The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-03-20
John sherman and His False Pre-
fences.

Mr.. JOHN SHERMAN produced his annual
exposition OF the financial question, the
other day; and II IL, on the whole, much
the most thorough and complete nnan-
clal speech made at this session. The
substance of il has been so often delivered
by him, on the stump and elsewhere, that
II is not surprising IL should be good. The
long years of training and experience he
has had on the Finance Committee of the
Senate have developed Mr. SHERMAN into
n clear thinker and reasoner on this sub
ject; and. so far rs his ideas go, he is II
trustworthy counsellor as respects the
financial action OF Congress.
Considering the soundness Of Mr.. SHER-
MANS views and his thorough COM
preheuson OF the question, it would
seem little strange to superficial
observer that he does not make
more impression, and carry more weight.
His difficulty is a lack of sincerity.
There is want OF moral robustness
in his arguments that takes away much
OF the influence to which their actual
merit would entitle them. He mixes up
his politics with his finance 10 such an ex-
tent and in such a way, that when he says
thing the reader cannot be quite certain
of its truth until he has cast about TO see If
it has any political bearing He has thus
to cultivate a habit Of suspicious watch
fulness toward Mr.. SHERMAN If he would
escape being duped.
We were good deal surprised, and we
must say for the moment Gratified, on Pc
rusing the report of his speech the other
day, to find him saying that the resump-
ton act Of Jan. Il, 1875 is really what
il processes TO be, and that, fairly inter
preted, it contains within itself the means
of bringing about resumption without any
further legislation. We really thought that
Mr. SHERMAN would not make declaration
of this kind al the end OF fourteen months
after the passage of the act he was expound-
ing. unless 1t had some solid foundation.
For an instant we believed it was pos
siblc that Mr.. SHERMAN and his sound
currency associates had really sprung n
trap on his political imitation friends, and
that we had something tangible after all in
the resumption act But our hopes were
short lived. Wesoon found that under the
guise of finance, MIR. SHERMAN was only
making n political speech, and that what
lie said was merely intended to delude
his hard-money hearers and readers.
II is impossible not to be incensed over
this kind OF trickery in dealing with a
great public question like the present
financial situation. 1t Is by fur the
most important economic question be-
fore the country, and 1t ought 10 be
honestly dealt with. Mr.. SHERMAN, for
some real imaginary political advan-
tage, chooses TO humiliate himself before
the county and discredit his own reputa-
ton in treating it. There is nobody so much
concerned as he Is himself in taking such an
attitude, and if he can afford the sacrifice,
others can. We should suppose however,
he had been long enough IN public life TO
discover that it is not a profitable business
in the long run to sustain ones party at
the cost of ones own reputation for hon
esty and veracity.
The way in which the resumption act was
forced through Congress by violent action
in both branches, allowing no debate re-
plying to no questions, refusing all expla-
nations, naturally produced deprecatory
criticism. The act was denounced rs dis
honest, as having and intended TO have n
double meaning or no meaning. IL was
alleged against 1t, that while declaring for
resumption, II meant no such thing; that
while it ordered the Secretary to resume
specie payments on given day, il failed TO
provide any means or machinery therefor.
When the defects and Inconsistencies of
the act were pointed out, no answer TO the
objections could be extorted. The joint
efforts of both hard-money and paper
money Republicans combined to force its
passage, and 1t was rushed through without
syllable of explanation.
We have always held that the measure
meant nothing, and was intended TO mean
nothing. SO far as we know, this late
| declaration of Mr.. SHERMAN that the act Is
scif-operating, and of itself is competent
TO bring about specie payments, is the first
serious, II 1t be serious, attempt to give
such an Interpretation 10 1t. 1t is at least
an actual pretenee. But lot US see what