New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-27
THE SPEECH.

THE SPEECH.
TOLEDO, Aug 26.-Secretary Sherman spoke in
the Opera House here this evening to large audi
ence. The greater portion of the speech was de-
voted to a discussion of the financial question.
After Introductory remarks, he continued as fol-
lows:
What want is the largest amount Of currency that
can be maintained at par with the established coin Of
the country. From the diversity Of wants we must
have many different kinds Of money to great
wants and little wants We must have coin money and
paper money, and plenty Of BOTH What contend for Is
that though our money may be of many kinds, 1t must
all have the purchasing power. The essential
qualities OF all good money are stability, equality aud
cOnvertibity. The dollar of one kind should buy as
much as the dollar of any other kind. Deprecated
money cheats the ignorant ana the unwary, and en-
riches the money-changer This poor man whose de-
pendence upon his daily labor is the victim OF depre
cated money for he must take what is offered and Is al"
ways paid in the poorest money. No distinction should
be made between coin money and paper money, or be-
tween the nOleholder and the bondhOlder The money
provided by the Government should pay all debts and
be used for all debts Subject to these conditions am
for the largest amount Of each kind Of money demanded
for the Of business, and you Will agree with me
in these general propositions there will be no quarrel
between us.
Silver money is the best and most convenient Tor the
market and shopping transactions Of ife Silver coins
are By oil Odds numerous than coins OF gold even
The shings and half crowns Of Great Britain outnums
Der the soyeregns many times and In the United States
the silver coins issued from February 1873 TO August
l, 1873 number 22O,829 $40, while the whole num-
Der of gold pieces issued during that time in the
United States is 771O040 No form Of paper money can
prohtaby take the place OF silver Our old fractional
currency was the best substitute devised but this
cost annually nearly per cent to maintain 1t in decent
condition. nearly the interest OF the money while the
amount lost wasted and destroyed was heavy tax upon
the people who used IL. 1t Tasted an average, only
fifteen MONTHS while coin lasts thirty years The arg-
est possible use Of silver and It's reest circulation are In
dspensabe to any system Of money that can be devised,
but like all other money, it must be maintained in some
way az or near the intrinsic value Of other money.
II silver s coined at less than its market value and
issued without limit il will surely dispaee gold as
water Will dspace air Therefore fractional silver Is
limited to 900, and is only issued when required
I'm exchange for United states II it becomes too
abundant it comes the Treasury for taxes and s
paid out only when demanded willingly received. So
the coming Of the silver dollar, though legal ten
der for all purposes is limited by law to from $1,000
600 to 81 900 900 month The silver In this dollar Is
worth less in the market than the gold even the paper
dollar and If Issued without limit the silver dollar viii
surely depleclae below the gold dollar will become
the single standard OF value This as certain as the
march Of time
GOLD INDISPENSABLE.
But gold also is an indispensable standard OF value
It measures all the larger transactions OF business life
Il is used as such by most Christian and civilized nations
of the world and Its decentralization would be as great
an injury az the demOnetizatOn Of silver. Now, fellow
citizens am in favor of adjusting this matter that
both metals will circulate at par with each other; that
Won will have gold eagles and silver dollars aud dollar
ser i Pa aS BE dCSe while the G MARKET
value of silver is lower than its legal ratio with gold
@ 19 nv feadinstng the relative weight Of the two
coins either by increasing the weg OF the silver com OF
by increasing the weight silver and lowering the gold;
or 90 BY the International Conference between Dmeat
arrive AT practical result Either plan, OF any
other TO keep these coins ON par WIN escn otneT wa
TO any measure that will deprive us OF the use Oh ehet
Of mar with each other assure yOu IN all frsnknrss
that The silver question must be solved IN some such
way or we win have to adopt the single standard OF
silver ike the Chinese and other Asiatic nations.
THE MOST IMPORTANT QUESTION OF THE CANVASS.
And now fellow-citizens, to the most impor-
taut question Of this canvass Our paper currency IL
| now happily brought to very near par with coin VIII
YOU insist upon keeping at par, or will you by repeal"
ing the resumption act retrace the steps already taken
and embark again upon the OF irredeemable paper
urrencV Shall our money hereafter be redeemable in
coin upon the demand of che holder and be maintained
| call a "hat money, irredeemable in coin, depend
ing upon the daily trade marks nd nno 4alN tbs
changing majorities IN Congress TOT It's amount b and
doseS and issued the greenbacks and which has thus
! far sustained them and advanced them by slow and
been honest differences as it is natural there would be-
as to the means by which tue result sSunId mas hs
| no difference among Republicans as 70
the desire that the money by Nscb tSs
forces of the United states were mSrshaed during our
wal cnrTepts OF public opinion or Temporary depres
sion of Industry tend to disturb the pubic udgneh
b sHGu we Belong to make good the promises printed
the face of their United states notes especially when
| al liz hy
the clearest public policy This money IS our Own IN
which naturally take pride We guG a noiteai
advcrsares, at time when It was said w3na Msh1es
Ike Cain with marx upon o 5en sn We believe in t
| repudiateo' we Dche'eu !" ~ '"'" "O1 w
| now.
THE PROMISE TO REDEEM GREENBAcKs IN GOLD
When we issued it promised to redeem II IN CON-
and every fresh issue accompanied by fresh prom
se In 1866 we not only by law promised to redeem IT,
lint provided for the gradual contraction OF the amount
In aga we suspended the contraction but renewed the
nronse In 1869 we solemny pledged the public faith
IN redeem these notes in coin. No step, however, was
taken 20 redeem these pledges and under the stimulus
OF mfaiOn speculation ran riot visionary schemes were
entered upon exiraNagsnSSS prSEate" nr,cas ,eii
stp Wild deuSions of the time were dissi.
mated aud business men had TO face the lneytaoe eVs
Thnn atey fifteen mouths debate in Congress and be-
fore the peopeas remedy fortne evils We were
ma ke our paper money equal TO coin II was not Ine
best possible measure but was the oHy one sss SS@a
b1t did give ample power TO prepare for and TO maintain
resmpon mot abolish the greenDaek On tue con-
trar Tie reenbecIs were expressly to DO retained 70
tie extent of $500 900 900 part OF the permanent
of the country, and this was, on the lst OF
Tnry 1870 10 be made as good coin, 20 DO redeem-
sbe In coin and be Issued and ressued as the money
20 tba eope the foundation Of currency Ihis was
20 he the ful1hnent OF our promises This was our an
& 70 those who said the greenbaek would never be re-
O'''' THE RESUMPTION ACT INDICATED.
And now fellow citizens the RESUMPTION Act has Tn-
Dictated ITSELF We will be prepared when the time nxed
shau arrive TO execute it aud maintain IT, with enre
confidence in happy effect in the revival Of business