The daily gazette., 1877-08-21
August SLIS77-,
Secretary shermsn's speech.


We publist, copious extract from the
speech of Hon. John Sherman, Secretary
of the Treasury, made at Mansfield,
Ohio, his home, on Saturday. There is
no doubt that it is an exposition of the
views of President Hayes and the Cabi-
net, on the financial issues of the day
The speech is valuable as plain state
ment Of the movements in the Treasury
Department, and whether The policy be
a right one or a wrong one it is set forth
with directress, and the details given..wi
be found interesting and Instructive read
ing. ,r -. ,..... ..t-.-...- .... I've.
Secretary Sherman believes that re-
sumption of specie payments can be
brought about, and does not believe that
there will be any shortness of money for
business wants by the process necessary
to reach the desired end, which he is
ordered to attainby following out the act
of Congress- We agree with him in this,
for there is vast amount Of currency in
all our monetary institutions that may be
called forth whenever we'll secured
egal rate of interest is offered, and to this
may be added the 4 per cent, A per cent
and five per cent bonds, which will an
swer as we'll for buying home or farm,
as gold or greenbacks. They will be
drawn from their hiding places whenever
TIE wants of trade will demand them,
The Secretary refers to class of men
who talk of the issue of more millions of
greenbacks to initiate the currency and
give employment. He does not answer
these people as fully as he should. The
same class of men are favorable TO an
economical administration of the general
government and yet they do not seem to
reflect that economy is Incompatible with
over issues Of money. Orin other words
we are advocating the contraction OF ex-
penditures by the government in every
department; and if we follow this policy
to get out of debt, as a matter of course
we cannot pay out so much money in
coming years as in past years. How then
are the ''greenbacks" to be circulated to
the extent of initiation? The government
would have no trouble to get them print
ed. But who will buy them and put
them in circulation? They could be ex-
changed for bonds at high premium nc
doubt, but that would not keep them in
circulation. If the government bono
were very much below par and payable
only in currency; they would form cir
culating medium which people would
want to dispose OF, and would therefore
build houses or make other improve
ments to absorb them. When the U. S.
bonds were made payable only in gold
they were made better than gold because
they could be laid away anywhere ol
sold, because they become money bear
ing property. Before that they were {
risk and helped to build up vast improve
ments- for they had acted as a secondar,
cur-ency-tainted by suspicion. Hence
all business men wished to convert then
into real estate or get rid of them
Nov, the only way that is left for infla
ton SO long as the people are bent upol
economizing is for the government :,
commence great works that will requir,
millions of money, more than is now
being expended.
The country is now in real danger O
being carried into war with Mexico fo
this very purpose, an to satisfy tn,
clamor for money; and to create extra
ordinary modes of employment. Their
are thousands of men who will not worl
much at any time, and rather than worl
for low wages will become tramps, ant
there is another class whose clanor ha
more weight who are quite as dangerou
as the tramps.