Nebraska advertiser., 1877-08-30
THE FINANCIAL MUBpLE.

model judge.
THE FINANCIAL MUBpLE.
Ex-senator Sherman, the author of
the specie resumption act, and now
Secretary of the Treasury, has
feit himself compelled to go down on
the stump recently, and explain what
he means by specie resumption. He
made a speech at his home, Mans
field, Ohio, in which he presented
both the Southern Policy" of the
Administration. and the financial
condition of affairs in this country.
He shows loss of both dignity and
temper In designating those who diff
fer with his financial policy as "luna-
TICS" and refusing to debate with
men who indulge in such delusions. "
He says: "What do we mean by
this phrase-specie resumption Is
1t that we are to have no paper money
In circulation? If so, am as much
opposed to 1t as any of you. Is it that
we are to retire the greenback circu-
lation? II 80, 1 am opposed to It,.
What L mean by specie payment is
simply that paper money ought to be
made equal with coin, so that when
you receive it, it will buy as much
corn, beef or clothing as coin."
If Mr.. Sherman, and others who
have been manipulating the finances
of the country for years past, would
act In their official capacities as they
talk on the stump, there would be no
cause for complaint on the part of the
people, and the business of the coun-
try; greenback would purchase as
much of the staple demands as q gold
they do not. If Congress will simply
make the greenback, silver and gold
dollars, put them into circulation, and
let them forever alone, there will be no
discrepancy. The purchasing power
of each will be the same. The busi-
ness of the country will regulate the
relative values. But when Congress
says that green backs shall pay only
debts and taxes of individuals, and
that only gold shall pay the debt of
the nation. and that silver shall pay
only FIVE dollars in debts and taxes, 1t
not only discredIts its own issues, but
trifies with the business interests of
the nation, and simply renders the
law-making power of the land me-
dunn through which Wall street
trades and traficks In money. That
is all there is of it, and Mr.. Sherman
and others of his associates who are
stagnating the industries of the coun-
try, may talk till the crack of doom
otherwise, but tie people and business
will not see it as they present 1t.
Now the Honorable Secretary tells
US what he means by specie pay
ments." Hear him:
"There are two modes of resump.
tion: either to diminish the amount
of notes to be redeemed, which is
commonly called q contraction Of the
currency; or, by the accumulation of
coin in the treasury, TO enable the
Secretary to maintain resumption.
The one practical defect in the law Is,
that the Secretary Is not at liberty to
sell bonds of the United States for
United States notes, but must sell
them for coin. AS coin is not In cir
culation among the people, he is
practically prohibited from selling
bonds to the people. except by an
evasion of the law, or through private
parties. Bonds are In demand and
can readily be sold at pnr in coin, and
still easier at par, or at a premium, in
United States notes. The process of
selling for United States notes need
not go far before the mere fact that
they are receivable for bonds wonld
bring them up to par in coin, and
that lie specie payments"
This Is clear-clear as mud. 1t is
the "presto! veto! change!" mode by
which we are told specie resumption
will be reached. Horace Greeley
said: ITO resume, means to resumed"
In other words, II the greenbacks and
National bank notes are but promises
to pay on the part of Government, to
be redeemed In coin-gold-on de-
mand, then resumption of specie pay
ment cannot be reached until all these
promises to pay are taken up-paid off
in gold-the "hocus pocus" of Mr..
Sherman to the contrary, notwith-
standing.
Mr.. Sherman further informs the
that 1t was not the intention
of Congress-is not his desire-to con-
tract the currency, and yet In this
same speech that "greenbacks have
been retired since 1875 about twenty
three millions of dollars, and "since
March last about six millions of dol
lars" This, he says, "has been done
by the United States" Tn addition
to this retirement of green backs, the
Secretary states that "there Is now
with the Treasury, by pri-
vate corporations, banks and individ-
uals, $57. 10000 of United States
notes." He further says in the same
"clearly showing that
there is no want of currency when
demanded by the requirements of
business" Thus, by bis own show
ing. the attempt to resume specie
in 1879, has already thrown
out of circulation over eighty millions
of dollars! In addition TO this, 1t
may be said that twice that sum In
vested In manufactures. has heen