River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-08-23
SECRETARY sHERMAN's SPEECH.

deli yered at Mansfield, Ohio, on tn,
18th instant, coming as it does from
President Hayes Minister of Financ,
is one of more than ordinary interes
at this time and presents a hopeful
view for the future. Though speak
ing for himself alone as a citizen o.
Ohio, yet his remarks relative to thu
management of the financial depart
ment of the government, which is under
his immediate supervision, are of ma
tional interest and his defense of the
policy which he is pursuing seems adj
mirable. He shows that by due re
gard for our national credit the in
terest on the bond Indebtedness of the
United States can be reduced millions
of dollars annually by substituting
four and four and a half per cent. in.
terest bearing bonds for those upon
which SIX per cent. is now paid. In
this way three and half millions in
coin is being saved annually in inter
est aiding so much the resumption of
specie payment. The Secretary is
shaping his department for the specie
resumption promised in 1879, and ex-
presses his entire confidence, if the
resumption law of 1875 remains un-
disturbed, that every dollar of United
States notes will, before the time fixed
for resumption, buy as much as an
equal amount in either gold or silver.
He would not by any means have our
paper currency put out of existence
but would have it placed on par
value with coin which is in reality
nothing more or less than specie re-
sumption; for, when the fact is uni
versally recognized that dollar
greenback or a national bank dollar is
equal in value to gold dollar the de-
sire for its redemption ceases. as no
object would then exist to prompt a
desire for such redemption. The I'M
tenable position of our greenback
WIZ NAAiAAOA III llAOlO SASNAA-
backs is illustrated by the fact that
there are now deposited in the treasu-
ny of the United States by banks and
individuals, upon which no interest is
received, over s57 100000 in United
States notes, awaiting opportunities
for safe and profitable investment; be-
sides this, the national banks now
have in the cash reserve held by them
$40, 500, 600 more than the amount re-
quired by law, thus clearly showing
that there is no lack of currency to
meet the business requirements of the
country. The Secretary was author
lied by the President to say but one
thing for him and that was that all
reports imputing to him any partici-
patton whatever in the nomination of
candidates upon the State ticket or
any desire or purpose to influence in
any way the Senatorial contest in
Ohio were utterly grOundless. In
clear and concise terms he sustains
the Southern policy, sO-called. of Presi-
dent Hayes and also his efforts at civil
service reform. He shows quite con-
clusively that no other course was
left for Hayes to pursue relative to
the South, while his civil service or
| der was demanded by a popular and
growing public sentiment. This
| famous order has been fearfully dis
torted by pap-seekers who feel that
| their liberties have thus been abro-
gated, but when carefully perused
and candidly considered is withal a
very sound and proper public docu-
ment; it simply states that no federal
office-holder shall be required or per-
mitted to take part in the management
of political organizations, caucuseS or
conventions, or election campaigns,
though their right or privilege of
voting or expressing their views on
all public questions, either orally or
through the press, is not denied, pro.
vided it does not interfere with their
official duties, while assessments OF
money for campaign purposes is strict.
ly prohibited. Instead of berating this
order office holders should hail it as a
deliverance from the caprices of Con
gressmen who are frequently too ex'
acting. However, those office-holders
who actually feel that their liberties
are hampered can break their chains
of political bondage(D by resigning, a
simple though effectual means of es
cape we have yet to hear of the first
office-holder to whom this order has
become so CALLING as to force him,
from a clear sense of duty to himself
to resign. The speaker touched upor
the labor question taking the position
that Congress must necessarily becon'
the great arbiter betwee" ,;..I 81,
i"ooi' .ne Secretary's speecl
abounds in profitable and useful infor
nation and is strong defense of tn,
administration, of the Republican par
tY and of our Republican form of gov
eminent.
~Ae
1T seems that the leading Chimes
, merchants of Sau Francisco are dis
posed to cooperate with the govern
ment in discOurl aging further Chimes
immigration. They asked Senator
Morton to introduce bill modifyin,
or abrogatlng the Burlingame treaty
They want a tax of 500 per capiti
levied upon all Chinese immigrants
| ,,r,asadc ~ Ia .tcpd in dafravipor I'll,