Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-08-30
sHERmAN IN ONO.


nst. AS we did not get this speech
i'll the day we went to press last
week, we were unable to criticise it
i'm our last number, and so reserved
it for attention in the present paper.
Nor do we even now propose to eX-
anime and controvert its several
clauses. This will be the work of
not only the present campaign, but,
if Mr.. Sherman be the Presidential
candidate of his party, that of the
campaign of 1880. We take it up
Z at present simply for the purpose of
ascertaining from it what is to be
the programme of Republican posi-
ton and movements in case Sher-
man and not Grant is the candidate
of the Republican party.
We have only to examine the
manifesto very specifically TO dis
cover that while it is issued Ostensi-
bly, in favor of Mr.. Foster as candi-
date for Governor of Ohio, it is
substantially a bid for the Presi-
dency ON the part of Mr.. Sherman
himself, and it will be found to be
quite as carefully adapted for the
case of Sherman versus Grant as
for that of Sherman versus the Dem
ocracy. 1t contrasts the admins
tration Of 1863 with that of 1868
rs quite as deliberately as it states
the case of the Republicans against
the Democratic party. Resumption
cannot be puffedsufficiently without
an implied condemnation of the
initiation of the Boutwell, period, nor
can he boast of the collection of rev.
enue without a back-handed blow
inflicted on the enormous stealage
of the Grant administration.
The speech is divided into two
departments, the first and most
predominant of which is the finan-
cial issue, and the second and sub
ordinate one is that of the issues of
the extra session. In Maine, where
Blaine rules supreme, this order is
reversed; the financial questions
are held carefully in reserve, and
the Confederate brigadiers and the
bloody shirt boom bravely and
loudly.
As might be inferred from its
antecedents, the first and most prom
inent subject in this speech is SIRE
SUMPTION" 1t has been known for
some time that this is what Mr..
Sherman considers the finest feather
in his cap. Let us consider what
resumption amounts to. He has
caused dollar in paper and dol
lar in gold to count the same in
value by a process which may be
described as follows: He has retired
as much of the national paper as he
could by receiving it in taxes and
then retaining it in the Treasury of
the United States, replacing it as
currency, so far as it is replaced at
all, by promoting the circulation of
national bank notes then, to secure
the portion of the national paper
that remains in circulation, he has
bought gold on the nations credit
with bonds drawing four per cent.
interest. Now notice the delusive
character of his boast. He under
took to furnish the nation with a
currency convertible into gold at
the pleasure of the holder, and it is
true that whatever notes of the
nation are out have been redeemed
when presented, but there are not
many of them out; the greater part
of them have been replaced by
national bank notes, which are not
convertible except at the pleasure of
the bank which issues them. We
have i'm fact convertible currency
withdrawn from circulation and an
inconvertible one taking its place.
"But," says Mr.. Sherman, 81 have
brought up the credit of the Gov
eminent until it can borrow money
at per cent, a thing which this
Government could never do before
throughout its history"
Now, i'm the first place, while it is
unquestionably true that money has
borrowed at four per cent, it does
not follow that this isin consequence
of any credit which Mr.. Sherman's
policy has acquired for the Govern
ment. 1t is true that the credit of
the Government is better than il
was some six years ago; its chief
improvement has been in the last
six years. Now il is also true that
Mr.. Sherman has been in Office for
three of those six years, but it is
equally true that within that time
the majority of the House first and
afterwards in the Senate has become
largely Democratic, and the in
creased credit of the Government is
due much more to that circumstance
than 90 the presence of John Sher-
man i'm the Treasury office. That
which lowers a nations credit is
constant alarm of civil war, riots
and general turbulence, and these
things were always apprehended so
long as the bayonets of the Federal
Government could be marched into
State Legislatures elected by the
people and thrust the delegates out
70 to make room for others whom the
people deteSt. Such action ceased
rs soon as the predominance of the
Democratic party in Congress rem
dered such revolutionary action
impossible, and the Governments
credit rose accordingly.
But the stability Of the national
credit could not by itself have
brought down the interest on Gov
eminent bonds to per cent. The
interest rate on national securities
depends upon the general financial
and commercial condition of the
country. When business is brisk