Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-08-27
Two Republican Speeches.
SECRETARY SHERMAN ON JPECIE REsUMI

d
mass meeting at Toledo. Ohio, last evening.
on the silver and specie resumption questions,
in reply particularly to Judge Thurmans re-
cent speech at Hamilton, on the same ques-
Mr. Sherman began by saying that he natu-
rally supposed his audience desired him to
ing to the silver and resumption question as
those most discussed, said what he wanted
was the largest amount OF currency that can
Of the Country He @ e sRas tSoash
money may be OF many kinds it must all
have the same purchasing power; the essen
eauaty and The dosI on
any any other other kind; d, ,bepreciated money cheats
pendence is upon his daily labor is the victim
of deprecated money, for he must take what
is offered, and is always paid in the poorest
and most convenient Tor the market and shop
ping transactions of life, and silver coins
Saa goSy sy cons h sysn SSa in Mns
only the gold standard prevailed. Our old
fractional currency cost annually near per
cent to keep it in decent condition-nearly
average only Is months, while coin lasts 30
years. Mr.. Sherman went on to show how
silver would displace gold if issued without
able as standard of value. He was in favor
OF SO adjusting the matter that both metals
would circulate at par with each other,
which could be done, with the market value
OF silver lower than its leg gal ratio with gold,
by first limiting the issue of silver, or, second,
by readjusting the relative weight of the two
coins, or, third, by the International monetary
conference at Paris. Mr.. Sherman then passed
on to the resumption question, and declared
that the resumption act had vindicated itself,
since already. four months in advance of the
are almost on a par with each other. her. ts'Rfe I'VE
shall be prepared, :" said Mr.. Sherman, s'when
the time fixed shall arrive. to execute it and
n the ~ wsd n ITS happy
ration of confidence" He then reviewed the
steps taken with this end in view, first, the
substitution of silver for fractional currency,
Of $25.OsO,6O9 notes and the issue of $3s, ,3, $50
silver: second, the gradual retirement of
United States notes from 1892 0OO, ,000 in Janua-
ry. 1875, to s346 6Sl 0l6 now and third, the accu
mutation of coin in the Treasury by the sale of
bonds, being at the rate of 5000, 900 per month
for eight months of 1877, and amounting on
the 10th instant to $2O9 1873 l5 or $l29 ,563
tion now was, "Shall we 90 forward and com
plete this process, or shall we 60 back again to
the period OF irredeemable money, with its in
snd panc M bpa Is
an appeal for hard money as opposed to paper
or fiat money, as they call it out west, and
touched briefly upon national experience in
the past: He took up the arguments and state
mentS advanced by Senator Thurman in his
recent speech at Hamilton, Ohio, and contested
them with considerable emphasis. He accepted
feature of the democratic platform was the
proposed substitution of greenbacks for ma.
tional bank notes, and joined issues with him
on on the basis Of the republican platform. which,
to their normal condition of paper money
the demand :of the holder. He dwelt
system as antag0nized by Mr. Thurman, and
stated that this expedient of allowing portion
OF the circulation % to be issued by private cor
could be maintained at par If issued directly
by the government, while Mr.. Thurman's plan
OF the Of United States
100000, by issuing United States notes in place
OF the national bank notes outstanding. would
directly violate the constitutional provision
siG00O,0OO. The inevitable result of this policy
would be to revive all the evils of the state
bank system. Mr. Sherman said it was easy
the weakest members of the community His
own experience was that if you convene ten
bank presidents you will have ten different
even. Judge Thurman and General Ewing
on the same platform. The continued ex.
istence Of the national banks, he thought,
should cos{ dt /" tb the ABILITY without
maintain their circulating notes at par with
United States notes or coin. SO far from the
national banks enJoying special privileges, the
more banks were Surrendering their circula.
tiOn than increasing it. Mr.. Sherman charac-
terized Judge Ihurman's policy as looking to-
reply to the latter's statements concerning the
electoral conspiracy, denying that Mr.. Hayes
was counted in, claiming that there were great
southern states at the election in iS16, and
charging the party with fraud in the declara-
tion OF the electoral vote of Oregon: The latter
part OF his speech was devoted to the consid:
the labor question. He denied that the times
here had been worse than abroad and referred
TO the late rapid increase In our exports as
hopeful sign OF future prosperity. As for the
labor troubles, the result OF over production,
and even more distressing in Europe than
America, the only remedy seemed to be to
to be supplied.
THE DEMOCRACY.
Gen: James A. Garfield who is the recog-
nlzed leader OF the republican party in Ohio,
State, Saturday evening. He spoke strongly
in favor OF specie resumption, basing it on
these grounds-first, that the public faith de-
both OF labor and capital demand it; third,
that the chief hardships of resumption have
already been endured: In regard to the pres
ent position OF the Ohio democracy, Gen. Gar
1.-The Ohio democrats have gone hundred
bOwshOts beyond their Eastern associates in
carrying the spirit of revolution into their
weight against the resumption of specie pay.
ment, demand that the national banks be
abolished, that 1922 900 additional green
backs be issued, and that protection to Ameri-
can industry be overthrow. These radical
and violent changes in the established policy
OF the government are proposed to the people
OF Ohio in utter disregard both OF the
ancient policy and recent declaration
of the national democracy. Have the
democrats of Ohio completely abandoned
their traditional doctrines of hard money?
Have they forgotten that in the Presidential
contest of 1872 they declared in both their Gin
cinnati and Baltimore conventions that a
speedy return to specie payments is demand
ed alike by the highest Considerations of COM
mercial morality and honest government?
Have they forgotten that only two years ago.
in the national convention of st. Louis, they
denounced the republican party for Its fail
ure during all these eleven years of peace to
make good the promise of the legal tender
notes, which are changing standard of value
ment of which Is a disregard of the plighted
faith OF the natiOn?' Were those declarations
at Cincinnati and Baltimore and st. Louis
true or false? Did the national democracy
OF which the Ohio democrats form so conspic
uous part, believe them when they uttered
them? II they did, what revolution mas since
then occurred in the immutable laws of value?
BY some strange act of oblivion, or some still
stranger act OF apOStacy, they have repudiated
all these utteranceS and cast loose from every
recognized principle of the old democratic