The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-21
A CONTRAST.
JouH SHERMAN, SENATOR, IN 1869, vs. JOHN
SHERMAN, SECRETARY or THE TREASURY, m

JOHN SHERMAN, SENATOR, IN 1863, We. JOHN
SHERMAN, SECRETARY OF THE TREASURY m
1877.
To THE EDrroR THE HEnALD:-
Mr. John Sherman made speech at Mansfield the
other evening which has bson pristed In most OF tho
papers Mr. John Sherman said In that speech that
''Human governments can have but little influence
the that produce the rise and fall OF prices
the abundance want OF employ msnt.' To attribute
the existing dsresses OF tho country 10 acts OF gov
ernmont would be. Mr.. John Sherman said, "extrens
folly"
Mr.. John sherman did not always think It "extrems
folly" 10 attribute to acts Of government supreme
influence upon the rise and fall OF prices and the abun
dance or want OF employment beg to call your at
tenlion to me proof.
On the 9th OF January, 1860, Mr.. John Sherman
made speech IN the Senate OF the United States upon
proposition then recently made by Mr.. o. r. Morton
to resume specie payments within period Of three
years THE appreciation OF tho currency" said Mr..
john Sherman that occasion, ''is FAR moro dis.
tressing operation than Senators may suppose Our
own and other nations have gone through this process
before, and always with the sorest distress" He
adduccd the example Of Great Britain III lsl9'2l "in
eighteen years said Mr.. John sherman In 1882 "tne
Of the Bank Vi England we're Practically legal
tender, and upon them, upon our grccnDacks, was
based currency issued by the country banks. When
the war was over measures were slowly advpt.d Tor
the appreciation OF tho paper currency To tue gold
standard. II Is only necessary tue hstories OF
the time, said Mr. John Sherman, in 1869, ITO show
tho disastrous elects. The mrasu resulted a
duction OF the paper currency from ) al, 600 QUO
In 1915 to $l52 900 900 In 1921 Small traders dcbors
ana laborers reduced the sorcst distress sss
II Is not possible" contin ucd Mr. John sherman in
1859, 40 take This voyage without tho distress
10 every person except capitalist out oil debt .
salaried officer (ho Secretary OF the Treasury for
exampleL or An anpuaut, Is period Of loss danger,
and dsss TO vss r 81
Is an addition of at least onehrd to the burden hs
debt and more than that DEDUCTION from the value of
its stock. IL means the ruin oil all dealers
twice their lbusiness capital, though one-third
less than their property TO attempt tins task sud-
denly
''Mr. Morton's proposition effect II gradually
that Is, WITHIN period OF three years, by arrestng
the people tho midst oil their lawful business aud
apply ing new standard OF value their properly
without any reduction Of their debts giving them
IN opportunity compound with their creditors would
be an act oil folly without example IN evil IN modern
times What pruacnt man would dare, said
Mr. John Sherman, IN 1863, to Ouild house, a iuc-
hun that tho greenbacks he puts into his Improvement
Will be worth thirty i've per moro two years
than his Improvement ~ thcn WORTH Why not hold
his money Tor two years, iii hrs building viii
onc-third less2 Whom the day every
man, I Inc sa,'vrs say WIZ be- close ,seea;
have contracted ITS currency TO Tho lowest limit aud
the deutor compelled W meet In coin debt contracted
IN currency, Will hnd the coin boarded IN the treasury,
no representative Of coin IN circuatop his property
shrunk not only 10 the extent Of tue apprecia-
ton Of the currency, but still moro by the
artificial scarcity made by The hoardcrs Of
goidl All the historical presidents
show" said Mr.. John sherman In 1862 '.thut
hxpg day for resumption inevitably led 10 q
traction oi the currency BY the banks 10 that when
the day came the actual scarcely Of currency prevented
demand for coin, and this process Of contraction
both In England and the United States produced
tho sorest DISTRESS" SO far the evidence OF
Mr.. John Sherman, Senator, in 1859, defending
the people against . proposed spoistion and
outrage versus Mr.. John Sherman, Secretary
OF the Treasury, IN 1877 defending himself against
u charge OF spo,a,ion and outrage actua
course OF preparation. ITO attribute tho disresses
know you suffer, said Mr.. sherman, ~ Mansfield,
go any causes growing out OF the ADMINISTRATION o
the government, is cxir me folly" 10 what course
snail attribute the distress OF the
tryY Mr.. john Sherman NJ Mansfield made atlcn pt
10 answer this great question: but the answer Will DO
found IN Mr. John Sherman's speech made In the SEN
ate ~ 1882 't Is not Tho disorder but The ply 81.
can, says Juuius-herein agreeing with MI John
sherman, lS6y-"it not q casual c0nCurscB Ut
caiamItous circumstances, u Is me pcrnicous hand VI
government only That can make y whole people des-
perate IL
Mr. John Shorman's speech At Mansfield, the other
Night aomits however, Of further EXAMINATION which,
with your permission, shall atcmpt NJ future time
Very respectfully, J. ". SCHUCkERS.
August Is 1877.