The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-11-18


mercial has visited Senator Sherman, and
from the result it may be legitimately con-
cluded that the questions and an
swers of the interviewer aud the
interviewed were deliberate, and exhibit
his true in wardness on resumption. 1t will
be remembered that when the act that
passed in January las; was pending, Carl
Schurz piled Sherman very closely on the
merits of his bill. The astute German did
not, and could not be made to, comprehend
the value of the Sherman bill as a means
OF Kidding the country of greenbacks,
and day after day he patiently listened to
arguments in favor of the bill, and would,
with his penetrating questions, overturn
every specious plea that Was made In its be-
half, believing and urging that there should
be no half way work, and, with Horace Gree
ley, he thought the only way to resume was
to resume, and he wanted to see
the way by which the pending measure
would produce the desired end. But, after
all the questioning, he remained unsstis-
fed. believing that the bill would accom-
plish nothing, and offered an amendment
that was calculated 10 test the reality OF the
pretenses therein. OF course, his amend.
ment did not pass. and the pretense
bill did pass, the inefiiciency of
which Senator Sherman is now
questioned about. The Sentinel has wsded
through the two columns OF the CONNER
calls interview in the hope of finding some
exhibit Of the merits OF the bill by its su-
thor, and nothing satisfactory is discovered
30 ta ka for To- uaH u,
he Sentinel that Ii is a mere sham, and Its
only effect will be to continue to
threaten monetary crises and do vast
damage to business.
In answer to the inquiry. how and by
what steps fair administration of the re-
sumption act would bring about specie pay
ment at the time indicated, Senator Sher-
man said:
have: often said that the law could be exc
and without further legislation. Many ways
could be pointed out under the powers conferred
upon the secretary 10 bring this about Some OF
these will name: First OF all there must be n
with him as TO the purpose to be accomplished
the purpose proposed by the law second,
he should secure as large surplus
large red uctions OF expenses for which there is
room and verge enough. In this way. and by
1911
before the time named one hundred millions of
dollars in gold, and as large reserve In green
backs as practicable; The inevitable effect OF
bonds necessary to maintain resumption, will
be amply sufficient for the purpose. And IL Is
the opinion of ssgaclous men that no very large
reduction of the volume OF greenbacks will be
made by specie resumption; but even II it be,
millions of greenbacks and issue IN their
stead hundred million dollars of
United States bonds-s far greater amount tn an
necessary
OF affairs-the loss In interest Will be made up
bIsrv Se of tho enabe
him TO sell bonds both to prepare for as well as
TO maintain resumption, ana this power can be
exercised either by the accumulation OF coin or
gre en- backs. To say that he can't resume with
all these powers at mis- back is simply preposter-
Gus. And when the power TO resume aud the
determination 10 resume beco mes manifest, the
problem Is solved and resumption becomes an
established fact, with far less dimculty than
was feared. art
What does this mean. Schurz could not
understand 1t, and the Sentinel does not dis
Germ any more light on the merits ofthe bill
by deeply bordering it. Has not the sec
rotary had the backing of the admin
tration in carrying out the purposes
OF the law? Then why has he not done
IT.? The senator says that he has power
to prepare to redeem, and that prepa-
ration will back the secretary with such
power that resumption will be an accom-
plished fact. The power to resume and the
willingness to resume will be resumption
itself. If SO, why has not resumption
taken place without waiting for 1872
But Vbst Is meant by this prepara-
ticD, this purchasing a hundred millions
of coin, and the accumulation OF as many
greenbacks possible7 What power does
1t give the secretary In advancing resump-
ton to have a boarded batch of greenbacks
in the tressuryi How Is be to get greenbacks
but by paying for them? We thought
that resumption meant getting green
backs into the hands OF the government in
order to destroy them. We thought re-
sumption meant to redeem greenbacks by
paying out gold for them. But this far-see-
ing statesman and iusncier tells us the
preparation necessary to redeem greenbacks,