Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06
Speech of Hon. John Sherman.

Speech of Hon. John Sherman.
FELLOW -CiTIzENs-I accepted your invitation TO
accompany Gov. Hayes to this opening meeting Of the
canvass partly from desire to visit again this beaut
full region of Ohio, but chiefly that might present to
you in the cearest and simplest way my view OF the
financial questions involved in 1t. am personally
indebted to the people of Lawrence County for their
support during my official life, have been In hearty
accord with views that have prevailed among you
know very we'll the general interests which occupy
! you. You have here a great diversity OF employ
ments. You are farmers miners, and manufacturers
You sell food, coal, and iron You suffered from the
panic of 1879 and still suffer from the low price Of
You largely interested in questions of currency
and taxation. You have among you some differences
of opinion these subjects. / therefore need not
! apologize to you whom say that mean to conhne
myself on this occasion entirely such topics. l am
bound by my duty to you and to the people Of Ohio
to speak frankly upon the financial policy of the Re-
publican party, with a confident belief that you are
both able and willing to give to this policy your
thoughtful consideration
| THE CURRENCY.
And, fellow-citizens, let us approach diro"'T ne
questions involved. They relate to your ,,.. :,
and incidentally to the principles that should guide
US in levying taxes imported goods. These matters
directly presented to you by both political parties
and the decision of the people OF Ohio upon them viii
have wde-reachng influence upon the whole people
| Of the United states. What do we mean by the cur
rency question? Currency is that which by law or
custom passes from hand to hand in exchange for la
bor and for the productions OF human industry, and
for land and ali acquired wealth. Properly, the
currency includes gold aud silver we'll all paper
money, but now that we have deprecated currency,
| it will be best understood if we regard our
currency as including only the United States
notes, bank notes and fractional currency in
common use in the United States. The first and
principal question is, shall this currency be made
equal III purchasing power to gold and silver. Upon
this question there ought TO be no difference OF opinion
among intelligent mou. BY common consent in all
ages oil the wolld-in all civilized and semi-ciyiized
nations both Christian aud pagan, gold and silver
regarded the best STANDARDS OF value They
only easily made into current coin, but they in
any form and wherever iound OF intrinsic value easily
| divided, indestrucuble, and easily transported.
Different nations have tried many expedients 10 sub
slituIe something ell 4 standard of value, bat
perisnce has uniformly driven them back to gold and
silver Even nov in the United States where we nave
legaeuder paper currency its depreciation is daily
measured by tue standard OF gold. All our business
with foreign countries, and most OF the large trans
And now in spite OF law market value OF
all your productions your wheat, your iron,
Ne deceive ourselves US the Israelites
did of old bY making gods and worshiping them We
value, aud naturally think it measures the price OF
gold. We think we see gold bObbing up and down for
the play OF the bulls and bears Of New York. but 1t is
our paper money-the public credt-that is bobbing
up and down. Four hundred years ago men we
now see the sun rising in the East passing over the
armament, and setting i'll the West Ii appeared that
the q tender to the earth-a satellite to
render its daily Offices ior use. Gaileo and 9TH
ers proved that ali decepton that the earth
moved around Its axis day, and, of the
smallest of the planets OIL its orbit once year. and
thai lie sun was the center of our system and Itself
was but one Of innumesabe stars. Though this was
demonstrated and we all now admit II, yet still
say the rises and the JUST the brokers
maid ftl lan and vat falT TnN
citizens, il not blinded by ignorance and
lessness we know that gold has not risen any
more than the sun has risen. Gold can
not 80 down any more than the goes down. 1t is
the public credit the promise OF the United States "a
pay dollar In coin that rises and falls. Paper money
is worth nothing bnt what promises to pay in gold
and then its value is III precise proportion TO the ex
pectaton that 1t will be paid In gold according &c
promise. The commercial world measures our curren-
cy by their estimate guess TO when will re
deeu it IN gold. All know that we have the ability
rodeon it, but they speculate upon our willingness
to do 1t, anu measure IN this way the depreciation
our noie just they measure The value OF Erie
Hilroad bond any other security. Convince the
mercia world that you will redeem this currency il
gold when presented and It becomes par in gold IL will
then buy as much food and clothing the best gold
coin issued from the mint When So can redeem it i
will be like the Frenehmans bank blllf you got tht
money don't want 4, Il You hayn'tl DO Then th'
interchangeable f0r the other. 70 accomplish this
now the highest object Of statesAeqship, aud ih
greatest good all classes bu especially to those wit
labor for their daily bread
PAPER MONEY.
And here, folow-eitizens, you may ask II gold i
the best standard OF value, why have any Othe
mOney-why have paper money at all, why not ial
back upon hard money the only currency2 Thi
the old doctrine Of the Democratic party of Jaek
son and Benton-yes, and OF Gov. Allen, too, forty
years ago. The is that the experience Of com
mercal nations has demonstrated that paper money
5 great convenience IN promoting exchanges. IL /
more portabei be transferred readily from hand
handj it can he more easily guarded from thieves
and 1t gives life and activity trade by substiutin
credit Tor actual coin. But all this is OF paper none
convertible into coin az the will OF the holder,
deprecated paper money. We have had varied ex
banks that apruHg into existence after OF 1872
our State bank system Still, though we suffered man
losses by bad paper money, yet in this country W
some form of paper money. The Republican part
cured defect OF old bank currency by giyin
us national money OF uniform value throughout tn
United States instead OF local money OF State banks
What We still want Is national money readily con
yertible into gold.
5 WHY PAPER MONEY SHOULD BE EQUAL TO aoLr
Let US examine the reasons why our currency shou
be made equal 70 gold. The first and most obviou
is that the United States promise TO pay its note
in gold. Here is dollar Oiil. Ii readsi Ihe Unite
States will pay to the bearer one dollar" What is
dollar? The statutes OF The United States declare
dollar to be coin Weighing 25 $40 grains OF standar
gold. Why is II not padH Are we unable now, a
during the war TO meet this Obgatlonf Ii is said tn
note does not nix the time OF payment. This would
no defense by an individual In a suit at law for tn
Court would say such a note payable on demand
and compel him to pay. The United States can no
be sued, but ought 60 be honest ought to observ
those rules Of honesty that 1t prescrbes for s citizens
Admit that II hasthe power 10 say that the time
payment Is question OF public policy bat puoli
policy that delays the payment OF such an obigatio
after the nation is able TO pay seriously impairs tn
L public fnith and sets an evil example
: Another reason why these notes should be mad
equal " gold is that the puTohaang power OF deprS
! ciated paper money depends upon the caprice
speoaators who put It's value up and down at thei
value daily chSogias. Il may be worth x grains (
: gold to-day and tomorrow ~. ltis like a movabl
Tardstiek or ehAnHsabe ton or sho4 lars sursll