The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1878-10-10
John Sherman,s Crime.


ury is persistently charged with bring
ing distress upon the country by "forc-
ing resumption" Ifamerchant, man.
ufacturer, or person in any other line
of business fails, he has been "Sher-
manized,' according to the vocabulary
of the Democratic press. When the
fiat money State or county conven-
ton adopts its platform the main plank
charges the Secretary of the Treasury
with forcing resumption" and there
by "prolonging the sufferings of the
unemployed" 1t is the old story re-
told--history repeating itself. Indi-
viduals, corporations and communities
in prosperous times rush into inpru-
dent speculations and extravaganza,
contract debts, secured by a loan on
their property, and pile up obligations
which they have no reasonable pros
pect of ever being able to discharge
Finally, the limit of speculative folly
is reached, by the sudden crash of some
prominent speculative enterprise, and
the nation is astounded. Confidence
vanishes, fear seizes the public mind,
each individual feels his own critical
position and loses confidence in his
neighbor; work is suspended, men are
thrown out of employment, and want
and suffering ensue.
AT this juncture the opponents of
the administration see their opportu-
nifty and improve it. The announce
ment is made through the press, on the
stump and in the halls of Congress that
our troubles are the direct result of pc
cuniary legislation, the remedy for
which can only be reached through the
ballot box. Appeals are made, not to
the understanding, but to the stomach,
and converts are secured to the new
doctrine. Opposition to the Govern
ment spreads, and the administration
is denounced.
Under pressure of precisely this ma
ture John Sherman has become, as q
prominent official of the Government,
one of the best-abused individuals in
the country. And why? Simply be-
cause, as a sworn official, he is endeav-
oring to discharge his duty as defined
by acts of Congress. 1t is known to
every citizen that when capitalists at
home and abroad bought our bonds and
paid for them in coin the promise of
the Government was that they should
be redeemed in coin. The Secretary,
in paying for bonds in coin, in simply
complying with law and fulfilling the
Government pledges. Again, Congress
passed an act providing for the resump-
ton of specie payment on the 1st of
January, 1879. For this the Secretary
is now preparing but he is governed
strictly by the provisions of the acts
of Congress in the premises.
The great need of the country to-day
is the solid business basis which specie
resumption will provide. For years
past the business communities have
been looking andyearning for this con-
summation as the!..~only ground on
which to hope for revival of business
on permanent footing. The country
wants it now; the Treasury is pre-
pared for its commencement without
longer delay. The Secretary is with
held from opening his treasure vaults
in response to the wants of business
only by the requirements of the law
which fixes the day when he shall do
so. He cannot even pay out standard
dollars for paper currency, because a
Democratic act forbids him doing so.
If, then, the opposition feels itself
bound to deal in censure, let it go to
the fountain-head-to Congress-to its
own representatives, and heap its abuse
upon its own acts, passed there by its
own leaders and their supporters. The
Secretary of the Treasury is governed
by law in all his acts and transactions.
and his faithful devotion to the duties
assigned him, and his success in bring
ing the financial system of the nation
to specie basis within the time spec
flied by law, without disturbing the
worlds exchanges in the slightest de-
gree, will give him high rank in his.
tory as a financier and statesman.