The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-28
WHOLE NO. 1874

ceivable at payment of duties
that fact alone I'd, at once, de-
crease the price Of g1Efi by decreasing
the demand for it; and increase the
value of greenbsacks by increasing the
demand for them, and thus gold and
[greenbacks would be brought to the
same price and specie payments effect
ed. This theory also has been the
subject of unlimited scofing. And
now comes Secretary Sherman. in that
same interview, and admits that the
Greenbackers were precisely right.
Hear him:
A large number of questions were
asked by members of the committee,
and the secretary in the course Of his
answers said one thing he, would re-
commend, namely: He would, on the
frSt OF October next, receive United
State notes in payment for duties and
yet provide for interest on the bonds
IN coin. In other words, he would as
sumo that on the first Of October next
our notes were us good us gold and sill
vel and would receive them as SUCH
You, gentlemen. will feel your way
clear to allow to my receiving tho
UnlIed States note, in payment of
bonds, and will make it clear that I
won't be compelled to redeem all tho
United States notes that come in after
the lst OF January next, and if YOU
think under the circumstances I would
be strong enough to receive these
notes on the first of October, / should
be willing to guarantee the resump-
tlon. think for us to go backward
over all Of this weary agony and
struggle toward resumption would be
u sign Of national weakness and do.
the nation great harm. do our credit
harm, and bring injury on us all.
Again, we have always claimed that
the greenback circulation should be.
maintained and not destroyed, that it
was the best money the country has
ever had: while on the other hand the
bullionisis have denounced it as
''lamp-black lies" ''rag-money," etc.
And now comes John Sherman
again in that famous interview and
says:
Senator Bayard-What would bo
l
lar;tiOn that $3OO, ,OOO. 900 Of treasury
notes might be issued rs a minimum
and rs q maximum, to be. supported
| by retention by law Of $lOO, 900 900
Uf gold in the treasury!
The Secretary--That would be ben
eficial, because think the fear about
that $500, 100000 would be overcome
Senator Kernan-And your opinion
is that authority to reissue legal ten
der notes should be expressly given
by law!
The Secretary--I think that the au-
thority to issue is unqmestioned and
undoubted, and would take away the
fears of all classes Of people; lst, those
in favor of imitation who do not want
the greenback destroyed. Then in the
Eastern states. where they think we
ought to retire greenbacks and issue
bank notes instead, and believe that
we are bound, under the existing law,
to pay the whole Of $500, 900. 900, and
that we are not prepared to do SO.
Mr.. Allison--In other words you
think we cannot come to and main
tain specie payments without the pow
er to reissne!
Secretary Sherman-I do not think
we can.
Well, really; since Saul Of Tarsus
heard the voice from heaven there
has been no such marvellous conver-
sion as this Of the Hayes administra-
ttion. They have literally climbed
right onto the Greenback platform.
But unfortunately they propose to use
it simply as means to palate the
crushing out process though which
! they are now putting the nation.
In the meantime Senator Bayard
says:
|, secretary Sherman's argument be-
, fore the senate committee on finance
yesterday. 1t was u clear and nncOndi-
tional surrender without sufficient
cause. He appears To cOncede tho
whole question TO the silver men be-
fore there has been any adequate test
Of the question that would naturally
arise out Of the relative values Of the
two metals. The resumption act did
not come from the committee on
finance. 1t came directly from the
Republican caucus and Sherman was
its father. He stated when 1t passed
that gold alone must be used to pay
the interest on the public debt and
, that the use Of anything but gold must
. he violation Of the law. Now he
comes forward and proposes to dis
. pense with coin certificates which are
now used for the payment Of duties
and to substitute legal tenders there
for by October l. or course, IL legal
: tenders are equal in value to gold at
E that time, there can be no valid OBJ
lection TO this. but it will be only an
!. experiment for some time to come.
Bayard was very sever on what he
calls Sherman's surrender 70 the sil-
) yer men.