National Republican., 1877-09-27
HOW IT WAS.
SECRETARY sHERMASs SPEECH REVIEWED
BY LONDON JOURNAL

SECRETARY sHERMAN's SPEECH REVIEWED
BY LONDON JOURNAL
Secretary Sherman's speech st Mansfield Is
thus cditorially mentioned by the Telegraph, .
London daily having q circulation Of quarter
Of million copies:
MIR. Sherman, the Secretary OF the United States
Treasury, mnde highly important speech at Mans
field, Ohio, week or two back. which has scarcely
attracted IN this country the attention u deserves
II dealt with wide range of tnpics-the Presidents
southern policy, the great labor problem the OK.
pccted resumption Of specie payments, ndminsttn.
tive economy, the Government loans, with special
reference tn the issue Of per cent bonds and the
drawbacks to the industrial progress OF the country,
as well as the favorable features In the prospect.
The speech Is emincnuy able and well reasoned
showing not only thorough grasp Of the subject
but m Independence and hrmnesss of tone which
arc OF happy auGnry for The smooth passage OF
American finance and trade through the transition
period involved in the approaching return to
specie payments. The Secretary is not only de
cided In his views hut fearless In exposing the al
Its dnicuit 10 say whom he hits hardest--the
paper money theorists Of tho school once identified
here with Birmingham, hut nhundnntly represented
in the United States or the dscontcutc,l operatives
who lay the blame Of everything wrong TO the
charge Of the Government nf the day. With re.
spect TO the first point. Mr., sherman stands on no
ceremony whatever. There is." he says. "a large
class Of people who believe that paper can be- and
ought To be- made into money without any promise
or hope Of redemption; that a note should he
printed, This Is dollar aud bc made a legal
tender. tegarl this US a mild lnrm oflnnacy, and
dulcc in such ielusions" Then follows n nlastcrly
statement of the present position Of the United
Stntcs In the matter Of the contemplated return tn
specie payments which II may hC remembered Is
fixed for the lst nf January 1879
II Is sufficient to say on this head that Mr.. Shcr
man ~ confident OF the ability Of the Treasury TO
carry through tile arrangement without any scri-
ous disturbance of values or DIR lprHtion of bust
ness contrucis, and inaSmuch as since he spoke
the appreciation Of the paper currency has steadily
progressed SO that gold Is now at u premium OF
only about three pcr cent, compared with five per
cent month ago the probability Is that the Unitcd
states viii glide into specie payments without feel
ing any shock whatever. On tho second point We
have named Mr.. Sherman wns very effective. lie
has no patience with the griimb.e's who hold the
Government responsible FOR hard times. when
trade Ia lHngulshing and wages have fallen Il IL
quito common for dcmnfngies to say, Turn out
the Administration and put us In, aud all will he
lovely. such arguments arr only III for fOhlS cx-
claims the plhin-spenkiny Secretary.
lie RidS TINT human governments have little IN
1nCnc" over tic CGuscN that produce The re Eud
fall OF prices, the abundance or want OF employ
mcnt These nrc governed by higher laws. mud
the official puppets far the time being can a. little
control them ~ ilicS cnn cheek The revolving
wheel. II Is greatly tn hC desired TINT every
speaker Of authority would utter c,,uallv telling
home truths Mt nUrndS Of industrial trirl, The
artkRn world would hc much wiser than il u.
Nothing more striking can well lie imagined than
the difference between Mr.. Sherman masculine
/ good sense and the fimsy hut nist h,Cruus
snnhlstTics which Louis Blanc las scattered road
cast among his W wTsing.cHss ruuntrrmCn' and "
We want to see why America is conservative and
free and France Democratic. yet bound fat by
surrrSsfnl icluSiIi.s We have only to cOntTst the
language uI their rcsICriNc public men on the
economic prOhlpms Of the hour,