to decide that now, but to
decide it as the case arises."

Some question was made by Mr. Ewing as to the ability to sell bonds,
and he asked:

"I understood you to say in your interview with the Senate committee
that you would have to rely upon the natural currents of trade to
bring gold from aborad; that is, that there cannot be a large sale
of bonds for coin abroad. Is it on a foreign sale that you are
relying?"

I replied:

"Not at all, but on a sale at home. Perhaps I might as well say
that if I can get two-thirds of this year's supply of gold and
silver from our own mines, it will amount to a good deal more that
$50,000,000, so that I do not have to go abroad for gold. If we
can keep our own gold and silver from going abroad, it is more than
I want."

Mr. Buckner inquired:

"For this $50,000,000 additional I suppose you rely, to some extent,
on the coinage of silver?"

I said:

"To some extent; silver and gold we consider the same under the
law."

Mr. Ewing asked:

"Do you expect to pay out the silver dollar coined by you for
current expenses, or only for coin liabilities, or to hoard it for
resumption?"

I said:

"I expect to pay it out now only in exchange for gold coin or for
silver bullion. I am perfectly free and answer the question fully,
because on that point, after consulting with many Members of both
Houses, I have made up my mind what the law requires me to do. I
propose to issue all the silver dollars that are demanded in exchange
for gold coin. That has been going on to some extent; how far I
cannot tell. Then I propose to use the silver in payment for silver
bullion, which I can do at par in gold. I then propose to buy all
the rest of the silver bullion which I need, under the law, with
silver coin. As a matter of course, in the current course of
business, some of that silver coin will go into circulation; how
much, I do not know. The more, the better for us. But most of
it, I take it, will be transferred to the treasury for silver
certificates (that seems to be the idea of the bill), and those
silver certificates will come into the treasury in payment of
duties, and in that way, practically, the silver will belong to
the government again."

Some question arose as to the reissue of treasury notes under the
resumption act. I expressed my opinion that all notes not in excess
of $300,000,000 could be reissued under existing laws, but as to
whether notes in excess of $300