National Republican., 1877-08-20
SECRETARY SHERMAN,S SPEECH.


The mastery and exhaustive speech Of
Eecretary SHERMAN, at Mansfield, on the
finances will revive the sinking hopes Of
many wise and patriotic men, who feared
that the nation was drifting into hopeless
anarchy Of sentiment in regard to financial
questions The favorable reception his
speech has met with shows how much bet
Ter IL Is to combat popular prejudice and
ignorance with the weapons of truth and
justice rather than play the demagogue,
and yield to every popular whim, without
regard to whether its final result would be
prosperity or ruin. Blessed is the nation
which has statesmen good enough and fear
less enough to advocate the truth, even at
the risk Of the loss Of that popularity so
dear to all public men.
In going to Ohio at this time to defend
sound financial policy Secretary SHERMAN
undertook no easy task, but we are glad
that he did undertake, it and that he treated
the subject in bold and mastery manner,
and made no concessions whatever TO the
advocates of an irredecmable currency. He
advocates honest money for the people as
the best remedy for our present troubles.
BY issuing the greenbacks the nation prom
iscd to pay the holders dollars, and that
promise ought to be kept The importance
OF q return TO specie payments cannot be
overcstimated, for, as Secretary SHERMAN
well says, deprecated currency cheats
and robs every man who receives portion
Of IL for his labor or any of the products of
his industry. The true Democratic doctrine
is that the people are entitled to the best
money, and that money is unquestonably
specie.
As Secretary SHERMAN well says, return
70 specie payments does not mean that We
are to have no paper money for the con-
venience of its use, but that such money is
10 be made equivalent to specie by being
made redeemable in il. Money is but a
measure Of value, and it should therefore,
be fixed, unchangcable standard. There
ought to be no more change in the value Of
adollar from day to day than there is in
the length OF yard stick.
II seems very strange that there are many
people in this country who have such crude
ideas upon the subject OF money that they
suppose that Congress has power to issue an
unlimited quantity of greenbacks, and that
all that would be necessary in order to make
them money would be to print on the face
Of each one this is dollar. Mr.. SHERMAN
shows the absurtlity Of this idea, and refers
70 the unconstitutionality OF the measure
and to the fact that even our present green.
hacks were only held to be good as legal
teDuer notes as WdT mtiLsuFe. leu st
vague and indefinite are the ideas of people
That two thirds Of the opponents of the
sound policy'o resumption believe that the
country could be relieved by this wild and
impracticable scheme of issuing untold mil
lions Of grecnbacks. Our political condition
Is truly perilous as long as such absurd
measures are advocated by eminent publ,
men.
Mr.. SHERMAN is Of the opinion that i
will be practicable to resume on the 1st o
Of January, 1879, rs is provided by the Law
now in force. As evidence Of this he refer
70 the enormous crops Of every production
Of the farm or plantation with which Provi
dence has blessed US during the year, ant
10 the favorable foreign demand for thos
products. During the five months the pres
snt Administration has been in power "
have accumulated . reserve Of currency
gold and silver coin and bullion amountin
10 $44,340,s32. Since the first Of May "
have added $4,000, 900 to our coin reserve
We have likewise reduced the public deb
since the 1st of March SIS, Al, ,sa4. Durin
The same period considerable portion Q
eur public loan has been refunded at loy
rates Of interest, whereby the burden Q
taxation will be greatly reduced. All thi
has been done without disturbing tn
money market, and without the aid Of tina
legislation which would greatly facilitat
the work Of resumption which was refuse
BY the last Congress
The law providing for resumption is upol
Me statute books, and although not per
feet, yet it requires certain action upon tn
part Of the Secretary of the Treasury. W
believe the law is a wise one, and ought I,
be enforced A great deal of fault, how
ever, has been found with the. course Q
Secretary SHERMAN, and his action is cor
demned as though it was his own; wherea
he is in fact but executing law of Cor
gress. Yet great deal OF the abuse whic
has been heaped upon the Secretary
founded upon his mere routine action. II
has been reproved for doing things whic
he would be bound to do as sworn Office
even though he might not personally al
prove Of them.
The bold, logical statesman-like mann,
in which Mr.. SHERMAN has treated u
financial question will mark turnir
point for the better in our political histor,
His arguments will convince the intelligen
his boldness will reassure wavcring an
doubling public men, and turn the popul;
tide in the West again in favor of hone
money and the preservation of the publ
faith.