The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-04-04
SENATOR BAYARD ON SHERMAN,
slippery Johns Inconsistency and Shuining-He
Don't Know His Mind and Has No Policy.


Cincinnati Enquirer speciall
Senator Bayard, speaking on Tuesday
of Sherman's address to the Finance
Committee, says that it was clear and
unconditional surrender, without suffi-
cient reason. 81 have watched" said
he, "the course of John Sherman with
close interest, and must confess that l
have never been able to obtain from him
any we'll defined and positive views upon
any financial measure, He is simply
trimming his sails, as he has done on ev-
cry former occasion within my reColleC-
ton. He appears to Concede the whole
question to the silver men before there
has been an adequate test of the merits
of the law that would naturally arise out
of the relative values of the two metals.
When the Resumption act was pending
he took very different views. remem-
ber very well when that was before the
Senate. 1t was not reported from the
Finance Committee, but came directly
from the Republican caucus. / have al
ways been in favor of specie basis and
was not willing to say anything to antag-
onize the measure, although | thought
that positive views should be expressed
before the bill passed. They were not
given to my satisfaction, and hence | did
not vote when the bill came up. tried
then to have Sherman state whether he
thought that reissue of legal tenders
would be necessary under the bill. He
lodged the question in such way that
l could have no confidence in the bill,
and l must say that his course since then
has not raised him in my esteem of his
consistency. He left the impression
very vaguely that reissue would not be
necessary, but his remarks were qualifi-
ed; and yesterday he took the ground
that reissue of $900,000,00 greenbaCks
would be necessary to keep resumption
alive. He repudiated his former views
against the proposition to receive legal
tenders in payment Of duties. When the
act of February 25, 1862, passed the SEN
ate, everybody remembers that Sherman
explained that under the law gold must
be used to pay the interest of the debt,
to establish Sinking Fund, and meet
the principal of the debt as each issue of
bonds fell due. There were three prop
ositions: First, to collect the customs in
gold coin; second, to pay the principal
and interest of the bonds in it; third, to
pay first the Sinking Fund, and then the
interest on the debt in gold coin. He
has repeatedly Contended that any at.
tempt to pay duties in anything but gold
would be violation of the organic law.
Now he comes forward, and by act pro.
poses to dispense with the coin Certif-
Gates used in payment of duties, and subj
stitute legal tenders. There is, of course,
this much to be said That if resump.
tion is possible on the 1st of next Janu.
ary, or on the 1st of October, as he says,
and legal tenders can be made equal to |
gold on demand, there can be no valid |
objection to the payment of duties in le-
gal tenders, gold and gold certificates; but !
while this matter is still an experiment, |
it is clearly inconsistent for Sherman to
advance the idea that paper can be used |
for gold, when he once opposed any
such idea so strenuously. 1t is, in my
an absolute surrender.
Correspondent-Did he give any idea
when he could make the gold and silver
dollar equal in value ?
Bayard-No, none that was satisfacto.
~. At present the law makes them
equal; but in fact and equity the ratio is
eighteen dollars to one. He said in an
Indefinite way that be believed that it
,ould be done on the basis of fifty mil.
ions in silver. He was not positive. He
lever is. He simply views it as a posi-
)ility. Now we can easily coin that
mount in single year, and he appears
o think that in time the value of silver
will rise on account of it's scarcity, and
he volume will practically be large
enough to dismiss gold from further ser
ice. 1t seems to me that all this is the
Widest conjecture. Sherman is now
nxious to drift with the tide, and, hav.
ng no clearly defined opinion, will take
position that is calculated to place him
II sympathy with the silver faction His
that the passage of the Silver
ill will aid speedy resumption is an il.
of this.