The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-26
Senator Sherman,s speech on the FL
nances-The Fiye-Twenty Middle.

Senator Sherman's Speech on the FL
nances-The Five-Twenty Middle.
Mr.. Sherman, one of the foremost leaders of
the republican party, one of the ablest men in
the Senate and chairman of the Committee on
Finance, has thrown bombshell into the
camp of the radicals on the greenback and five
twenty question. In late speech in Ohio he
said that upon full consideration he had come
to the conclusion that the fve-twenty bonds
are legally payable in legal tenders He said
great deal more about the finances that was
mere claptrap and bandying of words with
Hendricks and other political opponents rela-
tive to the expenditures of the government;
comprehensive character-only naked asser-
tons, contradictions of opposing statements
and an effort to middle and confuse the whole
subject. However, on the five-twenty ques-
ton he touched the radical organs of the
North and East to the quick. He has called
ing interest from the assault of another leader
of his own party. Greeley tried the whip
on Ben Butler, Thad Stevens and other lead
ing radicals to bring them back to his financial
distractions, without succeeding, and now
Senator Sherman kicks out of the traces.
What herculean and hopeless work he has
undertaken! AS to Mr.. Sherman, the truth is
that when he got home to the West he found
all the people there, republicans as well as
democrats, of the same opinion on the ques-
ton of paying the fve-twenties in legal ten
dcrs, and he was compelled to 60 with them
Public sentiment is divided on this matter to
great extent by the Allegheny mountains. The
bonds are held mostly in the East and North,
and here there is clamor for gold payments,
while the West wants them paid in green
backs.
But really the question is not practical
one. There is no issue now, and never may
be- it belongs to the future. The politicians
and our public men on both sides do not I'M
derstand the subject of national finances, or
this particular phase of it, and they have en-
tered upon useless discussion. Pendleton,
Sherman, Butler, the late Thad Stevens,
Greeley and all the rest on both sides have been
pursuing an abstraction, will-o'-the-wisp,
and have got into an inextricable middle.
The fve-twenties are not going to be paid
now, and in all probability not for some time
to come. In the course of few years we
may reach specie payments. Indeed, there
is no reason why we should not if the expen-
dtures of the government be reduced, sys
tenn of currency be established and the country
be restored to harmony and prosperity These
bonds have twenty years to run, and surely
this great and rich country can come to specie
basis long before the expiration of that period
But at oil events there is not practically any
issue of this sort before the country, and, as we
said, may never be.
General Frank Blair seemed to understand
this when he declared that reconstruction and
the questions growing out of it were paramount
to all others at the present time and in the
present political campaign. However, there
are other matters of vital Importance which
come home directly to the people. The enor
nous burden of taxation and the frightful ex-
travagance of Congress and the departments
furnish abundant materials for discussion if the
public speakers and press knew how tc use
them. These are not distractions or theories
they are hard facts They touch every pocket
and weigh heavily upon every poor mans labor.
Congress made pretence of reducing taxation
last session, and the radical orators are endea-
voring to make some political capital out of
that; but the truth is hardly any one feels the
benefit except a few manufacturers for whose
advantage the taxes were removed. The taxes
which the laboring classes feel most, as those
on tea, sugar, coffee and other articles of neces
sary and general consumption, remain as bur-
densome as ever, while some even have been
increased. This and such like subjects should
be themes of discussion, and not distractions
about the future payment Of the fve-twenty
bonds.
nately, are ignorant Of the subject of national
finance. Three years ago we commenced to
educate them and the people under the new
and peculiar financial situation of the repub-
lie. We published history of the financial
affairs and difficulties of England after the
long and exhausting wars of that country with
France, as well as history Of our own fnan-
cial condition after the war Of 1912 and at
other periods We have continued ever since
to show that in this matter we must be gov
erned by the laws Of nature and trade, and
not by abstract dogmas or theories. Still
there is much to learn. Our public men are
yet lamentably ignorant National finances
and the regulation and payment of national
debts should be managed upon commercial
principes-upon principle of compromise
and accommodation-looking to the mutual
benefit of all concerned. The interest of the
taxpayers and country at large should be
studied "a well as that of the bondholders, just