Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1879-08-08
Extracts From Secretary sherman's
Speech at Portland, Me-, July %.

for inconsistency because ten years ago, In a
letter to DIR. Mann, | insisted that by fair
construction of the loan acts under which the
tlve-Jwenty bonds were issued they were pay
able In greenbacAs. So did contend, and so
say now; but / also insisted that we were
bound by law and public policy, after the war
was over, to advance these notes to par In
coin, and that we could not take advantage of
our own wrong in ppstpOning the redemption
of United States notes In order to pay our
bonds in deprecated and dishonofed paper
money; and this principle was the basis OF the
act to strengthen the public credit, passed
March, 1869. Well, we have at last redeemed
our pledge to the nOte-holder, and we have
now paid these very tiye-twenty bonds in
UniCed States notes with far greater saving
than If we had paid them in greenbacks ten
years ago, and with infinitely greater advant-
age to the public credit.
There is now no public debt about which
any question exists as to the terms and condi-
tions upon which II must be paid, and yet 1t 10
proposed to violate these cgnuitions by the
wholesale, and place the United States OF
and population than Mississippi or Louisiana,
or Egypt or Turkey.
is it possible to go farther in the road of
dishonor than is proposed in these platformsI
and yet the Democrats Of the state of
Maine, members of the old, powerful organ
ization which for half century controlled
the destinies of the Government, are asked at
the end of great war to support and main
tain dogmss which strike at the public honor,
the public faith and all the cherished princi-
pies and aims of that party in It's palmy days.
You are now expected to adopt the crazy dog
ma of extreme opinions, at war with every
thing that was said by jefferson, Madison or
jackson or any of your time-hOnOred leaders.
i know that 1t is against the Judgment,
against the instincts of Old-fashiOned Demo-
Gratis TO train under such banner, and | APP
peal to them now to come to the rescue of
their country-not to be carried by a party
name or party badge to the dishonor of
their country and the shame of their children.
/ have sometimes thought that the Demo-
Gratis of the Northern States have been led
through devious paths enough by the rebels
of the South in their effort to destroy the
Government, and in their later movements
to sap and mine all the great powers of
the National Government; but these extreme
Greenbsckers, as they are called, ask you now
to follow them In voyage more dangerous,
upon dogmas that can not meet the plain
common sense and reason Of patriotic citizens,
such as compose the great body of the Demo
cratic party.
One of the members of Congress from the
State of Maine, the Hon. g. W. Ladd, is re-
ported to have paid his attention to me, in a
speech in this city, in the following language:
Mr.. Sherman has sold $40, ,0OO, 900 of four
per cent. bonds In one day to bloodsuckers
who were choking the country, and he should
be impeached.n
By this act, in single day, the Treasury
Department saved to the people of the United
States the sum of 81 10000. The blood
suckers" to whom he refers are those who
purchased the $40, ,0OO, 900 OF ten-dollar refund
ing certificates who formed IN long lines In
front of 500 Post-oflices in the United States,
each demanding the sum OF 300 or less OF
those certificates in exchange for United
States notes, and the purchasers of $150,00O,
600 United States bonds taken by banks to be
sold again to citizens and corporations
throughout the United States and Europe,
bearing the lowest rate of interest at which
the United States has ever been able to ncgo-
tiate its securities. The proceeds were, with
in ninety days, applied to the payment Of
bonds upon which for sixteen years the Gov
ernment of the United States had been pay
ing five per cent. In gold. These bloodsuck-
ers' are among the most prominent and en-
terprising and industrious citizens of the
United States, anxious and willing to trust
the Government with their earnings, in the
full faith that the promises made to them
upon their bonds and certificates will be faith
fully redeemed; and yet they are denounced
by this Congressman with terms of reproach,
and |, for doing what the law commanded me
to do, and which l proudly say was able to
do, through resumption and confidence in tue
puolic faith, "deserve impeachment" There
craze which destroys the reason oil men,
One would suppose, fellow citizens, that our
Greenback friends, after all their prophecies
had been proven false alarms, after we have
secured and enjoyed for a brief period the
blessings of a sound currency redeemable in
coin, would be content TO let well enough
alone; but dropping the Resumption Act, they
come to the front with new set of dogmas,
and invite on them a. contest with the Repub-
hcan party.
Perhaps the fairest way in which can re-
ply to them is by first quoting the platform OF
their party In Maine and Ohio, where the
chief political contests OF this year are to be
fought. The first clause OF the Maine plat
form is as follows;
"The Convention congratulates the people
OF Maine that the increase of coin and bonded
indebtedness OF the Government In time.o
profound peace from 81, 100, 900 in 1868 TO
q, 900 600 900 In 1879, is fact so startling as
to alarm every friend of the country; that the
reduction of the rate of coin interest anu at
the same time increasing the principle TO such
| an amount as to vastly increase the coin In
terest continually, under the pretext of econ
omy, by the reduction Of the rate OF interest,
is such fraud upon the people as 10 merit
| the most severe condemnation"
This is a curious medley OF deceptive state
| ments, the purpose of which would seem to be
TO show that the public debt was increased IN
| a time of profound peace from 81, lOO, OOO,O ,OOO
| In 1865 to $4,000, 600 90 in 1879 while, in truth
and In fact, the interest-bearing debt In 1865
was $2, ,3Sl, $50 496, and now, that the refund
ing operations are completed Is 81 197, ,643, 100.
1t Is true that the debt in 1855 was not all pay
| able in eoini SS1,O24, lOO was In the Iorh OF
compound interest notes bearing six per cent.
compound interest, and $3.50, 900, 900 was pay
able In Treasury notes bearing currency inter
est at the rate of seven and three-tenths per
cent but the latter, having matured, was
converted eleven years ago into six per cent,
coin bonds, decrease of the rate OF interest OF
one and three-tenths per cent. In fact, the
Understanding debt has been reduced since
1865 m the sum of S5S3, $50 594. 90, and the an'
nual interest charged on this debt has been
reduced from $50 977 G97.s 81 10 ss3, ,71, I1o. so
The statement as made would be absolutely
false, but for the equiyocation upon the
words " coin interest"
Now all our interest, though nominally pay
able in coin, is In fact paid IN currency, Odl
friends who never mislead, or hardly ever