National Republican., 1875-07-19
THE FINANCES.
views Of Senator John Sherman on Our Pro
press Toward the Specie Basis.

Views Of Senator John Sherman on Our Pre-
gress Toward the Specie Basis.
The following Is report Of . cOnvsrsation be-
tween Senator John Sherman, Of Ohio, and
representative Of The NATIONAL REPUBLICAN,,
who happened to meet him, with other inquisi-
tors, few days ago:
THE FINANCIAL SITUATION.
InquIsitors. What progress are we making.
Senator sherman. Just as much as the law
provides for Secretary BristoW Is carrying 1t
out in spirit and in letter.
inouisitors. Yes; he has had favorable oppor-
tunites for executing the enacting section OF your
biH. But how can the necessary gold be obtained
It Is frequent assertion, not only OF the oppo-
nents, but also the advocates OF specie basis
that the Republican party has not made pro-
visions for the resumption Of specie payments
Senator Sherman. The demonetizlng system
of European countries is throwing large amounts
%nss Is heaTy anS md viii proSaoy fsssS
this year. These two causes operate TO diminish
its value as compared with gold, and the accu-
mutation by the-United States Treasury for cir
culatipg purposes will be easy. The proceeds
from Che sale of the five per cent bonds are being
edRaRnte1inS little iii opposition in step ne But
this same demonetiIing systepof Europe renders
1t dificult to obtain gold jusC now. The Bank OF
England continues to gain and hoard until Il has
more than ever before in its history. 1t appears
to be up hill work to reach specie basis. But
produce uniformity Of values and to reduce the
probabilities of a demand from any source, other
than speculative, for cash gold, and with equal
trade or the balance in our favor, premium on
gold is inconsistent and improbable. However,
the time for supplanting our currency for gold
Inquisitors. Well, do you think well make It 2
Senator Sherman Make 1t; why we've got to
make IL. There is no other hope for the prosperi-
[The Senator has q large store of amusing an
ecdotes for private occasions, and. he spoke with
story Of the boy who was hunting wood chuck,
and who said there was no doubt about his getting
1t, as he had no meat for breakfast.]
Senator Sherman. Nobody has ever supposed
that ft would require more than 800, 900 900 for
resumption, and we can accumulate that In one
year.
Inquisitors. The imitation idea seems to be
gaining ground. or at least attention ia being d.
rected TO the problem.
Senator Sherman. Not outside of Butler, Kelley
& Go.
inquisitors. What about Senator Morton, from
the Republican side?
Senator Sherman. Senator Morton is not for In.
fation. He will stand firmly by the law Of last
winter, which was compromise measure.
inauisltois. well specie ana greenoaeks VIII
during the campaign, will it not?
Senator Sherman. There will be great many
great questions and q variety Of subjects will be
involved, such as have never previously come be.
fore the country in any Ineligible form, and the
debate will show up public opinion to some pur-
Inquisitors. You think there will be RepublI-
can success in Ohio and finally at the presidential
election?
Senator Sherman. The Sth, 9Th, 10th and I1th
sections OF the Democratic platform made that
certain. The ground has been thoroughly pros
pected In Ohio and the outlook is very encourag-
ing.
inquisitors. Then the imitation IDEAS Of Pendls-
ton, Ewing * 70. fell stIlLborn upon the public
ear?
Senator Sherman. Yes, and worse
1nquisitors. The Republican Presidency GER
tainty! Have you heard OF any new candidates?
Senator Sherman. That is the last thing to be
thought Of The Republican party wants TO show
up its policy and nothing more at present. The
man who would intimate a desire for the nomlna-
tion would brand himself q fool.