The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1877-08-29
A CONTRAST.

In the New y DIRK Herald of Tuesday
August 81, we find the following COM
munieation arraigning. Mr.. Secretary
Sherman for inconsistencies between
some portions OF his speech at Mansfield,
Ohio, few evenings since and his utter
ances on the floor Of the United States
senate in 1869. The communication
ls:from the pen Of Mr.. j. W. Schuckers,
Of Philadelphia, gentlemen who has
made the subject OF finance life study
and who Ia perhaps as well posted Oh
the various phases OF our monetary
affairs for the last twenty years as any
man In the country. The letter at all
events is q sharp arraignment OF MIR.
Sherman, and exhibits his inconsistent
cies in no unmistakable light:
TO the Editor Of the Herald;
MIR, John Sherman made speech at
Mansfield the other evening which has
been printed in most OF the papers. Mr.
John sherman said In that speech that
"Human governments can have but little
the rise and tall OF prices, the abundance
or want OF employment 10 attribute
the existing distresses Of the country to
acu OF government would be, MIR. John
Sherman said, "extreme folly"
MIR, John Sherman did not always
think 1t ssxtreme folly" TO attribute TO
acts of government supreme influence
upon the rise and tall OF prices aud the
abundance or want Of employment. l
beg TO call your attention to the proof.
On the 9th OF January, 1863, Mr.. John
Sherman made speech in the senate Of
the United States upon q proposition
then recently made by Mr.. o. 7. Morton
to resume specie payments within a
period Of three years. 1.-The apprecla-
lion of the currency" said Mr. John
Sherman on that occasion, lis far more
distressing operation than senator's may
suppose. Our own and other nations
have gone through this process before,
and Always with the sorest distress"
He adduced the example OF Great Brit
ian In lSlS-'2l. In eighteen years, y
said Mr., John Sherman, in 1868. 1.-The
notes OF the bank OF England were prac-
ucally a legal tender, and upon them. as
upon our greenbacks, was based cur.
rency issued BY the country banks.
When the war was over measures were
.iv~Iy .aior.~-<i 10. tIO .ppi S-iattvn VI
The paper currency TO the gold standard.
f. ID only necessary 10 read the
histories OF The time" said Mr.. John
sherman, In 1863, ITO show the disas-
trous effects. The measures resulted 10
reduction Of the paper currency from
Sl52 ZOO. 100 In 1915 TO $l52, 000, 600 in
1871. Small traders, debtors and la.
borers were reduced to the sorest dis
tress So 1t is not possible" continued
Mr.. John Sherman, In 1869, ITO take
this voyage without the s0rest distress.
10 every person except capitalist out
of debt or q salaried officer 1.-THE secretary
OF the treasury, tor example), or an an
nuitant, it Is period OF loss, danger,
lassitude OF trade, tall of wages, suspen.
sion Of enterprise, bankruptcy and dis.
sster. 10 every railroad 1t Is an addition
OF ct least one.third to the burden Of
In value Ot Its stock. 1t means the ruin
oisll dealers whose debts are twice Their
IbusinsnI capital, though one-third less
than thkir property, to attempt this task
suddenly.
Mr.. Mortou's proposition was to
effect II gradually Ia, within a peri.
Cd Of three years, by arrestng people in
the midst Of their lawful business and
applying new standard Of value 10 theil
properly without any reduction Of their
debts or giving them an opportunity to
compound with their creditors would be
an act Of folly without example in evil
In modern times. - What prudent
man wonld dare" said John Sherman, In
1899, ito build house, factory, a rail-
road or 0 barn with the certain fact
before him that the greenbacks he puts
into his Improvement will be worth
thirty.fve per cent more In two years
than his improvement Is then worth
Why not hold his money two years, till
his building will cost him one-third less
When the day comes every man, as the
sailors say, will be close
reefed; all enterprise will
oe suspended and every bank will
have contracted its currency to the low.
est, and the debtor, compelled to meet
In coin debt contracted in currency,
will find the coin boarded in the treasury,
no representative Of coin in circulation,
his property shrunk not only 10 the ex.
tent Of the appreciation Of the currency,
but still more by the artificial scarcity
msdeby the hoarders Of gold! Il n >
All DE historical precedents show" said
Mr.. John Sherman In 1890, "that fixing
q day for resumption inevitably led to d
contraetioa Of the currency by the banks
50 thatwien tho day came the actua
scarcity ofcufrency prevented demand
for coin, and this process Of contraction
both In England and the United State
produced the sorest distress" SO ia
the evidence OF Mr.. John Sherman, sena
tor, In 1859. defending the people agains
. proposed spoliation ana outrage
versus Mr.. John Sherman, secretary
Of the treasury, In 1877. defending him
self agalnts . charge OF sp0ilation ant
outrage In actual course Of p.rpetration
"To tribute the distress | know yOl
suffer" said Mr.. Sherman, at Mansfield
"to any causes growing out of the adj
ministration OF the government
10 extreme folly" 10 what corust
or c0urses shall we attribute the distress
Of the country Mr.. John Sherman a,
Mansfield made no attempt to answe,
this great question; but the answer will
b found IN Mr.. John Sherman's speech
made In the senate In 1860. vt rs no,
the dis0rder. but the Ahykician," saw,
Junlus--hegeIn agreeing with Mr.. join
sherman In l889-''it Is not casual con
currenco og calsmitons circumstances
10 the pernicious hand Of governmen
only fhat can make whole people des
perate!''
NJ. John Sherman speech ut Mannel,
the othee nlght, admits. however, OF fur
thes exaainatlon, which, with your per
misslon, shall attempt at future time
Very respectfully. j. W. ScHrCKERf.
- r0r,sf 1aih 1877