The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-08-23
SECRETARY SHERMAN.
lis Speech at Mansfield, 0.
A Discussion Of the Fl
nance Question.
Claim that the Specie Standard Can
Be Reached in Twelve Months
More.
Hard Times, the Recent Strikes, and
Government Of Interstate Rail-
ways by National Laws.

In May last / became satisfied that the credit
If the Government was so advanced, and the
money market was 80 favorable. that could
sell at par in coin bonds of the United States
bearing interest at per cent. per annum, and,
With the sanction Of the President, took the
responsibility Of Withdrawing from sale $780,
300, 900 Of AZ per cent bonds, and substituting
per cent. bonds. There was great doubt
among bankers and business men, here and in
Europe of the ability to sell these bonds at par,
ind had plenty Of advice not to undertake the
ask. Germany, now one of the great powers
If the world, had recently offered her per
,ent bonds at a discount of more than per
emit The Russian Government, now under
he stress of war, was selling it's bonds at such
rate that they yielded over per cent The
Portuguese Government had issued per
ent. loan at about so per cent. discount. Great
Britain, the highest in credit of all the great
ations, had sold her per cent. consols at a
arge discount, and now, although they are a
erpetual annuity, they are daily quoted at from
4 to IS per cent. Still, with the favorable con-
ition of the money market, with industries
aralyzed throughout the world, money lying
lie in great boards, with our credit unfair
shed, our nation cOnfessedly among the lead
lg powers of the world with great resources
believed that the public interest and public
uty demanded that the effort to sell these
err cent. bonds should be made and that it
Ould be successful.
The great national loan was opened by pOpu-
II subscription in the United States on the 18th
June and within thirty days afterward $67,-
100000 were taken in this country and $10,-
100000 in Eur0pe-making $77, 800, 600 sold.
his sum, when paid and applied to the pur-
base of 6 per cent. bonds, will make an annual
d, 1856 900. The aggregate of the saving from
10Th classes of bonds, since the LIST of March,
SIT, will be $3, 581 900 year in coin.
And this process of saving has just COM
nenced. We may confidently hope that, if no
diverse legislation shall be had that will iniuri-
)usly affect the public credit, the entire amount
If the public debt bearing interest at over
per cent, now amounting to nearly 81, 700,
100000, may, as it becomes redeemable, be
converted into bonds not exceeding 4 per cent.
And now, fellOW-citizens this brings me to
Jhe question upon which there is so mnch di-
versity of opinion, 50 many strange decisions
and that is the question of specie payments.
What do we mean by this phrase? Is it that
we are to have no paper money in circulation
If so, / am as much opposed to it as any of
you. Is it that we are to retire our greenback
If so, am opposed to it, and
have often so said. What I mean by specie
is simply that paper money ought to
be made equal to coin, so that, when you re-
ceive it, it will buy as much beef corn, or
clothing as coin.
Now, the Importance of this cannot be over
estimated. A deprecated paper money cheats
and robs every man who receives it of @ portion
of the reward Of his labor or production, and
in all times it has been treated by statesmen as
one Of the greatest evils that can befall a peo-
pie. There are times when such money is I'M
avOidable, as during war or great public Ca
lamitv but it has always been the anxious
care of statesmen to return again to the solid
standard of coin. Therefore it is that specie
payments or a specie standard is pressed by the
great body of intelligent men who study these
questions as an indispensable prerequisite for
steady business and good times.
Now, most of you will agree to all this, and
will only differ as to the mode. or time, and
manner; but there is q large class of people
who believe that paper can be. and ought to be,
made into money without any promise of hope
of redemption; that note should be printed:
"phis is dollar and be made a legal
tender
regard this as mild form of Iunacy and
have no disposition to debate with men who
indulge in such decisions. They have pre-
vailed to some extent at different times in all
countries; but their life has been brief. and
they have ever shared the fate of other popular
decisions. Congress will never entertain such
a proposition, and, if it should, we know that
the scheme would not stand a moment before
the Supreme Court. That court only main
4oinnI Oe4
promise to pay dollar by divided court, and
on the ground that it was issued during the
war, as in the nature of a forced loan, to be
redeemed upon the payment of a real dollar
that is, so many grains of silver or gold.
/ therefore dismiss such wild theories, and
speak only to those who are willing to assume,
as an axiom on this subject, that gold and
silver or coined money, have been proven by
all human experience to be the best posmble
standards of value, and that paper money is
simply promise to pay such coined money,
and should be made and kept equal to coined
money, by being convertible on demand.
Now the question is as to the time and mode
by which this may be brought about; and ON
this subject no man should be dogmatic, or
stand without yielding upon plan of his own,
but should be willing to give and take, securing
the best expedient that public opinion will allow
to be adopted. The purpose and obligation to
have been over and over again announced by
acts of Congress, and by the platforms Of the
great political parties of the country.
If resolutions and promises would bring about
specie payments, we would have been there
long ago; but the diversity of opinion as to the
mode now-twelve years after the close of the
war-stin leaves our paper money at discount
of per cent. Until this is removed, there will
be no new enterprises involving great sums, nc
active industries; but money viii lie idle, and
watch and wait the changes that may be made
before we reach the specie standard.
In 1869 Congress pledged the public faith
that the United States would pay gold or silver
dollars for United States notes. Again, il
January, 1875. after more than years debate
Congress declared that by the LIST of january.
1879, the United States would pay its notes IL
coin.
The Secretary Of the Treasury is expressly
required to prepare for and maintain, the
redemption Of all United States notes present
ed at the treasury on and after that date and
for that purpose he is authorized to use all the
surplus revenue, and to sell bonds of the
United States bearing 4, AZ and 5 per cent.
interest at par in coin. 1t is this Law, called
the Resumption act, now so much discussed il
the papers, that imposes upon the Office I hold
most difficult and important duties and, with
sAv,l~-s H. H.