The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-05-11
Secretary Sherman's Opinions.
SEATTLE, Nav 10, 1878.

extracts from Secretary ShermaD's re-
cent statements before the Finance
Committee of the United States Senate,
upon which / will venture to make
few comments. IT | commit the un-
paTdonsble sin of differing from any of
your exchanges" as to the propriety
of questioning the accuracy or mo-
tives of the Hon. Secretary, 1 may
at least assist the poor and suffer
ing among the many of your intelligent
readers to better and clearer under.
standing of the causes which rob them
of their hard earnings at q moment
when they least expect it.
Every few years, just as the industri-
Gus laborers of all classes and trades
have, from an case in financial matters,
secured little competency ahead, and
begin to feel at ease and comfortable
in their surroundings, an unexpected
financial panic sweeps over the coun-
try, ana they awake to find stagna:ion
in business. and their hard earnings
mortgaged to death to save them from
want and starvation, and they look in
vain for the cause. Probably at no
time within the history of our Govern
ment have the moreyed oligarchs been
80 thoroughly put to their trumps" to
carry out their nefarious schemes to
| control the Government credit in their
own interest as at the present time.
Either the first principles of "Daball"
have changed or the Hon. Secretary
employs every possible occasion to mis-
lead the people by the presentation of
his sophistries. On the occasion of his
recent consultation with the United
States Senate, he made several state
pients which may be referred to for the
benefit of those who desire to arrive at
the highest truth. He says, THE Treas
ury hold in gold and silver, free from
all liabilities. the sum of ST., 775. $50 S.
There is none, better than the Secretary
aware of the fact that every dollar of
this seventy-one millions is required to
pay the interest on the public debt.
Yet he would have the public believe
that with this sum he can kill two
| birds with one stonc"-resume specie
payment. which actually calls tor a
supply of coin in sum of 5000, 600. 529,
which is the amount of greenbacks and
national bank notes outstanding.
If the county of King owed $685.
GEO, 500, the Treasurer would scarcely
be expected to pay off the debt with
only one-sixth part of the necessary
money in hand. The county, like the
Government credit, might be considered
good, and payment might not be en-
forced; but absolute payment on demand
cannot be considered practicable with
out provision of coin in hand to meet
it. Yet, this is what is demanded by
resumption" and this is fair sample
Of the sophistries of Sherman & Co., to
mislead the people.
The people are again still further
misled by the apprehension that the
abolition of the premium on gold assists
practically the scheme Of resumption.
The greenback may become the pre-
ferred money, land it would become so
at once if restrictions upon its legal
tender were removed), in which event
the demand for gold would be greatly
decreased, and its own use so limited
that exchangenbility of the one kind
money into the other would be reached
without any consideration Of legal
provision for redemption.
If croc;o o,I A., IL IL
become voluntarily interchangeable,
why does Sherman s. Co. insist on max
ing resumption obligatory on the part
OF the Government?
Mr.. Sherman says, Resumption can
be reached on the first Of January next
under the basis of the existing law"
but he is very wise and very careful
not to promise its maintenance.
If the credit of our county was sufh.
cient, the Treasurer. with law, might
negotiate loan sufficient to pay off its
present outstanding scrip. but if it was
already obligated for million dollars,
on which it was paying annually a
large interest in coin, he might and
probably would find it difficult to keep
up the running expenses of the county,
and would soon oe brought to the
humiliating act of writing, mot paid
for want of funds"
Many people in the United States
cannot see the necessity of enforced re-
sumption at the present time, and this
is one of the reasons why bill was in
PRODUCED into Congress, demanding the
repeal of the resumption law. Gold
never tumbied with such precipitancy
and persistency as when this bill was
introduced. Instead Of the passage of
the resumption law, specifying day
on which resumption shall take place,
having the effect to bring the coin and
the paper currency to an equivalence Of
value. the opposite was the effect.
Mr.. Sherman knows this, and dare not
ask Congress to make the greenbacks
q full legal teuder, for fear that the
real cause of the decline in gold would
appear.
The resumption law is but another
scheme of the money kinks to force the
government into exigencies similar to
those in the past whereby they may
"shoal their nets with fish," at the
expense of the producing public.
NJ r.