Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1875-09-23
senator Sherman ON Hc.ump,ion.
THE MEASURE ADOPTED BY THE LAST coSGREss--i
WILL ACCOMPLISH THE oBJECr-THg PUBL

THE MEASURE ADOPTED pY.THE LAST CONGRESS
WILL ACCOMPLISH THE oBJECr-THg PUBLIC
FAITH 10 BE KEPT.
Senator John Sherman delivered his second
speech Of the campaign in Newmarket, Ohio, on
| the 18th inst. 1t was mainly devoted to tho f.
nancial question. On the matter of resumption
he said
Whe Congress met IN December, 1879, We were
compelled to face this CURRENCY question. By
the issue OF $50, 0OO. 900 the amount was S7J7,-
100000. l need not refer to the wide differ
ences of opinion that were developed by our
discussions aud among both parties.
session the Republican Party did adopt a
policy, and that policy il fairly summed up by
the Republican State platform ls a policy that
will ultimately advance the purchasing power of
onr currency TO the standard OF gold. The par
tlcnlsr measure adopted by Congress will un-
doubleday have that effect. 1t In not true that il
contracts the currency. 1t replaces iu due time
cur fractional currency with silver coin, thus
giving the people q choice between our fraction
al currency and currency which rings 1t re-
tires United States notes only ~ bank notes
are issued, and provides that both United States
notes and bank notes shall, on the let OF Janu-
airy, 1879, be equal TO gold coin.
Gen. Ewing and others say there is not gold
enough III the country TO maintain resumption.
Why Is this? We blnlhh from our country the
gold we produce. Other nations wiser than we,
receive our gold for their productions, and make
it the basis of their currency. The gold will
stop with US If We have use for it, aud our
cotton, corn, wheat, petroleum, aud other PRO.
ducts will go abroad to settle our commercial
balancaa. To ray that with u production at
home of slOO, 900 u year of the precious
metals we cannot retain enough to maintain re-
sumption on $3.50 600, 900 of United States
notes. ID to admit that tJreyer we must suffer
all the evils and Losses OF 3 deprecated cur
rency.
But he Gays we cannot do this by 1879 I ven.
ture my opiuion against his that 1t was not nee
essary to postpone the time 80 long. An earlier
day. accompanied with Il right to fund out a five
per cent bond, would have sooner started the
renewal of business that will eventually come
when we stand again upon the basis OF the
Sorld's currency of gold aud silver but care.
fll regard for existing contracts caused time
To be selected 80 remote that all could adjust
their engagements upon the coin basis.
But he SAYS that we surrender to the banks
the profits Of circulation. Ga the other hand
any that we do not surrender tho profits OF cir
ollihJlOn. 10 the extent that in case We cliuse
to maintain our notes in circulation at par with
gold, we have the benefit Of them, and may do
20 with honor and safety. To the extent that
banks are organized and unitad States notes are
retired We actually make money, for
the taxes collected frcln tho banks
by the United States and tho State are
actually GreRterin dollars and cents than tho it,
terest We save bY.issuing United States notes.
Lot us see, $50, 0UD, 900 OF Umtod States five per
cent. bonds will, to-day, buy 957 100000 uf Unit
ted States notes II these $4,000, 600 OF bonds
are made the basis OF bank circulation. the
taxes State ind National now levied uudor eX.
isti.g law upon such banks wOud average come
thing over iiye per cent, thus yielding the peo-
pie more money than the profits On the circula-
ton. But ho says, II the circulation OF national
banks is withdrawn, they would pay precisely
the same taxes, local and national, which they
now pay, with the exception Of the tax on tlIe
circulation. / say that il the circulation was
Withdrawn they would cease to be banks,
and the 9i3O,001,O0o of capital now IN
vested in United States bonds would
cease to DO taxable, and not only the United
States, but every state and county in the Union
would lose all the taxes levied upon national
banks. Our own State would lose near one nil
lion OF dollars. We can't kill the goose and yet
have the golden eggs.
But say again that IL you destroy the banks
yon can not issue tho legal.tsnder United States
notes excess Of 400 coo 600 without being gull
~ of open breach OF the public faith, pledged
by the act Of 1864, aud without. encUuuLeri!4g a.
once the decision OF the Supreme Court of the
United States against the issue Of legal.tentier
notes except in q tiuo Of war, and | notice that
this point il clearly made by linygrdy johnson.
But, fol!ow-.tl2ens, do mot wish to rest tho
obligation uf the Umtcd States to re stole iis
currency to gold standard upon any collateral
question Of profit and toss. | wish to rest it
upon the direct promise of the Uuited States to
pay IFS note in coin Il is an obligation which
cannot much longer be postponed without ma
tional dshOnor; and kecondiy, upon grounds Of
public policy. great nation Ike ours must
Keep ahead with the civilization OF the age, and
cannot afford TO force its citizens to take that
az money which will not buy what money will
buy, which IL daily passed at a discount, and
that discount measured hourly hy every citizen.
The promise OF the United States to pay mon
ey il too sacred to stand much longer at de-
depreciation of fifteen por cent