Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-23
THE PEOPLE

Can find no deadlier enemy of their interests
than John Sherman, secretary of the treas
ury. The agent of the bondholding classes,
whose selfish greed of gold and demand that
everything should be brought down TO gold,
has brought the country to distress unpar-
alleled In the history of the world, he is leav-
ing no stone unturned that can help him to
accomplish his purpose of specie payment In
order to forestall any action at the next ses-
SION of congress looking to the permanent re-
lief of the people. A close scrutiny Of his
conduct, such as must be had TO prove the
truth, will, we believe, show that besides
beng the grand schemer. the chief plotter
against the masses, he is also among those
most largely interested IN the profits that
follow as a result of his unconstitutional la
bors, his defiance Of law, and unconcealed
contempt for congress. The Chicago Tribune,
in an article on his latest scheme, states that
in case the law officers of the United States
government decide It to be lawful that
the government can pay debt due on de-
mand, when 1t can pay, as it constantly does,
interest-beanng obligations that have not
matured, there may be practical resumption
before January 1st. Short of resumption it
is evident all will be done by Sherman that
he can do to bring ABOUT specie payment,
his plan being to bring gold coins of five
dollars and under, together with silver dol
lars, into general circulation. The treasury
is fully able, he asserts, to begin the redemp-
ton Of greenbacks in coin at once, and keep
the government notes at par. Already in
structions have been sent to the sub-treasury
agents to pay out the silver dollars in exchange
for one dollar and two dollar greenbacks and
national bank notes, and to introduce them
into general circulation by using them in pay
ment of small sums instead of paying out
notes to government employees. The next
step will be to pay out small gold coins
probably the one, two and a half, and
FIVE dollar pieces-in many cases Of coin dis
bursement. Says the Tribune:
This Will open the road to the circulation of these
small gold coins particularly there is good deal
OF complaint in business circles of 1nsuffciency
of the One-dOlar and tWOd0llar notes. Along at first
these gold coins will be kept as rocket pieces,
the case when the silver was rst substituted for the
fractional currency. But this mania will last only
very short time; the gold coins will begin to be so
common as to no longer be an object of curiosity.
after which no one viii think OF holding them In
preference TO a one-dollar, two dollar or ivedO lar
note. There Will be no more temptation to hoard
this gold coin than there Is to hoard silver green
backs for il viii command no premium in the ordi-
nary transactions FOurtenths OF one per cent is
mere nominal distinction in small sums, and will
rapidly disappear in the actual contact of gold ana
greenbacks. On a One-dOllar and t6o-dollar trans
action 1t will be impossible TO demand IN allowance
of the pIemIum since it amounts 10 only traction
Of cent which is not represented In our currency
On a fve-dollar transaction the present premium
would be about two cents who wo9l ever think OF
ment instead of greenoacks, or who would hoard the
coin because nobody would allow this difference?
EO aaEtro In TAM fran
cents in twentydolar transaction, would be equal
ly Insignificant there is not one man In thousand
broker In order to realize difference of two cents ii
he had difference of two cents If he had five-dol
lar gold coin paid him, or difference OF four cents
on ten-dolar coin. difference of eight cents
a twenty dollar coin; and such search. indeed,
who would bother with the transaction. If the gov
eminent pay out small gold coins, then there is no
circulation.
And thus, by make-shift plan, lin which the
question of discount is to be one of greater
annoyance to the people than at present,
John Sherman proposes to anticipate the re-
sumption law and the possible passage of the
anti presumption act. With him it is any
thing to defeat the will of the people, any
thing to help the rich man to become richer
and the poor poorer. And of such men is
the Radical party composed, and Such men
the Nationals of Memphis are asked to in
dorse. Such men they do indorse when they
ally themselves with the Radicals, who, as
Casey Young showed in his great speech of
Friday night, have always been the ener1ies
Of the workingman, and have always been
controlled by the bondholders. Every vote
cast to elect Radical in Shelby county is a
vote to indorse John Sherman and the dam
nable financial policy by which the country has
been brought to its present distressful condi-