Ottumwa weekly courier., 1878-07-17

gold, congress will have to give him
the power to do 90. And he says
right here in this same interview that
1--WE will not 60 far until greenbacks
will become scarce. He says there are
seventy millions in the national treas
ury, and seventy millions in the banks,
and they will soon become scarce, in
the resumption Of specie payments.
He says he will not reissue them ex-
cept in exchange for coin, and as a
matter of course he could not do that
unless he kept them in the treasury.
That is the shape in which he under
takes to get rid of public sentiment
in this case. Just like Allison in the
silver bill. He says on page 40 of this
interview, being asked by Mr.. Ewing,
"Of course, if there was difference,
an established difference of one per
cent, or and 4 per cent between gold
and greenbacks the treasury would be
broken pretty quick" and Sherman
said, "Yes, sir, or quarter of one per
cent. There is no doubt about that"
Ewing-"Therefore, after resump-
tion, greenbacks must necessarily be
at par with gold so long as the secre-
tary is able to maintain resumption.
Now, l am supposing case of drain
Of gold from the action of foreign
creditors, or from any other cause,
and l want to know what means you
would resort to to check it?"
Sec'y Sherman-"I do not think it
would be necessary to resort to any
means but if it were necessary to de.
wise some means, would resort to
such IA have been adopted by other
countries-the temporary suspension
of specie payments. That is ques-
ton for congress. The British bank
act, which is so often quoted as q
standard, makes no provision for sus-
pension. There is no legal suspension
of payment in England, nor does our
law make any provision for it. Ii the
government shonld meet such an ad-
verse state ofcircumstances as to make
suspension absolutely necessary, the
government would hsye to take the
responsibility of it, leaving congress
to determine whether the circum stan
ces justified it," That is to say if that
was the case he would have the power
to suspend resumption, of specie pay
ment. Would not that be pretty
state of things? If there were run
on the treasury periodically, what
would be the effect on the govern
ment? You havn't got the gold to
pay the paper, and down goes the cur
rency. Down goes your paper every
time the government suspends specie
payment! Do you want that kind of
asystem of finances? Just as often as
we have partial suspension of specie
payment it lifts the price of gold. Do
you want that system? say you do
not. This unreasonable English sys-
tenn, this robber system takes money
out of the pockets Of the many and
puts it in the pockets of the few
Now | will tell you
WHAT AMIN FAVOR OF.
The greenbackers are in favor of
gold, silver, and legal tender paper, u
trinity in finance, to be issued by the
government, and not by tho banks,
and which shall be full legal tender.
We shan't have any money in this
country that is not legal tender.
Anything that is not legal tender il
not money at all. 1t depends on the
contract whether yon take it. We are
in favor of three kinds OF money
The republicans are in favor of gold
and silver, and national bank money
and the little grcenbacks that the treas
urer is willing to pay out We are il
favor of that money which shall go Il
the people, and which shall be all lie
gal tender. But how arc you goins
to redeem it? The question has been
and everybody has thought, if maj
got two dollars how was he going Il
redeem il? | have always though
the main idea of redemption was cir
culation, and not redemption.
But, say you, Il want to 60 to Eur
ope.' So you want to go to Europe
used to want to 60 there, but com
to the conclusion under this contrac
tion system that will never get there
thought would 60 across the ocea
and across the Caspian Sea, and sc
where the human family originated
where Adam and Eve went out froI
the garden, and where they were tol
to multiply and rcplenish the eartl
but where their Creator fol
got to tell them not to produce to
much or they might bring on panic
, have thought il could go there
, would be the best man in the worlt
. but under the resumption act, an
contraction, it is impossible for me
go there. But perhaps some of yo
would want to go to Palestine. IL
could just go there to where that sci
, mon was preached by Jesus, on tf
: Mount, that sermon which underlit
rIt hn str ut, ~ ~ al n
= but | tell you under this financial syt
tenn you will never get there.
:, But will make aprovision in Il
:, law by which yon can get tho gold
! You want it, to 60 TO Europe, or ft
), any other purpose. Here is in the la
+ provision that gold and silver ar
a paper shall be convertible at the o.
tion OF the government instead Of
:, the option of the holder. If the go
= ernment has got the specie, 1t shall pa
!, it ont to you, but it shonld be conve
. ,ible in way go that the governme1
:, has the option, and not the individut
. not Wall street, nor the ring! VI
:, want to let Europe alone. You wa
~ to get shoes and stockings for yo,
children, rather than go to Europe.
"a 1ou oil tCo hiuoo VI Aho"'
ia circulation, that is what you wal
Now how much do you want-ho
- much do you want in circulation +?
y :. will tell you how much. We are G
y ing to put in circulation enough
=. =, meet the business demands of I
country. There cannot be any objt
:, ton TO that. Cries of "No, no, no
- The national banks have the rig
. now to determine how much the bO
=. ness demands of the country wa
:, We say it il for the congress to det'
10 % mine that, and not these corporation
~ = But how are you going to get 1t
=, circulation? Well. my friende, "
80 80 tell you several wsys-very 60
:. ways. In the first place we hs
20 - about seven hundred millions OF D
'. 70 bonds. We had the right, say NJ
y ton, Sherman, and the bonds say
themselves. The bonds were paya
in greenbscks. Now put thatinto
e. hands of the men who hold the bon
ld and as a matter of course, they will
ey out into circulation. Then We 81
hit have fraa coiuaoe of silver That