Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1877-08-18
TELEcRAPHIc.
Speech Of Secretary Sher-
man In Ohio.
NE DEFINES HIS POSITION ON the
RESUMPTION QUESTION.
Platform of the Ohio Re-
publicans.
ARREST OF FORGEgs IN CHICAGO.
Attempted Nardsr and Suicide In
New York.
lsrkciAL Di.rArcurs TO rux Coin HILL
dairy NEws.l

lcfkctAt UisfAfVhkn To TUX N'"h' A'.
DliIr NEws.l
Secretary sherman On Resumption
CHICAGO. August i7.-lIon. John sher
man. Secretary OF the Treasury. received 4
public reception at his home in Mansfield,
Ohio. tonight. and addressed his fellow
citizens at length on tho questions Of the
day. After explaining and defending tho
Presidents policy. he said: And now. fell
low citizens, this brings me to tho ques'
ton Of specie payments. What I mean
by specie payments Ia simply that paper
money ought 10 bc made equal to coin.
and that when you receive 1t 1t will buy a.
much bcef, corn or clothing ~ coin. A
deprecated paper money cheats and robs
every man who receives 1t Of q portion
Of the reward Of his labor or produe-
ton. There aro times when such
money is unavoidable-as during war
or great public calami y--but 1t has
always been the anxious care Of statesmen
TO return again "a the solid standard
Of coin. Therefore u Ia that specie pay
ments. or 4 specie standard, Is pressed by
the great body Of intelligent men who
study these questions As al Indispensable
prerequisite for steady business and good
times. There Is 4 large class Of people
| who believe that paper can DO. and ought
10 bc. made into money without any prom.
A.. a. hon. ~ raIanntinn . that . onta
should DO printed this Is n dollar aud be
made q legal tender. regard this a. .
mild form of lnnacy. Congress will never
entertain such n proposition, and u II
should, We know that the scheme would
not stand q moment before the supreme
Court. That court only maintained the
constitutionality OF the legal tender prom
Use 10 pay 4 dollar by . divided court, and
only on the ground that II was issued dur.
| Ing war. in the nature Of q forced loan, 10
be redeemed upon the payment Of q real
| dollar. That. In 81 many words, means
Of silver or gold. / therefore dismiss
such wild theories and will speak only TO
those who arc willing 10 assume a. an
axiom on this subject that gold and silver
Of coined money have been proven by all
| human experience tn lie the best possible
standards ~ value, anal that paper money
Is simply q promise TO pay such coined
money, and should be made aud kept
| equal TO coined money by being conyurti.
BILE on demand. Now. tho question Is as
IL tho time and mode by which this
may lie brought about. Tho purpose and
obligation Ia bring our paper money 10 the
standard % coin have been over and over
again announced by acts Of Congres, and
~, tbe nlstiorms Of the great p~oIItic,l mar.
H.. ~ An. ronntrv. n r-e.olntions snJ
nromi.os rouiJ bring about ,nccie n,y.
mcpi. we woull have been tLere lony 800.
hnt The diversity az opinion "a 10 the mol,
now-twelyo wears alter The close of The
wsr-still leaves our paper money Al A dis.
connt Of five per cent. Until ti,is Il r.
moved there will b- no new enterprises In.
yolying great sums /; no active industries ;
but money will lie idle, and watch AMI
wait the changes that may 10 made before
We reach the specie standard, In \
Congress pledged tho public faith that the
United States would pay gold or silver
dollars for United States notes. Again, in
January. 1875. Congress declared that by
January !, 1873. the uniiel States would
pay its notes In coin. The Secretary Of
the Treasury Is expressly required 10 pre-.
pare Tor ahl maintain tho redemption OF
all United States notes presented at the
Treasury gu or after that date and
for that purpose. lie Is authorized
TO use all surplus revenue and TO sell
bonds OF the Unitcd states bearing four
per cent, four and . half per cent. and
five per cent. Interest. at par In coin. II
Is this law that called for the resumption
Act, no" 80 much discussed In the papers.
That mat resumption can he secured, aud
ought Ia bo secured under this Jaw, IL will
10 my purpose To show you. There are
Two inoies OF resump'io either to III.
minish ,he notes 10 he redeemed,
which Is called contraction OF The currency.
or by the accumulation Of coin In tho trea-
sury to enable the SECRETARY TO maintain
resumption, Inc d practical defect In
the law u, That Tue secretary Is not at lib
srty TO sell Oohds OF lho United States for
United STATES notes. Dnt must sell them Tor
coin and as coin !. not IN circulation among
the people u Is practically. prohibited
from selling Dohus 10 the people except by
an INVASION OF uhe law or through private
parties The bonds ARE IN demand, And
can reauiiy pe soiu ~ llar IN coin. aud stu
easier al par OF ata premium IN United
States notes Ihc process OF selling Tor
onitcu S'a'ts no'es hee'i not 10 lar before
tue mere is,' 'na' 'ney are fecsi'abie ior
bond. womb brihg them mp To par In coin,
and that ~ slaclr payment, Iut the RIA