The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-05-15
secrerarv Sherman at Home:

interesting speech, the substance OF which
! is given below:
A little over two years ago, when as
sumed the office now hold, the people Of
the United States were distracted with
very important question. For two years we
had nothing in circulation except paper
money issued by the Government and ma
tional banks. Three or four years before
this time the people OF the country had met
! with one of those financial revulsions which
occur In the history of all nations. Men
then engaged in employment were suddenly
thrown out OF employment. Capital IN
vested in industries was suddenly lost. En-
terprises OF great moment were suddenly
stopped by the panic. The poor became
poorer and the rich lost their possessions.
Two years ago when l assumed the office
now hold, the question came up. which IS
the best remedy for the matter? A law had
been passed by Congress declaring that the
best policy for us all was to come back to the
specie standard, so that every dollar OF
money 10 the hands OF the people would be
represented by gold and silver coin. That
was the law, and was required to enforce
it. believe honestly that the best policy
for all, rich and poor, capital and labor. was
to bring our paper money up TO the stand
ard of gold coin. This believe was :iie
only method to bring US out Of the panic.
believe that honestly but I recognize
some among you who believe that was not
the right course. You believe the right
course was to issue more paper money aud
initiate the currency to bring you relief but
I had the advantage OF having the law Oh
my side and determination to carry out my
idea, and believed 1t was best for you all.
| [ApDlause.l
Now. did execute the law, and that is
all the credit am entitled to. My friends
in Ohio are disposed to extoll me beyond my
merits for simply doing my duty. Now,
fellow citizens, what has been the result
Your money is all equal to gold coin; your
silver dollar is equal to gold coin although
,ts intrinsic value is less. United States
notes and national bank notes are always at
par with each other. The result IS, all
branches Of industry are improving. say
to you but for this resumption Of specie pay
ments you would still be travelling through
the Slough of Despond. Laborers out of
employment, capital idle, and the keystone
Of the whole financial problem, was to bring
us back to specie payments was going to
| say back to Democratic basis.
told gentleman to-day I had paid
6 per cent bonds. Money received from the
sale of per cent. bonds. Before resump-
ton we would have to pay it in gold coin,
but since resumption every dollar has been
paid in United States notes. The whole
transaction has been accomplished by the
exchange of 4 per cent. for per cent. bonds.
| This has been done without diminishing cir
culaton. We have as much United States
| notes and bank notes as we ever had. be-
lieve in the near future the laboring man
will have plenty to do and capital for low
rate ofinterest. This has been a long struggle,
but all share the hene fit OF 1t, no matter what
we bought before the result. was accom-
pllshed. Since resumption our revenues
have increased. Although national taxes
are not higher, yet revenues have increased,
because business has increased. Our reve-
nues have increased SO that for the last year
or two we have exported nearly $500, 900.
900, which is making our country richer and
richer. A short time agoit was estimated
that over eight hundred millions of bonds
were held abroad, whereas we now believe
but about one hundred and fifty millions are
now held abroad, and we are ready to pay
these in cein. [Applause.l
Since resumption our public debt has been
reduced. In the year 1877 tried hard to
sell some per per cent. bonds, and the
people thought was fool for trying it; yet
| sold some $75,OO0,000. In 1873 tried
again, and although there was difficulty in
selling before resumption, because it re-
qnired coin to purchase and people had on
ly currency, but since the first of January.
this year, five hundred aud fifty millions Of
4 per cent. bonds have been disposed of.
which means a saving of s1l,0OO,CO0 in IN
terest every year.
The advantage in our country is that eve
ny man has chance to fill the highest Of
fees In our lane II he Is dili.ent. In this
Republic there is no royal road TO place.
| All law can do is to give all men an equal
chance. Every mar should have equal
rights. and 10 distinction should be made
between ctlzers. The black citizen, who
has heart and wife, has the same right to
living. Every man who marches to the
polls exercises the right of freeman, and
should be protected in that right, whether
he Ives in the swamps of Louisiana, or in
the sand barrens of Carolina, or in this
beautiful city. Democrats, Republicans, Ma.
tionals should see that the United States
and not Louisiana, South Carolina, New
York city, or any city, make laws which Sc
cure every man in the free enjoyment OF
one vote at every election, and no more
What we want is a fair election law, hav
ing additional barriers which will protect
the purity of elections, and not the repea
of those we now have. 1t will be said, why
Tot leave that matter for the States to SETTLE
for themselves? My answer is this: State.
do regulate the election Of State ant
municipal officers, but members OF Congress
who exercise your political power in the
National Government, are officers Of the
United States, In the sense that the Consti-
tuition has expressly said that Congress may
provide the mode of electing congressman
Now, the people elect the President, ant
Legislatures, who elect Senators, and the
National Government has no right to inter
fere with the election Of Senators but Con
gress ought to provide laws to prevent any
man from casting forty or more tissue pape
ballots at one election and then 60 quit o
punishment. You must take nothing from
the nation for the State, and nothing from
the State for the nation. The nation mus
prescribe the mode of electing IN embers o
Congress the State subordinate officers
You can do nothing with local laws, aid ynl
must do it by national law. You have {
national judiciary whom you could inves
with enforcement of that law Then w,