xo, tcuator Ferry—Tuen, he question of re- on amnption, your view ls that with $50, 000, 000 haod and the accaulation of $00, mure, or even $10,000,000, which would be $130,000, - 000, you would be WILLING TO COMMENCE RESUMPTION of the present volaine of carreacy, both nasonal and bank, Sel.‘nln? Bherman-—On, yes; the banks must look out for themselves. Senatar Morrill~1 will now ask you this g tlon: liow can the policy of resumption be alded by Longress? Bccretary Shermse—1 am very willing to anawer that, slthough I think it is & legialative question. Ithink that you can ald resumption very much If you will allow me to recelve Unitcd States notes in payment of bonds, as the Gonute hes siready oxe pressed a willingness 1o do, snd If the llouse would concur with them. It 1 could sell 4 per cent bonds for currency in the purclase of U per cent bonds, It wouldbe AN AID TO NESUMPTION. Benator Tayard—What would you do with the procecda af the sale of these boadet Becretary Bherman—I would use them in the urctiase of outstanding bouds. All 1 would have v do would be to paythe difference Letween greeubacks and gold, bat that wauid ouly be paying Tper cent promiua.” 1 have & right o cail boads, and 1 coul UsZ CURRENCY IN TITRIR PATMENT by giving 101 for the bond i currency, the differ- ence beiween currcncy and gold st ithe present time, Senstor Dayard—You can sell 4 per ceat bonds at par in currency, aud you can then use currency tw redcem the higher raic bonda? Benstor Jones—tiow would that aid resumption? Secretary Sherman—1y reyealing the discrimina. tion that is now made agalnet the legal-teuder note intho payment of bonds, The bond lsaued would be a coln bond. A large number of queationd were asked by scy- el members of the Cummiltee, and tho Secre- tary, in the courso of hie answers, said une thing he would recommend, namely: be would, on tne 1st of October next, HECEIVE UNITED SATES KOTES IN PATMENT YOI DUTIES, and yet provide for interest ou the bonds in coln. luother words, he would assume, ou the 1at of Uctober next, thal our notes were as good as gold and silver, sod would recelve theus as auch, You, gentlemen, will feel your way clesr to allow my receivipg the Uniled Btates notes in paymeut of bonds, sud will make it clearthatl won't e compelied 10 redeem all the United Biates notea that come fu after the 1st of Ji and if you think under the circumstan be strong vnough tu Feceive these notes oo the lst of Ociober, 1 shiould be witling o GUARANTER Ti1R RESUMPIION, 1 think for us Lo go backward over all of this long weary agony aud struggle toward resumptivu would ‘b 4 #ign of uationnl weakness wnd du ihe nation great baeu, do oue crudit harm, sad brisg injury on us all. The Charrman—\What eflect would a repeal of the Resuwption sct have upon the relationd of currency, legal-tenders, and our coln, —gold snd ailver? Woiild not the repeal of the Resumplion act canse 3 fall of papor below Kold and wilver? Necrelary Sherwan—I have no doubt of that, I tnink the repeal of the Resumption act would at once causa & widemng belwen coln and paper wmoney, depending eotirely un_the, confidenco tho people at larku would bave fu thoe ultimate redenip- 1o of the paper; but 1 dou’t waul (0 enter upon this delicate groaud. "Amoug othier quostions asked was the followlng by Beoalos Ferry: You state that with X - 030 gold rererve you wonid be. willlug to bold , 000,000 &8 part of tho currency, and meel resumption on that basis, Now 1 dusire to aak \f, with contraction as it is going on, It would be suy abataclo to resumption even If the cutsianding glrc ation l:mfld be $320,000,000 ou Lhe kat of apuery nos &clu!‘ry Shorman--1 think the $20,000,000 would be” pruvided for by an increass of bank notes. Benator Ferry—Without any direct fariber con- traction tuan under the presont utumfil‘l:n sci? Becrolary Shermau—Too preseut umption act WOULD BE SUFPICIENT, 1 wauld not by myself provide for and direct the cootraction of the curreacy except what le done under the sct. ‘The Chairman—Don't you belleve there will bean expansion come upou us natusully or by 1| lon of the I'roasusy Deoatiment on the 1st of JanuaeyY ‘Will there not be more mouey notes in sctual cir- culation after thas period? Secretary Sherman—| think and hope se. benator Ferry—\Would 1t not produce a healthler conditlout becretary Sherman—Yes, sir. Benatur Hayard—Wbat 'would be tbe effect ln your opiulon if the declaration thst $300, 000,000 f Tressury notes mizhi be teued aud as s mazi- uw to be supporicd by & retentws by lsw of $100, 000, 000 of wold in tbe Tressury? Sectetury Sberuisn—That would "be beneficial becauss § thiuk the fesr shout that §300,000, 000 WOULL UK OVERCONK. Senatar Kernan—And your opiuion s that the authonity o felisug legul-teader uoles skould de expressly giveu by law. D ereta s Snenaan1 think that tha suthotity to relesuc, uaquestioned sud undoubled, wosld tako away the fears of all classce ol the people, firat Lhase fu Lavor of lndativn, who do uot waot the grecoback destzoyed, then io the Bastern States, where tbey think wu ought to rtetire the rrecnbacks an A bang ol fmu.'-d. acd bolleve thal we are boood urder ex- {sting law to pay the whule of the §300, 000,000, and that we urc not preparcd 1o do. ‘Seustor Allsou—1s vther words, you think we cannot come to and malatain specie-payments withont the power to refesae? Secrctary Sherman—j do not think we can. THE HOUSE, CALLED BY TITB RIGHT NAME. 8pectal Dispateh 10 The Trivune, Wasnixerox, D, C., March 20.—In the dis cuassion of the Deficlency bill to-day In ths House, the Democrats wero sorely troubled to exptain why it was necessary to pay $27,000 de- .~ ficlency to the laboringmen in the navy-yards who Liad been six months without payment, Eppa Hunton, of Virginia, paraded himself as the friend of tbe {aboringmen, and justificd himsell as 3 Democrst 1o this assertion by producing the life of Jefferson to prove that he was a fricnd of the workingman. Fos- ter, of Oblo, keenly turned the polnt upon the Democrats, chargiog them with demagoging, and sald that those who were responsible for the cheese-paring economfes of the last House should anawer to the worklogman for this deficiency. Whit~ thorne, Chalrman of the Navat Commlittee, de- nled this, and sald that the money had gone Into the pockets of dishonest contractors, and that the laboringman had been robbed. In the courso of the debate on the Deficlency bill, Representatives O'Nelll and Wright, of Penn- sylvania, {othnated their Inteation to oppuse the Tarill bill, and Wright said be would move to table It os an jujustico to.the laboring classes. The Deflefency Uil *was passed, tho House refusiog to nmwend the titlo #0 that the Democrats might not be obliged to calt it a Deficlency bilt, They sought by AX INGENIOUS PARLIAMENTARY TRICK 1o avold the public odlum of this diffcrence by declaring Ita il for miscellancous expenses of the Government. A roll-call wus forced upon it, when this cxpedicnt was defeated—yeas 1063 nays, 116. DISTRICT APFAIRS. ‘The House debated, without tinishiog, an fmr portaut bill which provided for a permanent form of Guvernment for this District. The bll will probably vecupy some days, The bilt pro- poses popular suffrage based upon three ycars’ residence, without cducatlonal gualfcstions, but with a poll tax. The b} has the unanimous support of thie Committee. THE SENATE. GETTIN® READY TO ORATE. Special Mispaich to The Tridune, Wasninoton, D. C., March 20,—An announce- ment was made fu the Scnate which probably will be fullowed by a blll or political debate next week. Benator Howe indleated that it was his purpose to speak on the Loulslana question. In explanation of his opposition to the Presie dent’s Soutliern policy, he will take for his text the allezed defalcation of Whitaker, the Juilga who tried Anderson, at the time the former was a Federal officer. TIR TIMDER QUARREI., Late in the day the Benate narrowly escaped another exuting debate ob the timber guestlon, Telier, of Culorado, 1n a long speech, arraigned. the Massachusctts Seonator for having, as he charged, culled the people of thc Territories thieves snd plunderers. Scnator Hoar respond- cd with epirit that he could not conceive tho mental condition of a men who put such a con- structiou upon his remarks of ycsterday, and Hoar acain stated that the main thing to do would beto repeal the taw which Beeretary Schurz had eoforced, snd not to arraigm the Bocretary for doing his sworn duty. Inthe course of his remarks Teller fusinunted that if New England was uot watchful of Ler parlia- mentary scts the population west of thu Mis- slssipof Valiey might ultimarely put down New Eugtand lutercsts. LAKE-FRONT BILL. TEXT OF TS MEASUAR AS AGRERD UPON IN COMMITTEE, Bpecial Dispaseh to The Tribune. ‘Waamnatox, D, C,, March 20.—~The Houso Committee ou Public Bufldings and Groymds to-day reported to the House for prioting and recommittal the Carter Harrison Lake-Frout bill. This bill has been somewhat changed since It was originally prescuted. The Commite tee submit it to the House for action in the fol- lowing form: A I to confirm ta the City of Chicago, Iil., the titlo to certain public groande: Wurnkas, In the year 1619 the United Stak caused the lands [u the southwest fractiunal quas ter of Sec. 10, Township 30, North Ha: cast of the third principal meridian, th aa Fort Dearborn, & military re County of Couk, State of Iliiiol into blocks, luts, streets, slleys, aund public grounds, and a plat thersuf 1o be made, scknuwls edged, and recorded In the ltccorder's ofice of uaid Cuok County, and designatod as Fort Destborc Aaditlon 1o Chicago; and Wuxneas, All of tho biocks aud lots in sald ad- dition have heen sold by the Goverumient, ond it belug manifes: that it Was the iutention of the ahould b subdivided Government that said lanc and the plut thercof acknowledged and racorded In pursuance of the statutes of llltnols, but owlny to soine infurmality in this resvect iL le clalmed that dedlcation of the public grouuds In seld addi- common law, and not & statutory I Intended at the time, and that | feo ul tha atreety, alleys, and puthic grounds was not atverted out of the United Statee, sud tuo Gov~ ernmont being wllllnf to coavey the Clty of Chicago & legal titlo ucli streots, alleys, and public grounds pursnant to the luten- tion st the timie, when aald plol was made, ace knowledged, and recorded : therefore. o 14, Jie i€ enacted, By the Sonate and House of Rep- resentatives of ‘the Unlted Btates of Amorics, In Cuogreas sssemblod, that terost of the United Nta rounds fn tuat portion of finwu s the Fort Dearborn Addition to Chicago, conveyed and teleased o the Clty of twgether with all righits thereto bolonging, snd all accretivus snd riparisn righis thereto i pertaluing; provided, however, that this sct shalt i no respect impair the dedication herctofore wade of eatd_grounds of in sy maunee to brejus dice the rights of owners or fudividaala thereia, THHE COMMITTEES, MAIL CONTRACTS, Fpacial Dispaich (o The Tribuns, wasmyoton, D. C., March 20.—Tho Housw Comumittec on Post-Utlices has eutered upon an fuvestigation fnlo the method of lettivg mall coutracts whichi is likely to become protracted. This morning they discovered a contract in the nane of John M. Adams for $40,000. This con- tract Adams sublets® for $15,000, pocketing the difference. Bubscquently, in the House, fu tho general debats on a bllk to regulate the adver tising of wall contracts, it was wade to sppear that the Democratic Cougress has not been more successful in preventing straw bids and irregularities in all contracts than Repablican Congresses aud Republican Post- master-Generals bave been. It was stated that oue Ring tu Washinitou here controls 600 routes, nons of whicn are actually mauvaged by the Lolders of the contracts. ‘The Post-Office Com- mitteo will eudesvor to frame a zeneral bilt which will correet these evils. The Post-Oftice Committecs of the past flve Congresses have uudertaken to dy the ssme thiog, snd bave thought that they accomplished ¢, but the Riog atilt seems to exfst, and It appears to be lmpos- sible for Cougress to cnact legislation tbat will peevent thew. . NATIONAL BANKS. Too Belect Committec investizating tho Treas- ury this morajng exsmined the Comotroller of of the Currency and Becretary of tho Treasury in watters relating to moge thorough protection of depositors. The infereaco from the ques- tions put was that It was the inteutlon of the Committes to oropase a bill which shall require ent periods of the exact coudition of their affuire; attested statements fromNational Banksat differ- that theso :uumc';}ru -hd:ubeTeolh;'u} 0 ;h:l a0y person ou at tho Treasury can ob- ' ‘:u m“rl:.q u.n, ths standlog ol auy bauk as they could learn sbout s wercantile Sras upun appllation to s commerclal agency. SUBVETOK-GEXERALS. The Houso Committee on Public Lands fs about to c{nur“:ahpl-;‘:(h: agnnflumlfin “r:fi' riety of abol the Burveyor-Gene: D Lo Ollice, a0 will bear Profs. Hayden sud Powcll ou the sublect, do Wosd 2ald fhis. worotog that bo sado uo‘;ifi"w Lavo the Tarl Lill 1u e Hoase by