The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1875-11-25
THE SPECIE RESUHrrI0A ACF.
Views or Senator sherman.

MANSFIELD, ", NOV ~.
Your correspondent found Senator
fisherman &C home in his library, loOk'
ing none the worse for the wear Of the
campaign The Senator Is rapidly
Joining the army Of silver grays, our
Is yet u young looking man IOr one
who has hong occupied q conspicuous
position in public affairs, and Is al
ready well toward the middle of his
third term % Senator. After The
usual salutations. the object Of your
cOrrespOudent's visit was explained
and the result obtained, as follows;
CorresPondent-Is suppose, Senator,
yOu have noticed that since the elec-
ton there has been raid on the Spe-
Gle Resumption Bill frOp some Re
publican papers, and even business
men are quoted in some quarters as
demanding its repeal
| Senator SnermRn-Hes. What DO
they mean by demanding its repeal !?
Correspondence suppose it is the
resumption in 1878 that is specially
obnoxious.
Senator Sherman-Well, / have no
objection to a repeal of the bill II they
VIII give us something better, but To
repeal the clause for resumption IN
1879, without enacting something In
Its PLACE, would be a step backward,
and the people have demanded Q step
forward. 70 repeal tbs resumption
clause and leave free banking would
be unlimited Initiation. 1t would Au-
thorize ali holders of bonds OF the
United States to duplicate them in
currency, to the amount of ninety per
I 2 NFalna uuIfhnnf Anu
fear Of being called upon to redeem
within this generation. Free bank
ing without a fixed time for redemp-
tion is an indefinite pOstpOnemelt Of
resumption, or q specie standard ana
simply gives to the hOpdholdeT an sd
ditionAl value to his bond while de-
preeiating the value Of every note in
circulation. take it, therefore, that
the real contest will DO as to the re.
peal OF the Resumption Act, and not
the mere time OF resumption. | have
no idea, however, that that act VIII be
repeated.
COrrespondent-W and what
GLASSES in the FOrty-fourth Con gress
are likely to move for its repeal
Senator Sherman-I take it that all
Ohio, Pennsylvania, aud other Demo-
Gratis who believed in the Ohio plat
form, aud perhaps q large portion OF
the Southern Representatives, and,
may be, few Republicans-and
mighty few-would vote for general
repeal of the act but whether that
will make majority OF the House,
DO not know, but presume it will.
CJrrespondent-DO you think that
Eastern Democrats Will vote with Re-
publicans against its repeal
Senator Suerman-Oh, certainly
they will. The World and several
other Democratic papers have taken
strong ground on that very point.
Correspondent-HoE will the Sem
ate stand e?
Senator Sherman-I have no doubt
that the Senate will defeat any meas.
ure repeating the act, that does not
contain substantially q provision for
resumption at as early day as that
named.
Toe bill was passed by vote of 32
in the affirmative, including every
Republican Senator, aud IA in the
negative-most OF the absentses being
paired. OF those who voted for the
bill, all but two are still in the Sem
ate, or have been replaced by persons
VINO will vote as they did. Upon the
bare question of repeal, l consider the
case settled in the negative ; but II
the act of last year can be superseded
by some more practical and efficient
measure for the resumption OF specie
payments, then that may be dune,
and believe would be done but for
the pending contest for the Presidency.
OBSERVATION-DISCLOSURES is the objec-
tion TO the law as it now stands
Senator ShermAu-The chief objec-
tion is that it does not point out
specially the way and mode of pre-
pairing for and maintaining resump-
ton. II it had provided for conver-
sion of greenbacks Immediately into
four or four and q half per cent.
bond, and ultimately into q five per
cent. bond, or into coin, the notes
would have risen gradually to par in
gold, and probably long before the
time fixed.
Correspondent-Why, then, didn't
the Senate put that into the bill
Senator Sherman-The answer Is
very easy. The Senate couldn't agree
to DO it. IE could agree upon certain
propositions and could not upon 9TH
ers. But when we could not agree,
we did the next best thing we fixed
a tims of resumption at as remote a
date as any member of the Senate Of
either party proposed, and gave to the
Secretary of the Treasury to make
good that promise that We could our
selves exercise, to-wit: l read from
the law ''And 20 enable the Secre-
tary to prepare and provide for the
redemption in this act authorized OF
required, he is authorized to use any
surplus revenues, from time to time,
in the Treasury, not otherwise appr9-
priated, and to issue, sell and dispose
of, at not less than par, in coin, either
of the descriptions of bonds of the
United States described in the act of
Congress approved July ii, 1870, en-
titled AN act to authorize the REFUND
ing of the National debt with like
qualities, privileges and exemptions,
to the extent necessary to carry the
act into full effect, and to use the pro-
ceeds thereof for the purposes afore-
said. And all provisions of law ill.,
consistent with the provisions of this
act are hereby repealed
COrrespOndent-W Why, then, Is not
tuat power sufficient?
Senator Sherman-It is amply suf-
iieient il tue officer charged with the
duty is sincerely intent upon carry
ing 1t into effect but it is not worth
a straw with hostile administration
1T would be enjoined but not per-
!ormed-fOr excuses are easily manu-
facturei. With RristOw as Secretary
of the Treasury, specie payments, at
the time prescribed, would be as cer-
tain as fate.
orrespondent-Were any other
dates proposed by the minority for
resumption of specie payments
Senator Sherman-Certainly but
none 50 remOte as January, 1879.
Ny colleague, Senator Thurman,
made a facetIOus speech against the
Dill on the ground that it vas San al
most infinitessimsl step toward
specie payments" He said Of this
bail that It omitted everything valus-
bic, and contained nothing important.
His objection was that the bill did
not go far enough. Senator Hamil-
ton, of Maryland, was so eager for
resumption that he propose 10 re-
peal the legal-tender aet forthwith,
and resume in six months. Senator
Salisbury proposed to fix 1877 as the
time for resumption, aud made quite
q speech in favor Of that date, while
Senator Bayard, his colleague, who
was q member Of the Committee on
Finance, not only favored an earlier
date, but urged ''strOng aud decisive
preparatory steps" for resumption.
Corresp0ndent-But on the Repub-
lican side do not Senators Morton and
Logan and Ferry want resumption
postponed
Senator SbermAn-No, sir. On the
contrary, these gentlemen aud their
associates in opinions named the
time. Those of Us who were for
immediate preparations for resump-
ton thought the time too long. We
yielded to our associates upon this
point.
Correspondent-How about the Sill
yer coinage and small change resump-
ton ?
Senator Sherman-Well, that will
come as soon as the market value OF
ouT greenbAeks does not fall below
lightweight cents in coin, and no
sooner. The market Valua of silver