The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-18
HAYES POLICY.
An Important Speech by Secretary
Sherman in Ohio.
CIVIL SERVICE ECONOMY
Reduce the Clerical Force and Gut
Down Expenses.
OUR NEW LOAN S.
Explanations Of the Syndi-
cate Operations.
SPECIE PAYMENTS
How, When and Why We Should
Resume"
CABINET VIEW OF STRIKES.
OUR NEW LOANS S.
Explanations Of the Syndi-
cate Operations.
SPECIE PA M + N rs
How, When and Why We Should
Resume"
CABINET VIEW OF STRIKES.
[BY TELEGRAPH TO THE HERALD. I


MANSFIELD, Ohio August IT, 1877
A large and enthusiastic meeting was held this even
Ing by the citizens listen their fellow townsnan
Hon. John Sherman, Secretary of the Treasury dis
The issues OF the day. lie was warmly wes
coined by the audience, and proceeded to speak fol-
lows:-
FELLOW CrrrzENs LADIES AND GENTLEMEN In re-
Spouse to your invitation am here night state to
you my views OF what has thus far been done py the
present administration in its conduct public affairs.
In dong SO wish 1T distinctly understood ,oo
OF Ohio, to you. my fellow citizens and my
obligations of gratitude and duty. Tho President
authorized me 70 say one thing and one thing only,
Tor him and in his name, and that that all reports
that mpute 10 him any partic patton whatever in the
nomination OF candidates op your State ticket,
desire or purpose TO influence IN any way the sena-
toral contest IN ohio, are utterly groundcss These
are your matters and ] can assure you for him
that he has not and Will not interpose IN auy such
contest between political friends For all else say
TO you, neither he my old and honored friend,
Judge Vest, Is responsible. You all know that anl
now aud have warmly attached TO the republican
party believe In Its principles aud honor It's work.
With my strong CONVICTIONS could not conceal my
republican party, The subjects OF which
speak to you tonight viii not lead me to say much of
former political struggles or to our Old bait over
again, but chiefly to discuss the actual
questions OF the day as they have arisen since inc 4h
OF March last and In all OF which you are alike in
tercsted, whether you call yourselves republicans
or democrats AS 10 these questions wish fairly to
appeal TO the candor and good judgment OF honest
ton OF President Hayes that considerate charity Of
Judgment which must DO extended to all human
agents
THE SOUTHERN POLICY.
Mr.. Sherman proceeded to review the action OF the
ADMINISTRATION in reference to South Carolina and
Louisiana President Hayes withdrew the Federal troops
from the State House at Columbia. He had no shadow
oil excuse Tor continuing their presence there and
thcreupon Governor Chamberlain rclinquished the
tempt to hold his position and lett the State. Lou
isiana the Nichols government sustained by the
Legislature and recognized by the whole State, and
tho President secured the peace OF the
State and the Union Ivy Withdrawing the
troops with the pledge from the local authorities
give full and just protection to the coored race. In
both tue action OF President Hayes approved
by Secretary Sherman. In reference civil servc,
foi IN, after defining its meaning, he said
believe in the order Of The President and hopo he
will stand by II, and he ADDS to the
good work his administration the breaking
down OF this oice-hcding oaicousness in the
management OF campaigns THIS running OF caucuses
and conventions by ofnccholdcrs, and forced
ment IRON unwilling oicchoiders for pollt cal pur-
poses and Will secure TO the people free, unbiased
control Of their primary move ments In the election
Of officers, he will have accomplished work second
only III importance TO the paclcation OF the south.
GOVERNMENTAL ECONOMY.
Economy in administration treated Of
INC Secretary detaltirg the curtaiment OF Official
iorce In custom houses and other branches OF the
u
million dollars on saiares. saving OF about million
and quarter also claimed by mod hcaion of con-
Tracts for public buildings. The Secretary also stated
that it intended cut of large dram upon the
Treasury by closer scrutiny OF claims against lie gov
brnment He said -
close and careful readJusment OF the civil service
upon tho ia SIS correct business principles will bring
naiional expenditures within the amount oI suca
moderate taxes on hlskey, tobacco ana beer and "a
reasonably moderate duty imported goods as while
furnishing protection 10 our own industries, VIII not
cripple our commerce or place our industries "A dis
advantage in foreign competition. believe the nd
minisraton Is perfectly wiling TO share with Con
gress in the labor oil these essential reforms IN
civil
Much The largest reduction IN the public expend-
ture has been effected IN The reduction oil interest
the public debt
THE LATE SYNDICATE ERArroys
The great body Of tho public debt 10 payable at
The pleasure OF the United states at par in com. As
his debt now bears an interest OF per Is
manifest that u money can De borrowed AT less rate
the old bonds be paid of and the reduced interest
lessons to that extent tho burden oil tho debt Prior
TO the LIST OF March my predecessor had sold fifty mill
ions four half per cent bonds par CON- the
proceeds oil which had been applied TO the redemption
OF SIX per cen ponds Since the Ist OF March tucro
been sold, under the Rounding act CO., 900
chalf per cent bonds, ana that amount of
six per cent bonds pcen pad or are being paid
on and cancelled, thus saving to the peaplc OF the
United States 81 02b 900 in coin for this year and each
year hereafter.
government was so advanced ana the money market
favorable that could sell at par in coin bonds tho
nun, and WIN Tue sanction OF lhe president, TOOK
the responsibility Of Withdrawing from sale
500 100000 Of four and halt per cent bonds, aud
substituting four per cent bonds.
PLACING THE -FOUR PER CENTS
There was great doubt among bankers and business
men, here and IN Europe, Of the ability to sell these
bonds at par, and had plenty Of advice not TO under
take the task Germany, now one OF the great Pow
ers OF the world, had recently offered her iour pcr
cent bonds at discount VI more than 1--we
per cent. The Russian government, now
under the stress Of war, selling its bonds at SUCH
rate that they yielded eight per cent Tho Por-
tugucse government had issued three Al;
about nfiy per cent discount Great Britain the nigh
credit OF all the great nations had sold her three
per coat consJs at large discount now although
they are a perpetual annuity they arc dairy ouotcd
at from ninety -four to ninety five per cent Sti,
with the favorable condition Of tue money market
with Industries parayzed throughout the world,
money lying idle IN great noards with credit un-
furnished. our nation confessedly among the LEADING
Powers OF the world, WITH great resources beloved
That the public interest ana public duty demanded that
the effort to sell these tour per should DO
made, and that would be successful. This great |
national loan opened by popular subscription In
tne United States on tho 16tu oil June ana withn
thirty days altervad sG7 600 900 taken In mis-
country and $40 100000 IN Europe, making ST. 500
so'd rhis SUN, when paid ana applied TO tho pur
chase oil SIX per cent bonds will make annual
saving to the people OF the United States 556 0OO
ne aggrogate OF the saving from both classes OF Douds
since the LIST OF March, 1871 will DO So 5S1 900 year
oo corn xnd .his process OF saving has jus. com
legislation shall be had viii njurousiy AFFECT tho
pubic credit tue entire amount Of the puolic debt
to nearly 81 700 900 0oO may AS 10 nccomes redeem
ablo be converted bonds not exceeding four nor
cont -
WHAT SPECIE PAYxgyrp MEANS
And now, fellow c'tizeEs this brings me TO the ouos-
uon upon "nch tneo 80 much diversity OF opinion,
many strange decisions that * ma oues,,on of
specie payments What do We moan by TINS phrase
IL " tbat 40 are 10 nave no paper money - clrcua.
ton ~ 30, am as much opposed to II a, any OF you
lis IL that 10 retire our arecn1ack crenlntion
III so, opposed 10 IL ana have often co s.iu What
mean W specie payments ~ SIMPLY pa Der money
ought to be made equal TO CON, that wuen Won |
receive II II will buy much beet, corn or clothing
AZ coin New the importance OF this cannot |
= svsgsstiusssd. depreciatsd paper money cheats