Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-28
SHERnAN ii REPUDTAyoF,

SIBERIAN II REPUDTAToF,
Pirate Sherman has spoken his piece in
reply to Senator Thurman, devoting his en-
| tire attention to the subject of the finances.
In the course of his remarks he took occa-
sion to answer series of questions relative
to the trade dollar. In the first place he said
that the trade dollar was not legal tender,
but it is worth 80 cents is bullion. The
standard dollar is q legal tender and therefore
| worth par. This is the difference. But the
I trade dollar bears the stamp of the United
ard dollar does, and is besides OF a superior
fineness. The government stamped ii as q
dollar, and yet, according to John Sherman
| it is not o dollar, but only nine tenths of
| one. What would we think of tradesman
| who put up a package of coffee or tea and
! labeled it one pound, when there was only
nine-tenths of a pound III the package?
Would we not cali him swindler, and per-
haps have MIN prosecuted for obtaining
| money under false pretenses?
| Again Mr.. Sherman says that the govern
ment did not receive dollar for dollar for the
trade dollar, but received Il cents for coin
ing each dollar for private bullion owners.
That was all. It was the miller that ground
| the grist for a small percentage. That is.
| the government loaned its name to private
spectators for a consideration, Just as Bar
mum loans his name to other parties who
run circus, While he has nothing to do with
| 1t. 1t IN effect endorsed the notes of lot
OF bullion owners with no intention of ever
redeeming the obligation implied by that en-
dorsement. Does this place the government
in an honorable position-in st1cn-a position
as any upright business man would
| wish TO be placed? If one man endorses
/ another's note he expects, if the drawer of
the note fails to pay It, to do SO himself
But Sherman says the government didn't
! intend to be honest when it placed it's stamp
upon the trade dollar. 1t never intended tc
regard its endorsement one whit-that it de
liberately engaged in swindling operation
designed to defraud The people out of ter
cents on every dollar.
1 10 third question Mr.. Sherman responds
that the bullion owner did receive the trade
dollar for expectation TO China, a device
made to give him market for his bullion
and upon the fall of silver it was perverted
| by him as a means of cheating our own eco
pie. But without the stamp or endorsement
of the government Of the United States The
bullion owner would not have been able te
export his silver to China. It was the guar
antee of the government which made it oi
full face value. Is any enc fool enough te
suppose that if it had been known that the
government did not intend to respect its
| guarantee the trade dollar would ever have
been received as currency in China or any.
where else? Are the notes of All individual
who announces that he does not intend tc
pay, of any value in the commercial world:
! Perhaps MIR. Sherman thinks he has salts.
factorily answered the queries relative to the
trade dollars depreciation. He has only
succeeded in casting discredit upon the gov.
eminent whose honor he ought to have up
held. He has sought to prove that The
stamp of the government on coins ISSUED
from the United States minis according tc
law means nething-is not guarantee Of
| the value of tbs coin-that when the GOV
eminent says certain coin is a dollar
OF unusual fneness it is no
dollar but only ninety cents. He has
shown that the government has loaned its
stamps to lot of spectators for consider
alton of one and a half per cent.-that i
has countenanced piece of bare-facee
swindling-in fact participated in it. The
admission is not a creditable one. 1t is il
tho highest degree dispraceful to all who hae
any part in the transaction, and coming from
the recognized financial head of the govern
ment, will do more to lower our credit a
home and abroad than all the Reputation
speeches of the greenback lunatics of thu
day. 1t is, in fact, an authoritative announce
ment that the government repudiates ant
intended to repudiate part of it's own coin
In view OF this confession what guarantee
have we that the government will not ulti
mately and in like manner repudiate all O
its coin issues? None whatever unless the
people shall arise and turn out these bold
shameless regulators who have fastened
themselves upon the government, and have
brought it into such disrepute. We want
party in power which shall insist that thu
obligations of the government shall be met
that when the stamp of the government
shall be placed upon a coin or a piece o.
paper declaring that it is dollar, it will b.
received by the government for full dollar
not repudiated.