The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1877-08-23
SHERMAN's sPEEOH ON THE FINANCIAL
QUESTION.
A Good Showing for President Hayes Finan
eial Policy.

MANSFIELD, August 17.-Secretary
Sherman spoke TO u large audience this
afternoon in the public park. The
weather was delightfully."- cool and
balmy, and a large number of ladies
graced the occasion. Henry Z. Hedge
as President, made the welcoming adj
dress, abiding in flattering terms to
the private views and public services
of the Secretary. Mr.. Sherman re-
sponded feelingiy, aud was evidently
touched with the warmth of his old
neighbor.
Secretary Sherman then ell. cred up
on his speech, in which ne reviewed
the Southern policy of President Hayes
giving clear accounts of the condition
of affairs in that section when the
President assumed his duties a Chief
Executive He then explained the
system of civil service reform adopted
by the Administration, also the vari-
Gus administrative reforms (which
have been started and carried out, par-
ticularly the reduction of the expen-
SEES of the Government. The decrease
in the cost of the custom service ha.
already reached nearly million do.-
lars annually. These reforms are To
extend to all branches OF the Govern
ment, and will very greatly reduce the
public expenses, but the largest reduc-
ton, the Secretary says. is in the saw
ing the interest OIL the public debt.
This, he says, has already reached
over three and a half millions annual
ly, and it has only just commenced.
The Secretary then entered into the
discussion of the money question, adj
vocated the resumption act of 1873
with few notifications, and says it
will be carried out unless repealed.
He gives figures to show what progress
has been made towards resumption of
specie payments. and says we have
during the five months of President
Hayes made ALI actual accumulation of
currency and of gold and silver coin
and bullion of $44 ,340,S32. From the
first of May to this time we have add
ed to our coin reserve S20,00O,OOO by
the sale of bonds without disturbing
the money market and with gold stead
lily OH the decline.
We have reduced the public debt
since the first of March the sum OF
$29, 444 1924, we have conducted the
vast operations of our loans already
referred to without disturbing the
course Of trade or causing a shipment
in gold. All the fears expressed so
often in the papers at these movements
have been proven to be groundlcss.
We are now within five degrees of the
specie standard we have seventeen
months before us in which to complete
the task. The same progress that has
been made since the first of March
continued twelve months longer, will
certainly bring us to the specie stand
ard.
feel confident in saying to you this
day that if undisturbed, with or with
out change of the law, every dollar
of the United States notes will, before
the time fixed for resumption, buy as
much as an equal amount in either
gold or silver.
The Secretary then passes to the re-
cent strikes, and discusses at much
length the uses and effects of such
movements. He evidently is i'll favor
OF good wages 10 all good working
men, hut deprecates violence, and says
the law must be obeyed and order pre-
served. He shows how the power Of
nearly all the railroads i'll the country
was practically concentrated i'll the
will of four men. the presidents of The
four great trunk lines of the country,
aud hopes Congress will pass laws 10
govern and control railroad transport
alton, So that it will Yield remuuers-
live prices 10 the roads and insure itli
prices for the labor OF employees. IL
IN especial. severe on The reported
cutting of rates by the companies. and
attributes much, il not all. Of The re-
cent troubles to this pernlcious Gus
tom.
The speech is very long, and yer.
indefinite idea of it can be given II"
The limits of Geographic dispatch.