The daily gazette., 1878-04-06
WHAT THE PEOPLE saw
SlierInan's Financeripg aA'''
Editor of the Gazette.


estimate of his ability as public finan-
cier by William Hemphill Jones. During
an interview about one year ago Mr.
Jones, among other things of a public
nature, was asked for his opinion of Sec
retary Sherman. lie said, "what John
Sherman knows about finance lis the
knowledge of the accumulation of a per-
sonal fortune"
There Is much more difference between
public and private finance than local f.
nanciers are usually willing to admit,
and many worthy people so confound
these two branches of economy that they
are prone to accept as definite, the opin-
ion of any leading business men upon
questions of political economy. The
evil of this habit is a tendency to become
engrafted upon public policy system
dictated often by individual or class in
terests, or by the whms of mere money
getters, who are rarely very profound
thinkers or systematic reasoners.
Prudence and honesty are certainly as
essential to the wise management of pub
lie finance as they are to the financial
affairs of a private indi vidual, but there
the similarity ceases. The result of pri-
vate enterprise is individual profit, and
self-interest being the inspiring motive,
is the only interest considered, except
those guaranteed to Others by civic law.
In the solution Of public problems,
however, the result is supposed
to accrue to the benefit of others by
increasing the collective and individual
wealth of the people, while the legislator,
who gives organic life to the policy, per-
takes only OF the gains in proportion to
the relation of component part to a
very large whole.
There is no part Of public finance so
delicate and no one which ought to he
treated so judiciously as the medium of
exchange. 1t is "a question which per-
mcates more than any other, every indi-
vidual interest, every class of society,
and one upon which moral and intellect
ilal development absolutely depend
Past history has proven that il is i'm
material to the true welfare of a people
what a circulating medium is composed
OF so long As Its quantity is kept in pro-
portion to the producing capacity of
commercial forces. Indeed so long as
the medium of exchange is but a small
fraction of the aggregate resources of II
beyond question it is evident that the
cheapest material that money can be
made of is the wisest; as money is but a
machiney for affecting the exchange of
commodities and any one will admit that
a cheapening or simplifying of machinery
increases the profits of the manufacturer
and enable him to better recompense skill
led labor.
OF what use are gold and silver as
h..
eign balances? For the purposes of do
nestle trade they are no better than
paper money guaranteed by the aggre-
gate wealth of the people and they are
certainly not as convenient. The mistake
of which gold and silver coins are COM
posed being articles of merchandise
fluctuate in value like all other commo-
dities accordingto the laws of supply and
demand; hence gold and silver never
were nor never will be a true sa dard
by which to regulate the value OF other
commodities. | was surprised as well as
graft flea to learn that II leading business
man, at meeting held in this city, some
time ago, declared that "Ue ICOud nerer
hare stable standard untd Me greenbdcb
tDds made gte unit Of Udlue," 1 thought
il Il remarkable concession and "a very
phiiosophic departure from the orthodox
but exploded theory of coin standard
ism.
Then let us have the full legal tender
treasury bill passed which is now under
consideration by the committee on
Banking and Currency, as well as the
National Bank circulation abolished. 1t
is useless for ultra-conservative people to
attempt to impede the progressive spirit
of regeneration. The logic of events
prove too conclusively that the demo
cratic forces of the world are everywhere
determined to overthrow tyrannical
traditions and demand reforms which
will surround the producing elements of
society with means for permanently
elevating their condition; thereby par
TALLY equalizing them with other ele-
mentS, which is but in accordance with
the dictates of wise craftsmanship and
civilized justice.
Let us not forget that the Resumption
Act still disgraces our statute books and
impedes return to prosperity.
Let the people speak out and demand
its repeal as earnestly as they did tlle pas
sage of the silver bill. Reforms like this
are only to be accomplished by out
spoken demands of the people and the
forced submission of representatives to
their will. Our representatives, that is
to say the representatives of other States
who represent the will of their constitu-
ents as well as the sentiments of nine
tenths of the people of this State, fought
nobly for the passage of the Silver Bill,
the practical effects of which are still
obstructed by the resumption act and II
hostile Secretary of the Treasury. If,
under the resumption act, the silver dol
lar can be boarded in the Treasury and
for bank reserves what practical effect
can it have upon the business of the
country? Secretary Sherman now ad-
mits that it will aid IN the resumption of
specie payments. That is nothing new
rs any one of common sense knew it be-
fore the passage of the Silver Bill. Must
the industries of this country suffer the
pangs of depression another year simply
for the realization of the exploded theo-
ry of restoration of prosperity by re-
sumption of specie payments?
There was Il time under the old bank
ing system when it was necessary to
maintain specie payments, IN order to
prove the solvency Of the institution, as
the banks were tributary to the States
in which they We're located and depend
ed upon the resources of the State for
their stability. But under the present
system, the circulation of the banks as
well as the national greenbacks are in
demnified by the government, the gov
ernment by the people, the people by
nineteen hundred and tlcentp million acres
Of ldnd together wiM the improvements Of