, 1876-03-07
Speech Of Sonator Sherman, Of Ohio,
On the Currency Question.
Argument Against tho Repeal OF
the Resumption Act
National Honor and Public Policy Alike
Forbid Il.
How ihs Effects Of Tho Act Arc Generally
Exaggerated and Misunderstood.
The Additional Legislation Necea-
cary In Aid Of Resumption.

ssestal D,spatcn to Taa CAseaao 1'r1auns.
wAsu1soros, D. O., atarcn Ex-senator sher-
mans Rreas speech on tho currency question
and IN opposition to tho proposed ropoaI Of The
Specie Ieaumption aoe OF 1875, was delivered In
tho sonnte to-uny, ia connection with tho con-
attention Of tho resolution Of tho New York
Cnanpee w eohAeFee, aupMlttou Asse "ceh
Tie chief points Of tho speech arc 40 follows:
tstss1 ano rsarenc "a akHn IT, tae
ii lin r,smorini nf fho N,r rr- ~ 1nr ~ NV
York, in ordsr to discuss ii an nrerso1ssi nd non
rnrt!san wry ono Of tho ucbeIons p.cacptcd hy that
memorial, md ono which now Alls tho public MUD,
md must noctseariy aaon occupy our attention. That
rercaled7" -
Thu qucsoa presented Ii not AZ Ia the tcat n,csns
soloiy whether te only ,ncsro at promises thst ro-
sub shau 10 repca!cts. 1t u not alothcr ve wilt
s All these ass sabess of IoessSa; gns sss
dssin tao promss made and prIntcd on lis facs ot
every UnteI sntra note; promise made In Tho midst
prsa;tso 1, rensWad low % ii Msreh, isGs Ii ho no.t IN.
equiTocat lsnauage, md finally made apeeiho AZ 10
tine To by The 49, D IT, H. tr.c o, III. on..o
shawn tak thu holder Of theso noter has promso Of
tho Uncd statos nndo IN February, 1ssa 70 ray bun
Il IN gold cofn that the legal ptrort Of thta Frp.nias
iaRc away IFom tbiA noo of tho legal attributes
eat r ointlat vie, tho sots v. aatlorise4 sn4
l.aurh It wns understood "a re''cetahss ln coin uhon
naye ss IL saS s.es ~" "a eap 1
t by .eason Of our isnfS 10 provide Tor i.a Ply
onent y s depssclsted bel9w par moro ttan 9ne.
Tenth ot tta nominal vu1ue; that We rnnsso1 ahia
p5ainse ann nade Il aeinso ~ 20 Tine u tnc sse q
@ ~ ns @ s a"s ffo sn . oa aa sas sH
to recall our prolso to Ieasn' ts note IN coin throo
years hchec. say. 51, Ills would Dc national dis
honor. .
Passing from considerations Of public honor, thsre
arc many reasons o1
which forbid the ropcul Of tho aet OF 1876 That oct
Sy s II = seaa
drslc thtr nj airs and inads heir con,s4c.s. DeSs
hsye been contracted and paid with tLo expectation
ha aatho ti,ne dxed, tho gold standard woald uoas
tseren al Gs via and dangerous speculative s M sesces
That feed aud fatten upon deprecated paper money,
Ills Influence ,lat scr,,rs, fills repeal viii not
stop herr. II We can recall our lromiEc TO pay
tnorc7 II We can Disregard Cur r,oiso 10 pay sile,n
09pi0 oou ~ Stipulated for by ts act Of is049 II wo
Why may no: reopen the question to the payment
~ the u Of 1857 Ana. i W ean Teopea thesa
,pen Of o'tlles erest p1ucfal q The public debt7
They reat upon ncts Of conErrss which 10 have tho
our promise to the notsholdes how r!,ai t protect
onr pfoni;e 70 t. the bonaholass1 already 40 %a sso
ps Il 1easo i1a ~sn
a1obhot ehirf-wor.e than The esea; Of an Aleeflne
t; toHn,symen. And il tne pub!io tessdior had no
sas.y Mns. chance w9ul,l ~ NsitonM @ 1ani,-sres-
congEen.2 1slas already bcsn PROPOSED to eoaassaio
thctr loudt. Yrepslunt md ~ "a mode q paying
Two would make .r oasy cscnp and abundant7 o.. II
70 asttemo tsenaro sonla bo arrested What IN 10
and ho o q IN
verbc currency bond boring yG5 per cent interest
. ss1ars d re-, 2. ,s 5as a when H. = nssess to9 Ct
the rato- Why not7 Why Fay $50 TOT cent whom i
iseaaies 10 aJaT It but IN act Of congrses. Aud
Eotes will not buy bread, why then dechre ugaist Ill
interest," and then, ter 1assng throaB, tho valley Of
gold .gntn. :.
And now, sr, 1T us examine tho reasons thst have
sse s sa sse sauf Ss IL .;esaa e ss
ras,ons: -
xeo:d-or At los.t until the balanoa OF tr,do Is in
iaird~rnat II produces contraction o, tho cur
~Isy. 49, -
.l,lins Mt aofss. a'''''a''' ''' ~ 'A' 's'''' o1
Let Us gan1a at these obisc.!ons.
FIFTY, AZ ', TO kx,so y pAr ron nEsunrr1oS
Ieeura resuaupuot. vithouA h1,nR lime, Ingree il
would not ho Indispensable, though not nnadvlsabe,
= m a1 ssme nnt sneh agsseens l. utterly i1ap9ssi.
sfeEy example we have Of the 9acecssful resumption
enceie payments !n this and other countries III ed
day Las been named by lcgiulsivo authority, and tho
assan snd Ro"cr e execution hass lee eft to sssc;
Parliament Of July 1919, fxca tho time for fun To-
sumption o. the 1ss day Of May 1871: and for
Astsdustea rsannption IN eola u Intermediate dates
md for fractional suras under 10 shinga to 10 pail
y stlyex eon; and Tho 9oyotnor and Directors Of tho
Bank of ENGLAND were charged With Ito execution. aud
eushoriacd q aer 14,ssett9n to resume paynent IN
csssfuly raaa.a through The sa.ns pFoosss Of cap-
t!om tho time beln9 h1ca w9 yeeFs sgol tuE jun. ],
la74 and now lsactlcaiy attained. IN our own couu-
IN nny Of he atates have ptesen&ed similar lawa In
enoc or suspen4ad otnk.pAyMemAi md IN eomo casts
fas suspended banks have 6y asaoetate Acaun. hxc1
Eae tor general rosqmp!oa,. md each bank sdopted
its own c1pe1!ent for can tscau 10 easo OF sue
cessful resumption "hese h1ed future tine has not
been prfecnte1 beforehand, elthor by lAw ngrcc-
mCnt; while tho historical cxamples bk rspndaAon Of
currency hatn como by tho drifting proccsH BY grad
ua DECLINE OF valucs ny Increased ISSUES, ahn scfaa
provide .osa.arss e redemption. nntl Tho "ho1o
4. g ID dsto seleetsd. esn on,y 5epes, 4 VA