Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1877-06-27
Let John Sherman Quit His Sham

I6t JUliI CHci IItdh VuIk lilo SuoHI
The idea that great national act
like the resumption of specie payments
can be promoted by a trick, could be
conceived only by the brain OF small
politician. The further notion that q
seeming resumption is as good as q
real one, is the offspring Of the same
sort otpsrentage.
Secretary Sherman stands before
the country as the author ot'both these
notions. He thinks he can artifcially
reduce the legal tender circulation by
the dodge of inducing some OF the
banks to ask for more circulating
notes which they do not want, and
which they intend not to use, but to
return into the Treasury as fast as is
sued. Under the law, he is empower
ed t, contract the legal tenders to the
extent OF eighty per cent. Of such bank
issues. Such a bald piece of trickery
is wholly offensive to every upright
understanding, and can meet nothing
but public contempt. Indeed, we be,
lieve this result to be already pretty
well accomplished. The wonder is
that public men of experience can ex-
pose themselves to general derision in
this manner. But tbs only to be account
ed tor on the theory Of the universal
decentralization Of our politics. Men
in power do the shabbiest things in
public without being conscious Of the
exposure they are making of them
selves.
1t is, perhaps, proper to say that
since the scheme has evoked so much
censure, Mr.. Sherman denies that he
was party to it, and we must give
him the benefit of his denial. But he
will not deny that be is now present
ing an equally precious spectacle. We
refer to the proposed resumption of
specie payments in silver.
Mr.. Sherman thinks, or at least
AYERS, that the paying out Of silver by
the Treasury for greenbacks will be
deemed by the public satisfactory
resumption Of colh payments He
still clings to the thousand times ex-
tended notion that an artificial value
can be imposed by Government upon
coin or paper, that will over.rule the
laws Of trade and Set aside the univer-
sal standard of value. Under the
stress OF Ohio politics, h, holds that
there are advantages to the country in
having deprecated standard. How
this absurd idea ever found lodg-
ment in the public or private mind,
we are unable to understand. But
since silver has become a deprecated
metal, in consequence of its superb
bundance, and has, therefore, com.
mended itself to the Ohio mind, Mr.
Sherman finds reason for advocating
its substitution for the greenbacks /;
and he is just now engaged ON a
scheme of specie payments which has
this idea for its basis. If he can sue
coed in getting the greenbacks IN, and
getting the deprecated silver out, he
processes to think that he has resumed
to just the extent of his exchanges of
silver tor paper. He takes pay tor his
dogs in pups and calls it sale.
We should be no better off with a
circulation of deprecated silver than
we are with a circulation Of depreciat.
cd paper and when the exchange is
completed, the trade and finances
Of the co untry will be in 10 way re
lieved of perplexity. Gold still stands
in the way. 1t is the more valuable
metal. 1t il the standard of the
whole commercial and financial world.
All transactions are measured by it
and settled by it, Notwithstanding all
the legal tender laws that can be pass,
ed, and all the shams and subtertuges
that financial charlatans can contrive
NJ