The New York herald., 1879-07-15
SECRETARY SHERNAN'S SPEECH.
The Chief of the Treasury on Ma
tional Finance.
A ROSY PIC Il u Il +.
What Has Been Done and What
He Hopes.
A LARGE INTEREST REDUCTION.
A ROSY Plot U r +.
A LARGE INTEREST REDUCTION.

PnrlApKIealA. July IA. 1879.
The Hon. John sherman came from Warrington
last evening take little trip down the river to-day
A. the guest Of the Philadelphia Maritime Exchange
IAN inspcotcn Of the hsrbor'' Was the nominal OBJ
ject OF the excursion. The personnel OF the par
ticipsnts. however and the fact that no explanation
was made why the glorious and tortnous haroor
Of the Delaware particularly needs an Inspection
by the Secretary OF the Treasury arouse the
suspicion that politics may have had something to
do with the affair. The excursion party was very
exclusive and was confined 10 representatives of the
maritime and commercial interests and few high
toned mer chant politicians and ofhce-hoders. None
Of the local republican ring were present except the
presidents of Select and Common Councils Mayor
stokeley was invited. but did not come.
The trip was made in the United States revenue
cutter Hamilton. Captain Fish. and the party, not
more than forty in number left Walnut street wharf
shortly after noon. steaming up the Delaware As FAR
rs the Reading Railroad coal wharves at Port Rich
mond. then down the river to Chester, thence paek
to the city at five O'Clock.
The Secretary sat on the quarter deck plentfuily
surrounded by his entertainers. listening to their
explanations Of the various points of interest along
the Shores occasionally asking questions and talk
ing entirely upon indifferent subjects. On the way
home q lunch was partaken of. washed down WIN
slaret punch. the only liquid refreshment ON board.
THE ADMINISTRATIONS TRIPLE.
Mild claret punch by the way. seems to be recog-
uized here as the administration tipple. Mrs Hayes
gave the decoction her gracious approval when she
was here last year. II was the only drink ut two
recent Philadelphia dinner parties where members
Of the Cabinet present. aud to-day 1t
was again the only officially recognized re-
fresher. After the lunch and the punch had
been enjoyed the party gathered closer at the feet Of
the guest and Mr.. Brockie. the presi
dent Of the Maritime Exchange. and perfunctoriiy
he chairman of the proceedings rose ana called
the meeting to order in few appropriate words.
In introducing the Secretary. in the course OF his
very eulogistc little speech. the president Of the
Maritime Exchange spoke OF him one OF the
greatest statesmen OF the age. sentiment received
with applause.
ME- sHEsMASs SPEECH.
when Mr. Sherman rose to reply he said
GKNrLxMKx-I did not expect when I received
your kind invitation that would be called on to
make = speech, anu I do not understand that my
commence by returning thanks for the pleasure that
have enjoyed in inspecting the shores OF the
Delaware and witnessing the immense progress ana
growth the OF this great city OF Phila
delphia. II presents . combination OF trade and
commerce that know OF in no other city In this
lar to you I will not enlarge upon them.
In regard to the resumption experiment..
exaggerated. do not desire any such compliments.
wear or two ago / thought Wa great deal too
much abused s n Ds asngs don aessrve So
hold pretty fair balance: ! had an idea when
assume the ofnce ! now hold that y would Dc a
payments. They say am pretty stubborn about
principles hold to and that l viii carry out what
ability to resume. none at all, great
many good mensome OF these no doubt hear me-
thought IL not wise undertaking to attempt to
make the vast volume Of our paper money equal to
gold that we did not coin enough 10 do H. was
the Judge. I had the Law my side, the po to
bring it about and the determination to do II.
HAPPY EEsrLr
The result has been happy and beneficial to all
classes OF interests and all industries, aud to rich
and to poor-those who labor as well as those who
spend money--an are benefited by staple cur
tiemen. / think j have said all 1 need.
am very hopeful of the future progress Of
other countries. We have broad. ancaItvsisd area
of land that has never been broken
sy the ,ns plough ws have as %n' ss
the vaunted mines of Peru were poor and scant.
The Comstock lode and others are greater than any
thing in the history OF the world. Two years ago
labor suffering in the principal cities Of this
country. afraid that institutions could
not stand the strain aud would break down. and that
period Of depression greater than that In England.
France or Germany had come. People wire suffer
ing and could not get work. aud discontent
reigned supreme. Some went to uncuitvated lands
In the West others went away. and migration finally
naw. iS two Years. believe there is no. any part
of the United States where honest labor cannot get
an honest days work and honest money to pay Tor
never could be maintained equal To coin with a de-
mand upon OF sso.ooo.ooO or s9ooco.ooo year.
WHAT HAS BkKs DONE.
can say TO you. that have the means.
rarely do they care about gold or silver Toe money
that only 81 OO0. 900 have been drawn for notes
and greenbscks. This is the strangest thing about
it-now that gold Ii 30 easy to get nobody
cares 70 take the trouble OK carrying ~. ~
fore and the year before that there was more gold
paid from the Treasury than mas now been de-
1~1f th.I f.f ~.tf hA
present time for all purposes and our notes. instead
of being at ten or fifteen per cent below par. now
that have gold and silver to pay thon ON demand.
actually now at premium. Tho Treasury
Department in San Francisco wanted notes In
.ss .tsaa In Sss York; and
phia no one wants gold. When they couldn't get II
everybody wanted 1t. When they can nobody does.
Resumption is fixed fact. but have got to
stand by and not let demagogues and tricksters
cheat us out Of what we have accomplished.
Secretary sherman again thanked the gentlemen
present for the courtesy shown. and resumed his
seat.
Speeches were afterward msdo by Collector of the
Port A. p. Tuition. 8. jerks Smith. President OF the
Commercial Exchange; b. d. Canegys. President
Philadelphia Bank Hons. Charles o'Ncill and Will
lam Ward. members of Congress; Colonel A. L.
Snowden. Superintendent of the Mint; Postmaster
Hartranft and Mr. Francis Wells. editor of the Ecea-
ing bulletin, who play iully alluded to the spar just
over the Secretary's head as "the Sherman boom.
and who wittily replied, when some asked where
Congressman Kelly was, that he was "at sea. which.
both literally and financially was regarded as too
true.
THE sEcRErARYs MOVEMENTS.
Az soon the excursion party had been landed at
Walnut street wharf the Hamilton put about and
steamed again down the river for Cape May Sccre-
tary Sherman remaining on board accompanied by
the Chief of the Revenue Marine and by the Naval
Secretary TO the Lighthouse Inspectors Board. The
Secretary will remain aboard the revenue cutter to-
night. and will go ashore at Cape May tomorrow
morning for q short time. Thence he will be taken
by the cutter to Long Branch, where he will arrive
tomorrow night. From here he will visit New York.
and then proceed by another cutter to the New Eng
land coast.
PENNSYLVANIA DEMOCRATS.