The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-07-24
secretary snerman,. speech.

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delivered yesterday at Portland by the Sec
rotary of the Treasury. 1t is clear, cogent
and able presentment of the financial
condition of the nation, and incidentally
very damaging and conclusive reply to the
greenback and imitation democratic argu-
ments against resumption, national banks
and the general financial policy OF the
country.
Mr.. Sherman began with the assertion
that there are questions this fall ''more I'M
portant than hard or soft money. green
backs or national bank notes" but this was
apparently only tub thrown to the stall
wart republican whale. for he gave but very
brief paragraph to a denuncation OF Estate
rights"-that stale bugaboo which OF
course he as an old whig and believer In
federalist doctrines, regards as vile and
dangerous political heresy, and which the
republican leaders will all oppose, rs
their predecessors, the wings, and their
predecessors, the federalists, did before
them. 1t is easy to see that, while on this
question he thinks positively and feels
strongly, Mr.. Sherman at heart sees that
the real question Of this fall, and, for that
matter, unless the democrats come to their
senses, of next year too, is the financial
one. To that he rightly devoted almost the
whole of his speech, and this speech de-
serves careful reading. 1t covers n great
deal of ground, but it covers it ably and
intelligibly.
He began by showing the condition of
the country just before 1873, when the great
panic and stagnation began, and said,
neatly, 1--WE then enjoyed the prosperity of
a profigate while wasting his inheritance,
OF the happiness of drunkard while on
spree" In fact, until September, 1873, we
danced, and since then we have been en-
gagged in the melancholy duty of paying the
fiddler. Mr.. Sherman urged that in this
the democrats had given no assistance.
He gave a summary of the slow prog
ress toward resumption, generally fair;
though when he complained that "Con-
gress' had increased the expenditures,
leaving the inference with his hearers that
the democrats had done this, he should
have explained that the republicans are as
much to blame as the democrats for such
measures as the Arrears of Pensions act,
which, moreover, was signed by the Presi-
dent--a mistake for which Mr. Sherman, ac-
cording to reports in Washington, was not
to blame, for it is believed that he strongly
urged the President to veto it, and Mr..
Hayes has probably before now seen cause
to regret that he did not take the Secre-
tary's advice.
The truth is that the democrats began, as
soon as they obtained control of the House,
rigid, and as the republicans perpetually
complained. too rigid, system of economy
which they have since then pushed unceas-
ingly and oftenest against the vigorous
criticisms of their opponents; and one of
the best proofs of their zeal in this direction
has been the notable disappearance of the
lobby from the Capitol since the demo-
Gratis took charge Of the appropria-
tions. They have committed many
blunders, but extravaganza with the peo-
pies money is not one Of them. When.
however, Mr.. Sherman adds that 'the
ability to pay the increased expenses with
out borrowing is largely due to economies
in collecting the customs revenues and
other executive savings" he is entirely cor
rect, and he might without boastfulness
have said more upon that head. The adj
mnistration of Mr. Hayes compares admira-
bly, with it's predecessors in the matter Of
honest and economical management.
The exhibit Mr.. Sherman made of the
financial and industrial condition of the
country will attract even more attention
abroad than here, for he demonstrated that
while Europe is suffering our own country
is slowly but surely recovering from the
depression which has afflicted the whole
civilized world for six years past. s'Under
the inspiring influences of specie pay
ments," he said, 'the worst is past, and
our condition is now improving in every
branch of industry" In the five
years, 1898, he showed, while our
imports have decreased thirty-two per cent,
our exports have increased fifty-eight per
cent. The tonnage transported on our
railroads has increased in the same time
thirty-seven per cent. Our corn crop,
which was 932, 900, 600 bushels in 1873, had
increased to 1850. 900, 900 last year. and in
the same time the wheat crop had grown
from 2S1 600, 900 to 425, 000, 900 of bushels
The cotton crop of last year was the largest
ever grown, and our exports of cotton in
creased from 200, 100000 pounds in 1873
TO /, COS, 600, 600 in 1878, and so on in other
of the most important branches of industry.
He turned the tables neatly on the green
hackers by showing them that what they
had demanded had been accomplished.
They insisted that the bonds should be
paid in greenbacks Every well" said he,
call the. tive-twenty and ten-forty bonds
paid this year, S537, 900, 900 in all, have
been paid in greenbacks and not only
these, but all the interest on the public
debt besides" They wanted greenba