The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-09-04
NATIONAL issues.
Speech Of Secretary Sherman al
Toledo, Ohio, AUGUST 26th
FINANCIAL AND LABOR TOPICS.

Fellotc Citizens When | inform
ed the Republican State Committee
that | could speak once during my
brief visit, they inquired if it would
be agreeable me to speak in Toledo.
| promptly answered yes, for, though
l knew that your political associa-
tons had been greatly disturbed by
questions which sprang out of the
hardness Of the times and the panic
of 1873, vet yeu would give me a
patient hearing, and thus be able
better to Judge bow far we disagree
| naturally suppose that you de-
sire me TO speak mainly on financial
topics. Ny official position for many
years in the Senate connected me
with the financial legislation of
Congress, and my present Office re-
quires me to carry into execution
those laws. They relate mainly to
the public credit, public debt, our
coin and currency, and the system of
taxes by which the Government is
supported. The topics are necessari-
ly interviewer with each other, but
each canvass brings some of these
into more prominence than others.
Nov the questions most discussed
are the silver question and the re-
sumption question These are only
branches of the currency question,
but they present the main difficulties
in the administration of the Treasury
Department, and will be mainly the
subject of my remarks. The election
this fall for members of the House Of
Representatives will practically set
tie them. There ought TO be no
partisan or personal feeling about
them, for we are all interested alike
in promoting the common good, and
i a settling upon sound bss the cu:-
rency OF the country.
In undertaking to address you |
will frankly and freely express my
own opinion, but will, while remain
in an executive Office, cheerfully and
freely obey and execute the judg-
ment of my fellow citizens as express
ed by Congress, or give way to some
one who will do So
What / want is the largest amount
of currency that caa be maintained at
par with the established coin of the
country. From the diversity of our
wants We must have many different
kinds of money, to measure great
wants and little wants. We mus,
have coin money and peper money,
and plenty of both What | con
tend for is that, though our money
may be of many kinds, il must all
have the same purchasing power.
TIE essential qualities CT all good
morey are stability, equality and
eonveriibility. The dollar of one
kind should buy as much as the dol
lar Of any other kind Deprecated
money cheats the ignorant and the
unwary, and enriches the money
changer. Tie poor man whose de-
peEdence is upon bis daily labor is
the victim of deprecated money, for
be must take what il offered and is
always paid in The poorest money.
No distinction should be made be-
tween coin money and paper money,
or between the noteholder and the
bondholder The money provided
BY the Government shoald pay all
debts and be used for all debts.
Subject to these conditions | am for
the largest amount Of each kind of
money demanded 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 CT EXCHANGE.
Geld, silver and copper, as well as
the modern contrivsnce OF paper
money, are all useful agents of ex-
changes. and ought to be freely used
and always maintained q. par with
each other. Minor coins Of baser
metals are indispensable for the in
Vulnerable small wants OF life To
measure these wants silver coin
would have to be small 10 size, and,
sherefore, copper and nickle are used,
but these metals are so cheap that it
coined at their intrinsic value the
coins would be too large for conven-
ience, 30, by common consent, the
old copper cents sre abandoned. and
token coins of copper and niekle are
issued at several times their intrinsic
value, but are maintained al par by
the necessity of their use, and by be-
ing redeemed 10 money of full value
when presented in considerable sums.
SILVER money is the best and most
convenient for tie market and shop
r.,o.;nna NJ lifa SiIve-