Wilmington daily commercial., 1875-09-21
FGRS'r EDITION.
senator sherman on ne.umpiion.


me MEAeUHE ADOPTED ny THE Last CoNGRErs 1T
Will ACCOMPLISH THE oHIhof- The PUBLIC
FAITH To BE KkrT.
senator john Sherman delivered his second
speech of the ealn.,sigm in Newmarket Ohio, OH
the Ith inst 1t was mainly devoted to the Ii
nancial question. On tlie matter Of resumption
he said
Who CongreAa met III December, 1873, we werc
| compelled To face this currency question: BY
the issue OF @26 coo OJ0 tho amount was 5757,
Do0, 600 | need not refer to the wide differ
| ences OF oplinon that were developed by our
dlscushios and among both parties.
We could not agree. But in the last
session the Republican Party did adopt q
policy and that policy is fairly summed up by
the iepuhlicnn State platform as policy that
viii ultimately advance tho purchasing power OF
cur currency to the standard of gold. Tho par
ticular measure adopted by Congress will un-
doubte1ly have that effect 1t IL not true that it
contracts the currency. IL replaces in duo time
our fractional currency with silver coin. thus
giving tho people choice between our fraction
Al currency aud Il currency which rings. 1t re-
tres United Statos notes only AZ bank uotes
are issued, and provides that both United States
notes and bank notes shall. on the LIST VI jam
AIRY, 1879, be equal to gold coin.
Con. Ewing aud others say there il not gold
enough III the country to maintain resumption.
gold we produce. Other nations, wiser than We,
receive our gold for their productions, and make
it tic basis of their currency. Tho gold will
stop with us if we have use for it, and our
cotton, corn, wheat, petroleum, and other pro-
ducts Will 90 abroad to settle our commercial
balances. 70 say that with production at
homo of Sl00,0J0,000 year OF the precious
metals We cannot retain enough to maintain re-
sumption ON S356, 900 OF United States
notes, is to admit that forever we must suffer
IA H., af.f ataI
rency.
Bat he gays We cannot do this by 1879. | VEN
turo my opinion against his that it WAS not nee
essary to postpone the time 80 long. Au earlier
day, accompanied with right to fund out a five
pel cent bond would have sooner started the
renewal OF business that will eyentuslly come
when We stand again upon the bssls Of the
%orld's currency of gold and silver but u care
full regard for existing contracts caused a time
to be selected Bo remote that all could ADJUST
their engagements upon the coin basis.
Bat he says that we surrender to tho banks
the profits of circulation. On the other hand
say that we do not surrender the profits OF Cir
culation. 10 the extent that in case we chose
to maintain our notes III circulation at par with
gold, we have the benefit Of thom, and may do
20 with honor and safety. To the extent that
banks are organized aid United States notes are
tI,i'd to taxes s0 Collected lis from from the banks
by tho United States and tho State are
actually greaterin dollars and cents than the in
terest We save by.issuing United States notes.
Let us sec, $50, 900 OF United States hye per
cont bonds will, to-day, buy s57, 500,0J0 of Uni
ted States notes. III these $50, 900, 900 OF bonds
arc made the basis of bank circulation. the
taxes State and National, now leyied under ex-
isting law upon such banks would average soma-
thing over tivo per cent, thus yielding the peo-
pie more money than the profits on the circula-
lion Eut he saws, il the circulation of national
banks il withdrawn, they would pay precisely
the saine taxes, local and national, which they
now pay, with the exception of the tax on the
circulation. say that if the circulation was
withdrawn they wonld cease to be banks,
and the si3O,000,0 900 of capital now in
vested. in United states bonds would
eease to be taxable, and not only the United
States i,lt every State and county in the Union
would lose III the taxes levied upon national
banks. Our own State would lose near one mil
lion OF dollars. We can't kill the goose and yet
have the golden eggs
But say again that if you destroy the banks
Won can not issue tho legal-teuder United States
notes III excess of 4400, 600, 900 without being gull
ty of all open breach of the public faith, pledged
By the act of 1864, and without encountering at
once the decision OF the Supreme Court OF tile
United States against the issue of legal-tender
notes except in n time of war, and notice that
this pont is clearly made by Reveldy Johnson.
But, fellow citizens, / do not wish to rest the
obligation of the United States to restole It's
currency to a gold standard upon any collateral
question OF profit and loss. ] wish to rest 1t
upon tile direct promise of the United States to
pay lis note in coiu. 1t is an obligation which
cannot much longer be postponed without ma
tional lishonor; and secondly, upon grounds OF
public policy A great nation like ours must
keep ahead with the civilization of tho age, and
cannot afford to force its citizens to take that
III money which will not buy what money will
buy, which Is daily passed at discount, and
that discount measured hourly by every citizen.
The promise OF tho United States to pay mon
ey il too sacred to stand much longer ut d de-
depreciation OF fifteen per cent.