Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-12-02
sHERMAN'S CAMPAIGN DOCU-
MENT

~
MENT.
Secretary SHERMAN has put forth 1.-The
greatest effort of his life" in the prepara-
ton of report, as head OF the Treasury
Department, which would become a
platform for the Republican party in
the coming Presidential campaign, in
which he expects TO see his own name
hoisted TO the masthead. He takes care
to keep the present Secretary OF the
Treasury the central figure around
which the financial fortunes OF the cOun-
try have been revolving, and TO shape a
policy that will rally the National banks
and other money influences to his sup
port as a Presidential candidate.
The report is able and interesting as a
studied and elaborate exposition and
discussion of the condition OF the
finances in detail, and will be OF more
universal interest than the message OF
HAYES. Between the latter and his
Secretary there is no material differ
ence in the financial policy promulgated
for the future. II is noticeable, how
ever, that while HAYES pronounces for
an absolute and unconditional retire
ment OF the Greenbacks as legal ten
der currency, SHERMAN is polite enough
to recommend, simply, a reduction oil
the amount to 3OO,C0O,0OO. HAYES is
not a candidate for reelection, but
SHERMAN aspires to the presidency
hence the difference The latter throws
SOP to the paper money element In
politics, the former can afford to plant
himself squarely on the Republican
platform.
But it must not be forgotten that Sher-
man was the author OF the act which
provided for the destruction OF thegreen-
backs. Then, finding the public senti
ment against him when he became the
head of the Treasury, he put liberal
construction upon his law, and deter
mined only to destroy the greenbacks
as they came into the Treasury. He
will now be satisfied at least until after
the Presidential election, to reduce the
greenbacks.
The rerort shows that the entire or.
binary revenue from all sources dur.
ing the fiscal year ending June 80 was
S273. S27, lS4.64; total ordinary expendi'
lures, scot, 647 ,SS3.53. The surplus Of
81, $50, SOO.93 was applied to the redemp
ton of United States notes, fractional
currency, and the increase OF the cash
balance in the Treasury. The increase
of revenue for the year exceeded that o.
the preceding year by Sl6,7ll, 1870
more than half Of which was from Gus
toms duties. The net increase OF ex
penditures during the year exceeded
those OF the preceding year by 29,9S3,
555.73. The Secretary estimates the
total revenue for the present fiscal yeal
at S2SS, 900, 600, and the total expendi
lures at 2G4,OOO,OOO. He says SS9, S2S,
225 - will he needed the coming yeal
for the sinking fund, to be applied tC
the reduction of the national debt.
lie suggests some changes in the tariff
especially on high-priced silks, vclvets
laces and rice; also recommends the
issue of low-intcrest bonds with which
to take up the high-interest bonds fall
ing due in 1881 also Il restricting modi
fication OF the silver coinage act, and the
admission of foreign built ships to Anne
riCan registry.
Themain features OF the report appear
in the synopsis given in our news
columns. 1t is a very vOluminous anc
also a very valuable document as
source Of information.