New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-08

will omen n vast field of speculation for bauhs and
brokers. Mr. Sherman probably did not forecce tins
consequence of his "bl to provide for resumption"
Philadelphia. Dec. %, 1914. j. We
Mr.. SHERMAN'S FINANCIAL SHAM.
A Fill FOR THE PosTPoNEMENr or THE TihE
or REDEMPTION OF REPUDIATED DEBTS-wHY
IyFIATIoNIsTs ARE PLEAsED-MR. sHERMANs
INCONSISTENCY.
TO the Editor OF the Trfbune.
STR: There certainly has been no reason to
expect that from an Administration or a Congress
which, while talking spacis payments for nearly SIX
years has actually Travelled some s3j,000,OCO OF adj
dtonal broken promises away from it-or to be exact
from March 1852 to Dec l. 1874 increased the issues OF
legal tenders $2sCco0oo ana of fractional currency
t1OGOil5l-theTe would emanatc any sound nnancial
and therefore perhaps the country ought to
he thankful that Mr.. Sherman. last pet sham Is likely
TO do 30 little harm. Tho title OF the bill should BIO
changed so as read An not TO provide for the IN
definite pOstponemeat OF the time when the Govern
mcn can redeem its repudated debs." with It's pres
ent title il is disgrace to every Representa-
tive who votes for It, and insult TO the intelligence OF
the country No wonder that tho Washington CORE
spondents so confidently predicted thathe sham would
receive the support OF the 1gonists These gentlemen
have alwavs shown aacrity accepting all they could
get and sagacity ia knowing whom they had reached the
end Of their rope. This measure meets their fullest
expectations tor the LEGISLATION OF this Congress- In
that Il prevents any contraction OF the Illegal issue Of
s26 at pre- sent end that with Republican Senate
and ooratic House for tho next two they hone
no further financial legislation will be possible,
Except for hie course during tho last session Of Con
gress 1t would be charitable to believe that the Honor
able Chairman Of the Finance Committee. who still pro-
fesses 10 honest currency nan, had been duped
into the support OF thI, bill but this appears impossible
when 1t remembered that at the opening OF the last
session OF tho Senate with clelr majority 10 favor OF
stoppng the further Issues OF legal tenders and the
adopton OF some measure for the retiring OF those
already Illegally issued, Mr. Sherman exhibited 70 such
energy as was shown stay last in pressing to
vote any OF the proposed measures, until he hal made
comprOmIsc with Mo ton, Logan & Co., by wAich in
yielding to them twenty six iOrtiei5 Of all they asked
he yielded every single principle in finance which ho had
ever advocated II they could, MeSsrs. Morton Logan
& Co. would have passed tho Forty-four Million bill in
spite Of Mr.. Sherman. and without his all and COW
ardy treachery they could not have succeeded In legal
jzing the s2s, 900 600 legal tenders issued.
It's time Mr.. Sherman was taught that while
may honestly der In opinions, aud be cOntractiOnsts
and nGitioniss cOnractionls can with honor yield
one single dollar toward imitation VIII Congress ever
again DO composed OF men capable OF grasping aud
honestly acting upon tho simple IDEAS that legal
tender note is not money bat representative OF debt
due from the GOyernment-a promise TO pay in money;
the Government pay them all Immediately it would
the whole country tide Of prosperity hereto
fore Unprecedented that the Government cannot do
this now The next best thing is to do 1t and fast
as possible and that to that end 1t Is necessary for
Government individual 20 practice the most rigid
economy that it's no part Of the Governments func
lions 10 provide money for the people that when 1t has
coined the bullion which the people bring TO II,
and regulated the value thereof" Government has
performed It's whole duty; and that IL commerce and
the people are left TO themselves and not leSsated TO
death. their traGios and productions will provide them
with all the money required
Before closing, two questions suggest Themselves:
Has Mr. sherman changed his opinions since the memo
rable debate in the 10 1861, the original legal
tender act during which he used these words: agree
that this measure only be justified the ground OF
necessity. Is there such ecessityl" In Juno last
when Mr. Sherman pressing the egalizatOn OF the
Sac OOOOO gal tenders did 10 again stop TO ask himself
" Ii there such necessity" d.
Heie- York. Dec. a. 1874