The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-24

illustrating By exception the Wanted rule OF CIVIL
service reform-to hide the hideous features
OF NE law from the people whore nsPp ness
says at Mansfield that the Law 'cau should and wiz Do
executed" whe the silence OF the Cleveland PLATFORM
on THIS republican measure only adds the vice o
ardce TO tho Grim OF ITS enactment and execution
On the other hand the democratic party Is clearly ano
iuiy committed against the law. Repeatedly, IN INC
last Congrcsgt voted Tor It's unconditional repeal ~
passed through tho House a bill striking out the most
pernicous section, which bill Mr. sherman smotnerea
IN Inc Senate. And our OHIO platform TINS year, as
last declared for the repeal OF the whole law, not us
amendment, but Its utter and absolute repeal
inB law, Involving as it does the early ano TOTAL oe-
structon OF the greenback currency and the larger
part OF the national bank currency the sole cause OF
tho unparalleled distress which scts all-employers
and employed alike-who are engaged IN industrial
pursuits To no other adequate can tho troupie
DO attributed Our people have been blessed win
heath and peace-nave had good crops and. certainly
ior Jour years past have pracLcod rigid economy
our exports have steadily increased and our imports
stesdiiy diminished. Why should each successive
month bring fresh and greater Disaster What other
adequate cause Is operating with acceleratng power 10
pcrsm and 10 drag into bankruptcy the most VI tose
whose means engaged Industrial pursuits leav-
ing none to stand but tho weathest and STRONGEST
SHERMAN ON DEPRESSION INDUSTRIES ABROAD
But MI sherman tells US that the laws can not DO
the cause OF the business DISTRESS because the indus
tries Of Germany and Great Britain suffering Also
Yes Germany has suffered, and from like cause
with ourseVeA She contracted her currency elof-
mously ny the decentralization OF over $3.50 00o, 900
In silver money, thinking the gold exaccd OF France
as indemnity would Ill the gap; but unfortunately
for hor. The Indemnity was paid only partly IN gold
tho larger part being In products and exchange; and
the gold actually nj 10 Germany lowed back into us
wonted channels, leaving her industries PROSTATE
currency On the other hand, France
prevented any shock W her Industries,
whether from the war tho shipment OF her gold, by
means ot suspension Vi specie payment and the
issue Of 5000 Of paper and WIN every produc
tive energy IN iuli play, she h"ur,shed like thistle
under The hoof Of her conqueror Her paper curren.
cy, " be sure. II unreasonable rags, but being Iu
legal tender It never Tell but small fraction below
god, whie Il bore up credit OF the nation and Kept
all industries prosperous under losses which but for IL
would have crushed her industrial classos With
her full currency, and her debt held at home
she has paid the vast indemnify, rebuilt ner waslo
places filed the world with her wares ana Is
to-day the most prosperous nation on earth.
But, whatever be the Industrial condition OF other
nations, We have from forced economy, tor several
yours past, bought less OF them have sold
not ohdy grope round The world Tor causes OF our dis
trsss but may them by opening eyes at home
We are told that The paac Of 1873 partly inc cause
OF our troubles, said the speaker III answer that
It long since ccasod 10 Affect The country rap
IDLY and obviously recovering from the panic OF 1873
wncn, on The l4th OF January, 1915, the Resumption
law was enacted. II the panic the cause
present industrial distress the year 1874 would
have business failures than The years fol-
lowing But the record Of rcla failurcs-that
barometer OF the nations busness-shows "a falling OF
of bankruptcies from two hundred and twenty eight
millions IN 1873, the year Of the panic, hundred
and al five millions in 1874, rising again to TWO hun
ared millions IN tue year following the passage OF
since. And The NUMBER OF bankruptcies rose
from $3.50 In 1874 to 7,740 1875, ana to 1902 IN
showing that II is the poison Of The Resumption
act. and not the pauic, which Is operating
with increasing power: and reaching deeper into
the hives OF Industry. But, fellow citizens whoever
would seek The cause OF the troubles If to-day need
on,y examine the Resumption law itselt in the light
OF indspuaole facts which control It's operation
effect In the campaign OF 1885, before that law
dry the statute books predicted It's ELECTS and
warned the people OF OHIO that by lndorsiug the
ron liz q fnptnn
they would plunge into utter ruin every interest
preserving That prediction was denounced and
ridculed then by the republican press and leaders,
but, unnappily tor The people, Is now beng rapidly
fulfilled.
ton law operated aud caused actual ana permanent
cuntr9ctiop He remarked ON the bank surrenders of
the currency But Mr. Sherman says tue bank surren
ders OF circulation were made under the Rcsump.
ton law, but under former law rue but 1t Is the
threat oil resumption, and that only, winch driving
III the bank circulation. Mr. Sherman in his speech
in Senate on the l4th December, 1868, oDposi-
ton Morton's bill Tor resumption OF specie pay
mcnts d:-sA historical precedents show that nix
ing the day for resumption inevitably led 10 con-
traction Of the currency by the banks y and the
process OF contraction produced the sorest distress"
Our banks know that after resumption day they can't
keep third of the present volume OF bank paper
aoat redeemable in gold Hence tho banks especially
remote from the contres where gold
are orsseeng the danger aud hiding YES They
would all wait until near the resumption day with.
motives Tor early withdrawal the TO realize
the premium on their bonds and to increase their
assets In this time OF money slrngency though
out the West
The speaker continued attacking Mr.. Shcrnan's
policy, asserting that resumption necessary to
obtain equalization OF currency and coin, and con-
cludod with low words on the labor ques ton IN
these ords:--Working men have suffered aud are
suffering, III common with all the Industrial classes
chiefly from dishonest management OF our debt ana
currency exclusively IN the interest OF the money
power That wrong must be righted as tar as
possible by the repeal Of the Resumption
law; by the full reconciliation ana unlimited
coinage Of the old silver doiiar by the substitution OF
notes Tor bank notes. by bringing the gold
dollar down and tho silver dollar up through making
them equally by law, they are by contract payable
for principal and interest oil Tho whole public debt,
ana, finally, by keeping the greenbacks at par with
botn coins by making taem equally with coin, payable
for customs
To every one Of these measures of reform the dem
ocratic party OF ONO Is pledged by its platforms
1873 1876 and 1877 and the great body OF the
Gratis IN Congress are committed by repeated votes,
whiie the republican party IS committed against them
ali