The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-06-14
Sherman's Policy.

Sherman's Policy.
It is authOritatively announced that
John Sherman has no financial policy
g outside of existing laws" AS he has
q policy he must have one inside OF
existing laws. When it was asserted
that he proposed to hoard gold and
greenbacks at his pleasure, to contract
the currency till redemption 81 odld be
made easy by having nothing, or little,
to redeem, there was reason to fear that
he had policy outside OF existing
laws. The statement now made indi-
Gates that among other things, Mr..
Sherman intends to rigidly enforce the
Resumption Act. Within the next
year and half he proposes to hoard
or buy nearly three hundred and fifty
millions of dollars in gold for the pur-
pose of redeeming the legal-tenders,
There are those who see nothing in
the greenback save public debt The
Supreme Court of the United States
has pronounced the greenback money.
The business of the country has recOg-
nized the greenback as money for near-
ly fifteen years. If there are people
who insist that the greenback is por-
ton of the public debt, and that it is
dishonored because not paid, and who
III
notes into such prominence that they
will see nothing else in it, We beg to
remind them that there are several
dollars of outstanding Indebtedness of
the United States bearing intere%SS. Are
they in favor of paying that portion of
the public debt that bears no interest
first? Is that policy in the interest
of taxpayers? But it is the Sherman
policy.
As the Sherman policy is positively
declared, 50 far as the enfOrcel.le 1T of
the existing law is sconcerled, there are
two phases of it which should attract
attention. Mr.. Sherman cannot can
Gel and destroy greenbacks under ex-
isting laws, prior to the 1st day of JAN
uery, 1879, to reduce their volume be-
low three hundred millions. He can
not resume by contraction, therefore
he must, according to his policy, re
sumo by the boarding, the accumula-
ton of gold, for the existing law"
does not prevent the resumption in
silver. Pending the settlement of the
Alabama claims we couldn't get S15,-
OOO, 900 in gold from England when it
was due. England would pay, burt the
gold shouldn't leave her shores. Pend
ing the sale of some of our Government
bonds to the Syndicate" about twen-
ty millions of dollars in coin were
drawn across the ocean, and thereupOn
notice was filed upon Secretary Bout
well that this must not continue; that
unless the money were to he reinvested
SO as to stop the drainage of coin from
England, the sale of our bonds would
be stopped. 1--WE were compelled to
SUBMIT" said Secretary Of the Treasu
~ Boutwell,. We have seen that it
was impossible or difficult to gather
fifteen millions or twenty millions of
dollars in gold, but the Sherman policy
that of enforcing existing laws-is
to accumulate more than three hun
dred millions of dollars in gold in
nineteen months. The entire revenues
of the Government in that time will
not be much more than that, they will
not exceed it fifty per cent. at the out
side. When one hundred millions
have been paid annually as interest on
the National debt, and when two hun
dred millions per annum have been
paid for Government expenses, whence
at this rate, will the gold be accumula-
ted with which to carry out the Sher-
man policy? In several years We have
managed to accumulate perhaps ten
milliOns-abOut five millions at last
accounts. If $500, ,OOO, 600 in gold could
be boarded, what would be the effect
upon the price of gold? The control
of q very few millions of gold made a
F" Black Friday" The sale of small
quantity of gold by the Government
=" broke" the 4" Black Friday" What
would be the.effect even of locking up
500, ,OOO, 600 in gold The Government
would be making a succession of
I" Black Fridays" 1t would become
q stupendOus Jim Fisk and Jay Gould
combination. Lock up. withdraw from
the markets of the world $500, ,O00, 900
$500, ,OOO.OO or 500, ,OO0, 900 in gold, or
in any other commodity, and watch
that commodity as it ascends like a
rocket in the markets. How would
that facilitate resumption But this
is the Sherman policy.
The drift of Republican legislation
has been to throw the control of the
business of the country into the hands
of the National Banks. How will the
enforcement of "existing laws" affect
the National Banks? Will not resump-
ton wipe them out? They are COM
PEELED to redeem their notes on present.
alton in lawful money of the United
States, by which is now meant the
greenbacks. Silver is demonetiZed.
When, under the operation of exist
ing laws" the greenbacks are no long
er lawful money, or when the Nation
81 Bank notes must be redeemed in
gold, what will become of the National
Banks? Whence will the National
bankers obtain the gold with which to
redeem their promises to pay? Compel
the National Banks to resume in gold
alone. and what would be the result !?
Or, will they stand from under prior
to the day named for resumption? If
they should, with no National Bank
Notes, and no greenbacks, and only a
little silver change, and with a very
little gold, where would be the curren-
cy of the country? But to this the
Sherman policy of enforcing existing
laws will lead u.s. Enquirer.