The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1878-03-23
JOHN sHERMAN's FLOP.

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The dispatches from Washington for the last
/ few days have been largely occupied with tho
details of and comments on the late interview
of Secretary Sherman with the Senate finance
committee on the subject Of resumption. Shcr
man, il is remembered, had been from the start
bitter and persistent in his opposition to the
peoplcs demand for silver RECOMMENDATION, con
tending that it would destroy the national
credit send home our bonds from Europe in q
rush, send all the gold out of the country &c
pay for them, and put off resumption linden
nitely. But without silver reconciliation he
said he could easily sell four per cent. bonds
and have gold enough by the lst of next Janu.
airy to redeem the greenbacks and thus rcsump-
ton would be within easy reach.
But now Mr. Sherman comes before the
senate finance committee and concsscs that he
has had revelation; he is agrecabIy disap'
pointed in the effect of the silver bill; instead
of knocking down greenbacks and government
bonds and driving out gold, grccnbacks persist
in holding up steadily to 99li in gold, our
bonds have not suddenly fallen in the Europ-
can money markets, and are not coming home
near as rapidly as they can be absorbed for in
vestment at home, and silver, instead of going
down, is actually coming up at rate to indi.
cate its speedy parity with gold
Instead of silver RECOMMENDATION being an oh
struction to resumption, Mr. Sherman Is over
joyed to find it an important aid. Grcenbacks
being now rcdcemable in silver rs well AS gold
instead OF beng driven to the necessity Of
'thrashing around the world" TO hunt up gold
at big cost to prepare for resumption, 10! all
he needs is to put the minis to work IN rolling
out silver dollars and to expedite the business
beyond the capacity Of the minis, he thinks
the printing press can be enlisted to strike off
silver certificates against silver bullion on de.
post in the minis or the treasury. Thus with
his $lOO,OOOO0O Of gold in the treasury next
January, and fifty millions, or as much more
as he wants, of silver, and greenbacks mean.
time placed on a parity with gold by being
made receivable for customs dues, why resump-
ton is made as easy as falling off log. Who
will care for gold then anyhow, with green
backs at par with gold? and who will want
silver for greenbacks, when grecnbacks are
Just as good as gold or silver for paying duties
with, buying government bonds, or paying any
conceivable Indebtedness with?
Therefore the happy John, under his new
revelation, comes forward and proposes as the
sovereign cure and end of all our financial ills
the following panacea: l. The coinage of sill.
yer dollars as rapidly us practicable, 2 The
issue of silver certificates on the same footing
rs gold certificates. 3 The receipt of green.
backs for customs. 4. The exchange of metal
nc dollars on demand for grcenbacks after Jan
|, 1879. j. The issue Of per cent bonds in
Exchange for greenbacks or coin at par, and
he application Of the proceeds 10 the pur
,hase of the 6 and per cent bonds.
There can hardly be a doubt but that John
sherman has finally got on the right track.
-ndcr the happy results Of silver remonetiza-
ion, with the addition of placing silver coin
.gc and certificates on the same footing with
gold coinage and certificates, and the law which
&c aolss congress to pass directing him not to
Iestroy but again to pay out the grecnbacks
When redeemed, the currency problem in this
ountry may be regarded as solved. Green
'ackS redcemahle IN coin on presentation
makes national bank bills thus redeemable. |
Then specie payment will have come without
N effort and without dollars contraction,
'ut on the contrary with an expansion to the
ull extent of the silver coinage This is ex.
city the happy contamination the country has
een striving after for years, and its realization
cities the business and will end we hope for
yer the strife of contcnding factions in this
ountry on the subject of the currency.