The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-08-31

force resumption.
Secretary 1herm8n'S Speech
His ExposLtIoA Of the Financial PoIIcy
OF the AdministratiOn.
We print on our first page to-day
that portion Of Secretary Sher
mans Ohio speech that bears di
rectly upon the financial question
We take pleasure In placing thil
speech before our readers that they
may zee for themselves what, II
the opinion Of some Of our mos
earnest advocates of specie pay.
ment, In the strongest presentation
OF that aide Of the question, and
the strongest argument in favor Of
enforcing the resumption law,
which has yet been produced. The
high OflciAI position which Mr..
Sherman occupies, and the immense
monied interests involved in the
measures he advocates, will cause
his Vows on this subject to be read
with an interest second only to
those which President Hayes could
himself express.
The Important statement Of Mr..
ShermAn's elaborate address is one
that must arrest the attention Of ev-
cry thoughtful citizen. He states
that the present resumption law,
which requires all greenbacks to be
redeemed Ia specie on Jan. 1, 1879,
ought 10 be, can be, and shall be
enforced. This must now be taken
- the settled and declared policy
Of the administration, for, ss the
secretary says, 1t is not only the
duty Of the administration to do
eli In its power to enforce the law
20 long ~ Il stands, but It is also
the desire and the fixed policy OF
the administration to either main
tain the law a. 1t 10, or as President
Hayes said In his letter accepting the
presidential nomination, to have It
altered only In such q way as to
make 1t more certain and speedy OF
enforcement. The country is now
brought fairly up to face what II
has, through both Of its great po.
litical parties been voting for, the
relentless enforcement OF the re-
sumption law, no matter what con.
traction Of the currency, or increase
Of the interest bearing public debt
or agRravation of the business dis.
treas OF the people, may be necessa
~ to bring about actual resumptio
Jan. l, 1879. And In defense o
this policy, the Secretary presents
the array Of figures and argument
which We print to-day. To thor
Oughly review the figures and ar
guments which Mr.. Sherman ad
vAnces would require at least ar
equal space to that which they Oc
cupy, and the crowded state of on
columns preventS any such attemp
A few salient points may now b
referred to:
Mr.. Sherman opens with an &C
count OF the refunding of the pub
lie debt into AZ and 4 per cent
bonds, which men of all 6uancis
views will be glad to see completed
for the lower the interest the bette
for the tax payers, no matter wheth
or Il IL paid In gold, silver, or paper
Mr.. Sherman's way of disposin
OF all arguments against the are
sumption OF specie payment" is
very cheap way of avoiding one @
the knOttiest and most dispute,
questions before the public. II
simply calls all believers in legs
tender paper money, "lunatics," an,
declines to discuss the precise poin
which involves his own lunacy o.
the financial question. This dodR
ing OF the very foundation OF tn
question OF modern finance ma
suit Mr.. Sherman's conyenlenc,
and satisfy hard money theorists
but It cannot be expected to hav
any influence upon the opinions q
those who have come to the conclu
sion that greenbacks, solely by b.
ing kept legal tender and constitu
tiOnally limited sS to amount of ID
sue, will, without any legal redemI
ton belRg required, be actuall
equal In market Valne to gold q
they are and for years have been I
SILVER dollars. The number of pee
pie who believe In this financial Do
Icy II not only numerous, BIZ
their number Is increasing eyer
day, and they comprise hundreds g
the most intellIgent public econc
mists In tie country, and we Their,
fore say that Mr.. Sherman will eI
tirely fail to make any favorabl
Impression on them by simpI
terming them lunatics and declir
ing 70 dIScuss the very points the
consider TO comprise the essence
abe financial question.
Addressing himself solely
those WbO believe that paper none
should b sbolished IS legal tende
AG the earliest practicable momen
Mr.. Sherman admits the evidel
fact that there are but two ways