Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-02-18
PUBLIC DEBT AND CURRENCY
SPEECH OF
HON, JOHN SHERMAN,
"f OF OHIO,l ...-a
t.ur DELIVERED IN THE
SENATE OF THE UNITED STATES,
January 9th, 1869. a-

|
January 9th, 1869.
The Senate having under consid
Grafton the bill rs. No. 1881 in rela-
ton to the public debt and the cur
rency-
Mr.. SHERMAN said:
Mr.. President suppose it is ex-
pected of me to state in general
terms the reasons that Influenced the
committee on Finance to report this
measure, aud also to state why 9th
er measures of a financial character
referred to the committee have not
received its sanction. .-..sE-.
And in the first place it is but
right to recall the embarrassments
of the CO mittee, not only from the
intrinsic difficulties of the subjects
referred to us, but from the great
diversity of opinion that exists in all
parts of the country as to the proper
measures to be adopted. ] appeal
to no party to sus ain this measure,
yet we must all recognize the diff
Guilty of harmonizing the great diver
stiles Of opinion that exist on finan-
cial measures except by a partial
surrender of individual opinion and
something like party support of
any measure that may be agreed
upon. ...-.. ;r,..f.r.,-
In order to consider this measure
properly we must have clear per-
ception of what is sought to be ac-
complished. The object we have in
view is to appreciate our currency to
the standard Of gold as rapidly as
the public interest will allow. Our
present currency or 'lawful money
consists of notes of the United
States, and these are a legal tender
| in l.ayment Of all debts. Based up
on them, and of equal value with
them, is a subsidiary currency of
notes of national banks, and these
| are redeemable in United States
notes, and are receivable in payment
of taxes. We have also a form of
demand notes, convertible at the will
Of the holder into lawful money,
called three per cent. certificates
We have also a fractional paper cur
/ rencY. which is convertible into law
full money on demand. These four
species of notes comprise the paper
currency of the country, and the
amount of each is stated as follows
| ,Ir,;+oa sl,to-- ,otos e25s Oo1 072
| National Bank notes, 299 si6 565
Three per cent certificates, 50 s65 UuO
| Fractional currency, IA 2l5 fi5
| In all s745. .9os. .s5a
All this currency is bv law at par
By law it is either made the standard
Of value or may at pleasure be con
vertcd into the standard of value
1t is the legal measure OF all com
modities and Of all debts, except fol
duties on imported goods and inter
est OF the public debt. But in truth
and in fact it is not at par in the
standard money OF the world. One
dollar OF it has only the same pur
cha, ing power as seventyfour cents
in gold. Gold, which is real money
not the representative OF money, bu
money itself, of intrinsic value, rec
ognized as such by every man in al
civilized countries and in all ages O
the world-gold is demonetized by
| the law, cannot be collected in the
lcourts, and, like cotton or wheat, i:
treated as commodity whose value
is measured by what we call ''lawfu
money!. ....-......
| Now, it seems to me that the frs
step in our investigation should b.
to abandon the attempt to reason
from :, false standard. We must, tt
begin with, recognize the immutabl
law Of currency and that is. ther
is but one par, and that par is gold
Since the earliest records of human
ity geld and silver have been EN-
ployed as the equivalent for efectin:
exchanges. From Solon to our da,
immune .'able attempts have bee
made to substitute something els
as money, but in spite of all, gol,
, and silver have maintained theirlex
elusive dominion as the money Q
mankind.
The gold in the shield of Achilles
the shekels that bought the field a
Machpelah, the pieces of silver tn
price OF the blood of our Saviour
will be GU rent coin when the com
pleted history OF nations now risin
= into greatness will be folded ava
! among the records of time. ..-
No nation can permanently adoE
a standard of value that will not b
controlled and regulated by til
standard of gold No degree ofisc
lation, no expedient of Legislation
can save any nation which maintain
any intercourse with foreign nation
from interpretations OF this suprem
law. Like the tides Of the ocean O
the movements of the plants, 1T
beyond our jurisdiction. This higt
er law OF the standard of values wi
sooner or later govern and regulat
all prices, even Of commodities tn:
do not enter to foreign exchanges
1t is utterly idle, for a commerci:
Il people like the United States, with
= foreign commerce of $780, ,O0O,O
] annually, with citizens trading
. every port of the world, and receiF
e ing annually four hundred thousan
. immigrants. to escape from the OPP
ration OF this primary law Of trad
| Different nations have tried warrior
expedients to evade it, and have a
ways failed. For centuries gold an