Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-08-29
Secretary sherman,s Speech.

pOltlcal topics OF tne JlneS, anu especiaiiy
reviewing the financial question. His posi-
ton at the head of the treasury, and his
intimate official relations to the President,
give unusual Importance to his declarations.
His presentation of Southern matters, and
the Presidents action in relation thereto,
is clear and distinct. lie shows that, in
the nature of the cases, nothing else was
left to him but the course taken in South
Carolina and Louisiana. While saying that
his own action last winter, as to the latter,
would have been different from that of Pres
ident Grant, the situation on the advent of
President Hayes left him no choice, the
course taken being all that was practicable
or constitutional While expressing his
sympathy with those disappointed at the re-
suit of the Southern question, Mr.. Sherman
says: "Yet, feel and know that every step
taken by President Hayes was right and in
strict accordance with constitutional duty,
and from the highest motives of patriotism"
Mr.. S. admits no doubt as TO the wisdom of
this action, and specially of its benefit to the
freedmen, who already have entered upon the
enjoyment of peace not possible under the
policy of bayonets.
The matter of civil service reform is dis
cussed aud the policy of the President set
forth, whereby many misrepresentation and
misapprehensions are corrected. The long
recognized and universally deplored evils of
official intermeddling with politics are re-
viewed, and the ways and means proposed
for remedying the same presented. He
shows that it is not proposed to interfere
with any mans right to vote, or to express
his opinions orally or through the press, but
simply to correct the evil of ofiice-holding
management of party machinery.
The policy and results of administrative
reform now in progress as stated by Mr..
Sherman, will surprise many, as they must
please all. The good already secured by the
reduction of the working force in the prin-
cipal custom houses of the country is ell
tirely unparalleled in the history of the
government Never before did an admins
tration signalize its advent by rigid search
for supernumeraries under its control. In
stead of this the more usual practice has
been to search for directions where new APP
pointees might be quartered on the treasury.
1t is shown that the reduction already made
in the customs service alone, since the 4th
of March last, is seven hundred and twenty
one thousand three hundred and fifty-six
dollars per year, with like action to be taken
as to the internal revenue service.
Probably the portion of this address which
will chiefly attract attention is that referring
to the currency and the resumption of specie
payment His position, in brief, is that
there should be "no steps backwards " in
the march of resumption, which he still be-
ieves to be practicable under existing laws
but which would be made more so by a
slight change. Two modes of resumption
are named-by diminishing the amount of
legal tenders, which would be contraction in
advance; and by the accumulation of coin
preparatory to resumption. MIR. Sherman
believes that the operation would be ma
terially promoted by giving to him authority
to redeem greenbacks with four per cent
bonds. But he does not doubt that il
Congress should see proper to confine the
process of resumption to the present law, We
have still the second mode of resuning &C
cumulating coin gradually, so that when the
time fixed for resumption arrives, the treas
ury NAV be able to redeem such notes as are
presented. In this respect, he says, the
resumption act is as full and liberal as hu
man language can frame it. The Secretary
is authorized to prepare for resumption, anC
for that purpose to use the surplus revenue
and sell either of the three classes of bonds
all of which are now at or above par in coin
The power can be, ought to be, and will b.
executed, if not repealed" Mr.. Sherman
goes on to point out the special circum
stances now favoring the policy of resump
ton, including abundant crops at liberia
prices; large balance of trade with othe
countries; the increasing sale of American
manufactures to foreign nations; and tn
large production of gold and silver.
The hard times" their cause and cure
occupy prominent place in the speech.
is shown that, with all our embarrassment
the United States are yet in better financis
condition than any other leading nation o
the globe.
The labor question is discussed at som
length, and the policy of some national 81
pervision of the railway system advocated
The Secretary does not doubt the constitl
tionality of this, but on the contrary regard
it as due alike to all classes and interest
The immense power and far-reaching effect
of railway consolidation, which now, in I'll
four trunk lines, moves three times as man
tons of freight as the entire internal con
merce by water, are set forth with niue
effect.
The address of Mr.. Sherman will cha
lenge much discussion in all directions, an
while differences in judgment thereon wi
be found, we think the common sentimel
will approve the frankness and clearness
its utterances.