The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-09-05
SPEECH OF SECRETARY SHERMAN.
THURMAN ANSWERED. !.


Secretary of the Treasury, addressed large
audience at Toledo, Ohio, On the subject OF
finance. He commenced by saying that
he supposed it was desired that he should
speak mainly on financial topics. He then
said that the questions most discussed are
the silver question and the resumption ques-
ton. These are only branches of the cur
rency questions, but they present the main
difficulties in the administration Of the Treas
asury Department., and will be mainly the
subject of my remarks. The election this
fall for members of the House of Represen-
tatives will practically settle them. There
ought to be no partizan or personal feeling
about them, for we are all interested alike
in promoting the common good and in set
ting upon sound basis the currency OF the
country.
Mr.. Sherman then went on to say that he
wanted the largest amount OF currency, that
we must have coin money and paper money,
and plenty of both. What he contended for
was that, though our money may be OF many
kinds, it must all have the same purchasing
power. The essential qualities of all good
money were stability, equality and converti-
bility. The dollar of one kind should buy
as much as the dollar of any other kind
Deprecated money cheats the Ignorant and
the unwary and enriches the money changer.
He tn n sketched what had been done TO-
ward resumption. stating what was the pre-
else condition of the treasury, relative to
specie, that it had $134, $50, 600 in coin avail
acie over all coin lao'iities-
THE REAL QUESTION.
And now, said Mr.. Sherman, fellow-clti-
zens, the real question is, shall we go for
ward and complete this process. or shall we
90 back AGAIN to the irredeemable money
with its inevitable resulting consequence of
EXPANSION. initiation and panic? As you are
the Judges of last resort on this question, I
heo of Won TO consider some general princi-
ple gathered from the experience, not only
of our own people. but of all nations who
have, at any period, maintained mixed STAN
tards of paper money.
Irredeemable paper money is only justi-
fed by war carried to the extent of nation-
al peril. when the life of the nation is at
stake. 1t ought to be redeemable as soon as
the public exigencies will permit. Il is not
money but the promise to pay money. These
are the axioms of political economy, the
truth of which, all experience has demon
strated We issued this money only in the
midst of such a peril. Our error, ii any,
has been that we have delayed too long the
measures OF resumption. Now, when they
are almost complete, and gold and silver
and paper money are practically convertible
one into tie other, when there is the same
money Tor the bondholIer and the notehold-
err. the rich ant, the poor, when silver can
be had for notes and gold in ample stores
awaits the day of resumption, we Repnbll-
cans should not debate the question on the
repeal of the Resumption Act. With all
our promises on record we should not be
deludedby the cry for fiat" money. Pre-
cisely what is the meaning of this phrase
do not know, but presume it means mon
ey that it is not measured by any other
that is not redeemable in any other, but has
it's origin, force, sanction and value in the
mandate of the government and will vary
day by day in purchasing power.
AS between this kind OF money and tue
old ereenback regenerated, restored, con-
vertible into coin, the standard OF all value
and the medium OF all payments, am 1or
the greenback against "fat" money. "A
great nation like ours, rich in various re-
sources, with fee people OF remarkabe
intelligence, is not driven to resort 20 any
expedients which would effect the pnblc
credit or the public debt or disturb our mar
monious relations in trade with foreign na-
tions, but should adapt its money to the
money of the civilized world, make It as
standard of value as high a. chat OF any
coin ever issued from the mint.
Some of you who believe in fiat money
say You desire the same result, out IL Is cleal
that you can only maintain this money al
par with coin. either by careful Limitation
of its amount or by actual redemption II
coin when demanded. Ii that is what y't
mean by 'fiat'' money, then we VIII no.
disagree, pue u Is wen noM,i1 .l':. .nos ?,
WV "ur'' hernnd snn, that can he main.
WI. .a;,,ad ~ rar with c,;n and who seek Il
onaanan ~ money hu making if less yaluabl,
t than al, All tie great men Of our couh
five five" onr Ravol,+ionarv fathers and their de
s,S, 1snts in rbe war Of 1s12 and The states
mon Of the DAVIS nf General Jackson. deepl,
fait NO OWLS ~ irra,lean,ahle naner money
anS axnerience led them to he conviction
that aald and silver coin or paper none,
, vnII sec,,red and onvertihle into gold am,
s ISm oo, ,vas the hest for all classes ant
a Oh ;,S Inst In these general views il
earor Of ,asmmnt;on adonted Inv the repub
loan loan nartv we have had the sympathy an,
concurrence Of a certain nortion Of the dem
ocratic marry who thouoh thew ALWAYS b.
instinct and habit voted AGAINST every meas