The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-28
WHOLE NO. 1874

ceIVaDle aC Fs7seFsa> payment OF duties
that fact atone I'D, at once, de-
crease the price of 7sad by decreasing
the demand for it; and increase the
value of greenbsc!zs by increasing the
demand for them. and thus gold and
greenbacks would be brought to the
same price and specie payments effect
ed. This theory also has been the
subject of unlimited scof6ng. And
now comes Secretary Sherman. in that
same interview, and admits chat the
Greenbackers were precisely right.
Hear him:
A large number of questions were
asked by members of the committee,
and the secretary in the course OF his
answers said one thing ne would re-
commend. namely: He would, on the
hrst OF October next, receive United
State notes in payment for duties and
yet provide for interest on the bonds
in coin. In other words. he would as
sumo that on the first of October next
our notes were us good us gold and sill
vel and would receive them as such.
You, gentlemen. vii! feel your way
clear to allow to my receiving the
United States note, in payment Of
bonds. and will make it clear that I
won be compelled to redeem all the
United States notes that come in after
the LIST OF January next, and if you
think under the circumstances would
be strong enough to receive these
notes on the first of October, l should
De willing to guarantee the resump-
ton. think for us to 60 backward
over all OF this weary agony and
struggle toward resumption would be
i sign Of national weakness and do.
the nation great harm, do our credit
harm, and bring injury on us all.
Again, we have always claimed that
the greenback circulation should be-
maintained and not destroyed, that it
was the best money the country has
ever had: while on the other hand the
bnllionisis have denounced it as
.'lamp-black lies. ''rag-mOney,' etc.
And now comes John Sherman
again in that famous interview and
says:
Senator Bayard-What would DO
the effect, in your opinion. of dec
laration that $500, OOO. 900 of treasury
notes might be issued as Il minimum
and as a maximum, to be supported
by a retention by law Of 100000. 900
Of gold in the treasury?
The Secretary--That would be ben
efcial, because l think the fear about
that $s3O0,0O0,OOO would be overcome
Senator Kernan--And your opinion
| fn fnv
der notes should be expressly given
by lawi
The Secretary--I think that the au-
thority to issue is unqnestioned and
undoubted, and would take away the
fears Of all classes of people; LIST, those
in favor of imitation who do not want
the greenback destroyed. Then in the
Eastern states. where they think we
ought to retire greenback3 and issue
bank notes instead, and believe that
we are bound, under the existing law,
to pay the whole of $500, 900 900, and
that we are not prepared to do SO.
Mr.. Allison--ln other words you
think we cannot come to and main
tain specie payments without the pow
er to reissne!
Secretary Sherman-I do not think
we can.
Well, really; since Saul Of Tarsus
heard the voice from heaven there
has been no such marvellous CONVEX
sion as this of the Hayes administra-
ftion. They have literally climbed
right onto the Greenblck platform.
But unfortunately they propose to use
it simply as means to palate the
crushing out process though which
they are now putting the nation.
In the meantime Senator Bayard
says:
Secretary Sherman's argument be-
fore the senate committee on finance
yesterday. it was clear and uncondi-
tional surrender without sufficient
cause. He appears To cOncede the
whole question to the silver men be-
fore there has been any adequate test
If the question that would naturally
arise out Of the relative values Of the
two metals. The resumption act did
not come from the committee on
finance. 1t came directly from the
Republican caucus and Sherman was
its father. He stated when it passed
that gold alone must be used to pay
the interest on the public debt and
that the use Of anything but gold must
he violation Of the law. Now he
comes forward and proposes to dis
, pense with coin certificates which are
nov used for the payment of duties
and to substitute legal tenders there
for ny October l. OF course, il legal
tenders are equal in valne to gold at
. that time, there can lie no valid OBJ
lection to this, but it will be only an
: experiment for some time to come.
Bayard was very sever, on what he
calls Sherman's surrender to the sill
] yer men.