Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-09-19
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1hursday Evening, Sept. 10, 1873
DAKOTA.
FINANCIAL TALK

FINANCIAL TALK.
secretary sherman interviewed upon the
Prevailing financial Topic.
Washington, Sept. A.-The following in
terview il TO be printed tomorrow in the
Sunday Republican. The interview is trust
worthy In every particular for both it and
She rman and carefully revised. The cd
itor, Mr.. Brisbine Walker, is now q great
admirer Of MI. Sherman. The interview
IL as follows.
THE MAINE ELECTION.
ut strikes me - rather curious" said the
secretary swing r around In his easily turn
ing chair. aud laying down 4 blue and red
lead pencil, "that Hale should be defeated.
He has . large number Of workingmen in
his district, and was the most persistent
man in congress in finding work for them to
DO. He was always getting appropriations
lor government work in his district-some
That l do not think was necessary, and did
not approve of-and yet he was defeated.
It shows that personal popularity is not to
ne made by getiug appropriations for pub
what do you think Mr.. Sherman, will
be the general effect of the Maine election
on the republican party?''
b was a leading question. but was n.
swered without hesitation: II think" said
Mr.. Sherman, "tbat there exists a very
great mts%apprehensiou on the subject of ma
tlonal finances. OF course Q large number
Of recruits to the national party have been
drawn from the republican party. In fact,
some of the very men who were first to take
mp anti slavery doctrines seem To be first to
imbibe Rreenback notions. These men, 10
becoming ereenbackers, do not cease to be
republicans, and Gao never become dem.
ocrats. My financial policy has beer 60
mtsrepresented that they have thought it
necessary to seek . new party as arelief for
the hard times, but this Misrepresentation
time will correct, and when they come to
undefsttnd the true situation, they will, I
believe. renew their allegiance 10 the repub-
lican party"
NATIONAL BANK NOTES VS.. LEGAL-TEHDERs,
There are some points, Mr.. Sherman,
that l have never clearly understood in your
policy. Why. for instance, do you consider
national bank notes 10 DO better as a form
OF currency than government legal.tenders ?"
VI DO not. On the contrary, a currency
issued directly by the government would be
superior and more economical than national
bank notes: but there are at present SOM
obstacles In the road. When the national
banks were first organized, 1t was as a sub.
stltute for the wildcat banks of the time
No one doubts that the national banks arr
Infinitely superior to state banks, and We,
there In a large and growing demand in ih.
south today for the establishment of state
banks. But there is another reason why ".
cannot very well do without national banb
n0fpa. When I nonn into nfaoo T cocnI
the resumption law upon the statue books
The time was near at hand for its consum-
nation. No preparation had been made by
my predecessors In office, and it devolved
upon me to execute that law. Without dis
cussing the wisdom of that law, there II
was. II it'had caused hardship, and I dc
not believe that 1t did cause any hardship
it was the panic Of 1873 which caused the
hardship-it would cause less hardship tc
60 ahead and carry it to q successful issu,
than to 90 back. Moreover, l was allowed
no discretion 10 the matter. Nv duty wa
q work Of difficulty. but I may say 1t is nov
practically accomplished. There are $346,
100000 of legal tender notes to look on
fol-. have made provision for them ant
the resumption of specie payments may b
regarded as certain for Jan. / next"
but suppose that instead of having only
legal tender notes to provide for the Law
had contemplated the coin redemption By
the government ofthe national bank notes!
There would then have been abou
100000 0 and, with the coin resource.
Of this country, I am satisfied that esum
would have been impossible"
"Supposipg resumption to be an accom-
plished fact. Mr.. Secretary, and the coun
/. try settled down to q specie standard, d,
you not think the time will come whel
: national bank notes may be dispensed with I?
THAT is quite possible. There being n,
longer any necessity for them, they vii
e be leeislated out of existence. I have stat
ed repeatedly in my speeches that whel
1t comes to question between legal tenus
notes and national bank notes, 1 am in fave
of legal tenders all the time, but that is
questton for thes future. Its c%onsideratio
now would only hammer resumption"
: THE SECRETARY not A BoNDHoLDER.
"Yeu are represented, Nj. Sherman. ,
being in league with the bondholders.,
HAYES curiosity to know if you own an
considerable amount of bonds"
. do not v . single bond, nor have
tor five or six years. And 90 far from vorl
ing in the interest Of the bondholders, I v,
the first to introduce q funding scheme
the senate. and afterward to advocate / bon
\ which would be taken up by the people
d large instead Of by capitalists. In 1865
introduced a bill which, after 4 y;goro,
x fight, passed the senate but never we,
through the house, to fund all governme,
securities bearing a high rate of interest
4, a, and 5 per CEN bonds. I was, indee
the first to urge the importance Of a p
cent bood in which greenbacks could
convertible at will. If my refunding scheu
had been adopted I believe then, and I b
!, lieve now, that ~greenbacks would have sto,
at par in gold several years since. tt
funding scheme was not in the interest
. the bondholder. 1t was in the interest
the people,"
lyon did urge, then, the adoption Of
- convertible bond 2"
CY l:l --I--