The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-09-03
Senator Sherman On Finance.

Senator Sherman On Finance.
Hon. John Sherman made a speech
at Hillsbore, Ohio, on the 20 ult.,
and we give below what he said on
finance. AS Mr.. Sherman is Chair
man of the Senate Finance Commit
tee, his views will have great weight
The distinguished Senator said:
"There is one other object of pub
lie expenditure which, for years,
must be the chief burden upon our
national finances, and that is the pub
lie debt. Now, in dealing with this
subject there is one inflexible rule to
be observed, and that is to pay this
debt, principal and interest, precise
ly as we agreed to pay it. This not
only national honor: but the public
interest demands. There is another
rule, we'll stated in the Chicago plat
form, which is but an amplification
of the other rule, and that is we must
pay it according to the letter and
spirit Of the laws authorizing it
Now, according to these, no consid-
erable portion of the debt is due and
payable for several years but large
masses of it may now be, at the op-
ton of the United States, redeemed
or paid, and some $1,6OO,OOO, 900
may be thus paid within five years.
Now, as this was an option which
the creditor agreed might be had by
tho United States, it is perfectly
right and proper that the United
States should avail itself of this
privilege as soon as it is it's interest
to do so. But here the difficulty
Earises-may the United States pay
this debt in lawful money, such as
the law compels all other creditors
to take, or must it be in gold or sill
yer coin? Now, this depends upon
the contract between the parties.
When the nation deals with party,
and stipulates to pay money, the
presumption is that the money to be
paid is that kind of money recog-
nized among nations, unless some
other money is stipulated for in the
contract. Now, when we come to
look at the law, which is the essen
tial part of the contract, we find a
provision that a kind of money de
fined in that act and called lawful
money, shall be lawful tender in
payment of all debts, public and pri-
vate, except the interest of the pub
lie debt, which must be paid in
coin. Now, have reasoned about
this matter very often, in public and
private discussion, have made and
answered collateral arguments in
speeches and reports, but nv mind
always comes back to this conclu-
sion: that under the law, the con-
tract between the creditor and the
United States was that the creditor
should loan the United States lawful
money, or paper money-that the
United States would pay the interest
at six per cent. in coin, and that the
United States might, at the end of
the five years, return to the creditor
his principal sum in the same money
loaned to the Government, or might
postpone this for twenty years. But
upon this question there is diver
sity of opinion, not confined to par
ties, and the whole Of it grows out
of the condition of our currency.
"The real breach of faith IN this
matter is not with the bondholder-
it is with the note holder. Itaffects
the bondholder only as it affects all
other creditors. The bondholder is
no more the creditor of the United
States than note holder. We have
always complied with our promises