Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-08-30
8 &c H
Hon. JOHN SHERMAN,
DELIVERED AT
Toledo, Monday, August &c, 1878.

/ -~~~~~>~~~~-~~--
FELLOW CITIZENS: When informed the Repub-
lican State Committee that 1 could speak once in
Ohio during my brief visit, they inquired it would
| be agreeable 70 me 10 speak in Toledo. l promptly
answered yes, for, though knew that your political
associations had been greatly disturbed by questions
wnieh sprang out OF the hardness OF the times and
the panic Of 1873. yet you would give me patient
hearing, and thus be able better 70 judge how far we
disagree.
naturally suppose that you desire me to speak
mainly on financial topics My Official position for
many years in the Senate connected me with the
financial legislation OF Congress and my present of
ice requires me 10 carry into execution these laws.
They relate mainly TO the public credit the public
debt coin and currency. and the system OF taxes
are necessarily interviewer with each other, but
each canvass brings some OF these into more prom
inence than Others.
QUESTIONS MOST DISCUSSED.
Now the questions most discussed are the silver
question and the resumption question. These are
only branches Of the currency question, but they
present the main difficulties in the administration of
the Treasury Department. ana will be mainly the
/ subject Of my remarks. The election this fall for
members Of the House of Representatives viii prac-
tcalls settle them. There ought to be no partisan
OF personal feeling about them, for we are all inter
ested alike in promoting the common good, and in
settling upon sound basis the currency Of the
In undertaking to address you will frankly and
freely express my own opinion but will, while re
main in an executive Office cheerfully and freely
obey and execute the judgment of my fellow citi-
zens as expressed by Congress, give way to some
| one who will do so.
THE LARGEST AMOUNT OF CURRENCY WANTED
What want is the largest amount of currency
that can be maintained at par with the established
coin of the country. From the diversity of our
4 wants we must have many different kinds OF money
to measure great wants and little wants We must
have coin money and paper money. aud plenty of
both. What contend for IS that though our money
may be OF many kinds 1t must all have the same
purchasing power. The essential qualities
Of al good money are stability.
of one kind should buy much as the dollar of any
other kind. Deprecated money cheats the ignorant
and the unwary, and enriches the money changer.
| The poor man whose dependence 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
coin money and paper money, or between the note
! holder and the bOndholder. The money provided
for all debts. Subject to these conditions am for
the largest amount Of each kind Of money de-
Tnanded for the wants of business, and if you will
agree with me in these general propositions there
| will be no quarrel between us.
USEFUL AGENTS OF EXCHANGE.
Cold silver, and copper, as well as the modern
eontrvanee Of paper money all useful agents of
/ exchanges ana ought to be freely used and ALWAYS
maintained at par with each other. Minor coins Of
baser metals indispensable for the innumerable
small wants of life. To measure these wants silver
coin would have to be too small in size and there
FORE copper and nickel used, but. these metals
are so cheap that if coined at their intrinsic value
common consent, the old copper cents are aban-
doned and token coins of copper and nickel are is
! bueQ II s6F6EA4 llSlr Valuet DuL
maintained at par by the necessity of their use and
by being redeemed in money of full value when pre-
sented in considerable sums
SILVER MONEY Is THE BEST
and most convenient TOR the market and shopping
transactions Of life. Silver coins are By all odds
more numerous than coins of gold, even in coun-
tries where gold alone is the standard OF value. The
shillings and half crowns of Grea Britain outnum-
Der the sOverelgns many times and in the United
States the silver coins issued from February l. 1875
to August l, 1873, number go So, $40, while the
whole number Of gold pieces issued during that time
in the United States is 7,T0O40. No form OF paper
money can proAtably take the place of silver.
Our old fractional currency was the best substitute
ever devised, but this cost annually nearly per
cent to maintain it in decent condition,
the amount lost, wasted, and destroyed was heavy
tax upon the people who used it. II lasted on an
average only fifteen months while coin lasts thirty
years. The largest possible use of silver and its
feest circulation indispensable TO any system of
money that can be devised, but like all other
money, it must be maintained in some way at or
near the intrinsic value OF other money.
HOW SILVER NAY D1sPLAcE GOLD.
silver is coined at less than its market value and
issued without limit, it will as surely dspace gold
as water will dsplace air. Therefore fractional sill
yer limited COCO 000 aud is only issued when
required in exchange for United States notes lift
becomes too abundant it comes into the Treasury
for taxes, and is paid out only when demanded or
willingly received. So the coming of the new silver
dollar though legal tender for all purposes il lin
tied by law to from s. 900 600 TO S4OO0O0O month
The silver in this dollar is worth less in the market
than the gold or even the paper dollar and If issued
below the gold dollar, and will become the single
standard OF value This is as certain as the march
/ OF time.
GOLD INDISPENSABLE
But gold also is indispensable standard of value
II measures all the larger transactions of business
life. It is used as such by most Christian and civ
ized nations OF the world, and its demonstration
would be as great an injury as the demonetizsdon
Now fellow citizens, am in favor of 50 adjusting
this matter that both metals will circulate at par
with each other; that you viii have gold eagles
and silver dollars, and dollar of either will pur
chase precisely the same commodities.
HOW BOTH METALS WILL CIRCULATE AT PAR
This be done, while the market value of silver
is lower than its legal ratio with gold, either,
Firstly limiting the amount of silver to be |
issued, or
Secondly readjusting the relative weight of the
TWO coins either by increasing the weight Of the sill
yer con or lowering the weight Of the gold coin or
equalizing them by Increasing the weight of silver
and lowering the gold, or,
Thirdly the International conference between |
bimetalic nations now in session. which sincerely
trust may arrive at some practical result.
Either plan, or any other to keep these coins on |
par with each other will meet nv hearty cnncur /
renee; but am utterly opposed to any measure that
will deprive US of the use Of either con circulating
side by SIDE of equal purchasing power at par with
each other. assure you in all frankness that the
silver question must be solved in some such way or
we will have TO adopt the single standard of silver
like the Chinese and other Asiatc nations.
And now fellow citizens, come to the most i'm |
portant question OF this canvass.
THE MOST IMPORTANT QUESTION OF THE CANVASS.
Our paper currency Is now happily brought to /
very par with coin. viii you insist upon keep
ing it at par will you, by repeating the resump
tion act rerace the steps already taken and embark
again upon the sea OF irredeemGble paper currency?
Shall our paper money hereafter be redeemable in |
coin upon the demand OF the holder and be main
taned at par with cOin shall II be what its friends
call a .fat" money, irredeemable in coin depending
upon the daily trademarks OF bankers and brokers |
for its value and upon the changing maiorties in
Congress for its amount and quality?
This county of Lucas has always been good Re-
publican county. Il earnestly supported the admin.
istration of Abraham Lincoln, supported all the |
measures Of the and ia patriotic exertiOns and