New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-08
4 STRONG SPEECH.

country. The full report of his speech on the
currency question more than sustan8 the favor
able impression produced by the teIcglaphlc
abstracts 1t is a strong speech, full OF con-
vincing argument and of solid sense, and at
tuned to that high pitch of public honor which
Senator sherman once offended. but which his
speech assures us he will not offend again.
Indeed, the wide difference between this eX-
cellcnt address and his remarks on the pay
"ment" of Fiyc-twcnty bonds in currency marks
an honorable progress of public opinion, and
four years hence. we trust, sense of public
honor may have become so strong that such
arguments az those now used by tho Senator
will be entirely superlluous. The striking
point of Mr. Shcrmans speech is its appeal to
public faith. The TccapitulatiOn OF solemn
pledges, which the Government must forfeit if
il repcals the act of 1878, has been made by
others, but by no one else so f0rcibly
in Congress. One sentence he Will hereafter
regret having uttered, namely, that in which
the Senator declares that Congress can, " ii
"cvcnts make it eNpcdient, extend the time OF
"rcsumptiOn.' If Congress can hOnOrably eX-
tend the time by one day, II can with like
reason postpone resumption ten years or fifty.
Expcdicncy, Mr.. sherman should remember, Is
not the consideration which honorable men
recognize A. controlling. as 60 performance OF
solemn contracts. He well says that the United
state, has pledged it, faith to redeem its notes
i'm coin cat the earliest practicable period
but that is not the earliest convenient or cx-
pcdicnt period. Whenever regulators wish to
defer payment. they will claim that it ia not
expcleut 10 pay, aud will quote Mr.. sherman.
Hut the whole tenor of his speech contradicts
the inference which this single sentence sug-
pc.ts-that il would be honorable 10 extend
the time Of resumption for any reason less
cogent than absolute inability to resume.
With a manly candor which more superficial
students Of finance might well initiate, Mr..
sherman acknowledges that the revocation OF
the original provision that the notes should
be cIcliangeabIe for bonds wa, ~ most fatal
"-tcp," and adds: " For my part, in acqucsc-
ling i'm and voting for il, have felt more
"tgrct than for any act of my official life
In thi4 view he agrees with Mr.. Spaudng
whose history of the legal tender, 80 effect
lively indicates the motives of those who
originally consented 10 its issue. Mr.. sherman
does not distinctly aver that the the way ont
Of present difficulties is to restore the original
cxchangcability of notes for bonds, but his
Another vcry cfcditabie portion of the speech
il the review Of the reasons given for the re-
peal of the Resumption aci. Mr.. Sherman
shows that the fixing of a day for re-
SUMPTION is precisely the method which has
been adopted in every successful attempt
10 resume. "while the historical examples
" of population OF II currency have come by
al the drifting process, by gradual decline of
value, 10y increased issues, and by refusal
ito provide measures of redemption On tins
head, Mr.. Shcrman's remarks deserve the re-
pentant study of Mr. Boutwell,. whose adhesion
to the drifting process has brought us 30 far
on the road toward reputation. The theory
that we should not attempt resumption until
the balance Of trade is in Our favor IL also
finely handled, by showing that the theory is
rrpudiatcd by competent Students and that
the balance of trade ia in our favor now. IA
MI. sherman says If the dogma is false we
should not regard it; and If il is true, nov
ais the golden moment for resumption"
We heartily wish that more of our public
men would show the same manly courage. in
dealin with this question: which Mr.. Sherman
shows in speaking of the contraction and in
crease of the burden Of debts a. inevitable
incidents of any plan of resumption. Debt
paving is moi pleasant. But il We mean to
preserve the public honor untarnishcd if we
wish 10 get back to tho only basis upon which
permanent industrial and commercial prosperity
can be built, We must pay what it costs. In
diyidual LOSSES are inevitable but we must
face them if W. mean 20 save the
national honor. The business of many
must be crampcd, the speculation Of some must
be restrained, but there il no other way 10 Sc
cure the general prosperity. All other Objec
tions to the act Mr.. Sherman disposes of easily
either they are to be removed by the Execu-
tive action which every such act conemplates,
on they should be removed by the additional
legislation for which the act itself is pledge,
or they are proved 10 be imaginary by the eX-
pcrence OF other nations. The strong appeal
to the Republican party with which Mr..
Sherman closes should not be without
effect. In other respects that party has
lost much of public confidence. Its
sole advantage to-day is that the Democratic
party il justly distrustcd, because il cannot
silence nor discipline the crazy inhalionists
and obstinate regulators in it, ranks. That
advantage the Republican party would wan
tonly throw away if any considerable number
of it, representatives. should consent to q re-
/ pudiation OF the pledges of the nation. "Tho
duty of the hour demands fIrmness and
faith" SAYS Mr. Sherman. He might have
added that the mere instinct of self-preserya-
ton should nerve the Republicans to hold fact