The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-29
snEnnAy on NATIONAL AFRAIRs.
Reply TO senator ACKNOWLEDGEMENT
for RedeemabIe Coin-HicWs ON the MI
yer QuestIon-The Southern Policy. al

At Toledo, o., the other night Secretary
sherman replied to the fiSt speech Of
Senator Thurman in the Ohio canvass.
After saying that what is needed for the
money market arc rcdeemable lcgaltender
currencics OF even value he spoke OF the
silver problem rs follows:
"silyer money is the best and most con-
yonient for the market and shopping tran:
sactions OF life. Silver coins are, by all
odds, more numerous than coins OF gold,
even in countries where gold alone Is the
standard Of value. The shillings and half
crowns OF Great Britain outnumber the
sOyereigns many times, and in the United
States the silver coins issued from Fehru-
ary |, 1873, to August /, 1873, number
090, $50 $40, while the whole number OF
gold pieces issued during that time i'll the
United States il Z, 7l0,0l0. No form Of pa.
pcr money can probably take the place OF
silver. ....t4...
'If silver is coined at less than its mar
ket value and issued without limit, i Will
as surely displace gold rs water Will dis
place air. Therefore fractional silver u
limited to S50,000,0OO, and is only Issued
when required in exchange for United
States notes. II it becomes too abundant
il comes into the Treasury for taxes, and
is paid out only when demanded or will
insly received. SO the coming OF the new
silver dollar, though legal tender for all
purposes, is limited by law to from 81
OOO,OOO TO 81 ,OOO,00 a month. Thesilyer
in this dollar is worth less in the market
than thc gold or even thepaper dollar, and,
II issued without limit, the silver dollar
will surely deprcciate below the gold Iol;
lar, and will become tho single standard o.
value. This is us certain rs the march OF
time.
iiBrt gold also is an indispensable, stan
dnr,l OF value. II measures all the larger
transactions Of business life. II u used Us
such by most Christian and civilized MT
lions Of the world, and It's decentralization
would he us great an injury ~ inc aellionei
tization OF silver. Now, icllow:-citizens,
am In favor Of so adjusting this matter
that both metals will circulate at par with
each other; that yOu will have gold eagles
and silver dollars, and u dollar OF either
will purchase precisely the same cOmmo-
dities. This can be done, while tile mar;
Eet value Of silver Is lower than Us legal
ratio with gold, either ny by limiting the
amount OF silver to be used, or ~ by re-
adjusting the relative weight OF the two
coins, either By increasing the weight o.
the silver coin or lowering the weight OF
the gold coin, or eQualizing them By in
creasinr the weight OF silver and lowering
the gold; or CD by the International Con-
ference between bi.metalic nations now, in
session, which sincerely trust may ar
rive ut some practical result. Eith0r plan,
or any other to keep these coins on q par
with each other, will meet my hearty con-
cnrrencc, but am utterly opposed 10 any
measure that will deprive US Of the use o.
either coin, circulating side by SIDE o.
equal purchasing power, ut par with eacn
other. assure you in all frankness that
the silver question must be solved ~ some
such way, or We will have 10 adopt the
single standard o. silver, like the Chinese
and other Asiatir nations" i..r'
Secretary Sherman then referred to the
Republican pledges of resumption MS well
rs TO tho pledge in the Resumption act
that $500, 100000 Of greenback currency
was to be maintained. @ ':im
TIE RESUMPTlOS ACT.
The Secretary then argued that the
Resumption act had vindicated itself, and
that under it enough coin had been accu-
mulatcd for resumption purposes, amounts
ing to Sl&, $4,000 over all liabilities. He
said: r,',ssf..,tg1 ..r rt,1e.-
at il sufficient to saw that since the
passage OF the Resumption act every
promise and expectation OF the friends OF
this net has been justified by events, and
every prophecy Of its OppOnents has been
falsihed. Every step IN the. process OF
resumption has been open, public and
frank, and beneficial in u business sense.
All the evils which you have suffered are
the direct result OF the initiation OF paper
money and the panic which preceded the
Resumption net. The whole, process OF
resumption has substantially been carried
on since the LIST Of May, 1857, and has
been attended with reviving business and
prosperity. The failures thathave occurred
during this time have been the direct re-
suit Of engagements and contracts made
before that date"
TuuRMAS's MISTAKE.
Referring to the position Of Senator
Thurman on the financial question: Mr..
Sherman said: aa.-aia
"The position Of the Republican party is
in favor Of grecnbacks restored to their
normal condition Of paper money, equal
to coin, and redcemable in coin on the de-
mand Of the holder, while the pOsiti6nio Of
the Democratic party, rs stated by Judge
Thurman, is in favor OF the issue and
maintenance in circulation Of SOS, 0O0, 900
E0f United States notes without any provi-
sion whatever for their redemption or
their conversion into coin. The issue is
distinctly made, and for one l distinctly
accept It. lie says it is Just rs easy TO
maintain SGGS, 100000 greenbacks ut par
with coin Us il Is to maintain SIN, OOO, 600
greenbacks and 500, 900, 900 national bank
notes ut par with coin. But he forgets to
state that the bank notes are payable in
greenbacks and not in coin, aud that they
are to bc redeemed by the banks ut their
risk and expense, and not by the United
States. No coin reserve is needed by them
for such redemption. The issue OF these
notes. aids in maintaining the United States
notes ut par with coin instead Of Obstruct-
ing il. His plan would directly violate the
provisions OF the loan laws, under which
both United States bonds and notes are
issued, and which limit expressly the
amount Of United States notes to to 800,
100000. This would he u violation Of the
public filth, aud would impair ut once the
public credit and do inconceivably more
harm than It could give profit 10 the gov.
eminent. 1t would at once drive out Of
existence the whole system Of national
banks, which have been the means alone
b. which State banks have been prevent
cd from issuing circulating notes.
THE SOUTHERN POLICY.
After n defence Of the convenience and
economy Of the national bank system,