Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1874-01-18
RESUMPTION GF SPECIE PAY
MENTS.

speech III SoiHSIesS upoii tiiO -A'i'hNN
Question carries with it so much of char
ac;er ard interes: as belongs to the views
os statesman whose experience and
abilities, more than those of any man
in public life, entitle him TO be heard
with respectful attention. We quote
from the press dispatches under date of
Washington, Jan. 10Th:
Sherman argued that it had heen
practicable during the pas. four years To
advance TO specie values; that onr-tenth
OF the amount which had been used to
pay the public deb, not due. woula have
restored specie payments. The demands
OF ;niationists could Fever D. met; they
woaII never have currency .iuust. The
present was the time t. stop AMI bring
currency to a gold STANDARD. lie re-
viewet, :he fnarci;l policy Of the cor
.rnlnel. since the war, and regretted the
Act Of Apr. 1866, which deprived hold
ers OF legal tenders from converting them
into interest bearing bonds 1t par. de-
clar:ns that more evils had resui;e5! from
that act than from any other Of Our
Ena--.1l system. He spoke OF rei>stlicg
a
thought the special Act Of Congress WAS
against it. tie reviewed the plans pro
posed for the resumption Of specie pay
n,e2ts. and though. the surcst way Wits
by retiring notes. but feared tina; the
contraction waull he too severe upon
TIE people. He favOre,i the plan of taxi
ing United States bends which N or,ii-
nary times are worth their face IN gold,
and 20 authorize the conversion OF ali
notes into this kind of bonds, and men
toned some benefits which this plan
presented. Ee next reviewed some OF
:hs arguments against the resumption of
specie payments, and thought the only
one well taken was that il world be bur
Gensome to the debtor class, and ON
their account he desired to see the re-
turn gradual. but thought that now
would be the best time 10 commence. as
the people were now in debt less than
ever before. He referred 70 the National
Banking system. which he thought was
a good one, but he would prefer to see
but one kind Of circulation in this coun-
t-y. and that issued 10y the government
convertible AZ VIII into gold. He said
that specie was the only true standard
value and no Other could be established.
that the bills of exchange. etc. were
used for convent, nee III heavy settle
T1ents England u1,i France recognizes
ti.:S duty bat refuses To- perform IL HE
rational banks vou!i be forced to re
deem their notes III coin Il the United
States t.id theirs. Congress Is bound i,y
?1h.ic faith and gog,! policy to bring cur
currency 20 a SPECIE Staas!;sT,.- Congress
had promised hy the Ac. OF 1859. from
which ne read to do this ut thc earliest
practicable moment b;lt lie was sorry 10
say lad no. PASSED a single act tending
- redeem the pledge Four hundred
millions of the public debt not due had
been. paid. but not a single dollar Of debt
due. and We had actually increased the
currency since the Act # 1869 TO the tx
.ent of over two millions IN legal ten
ders, fractional currency and national
bank Hc.cS.
This is by all odds the clearesi AID
most satisfactory sIuaciat,o0 OF a
method of returning to specie payments
that we have encountered. Il seems to
us-and We confess TO having but slight
title to an opinion in matters OF finance
that lir. Sherman views are frauGht
with much wisdom. Be this as it may
however, this discussion brings ii:to
prominence the one great problem With
which Congress has TO deal Here lie
:he nee,ifui bases of reform; Tor in the
curing of our financial evils alone can
we hope TO ah:te the alarming symptoms
which End expression in such directions
Is have lately overtaken the business
communities o: the Eastern States.
give all our moneys Il uniform. fixed
value. and the lesser evils IN the merci.D-
.ile, manufacturing and agricultural in
terests will be relieved of much Of their
present condition OF feverishness- Re
.tore the finances OF the country TO a
hard money basis al! there will then be
a place to start from in the direction of
that true Reformation whose accom-
plishment, when it is had, viii be found
to owe nothing of its enhancement to
the political guacks whose first advice Is
to dismiss the Republican party from
service and entrust the business of pre-
seribing for the body polite to them
selves. If the Republicans in Congress
will but employ their abilities in finding