Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-08-22
Our Washington Letter.

at nome To-Day much interest mas Deen hWak-
ened here by the report of
SECRETARY sHERMANs SPEECH
made in Mansfield, Ohio, last night The utter
ances OF the Secretary OF the Treasury attracted
great attention, not only from the force OF the
words themselves, but also from the fact that 1t is
the first apparently authorized defence OF the ad-
ministration regarding political and financial at
fairs since the Inauguration The Secretary de-
monstrates pretty clearly that the way has been
paved fora much more economical administration OF
the affairs of the government than formerly, The
saving to the government from the reduction Of
the expenses of the larger custom houses he puts
down mt seven hundred and twenty-one thousand
three hundred and ffty-six dollars year. Since
March last the government has also made a re-
ductOn in rents by which It will save fifty-eght
thousand eight hundred and ffty-two dollars a
year; while the contract for the erection of the
State, War and Navy Department building has
been changed so as TO reduce its cost over seven
hundred thousand dollars. The Secretary also as
serts that in the management Of the finances
of the government and the disposition of the
bonds since the first of March last, the aggregate
saving will be no less than three million five
hundred and eighty-one thousand dollars II year
in coin, and that this process of saving has just
commenced lu speaking Of specie payments the
Secretary explains his meaning Of that term to be
simply that paper money ought to be made equal
to coin, so that when you receive it it will buy as
much beef, corn or clothing as coin, A depre-
ciated paper money cheats and robs every man
who receives it for labor and in all times it has
been treated by statesmen one of the greatest
evils than can befall people. As to
THE RESUMPTION ACT,
the Secretary says Congress makes 1t his duty
10 prepare for resumption In 1879 There are two
ways of doing ths-eithei to diminish the amount
of notes to be redeemed, which is commonly called
contraction of the currency, by the accumua-
ton of coin in the treasury to enable the Secretary
to maintain resumption. Since last March, cur
rency aud gold and silver coin and bullion have
accumulated to the amount of forty-four million
three hundred and forty-four thousand eight hun
dred and thirty-two dollars. From the first of
March to this time, there has been added to our
coin reserve twenty millions of dollars by the
sale of bonds, without disturbing the money
market; and with gold steadily on the decline the
public debt has been reduced, in the same time,
twenty-nine million four hundred and forty-one
thousand eight hundred and twenty-four dollars.
In the Secretary's opinion, If the same progress
continues twelve months longer, we shall be
brought to a specie standard. He further says he
feels confident that, if undisturbed, with with
out change of law, every dollar of United States
notes will before the time fixed for resumption,
bring rs much as an equal amount in either gold
or silver.
Tins il IL seen that Secretary Sherman tena.
ciorslv adhores IN his former financial theories
des,,;te tbo foe, +bo, many Renuhlicans are becon
inc, to ho,ieve that tho date fxed for resumntion
win hove 10 ho cborrod and mt furthor into the
t.u l., t,,. - n,.s,,i ,,or,.o. 81 tho oo,,
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snoh o,on,o ,,;I, to ,odo NJ tho noxt sossior If
Con,ros.
The warmth of his rec.ntop and the entbusi.
osn awo,,ened bv
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tefmihed 10 capture those WIN are III ~
Mr, d. MeI' PERKINS p'''eh. ATTORNEY VI '''
ctY' Is aoout 10 pe inVes''sa'eu ~ .o''''' ''''
appointed by the secretary oil the ih'erior'
secretary ENarts mas ren'ou very n"uuso"
anu spacious ies'uenoe' oo'"e' vi ri'een'" "H'