The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1877-09-07
THEN AND VOW.
John sherman ON Resumption Fight ysArs

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Aeo.
Sail Secretary Sherman, IN 4 speech
delivered In the United States Senate,
Jun 20, 1sdn.
- II Senators want stl,.r nsasnpl.sof of
the severe process u passng from deprecated
currency Ia errruney eansortihl. IN gald. ict
them read TIN story II tho times after tho nes.
olnlion, aud after TIN rcynlsion uf 1919. and
after the rnsalrion u 1857, all ef which wcrc
pcriods ~ transition from 4 deprecated To
convertible PAPER currency. II Ii not possible
10 take this voyage without the sorrst listress.
To every person. except = capitalist out of
debt. or Ia thu salaries. officer thu Secretary III
the Treasury. fur lnrtMncrl, III AnnlltAnt. IL Ia
period ~ loss, danger lAsritude of trade, full
VI wAgor, s.lslrnstoh VI entarurisr, bankruptcy
aud disaster. To every aailrnsd il Ii Hn addition
os Al least onc-thitd the burden oi ~ debt,
aud. mere than thAt, deduction from tlc xAlnr
of its stock. II means thu ruin u all dealers
whose debts arr twice the value of their cap
itAl. though ons-thlrd lass than their property.
II means the fall " Ill agricultural productions
without any great reduction u taxes 10 a.
tempt this talk by surprise upon our people,
BY arrcsting them In the midst u
thair lawful business. aud applying 4
now standard III value III their property
without any reduction Ut their debts. or
giving them An opportunity 70 compound with
their creditors, or 10 distribute their lo1scs,
csil siI'in N modern n .ime.. Ii merchants,
dealers and traders owe more than they can
prolnptly collect On debts du. to them, they
must lose n shc full extent " the appreciation
tnf thu deprecated eilrrenryl, and they nln1t
make good this loss by thu salu u part of
their property At reduced prices, On by con.
sracting new debts, To he paid In An Aprrccia-
tcL currency. A. general r..le. any appruclA.
tiun uf thu currency |. injurious III NIL thc~c
classrs WHAT dous s,aclc payments
n,esn to siehtorl Il means III. ,a,lnrll IL
4ia5 where liz has agreed 10 pay 4iO0. Where
Y. 20. ln,rehas'., propesy .'.a '@.d ol,,.'our'n
ncane III. addition of one.funrth 10 all tho
currency debts In the United HtAtrs A mcNs-
uru IL require a debtor now to pay iii. dsbt
III gold, ur currvncv equivalent ~ gold. ro-
qnircs him IL pay i3b bushels Vt wheat when
hs agreed !" pay ioo aud, u shis appre-
years. II rsluire. HIM " lsAy ~ lntrg, II ~ ~
per cent. Iii addition ID thu rate ho has agreed
10 pay. Wliuh We consider thu enormous tn-
debts sdmcss II a neM countr, iikr ours, where
capital IL scaFvt, and where credit ha# hccii
substituted Iii thu plac0 u capital, II pr~.,lis 4
difficulty that may we'll calirs In tu pause.
All the historical lrecedents 1hoM that liking
thu day fnr resumption inesitAhiy lrd ~ : en.l-
traction IL lhc currency Nv thu Lank~. ~ that
when the day came. the actual scarcity III cur.
r.ncy prevented demand Tor coin aud this
pructs- VI contraction, both III England aid the
United kiatt-, produced this sorsst Distress. and
Ma relieved III EnHiAnd by Parliament author.
ixinE 4 loan IL uxehs qurr hills alld naw is~sies
bs III. liank IL England. M. after tho var VI
lsta. the Hntc DISTRESS CAUSED by thu failure VI
thu state banks WAS unly relieved W 3 new
paper currency isH.,ed BY the SECOND utAssd
Ntntps Hank,