Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-08-20
Secretary Sherman's Speech.


Secretary Sherman delivered speech al his
homo in Mansfield Ohio on the l. tin. Attbe begin
:. ,
mug ue s'iu nc "isueu II uiS''HNNy "iUe ''oou
that he spoke Tor himself alone. lie endorsed
The action of the President in remov ing the fed
- ..,ox. e., .,,;..,. al Sub ra.ol;ra Al
"' N'Op' ''- " :,
so the Efforts oil Tue ffesldent 10 reform the CNil
Service. In regard to specie payments he said
rho,o ..o t,,o ,,olas or rssnmn,;or e;,he, m d.
-, A., - -.
"ih'sn 'ne a"oun' u "o'e' " "o ieu''"'"' "n'0n
IS commonly called contraction OF currency, OF by
the accumulation of coin in the Treasury to ena-
H.. A.. S.a,.... =. ,,;,; o.,,,,io rrho
V'e '"e S'Nt0".' " Ia" O"' ~
one practical defect IN the law Is that the Secre-
tarv is not at liberty to sell bonds of the United
S,a,os rr Iri,oa S,a,os ro,os hnt must soil ,hem
'''' ''' "O'N'' - 80
tor CON- As coin Is not III circulauon "hohs inc
people he is pract ically prohibited from selling
bJuds to the people, except by an evasion of law
or through private parties. The bonds are in de-
mand Aud can readily be sold at par 10 coin, and
sill ea,ier at par or 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 would bring them up
10 par in coin, and that specie payments The re-
fusa Of Congress to grant this authority often ask
ed of it, was because 1t would contract the curren
cy and this fear of contraction has thus far prevent
ed Congress from granting the easiest, plaiuest
and surest mode Of resumption 10 avoid con-
traction it provided that national bank notes may
be issued without limit as 10 amount, and that
when issued United States notes might be retired
TO the extent Of four-ftths OF the bank notes Is
sued. This was the only provision for redeeming
| United States notes that Congress made or would
make. Greenbacks have been retired under the
act Of January, 1879, TO this time to the amount
S22 9O5,700, and near S290 900 of circulation
were issued to national banks. since the lst oil
| March last the reduction of UEted States notes
haah apu rpDnHtInn p
coded by new circulation issued TO the banks, am
| ounling to nearly So 900. do not say that
this is the only reduction OF the currency that has
happened, but It Is the only reducuon that was
made by the United States. The national banks
under different law and IRON the necessity Oh
free banking, are at liberty to retire their curen-
cy As well as TO increase ~ ana THIS mas been dohe
by them since the Isl OF January, 1910, TO the
amount OF S3o, 62iol2 but this Is the reduction Ell
| iected by each bank, guided by Its own interest
and the circulation which II can safely and pru-
IDENTITY MAINTAIN Beyond this the rigat to issue
paper money, either ny the government OF Dy
banks, is q dangerous exercise OF power, inJur
ious TO all classes, and should not continue SIN
gle day beyond the necessities that gave IL ontn'
But If Congress should see proper to eonhne
| the process oil resumption 10 the present law, we
| have still the second mode oil resuming by accu-
| mulatng the COIN gradually, so wheh the time
| hxed Tor resumption arrives the treasury may
| be aoe 10 redeem such notes as are presented.
| In this respect the resumption act IS As iul ana
liberal as human language can frame H. "ehafe
eth seventeen months before US IN when 10 com
plete the task. Inc same progress that mas been
made since the nrst OF Maicn coh'ihuea Twelve
moths longer WIZ certainly oflhS us 10 the specie
standard feel confident IN saying 10 you this
day that IL undisturoeo,wI or without chahge OF
the law, every dollar OF United states notes VIII
before the time hxed Tor resumption be worth as
much as an equal amount IN either gold OF silver.
Mr.. sherman then referred 10 the 1ara times
and said the arguments that the remedy therefor
was the turning out OF the administration were
only the arguments oil fools. While the indus
tries OF other countries are suffering and thous-
snds are idle with us the worst Is over. 10 attri-
butte the dstresses to any causes growing out OF