The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-03-30
2,s44
Secretary sherman and Resumption

Secretary Sherman and Resumption.
Every thing is not placid and lovely
among the New York bankers and capital
lists. There is strong intimation. perhaps
we'll founded fear, that Secretary Sher-
man has relaxed his opposition to silver
and will take advantage of its remonetiza-
ton in the management of the national
finances. The idea of resumption upon
anything other than on gold basis was not
part of the original scheme, and its pro.
jectors, would care little for resumption now, |
or at any time, if the aid OF silver is to be |
given to that end A resumption which |
does not cause contraction and shrinkage
of values, which does not enhance the
price and create scarcity of gold and
give an opportunity for speculating is not
the resumption they are after.
The Secretary, who possesses among bis
many versatile qualities the adroitness and
unreliabity of an Ohio politician, can by
no means be depended upon by either
side, and like all men of lis class and stamp
is liable to shape his course to catch the
popular verdict, rather than finally persist
in what he has reason to believe the YER
dict of the nation will condemn. Should
his apparent yielding to the demand for
che coinage of silver and it's equality with
gold before the law prove sincere and re-
liable, and not the strategy of politician
waiting the subsistence of a popular de-
rnaud, he has it in his power to befrIend
the people and battle the projects of the |
bondhoiders and capitalists If he so
chooses, be can place gold on level with
greenbacks by favoring the payment of
greenbacks for customs dues and the pur
chase Of bonds. The advantage of such a
course would be invaluable to the debtor
class; it would be Just the difference of
making payment in gold coin at any pre-
MUM To which it might rise aud making
payment in money at par.
The prophecies of great disasters TO the
country from the RECOMMENDATION of silver
have SO signaly failed thus far, that even
those who we're doubtful of the policy may
now take courage, while the friends of the
measure are justified by the results in re
garding the passage of the silver bill as a
fortunate aud bene6cent act of legislation
Uader such circumstances the people will
not be likely to credit bondhoders and
New York capitalists with possessing all
financial knowledge, or with being theiI
truest and best friends Heretofore they
have assumed that upon problems of
finance they alone were the masters of its
intricate mysteries, and so far as egisla
ton in regard Ito it was concerned their
dictum of what was necessary and of public
utility possessed the attributes oe in.
iaIilbity. Their unwarranted assump
ton of such superior knowledge is gradually
giving way before the memorable
logic OF passing events, their infallibiIity
has been greatly shaken in the minds OF
the people of other sections of the country,
and consequently the usual complacency
and selt-importance of the New York
finance dictators has become seriously dis
turbed. In their bitterness and disap
pointment they turn savagely upon the
the secretary of the treasury aud charge
him with apostacy. The rest OF the coun
try are only too glad to note the accusation
and it is to be hoped that it is true; tina,
even at this late day he recognizes tn,
necessity of yielding to the earnest de
mands of an overwhelming majority of his
countrymen, aud that he will so employ
the powers with which he is vested as tt
ward off the evils OF a resumption upon d
gold bases simply. Undoubtedly, In spite
of the recent silver legislation, the bond
holders and capitalists have relied upor
the secretary to practically annul tue
operations Of the law by his unfriendly
action as the head of the national treasury
but, 1t his recent declarations are true
Indication of his intentions, they can nc
longer depend upon him to thwart the in
terests Of all other classes for their special
benefit. Certainly, if the secretary is
worthy to fill the Office he holds, he will
not lend himself to any methods of indirec
ton that will contravene or practically
defeat the real intent and object of the
silver bill. Great interests are at stake
and great will be the popular indienation.
II the secretary does not rigidly adhere r.
the plain dictates and obvious requirements
OF the law remontizing silver and restoring
1t to It's proper and legitimate relations az J
standard OF value. With due regard to tbe
requirements of the law in the coinage n
silver,aDd with friendly action and manage
ment on the part of the secretary. anf
advancing step, making greenback,
payable for customs dues and a lega
tender for tie purchase of bonds. re-
sumption would quickly become an accom-
H. Hn TACT to all intents and purposes
~ WOULD come upon the nation so easll
"nG so unawares, so 10 speak, that date n
nU usLe 1t would happen Of itself. and ;
p pa.o0y and in the ordinary course of bnsi
trovers1 0 lo' cause either hardship or cor