The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-18

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yesterday in Ohio will comfort good many
ofice-holders and puzzle good many
others The Presidents famous order, IN
tended to divorce the public service from
partisan politics, commanded IN wna'
seemed plain and explicit language I'm.
mo officer should be permitted to take part
in the management of political orsahlza-
tons, caucuses, conventions or eiectoh
campaigns" Mr.. Hayes added, their
right to express their views on puolic
| questions either orally or through the
press is not denied, provided it does not
interfere with the discharge Of their oficiai
duties" Mr. Sherman worry frankly quotes
this in his speech, and interprets it TO mean
that when the Secretary OF the Treasury has
nothing to do officially he may 60 out and
take the stump for his party Of
course, if the Secretary may do SO,
every Custom House inspector has tho
same right; and as Mr.. Sherman adds
that according to his understanding OF civil
service reform the administration should
appoint only persons ofits own party to any
Office, any of us who had visions OF u nom
partisan civil service, or of any reform what
, ever in the public service, may as we'll ask
what was the use of making all the fuss
which has been made on this subject
Certainly the machine politicians have no
cause Of complaint if Mr.. Sherman cor
rectly interprets the Presidents order.
If it is true, as Mr.. Sherman admits in
one part of his speech, that "the necessary
movements of the people do not need the
guidance of paid office-holders, then it
seems to US his stump speech was as un-
called for as, in the light Of the Presl-
dents professions of reforming the civil
service, it is indecorous. For this
speech Of Mr. Sherman is not q mere
exposition of his financial policy no
takes the occasion to review and de-
fend in the middle of the Ohio political
canvass the policy of the administration,
and does this with the clear intention and
design to support and strengthen his own
party against the other. If he were q pri-
vate citizen or if he were still q Senator he
would be in the line of his duty. But as q
''paid ofice-holder' he appears to US out OF
place, if civil service reform means
anything. 1t would be otherwise il
Mr.. Sherman meant to resign If his
party were defeated in the election.
In England Cabinet Minister is expected
to take an active part in tho canvass, be-
cause if his party is beaten his and its
policy is condemned, and he thereupon
goes out of Office. But in this country
Cabinet Ministers are not Irresponsible" in
that sense and if Ohio should go demo-
cratic by an overwhelming majority Mr..
Sherman would not in the least feel himself
called on to resign.
The speech lays down Mr.. Sherman's
somewhat confused notions of financial
policy. He is opposed to retiring the green
back circulation. He thinks the best
attainable currency would be a mixed
currency composed in part OF, grean-
backs, redeemable in gold and fixed
in amount, though we notice be- does
not name the amount, and in part
of national bank notes. As he denounces
in strong language the wrong of forcing into
circulation non-interest bearing demand
notes we take it for granted that he would
at once repeal the Legal Tender act. In fact,
one of the most emphatic parts Of his
speech shows that he believes the Legal
Tender act is wrong and ought to be re-
pealed. To resume specie payments and
| carry out his plan OF q mixed currency of
greenbacks and national bank notes he
means to hoard gold and he confidently be-
lieves that this will suffice. In this we VEN
ture to say he will find very few men to
agree with him. In the first place he will
| find it impossible to withdraw from COM
mercal use the quantity of gold he would
require. He can got the gold only
by selling bonds, and the boarding
of SO great an amount of gold as
he would need would very soon, in the
belief of the most experienced fnan-
ciers, stop the sale Of the bonds But Mr..
Sherman appears to us to forget that re-
sumption must mean not only that the gov
eminent shall redeem its notes in gold
it means that the bank notes and deposits
shall also and simultaneously be brought to
the coin standard The greenbscks form but
small part Of the aggregate current capital
| OF the country. Ii Mr.. Sherman lmaglnes no
can resume with his end of the financial
schooner, letting the other and larger end
take care of itself, he is mistaken; mo-
ment's thought will show him that when he
began to pay out specie for legal tender the
whole country would draw on him and i'm
mediately empty his strong box for its own
! use.
OF course, under his plan OF boarding
gold he will need, before he can re-
sumo, dollar for dollar of gold for legal
tenders Not q cent less will answer. And
when he has paid 1t all out he will have to
begin boarding again if he means to put out
the legal tenders again as he says he would
do. Otherwise. in less than q month he
will have to stop specie payments again,
| ord al bis hoordino will have bcen IF ~ n