The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-27
JOHN SHERMAN.

Tue GreeaA@ck tluession--Ths Raiiroads-
Universal Suffrage.
NEWARK. Ohio. Nov. "a 1868.
We sat in The cosey little library Of John Shermans
house. There were the very heavy voumesof the chat
ter more or less lively that has gone on In Congress
these many years. covering one part Of the WALL there
an ample collection OF the great story OF the war
on another part and between these the window, look
ing out to the orchard IN which the apples grew Tor
the ne clear cider and beyond the orchard into the
valley quietly hnshed with the snow. and beyond the
valley 70 the rich expanse OF agricultural country
stretching toward the OHIO river.
John Sherman was there before me. the efYect OF
his tall figure relinqushed for tAe n0nce in the
l0ungng ease with which he lay in Bis great chair
but hts face making hun man that any ono would
know by its striking resemb ance to the familiar
pictures OF the great soldier his brother The beau
tful blue-eyed baby played about the floor with the
dainty vivacIty OF baby fun, keeping Q certain
chronicler in mortal fear for s little head against
the sharp corners Of the big books that lay loose
learning Ia 80 hard and baby heads are 10 tender
and coming iii through the open door from On even
quieter part OF the home was the gentle maternal
voice, calling the baby to other delights.
Altogether 1t was scene OF such domestic purity
and quiet people do not associate with the life OF
public man. but which should be accepted rs indi-
eating the moral tone and simplicity of character
in one man holding high place In the national
cOuncils
.'sr," said John Sherman 81 have no opinions ON
public matters that you may not print; no reasons
to be reticent. AT the same time there Is nothing
that at this moment especially wish to oommuni
cate. II you will indicate any points on which you
wish my thoughts will give them.n
t1Wel," said, sit Is part OF the story 10 know what
You would touch. In getting at the mind Of the
country It is first OF all important to know to what
subjects leading minds attach importance. II all
men went TO Washington with their heads full Of re-
construction the country might again be torn the
rack OF extreme legislation while II they went re-
gardlng reconstruction as now of less consequence
than some other topic 1t would be very different.
Perhaps can ask you no question more to the pur-
pose than the one that thus comes up-what subject
In our present circumstances do you regard as most
imperatvely requiring the national attentions"
''Not reconstruction. That IL settled by the cleo
ton Of Grant, which secures the honest, firm, but
kind enforcement OF existing laws The laws already
made are enough They cover oil the points snf-
ficicntly. The necessity was that they should be
carried out IN their proper spirit and not admins
tered by an Executive intent on defeating the pur
pose for which they were made. u was the national
will that there should be no more chaerng over The
laws, but that they should be put In force. Grants
election an expression Of this viii, and secures
the desired result In any further discussion
OF reconstruction would myself favor the utmost
lberality toward the South, would relieve 1t Of all
forms OF disability provided only 1t gves protec-
ton TO the people within its limits; but II murder for
political opinion Is to go 1t has, II the spirit OF
dsafectiOn To laws properly made IL TO prevail
there, the only safety g in the other course. But as
have said the SUBJECTS not likely 10 be brought up.
Grants election Is resting pace"
"And in tbs state OF the nation, as viewed from
this resting place. some other subject IL OF more I'm
mediate Importance ~
u think so; but the particular subject 10 which
Gny man would attach Importance would be deter.
regard the national finances as most important OF
THE FINANcEs-sPFolE PAYMENT.
Sand yon favor the specdicst possible return TO
specie paymeutw
.sWlth certain qualifications and restrictions I
would answer yes. Specie payment is the thought
OF all others In our financial future. BY this DO
not mean thai we should rush heedlessy towards IT.
without regard to the cost, for such course would
precpitate upon the country greater evils than any
Il suffers from paper money; ! mean that specie,
\ nnanciai maunuvres--to be approached with due
consideration OF tho means and OF every step taken
pcrsistency. for this rcasonthat once % reach IT.
10 occupy that gr0uDd-s 10 solve oil our nan-
the debt All that we can do with these IN the mean
tiue is to paate the evils they cause: for our fnan
to deeotSe system but to the fac. that nave pa
per where 1t was expected when the laws were made
that We would by this time have gold"
GLOW would You restore specie paymentss'
"kot by contraction. IL can be done IN that way;
but TO do It would be to ruin the debtor classes TO
arrest the hand OF enterprise and TO destroy any
party that tried 1t. Resumption must be reached BY
quite other ways. They are mainly these:-We must
se tns IN no @ n e ere q an
In the appreciation OF the paper AMI win accom-
plish a That an increase in the currency could do
vaine. II we make greenbacks worth ten
cents moro on dollar u has the same
added tenth to the volume Of the currency Next
we must adopt every other means OF giving to the
outstanding currency higher value. Thus II tho
gold receipts ~ the government are in excess OF the
gold interest II has 10 pay there must be accumn
lations and subsequent speculative Treasury sales;
but instead OF this the government mast receive a
portion OF the customs In currency. Beside this
must allow the notes 10 be converted into bonds
Say the ten-forty bond. The greenback In the ma
| note not yet due. IL is not quite fair deal
| ing for government TO let Its note that
The only excuse that could be made IL present ina
billy to pay the note TINT Is past due, and the nation
an eStensionihat is. Il must give Tor tie noe
actually due another note, to fail due at future
time II Il does not do this II rcpudines TO the exact
degree that the note differs In value from the other.
In addition to these measures for increasing the
| value or the paper would require the national
banks to keen their IN legal tender aud also
| Wall street,"
1.-THE absolute limitation OF greenbacks would kill
| tho Pendieton theory
eyes, that II the point In the socaled greenback
question which the democrats threw into politics.
| The nation " positively pledged not to 20 beyond
certain limit In the issue OF tiese notes and that
eS On the present Volume Of cursncy q
course the democratic theory could not be
carried out, and we cannot increase tue
volume without violating one OF the conditions on
which our bonds were sold. BY the legal tender &C
l OF IsG1 under which tho first grocnbacks and Ave
| twenty bonds were male the amount OF currency
limited TO sl50,00 0oo With that limitation the
bonds did not sell al ALL for men did not yet zee oil
the conditions. The currency was increased 10
1 nm auHx ti, In VIM not. ftp
amount then raised 10 $500 000, 900, with
serve OF S5000o,OOo and stipulation not "a exceed
\ that amount Then the bonds soh Tnus the
| known and pledged amount OF the green
/ back currency was very prominently an
element Of the sale. When the bonds were soi DIR.
Cook aud Governor Chase held out the idea that they
| would be paid IN gold, but this because they
assumed that grcenOacks would bo n good ~ gold
when The time for payment came. They DID not pre-
tend 20 tell The people TINT nadn The law ihe blnI1