Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-07-17
SECRETARY SHERMAN.
His Reception at the Quaker City and
His Speech Upon Resumption aud
Other Financial Topics.

ull H. ~DCClCbdil
Sherman, accompanied by a commit.
tee of a maritime exchange, the mayor,
Speaker Randall and other congress
men and we'll known citizens went on
board the revenue cutter Hamilton
to-day, and started on an inspection
Of the Delaware river and harbor.
This completed, the Hamilton will
take the secretary along the eastern
coast on oficialyisits.
After the party, which numbered
about ten, had partaken of refresh.
ments, William Brockie, president of
the maritime exchange, called the
meeting to order and introduced Sec
rotary Sherman, who said.
GENTLEMEN i did not expect,
when l received your kind invitation,
that | would be called upon to make a
speech, and | do not understand that
my friends here desire me to make a
speech, but | will commence by re-
turning thanks for the pleasure that |
have enjoyed inspecting the shores of
the Delaware, and witnessing the i'm
mense progress and growth of com
merce in this great city of Philadel-
phia. 1t presents a combination Of
trade and commerce that | know ofin
no other city in this country, but as
those points are quite familiar to you,
will not enlarge upon them.
In regard to the resumption expert
ment my friend has paid me compl-
ments that are entirely exaggerated.
| do not desire any such compliments.
A year or two ago | thought | was a
great deal too much abused by a great
many now | am praised for a great
many things | don't deserve, so | hold
a pretty fair balance. | had al iidea
when | assumed the Office | now hold
that it was a good thing to get back to
resumption of specie payment. They
say [ am pretty stubborn about the
principles | hold to, and that | will
carry out what | begin. | never had
any doubt of the ability to resume
none at all. A great many good men
some of these no doubt who hear
me-thonght it was not a wise under
taking to attempt to make the vast
volume of our paper money equal to
gold that we did not coin enough to
do it. | was the Judge. | had the
law on my side, the power to bring it
about and the determination to do it.
The result has been happy and bene-
fetal to all classes of interests and all
industries, and to the rich and poor
those who labor as we'll as those who
spend the money-all arc benefited
by a currency such as we have to-day.
Now, gentlemen, | think | have
said all | need. | am very hopeful Of
the future progress of our country.
We are happily situated, compared
with other countries. We have a
broad uninhabited area of land that
has never been broken by the pillow.
I'VE have mines compared with the
enormous value Of which the Wanted
mines of Peru were poor and scant.
The COmstock lode and others are
greater than anything in the history
of the world, Two years ago labor
was suffering 10 the principal cities Of
this country. Men were afraid our
institutions could not stand the strain
and would break down, and that a pc.
Iriod of depression greater than that
in England, France or Germany had
come, People were suffering and
could not get work, and discomfort
reigned supreme. Some went to I'M
cultivated lands in the west, others
went away, and migration finally
equalized the demand and supply OF
labor until now, in two years, | believe
there Is not any part Of the United
States where honest labor cannot get
an honest days work and honest
money to pay for it.
There are those who held that our
currency never could be maintained
equal to coin with a demand on us of
sS0,000,0 600 or 10000 900 a year. |
can say to you now that we have the
means. So rarely do they care about
gold or silver for money, that only
81, 000, 900 have been drawn for notes
and greenhacks. This is the strangest
thing about it. Now that gold is so
easy to get nobody cares to take the
trouble of carrying it. 1t isa fact,
that in every month of last year and
the year before that, there was more
gold paid from the treasury than has
now been demanded from January |
of this year to the present time for all
purposes, and our notes instead Of
being at ten or fifteen per cent. below
par, now hat we have gold and silver
10 pay them on demand. are actually
at a premium. The treasury depart.
inent in San Francisco wanted notes
Instead Of gold, and we refused t
give them greenbacks. In New York
and Philadelphia no one wants gold
When they could not get it everybody
wanted it; when they can, nobody
does Resumption is now a fxec
fact, but we have got to stand by anC
not let demagogueS and triokster,
cheat US out Of what we have accom-
plished.