New-York tribune., 1868-08-25
1TOR SHERMAN AND THE UORLD on

FINANCE.
The Hon. John Sherman recently made, what
is. in the main. an excellent. convincing Re
publican speech at IIlsborough Ohio. The dead
Ay in this pot of generally fragrant ointment
was a declaration that the Fiye-Iwenty bonds
of the United States may, in his opinion, be
paid of in Greenbacks. The World selzes TINS
as big thing" for the Copperhcad party
and so zoe consider it. Says The World
What has Senator sherman seen III to say on the
reobocE Gnesti0uq Noihing certainty, wblch can heP
lis parl in this Presidential election Ne hds sWpHYl"e1
and surrendered their guns. The Republican patI9iln ~
M tbe Rcuuhicau Journals interpret u, IS gold pat
form it asserts they say the duy ana oi uo
Government 10 pay the principal on te NV ,N "Sny ca
trary asserts that they are payable in the awu money
Of the country. Now, Senator sherman proclmms, IN
substance that after tie most faithful and protIactcd
study OF the subject he IS cOnrnced mt me Chcago Pa
does moi o be sure express his opinion this form of
Language, but ne hardly less frank ana explicit than II
he did
We do not consider Senator Sherman quite
fairly represented in the above passage; yet
we feel that he has earned the praise of TIE
World mt a sad cost to himself. Let us see ex-
actly what he says, copying The WOHdS ex-
tract from his speech, with The Worlds Italics {:
.,But here the difficulty arises-May not the United
states pay this debt In lawful money Such rs tue Jaw
compes an Otner creditors to akoI mustt be IN god or
silver CONT Now, this depends upon the contract ne
tween the parties When nation deals with party
aud stpulacs pay money the presumption IS iht Tue
money TO be paid that kind Of money recognized among
nations unless other money is simulated Tor lh te
contract Now when come 10 look at the law, Wluch
is the essential part Of the contract we hhd RInEon
that kind Of money defined in that net and called Jaw,
ful money she'll be lawful tender IN payment OF al
debit public aud private except the interest Of the pup
lac debt winch must be paid IN COln Now, nave lta
uod about this matter very often, in pubic ana private
discussion. hare Wd0e dnd ditsWered cCHGt6W dDH-
mcnis i speeches and reports; bit mn mtnf arrays comes
rc 10 this CONCLUSION hGf Under ne ifi0, me c0ldcf De
reeD me CTcdi ifl' Oad NE JId states mat the cfd-
0, should loan the United states idWfH WOncV paper
six per cent in con and that the United states might az
the end the five years return to the creditor hs p
cipa sum in the money loaned to the Government
or might postpone this for twenty years But upon TINS
question there is diversity OF OPINION not counneh 10
PARTIES and the whole OF IL grows out or the cOndOh OF
Ou currency The real breach OF ath IN ths matter IS
affects the bOndhodcr only as II affects all other cred
TORS The B0ndhOidcr more creditor Of ne Tinted
States Hdt the E0teh hOidcr We mare arrays fDWPifo GM
Ot promises 10 the bOndOder biH crcr 10 me DOfehoidc
We promise pay the note demand but DO nt pay II
az all refuse take II for our bonds except at
discount This is the key TO all our financial dlscredt
money 81" the trouble about the bonds EVA liRh prices
disappears DO refuse u pay tho Otes DC,Ause VIC
with the gold in the Treasury, redeem that amount or
them that the would be equivalent 10 gold why
then do MT do il The answer Is,that 10 do abruptly
would contract the currency as 70 interfere Win tG
vast business operations Of the country. IL VIII compel
the debtor class pay their debts different incdum
or money than the debt contracted IN IL would SUD
denly reduce the nominal value but not the real value OF
all commodities Prices would fa from ~ 10 ~ cents
Now everybody admits that must come to TINS some
time HUT all shrink from the inevitable distress at the
| change. Now what we want IS 10 gradually brlhg up
without too great contraction OF the currency OF too
abrupt change or prices