The New York herald., 1878-08-27
SECRETARY SHERMAN.
A Speech on Finance at
Toledo.
THURMAN ANSWERED.
Position of the Republican
Party Defined.
WHY THURMANS PLAN IS WRONG.

TOLEDO Ohio, August 20, 1878.
vory large audience assembled tonight in this
cy speech from the Secretary OF the Trea
sury The proceedings aroused considerable snth usi
asm, and the speaker very loudly appnuded
Mr.. Sherman confined his observations, with the ex-
ception rcpy TO the charges OF fraud in Lousi-
ana the financial questions OF the day, and made
pointed reference to the recent speech OF Senator
Thurman. IL was considered an admirable campaign
address.
SPEECH SECRETARY SHERMAN
Secretary Sherman commenced by saying that he
supposed II desired that ho should speak mainly
financial topics. He then said that the questions
most discussed tho silver question and the re-
sumption question. These only branches Of the
currency question, but they present the main dicul
Ties the administration OF tho Treasury Depart
menL will bo mainly the subject OF my remarks.
The election this tall for members OF tho House OF
Representatives Will practically settle tncm There
ought to be no partisan or personal feeling about
them tor all Interested alike IN promoting tho
common good and in settling upon u sound basis the
currency OF the country.
Mr. Sherman then went on to say that he wanted
the largest amount oil currency, that must have
coin monev and paper money, and plenty oil both
What he conteudsd tor was that, though our money
purchasing power The essential qualities OF all good
money were stability, equality and convsr,ibility.
The dollar OF KIND should buy much as the
dollar OF any other kind. Deprecated money cheats
The ignorant and the unwary aud enriches the money
changer Ho then sketched what had been done
toward resumption stating what was the precise CON
diton OF the treasury relative SPECIE that had
Sl3l $50 900 In available all coin liabilities
REAL ouEsTI
the real question Is, shall we 60 forward and com
plete this process, shall 90 back again 10 The
period OF rredeemabo money with its inevitable re-
sulting expansion, panic
AS you judges last this question,
beg OF you 10 consider some general principle
gathered from the experience, not only Of our own
people. but oi all nations VINO nave. at any period,
maintained mixed standards OF paper money.
IrredesmaDle paper money is only justined by war
carried TO the extent Of national peril wnen the fe
OF Inc nation Is at stake IL ought to De redeem able
the puDlic exlgencies viii permit II Is
not money but the promise 10 pay money. These
are axioms OF political economy, tho truth Of which
ali experience demonstrated. We iss sued this
money only IN the midst OF such u peril Our error
II any, has been that we have delayed too long the
complete, and gola and silver and paper money are
practically convertible one into the otner, when
there Is tho same money Tor the bondholder
and the no.eholder the rIcn and poor. whcn silver
be had or n0tcs and gold ample stores awaIts
bate tie question repeal the Resu pon act
With ali promises record We should be de-
the meaning OF this pnrase do not know, but pre-
sumo II means money that Is not measuned by auy
pther-tnat is not redeemaoe IN any other but mas
IL orign, iorce. sanction ana value the mandate OF
he government aud Will vary day by duy In purcnas-
Ing power.
AS between this kind money and the old green
back regsneraed, restored convertible into con the
standard OF all value and the medium oil all pay
ments, am io- the gToenback against "nat" money.
great nation like ours, rich various resources,
with tree people OF remarkable Intelligence, not
driven 10 res 10 any expedents which would unect
relations In LIauo with foreign nations.
but ouia ada It's oney TO the money OF tue CIVIL
lied world, make IT as good any other money ana
maintain It's standard of value as hsh as
that OF any coin ever issued from the mint.
Some of you who believe in chat money say you
desirs the same result but IL is clear that you
only mainta this money at par with CON- eiher oy
a careful limitation OF It's anouat ny actual
empton In coin when demanded. II tnat Is what
you mean by "nat money then we Will not disagree,
but IL is well known that those who advocate "htt"
money want TO Increase the amount beyond sum
that be maintained at with coin, ho seek
thus 10 cheaper money by making 1t less valuable
than coin. All the great men OF our country, our
Revolutionary fathers and their descendants The
General Jackson deeply felt the evils OF irre-
deemable paper money, and experiences led
them to the conviction that gold and
silver coin, paper money Will be secured aud con-
vertble into god and silver coin was tue best tor all
classes for all Industries In these general views
In favor OF resumption adopted by the republican
party nave had the symDatny and concurrence Of
certain portion OF the democratic party, who though
they always by instinct and habit against every
measure OF the republican party from the beg inning
pf the to this time, even in tho darkest
hour OF the war always proessed In favor, and
talked in favor, OF good money redc.mabic In
THIS class OF democrats, though they opposed the
Resumption act did II because they declared II to be
n hindrance to resumption, and denounced us be.
did not resume sooner. This was the position
OF Ihe last National Democratic Convention.
THURMAN REPUBLICAN Foley
Senator Thurman, my colleague Tor many years In
The Senate, one OF tins GLASS Of democrats and,
although financial measures did not exactly please
be generally voted against tnem he freely
Daid, ike Mr. Bayard ana others, he desired rcsump
Of hard money The exinsencios of party ssc,cs have
led him recently tC make speech to which, win en-
tire respect Tor him. desire briefly To reply. so lar
hs he seeks TO show his consistency and concurrence
with his fellow democrats II 10 domestic matter aud
will not Interfere, but some OF the positions taken BY
him must csntesI He says:-
think do them injustice when say that tho lead
sr: 81 ss 1spues.n pa are ~ S'or 81 directly sh' Sp
yrabaess order that their places might be filled
Rational bank uotes.
Senator Thurman is greatly mistaken in this post
tion. As have already shown the republican party
In favor OF retiring the greenbacxs 10 order that
their place might be filled with national bank notes.
In bis speech al Hamilton Senator Thurman openly
advocates increasing tho amount OF United states
notes outstanding IRON 34oOO0,0o0 to secs 900, ooO
tionai bank notes outstanding He declares that the
principal feature OF the democratic platform Is the
bank Lotss. lie would thus render specie payments
impossible during this aud perhaps the next genera
uon anu 'nis ~ Nne wboh spoce resumption,
which hs has 80 strongly favored, Is on the eve Of
success.
TIE REPUBLICAN POSITION
The position Of the republican party is In favor OF
EreenDacKs restored TO their normal condition OF
paper money, equal to coin aud redeemabie Ia coin
the demand o the holder while the ton OF tho
democratic party. stated by JuGgs Thurman Is In
iavor OF the and maintenance circulation OF
3O65 600 of United States with any pro-
whstover ior their redemption their conver-
sion coin. This issue s distinctly made, and Tor
one distinctly accept It We iavor paper money re-
ncemaDc IN coin. and the largest that can be
maintained at par with coin, while he iavors an
amount OF paper issued directly by the government
mi ennye hin int cniu wi nO far ia
redemption, and TO amount that has
claimed be maintained At par Wit 20.
lilo says IL just as easy to maiut.. SECS 00O. 900
preenbacks at par with coint as II 10 10 MAINTAIN
s3lJ 000 900 greebbacks aua $3l2 600 900 national
bank notes at par with coin.
But he orgets that the bank notes ire pay
able Ia gree coin, that they arc
10 DO by the banks at their rek and pease
hv sfat.. f..r pffan Iha