The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-12-04
Secretary sherman,s Report.

Inc report OF John Sherman, Sec
retary of the Treasury, has been made
public. Its great length will exclude
1t from our columns, and for the pres.
ent we are not able to give even q
summary of it, but the measures and
policy recommended therein, especial.
ly those relating to currency and fl.
nances will form the subject of dis.
cussion in political circles. The En-
quirer, in publishing the Report, edi.
torially says of it:
This report is important in its 20.
litical aspects, in its material, public
character, and in its personal relations.
1t Is the first report from the Secre.
tary of the Treasury since the alleged
resumption of specie payments. 1t is
the report of this high and almost con.
trolling officer OF the Government i'm.
mediately preceding q Presidential
election. 1t is also the report of a
candidate for the Presidency. 1t is
the financial declaration of the Amer.
lean Minister.of Finance. 1t is really
the platform OF the party, or, at least,
the section of the party in control OF
the Executive DEPARTMENT. OF the Gov.
ernment. 1t is also the bid of John
Sherman for the nomination for the
Presidency. Naturally the American
people are anxious to see it for these
reasons, as well as because it tells the
financial condition of the country.
The attitude of the report in three
respects was awaited with public in
terest and anxiety. What would ii
say concerning the withdrawal of the
greenbacks? What of silver? What OF
the National Banks? II must be re-
membered that j ohm Sherman was the
author and finisher of tho Resumption
Act, and that it originally command.
ed the destruction of the greenbacks,
Mr.. Sherman, the most acute of Amer
ican politicians, on discovering that
the people of the country would not
tolerate this policy, interpreted the
law as it wasn't, and said that he
would not destroy the greenbacks as
they came into the Treasury. He came
to Ohio to say this to try to save an
election. In hard times, suffering be-
meath the results of contraction, the
people were indignant at the PROPOSE
ton to permanently retire the green
backs. Now an increase of the cur
rency from various sources has brought
about better times, greater prosperity,
and the insidiOus attempt is now made
to destroy the greenback, the one
costless solid element OF our financial
system, in the hope that the hour of
business one element of that happi-
ness may be silently stolen away.
We need not repeat the figures of
the report, which is of sufficient in-
terest to command the attention of all
readers. We can not speak of it in
detail. There are some recommenda-
tiOns and statements that are of COM
manding consequence. 1t is not un-
important that the Secretary admits
that he has been doing in violation of
law that which he and his party were
doing by law. He says that he has
received United States notes for du-
ties, though the law says they shall be
payable in coin, and though he and
his political friends refused to consent
to change that statute, and do now re-
fuse, Mr.. Sherman Insists on the priv
matter, as in others.
The Secretary makes one extraor-
dinary Interpretation of law, one by
quotes the law that orders him to re-
issue, pay out and keep in circulation
any greenbacks received into the
Treasury, under any law, from any
source whatever, and then says that
he is ordered first to pay out to meet
current appropriations he refuses to
pay out at all for this purpose. He
will only pay them out by swapping
them for coin. The Secretary still de-