Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-06-29
JOHN SHERMAN'S
Last Circular One More Chance for
the Treasury SecFetary's Friends,
the BIOated BOndhOlders.

st. Louis Times: Ii would be well for that
portion of the public who are interested IN
the patriotism and public spirit of John She
man to mark the intricacies of his recent cir
cular, in which he offers the four per cent
bonds for sale in amounts of fifty, one hun
dred, FIVE hundred and one thousand dollars.
The offer will bear accurate scanning. 1t
will be observed that the circular follows hard
upon the adjournment of congress. The
watch dogs are out of the way. The secre-
tary of the treasury sees the necessity of hur-
rying things Immediately on the opening of
his opportunity. He offers one-fourth of one
per cent. commission on the amounts named.
but the commission will be paid by check
only, and cannot be deducted from the
amount Of the subscriptions. This is some
thing new In the way of discounts. man
must pay the full amount for his bonds, but
he will lose the sum of bill of exchange to
collect his commission. All national banks are
invited to become financial agents of the
government in the sale of these bonds. And
here wall of mystery confronts the reader.
Why single out these corporations? Is not
the government sufficiently involved with
these concerns already, without making over
lures for further complications? There was
no need of singing them out from other cit
liens" By this arrangement, only the ma
tional banks can have the advantage of the
business accruing through the sale of these
only in coin, coin certificates, certificates of
deposit of government repositories, called
bonds, coupons maturing within thirty days,
or in currency drafts on New York in favor of
the treasury, etc. 1t may be left to the ex-
pert fnancler to say what is the meaning of
such recitation; but the average investor
among the more limited capitalists will Won
der why the treasury note was not IN Guided
in the list of valuable considerations with
which payment could be made direct for this
select loan. Greenbacks have an average
value of three-eighths of one per cent. below
gold, and are in reality more valuable, for
the practical purposes of limited exchange,
than gold or silver coin or certificates; and
while MIR. Sherman states tie loan is to be
contracted without drawing from circula-
ton any of the money of the people, he
does not say that the power given by the
resumption act of reducing ''the money of
the people" to the maximum of three hun
bred million will not be exercised. There is
something in the general tone of the circular
that smacks of demagoguery. The time of
its issue shows an intention on the part of
Sherman to take advantage of the adjourn
ment of congress to press a piece of business
out of which he and his pals are to line their
pockets with all the cash that can be laid hold
of before the next meeting of that hated
house of representatives, which will yet be
educated to the necessity of listening to the
demands of the people to pay retiring bonds
in greenbacks instead of other non-taxable,
interest bearing bonds. Sherman is in SYM
patty with that noble army of freemen who
have their wallets stuffed with evidences of
government indebtedn ness, and 60 about snap
ping their jeweled fingers at the tax collector.
He says the difference between the four-per
cents and the six-pe cents will save nearly
nine million dollars annually to the govern
ment. What would be saved if the ''per
cents" were all cut off? Let the secretary
tell us that, and then say what the sinking
fund was created for. The exploring mind
will search vainly in Mr.. Sherman's circular
for anything calculated to benefit the coun-
try, much as is Wanted the so-called ''popu-
larty" of the loan.