New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-24
MP SBERU1N IN MINE.

| VIII be as well SatlSHeu as thcS "piN "''i w
| extra session of Congress and It's WORKS. Nj.
Sherman devotes only the brief introduction
of his speech TO the newyralsed issues winch
made the extra session necessary. In strong
but inst terms he refers to the doctrine OF
State Rights, which poisoned and eStranged
"a large section of the Union" and to the
new schemes of notification, by which Demo
Gratis have tried to deprive of all force
statute which has for eight years been found
useful. the cOnsttutionality of which has
never been denied, and which is the only sale
guard provided by the United States against
! fraud and violence mt elections. With great
| force he observes that members who were
| confessedly elected by tissue-bailOtS have
| Joined in the attempt to break down this
| sole barrier against fraud. Wade Hampton,
| he remarks, has appealed to his followers TO
! care nothing for the money question, II only
| the power can be secured for Democrats ana
| Mr. Lamar he might have added. has III like
manner given the lie TO all his professions OF
non-partiSan patriotism. The Secretary, there
| fore, appeals earnestly to Republicans not to
allow themselves to be diverted or divided
bv issues which the Solid South treats with
| such contempt.
The remainder of Mr.. Sherman's speech,
as even his opponents will admit, is re-
markaby strong, compact and solid argument
| in support of the Republican financial policy.
In many respects, it is the best speech Mr..
| sherman has ever delivered. To some men
an early death would have been fortunate.
but Mr.. Shermau's name in American fnan-
cial history would not have been fairly yindi-
Gated had he not been able to point to the
actual payment of bonds in grcenbacks as
the true Interpretation of his speech on
that subject ten years ago. He did say,
at that time, that bonds might prop
erly be paid in greenbacks but he held
then, as he holds now, that it was the first duty
of the United States to make its notes as good
as gold, so that the holders of its bonds, when
offered their choice, would prefer notes to coin
in payment, as they have since January /.
I This year. he shows that bonds amounting to
$40, 5O1 100 have been redeemed with legal
tender notes, and not single dollar in coin
has been demanded by any holder. In such a
payment there has been no injustice to the
public creditor, and yet all that any honest
advocate of PendletOnism ever demanded has
been accomplished. If any man wished to
pay a bond in deprecated notes, he wished
to rob a public creditor, and naturally joins
with those who have opposed the Republican
policy.
Secretary Sherman briefly reviews the con-
dition of the country in 1S73-wlth a cur
rency worth 81 cents on the dollar, with an
| oppressive rate of interest, with habit Of
reckless debt creation, with depressed ship
ping and a heavy balance of trade against
this country, and with passion for the build
ing of railroads not then needed; and this
condition he contrasts fOrcibly with that
| which resumption has secured Not the least
cruel part of his address IS his citation of
many predictions by prominent Demo-
Gratis that resumption must fail. Appeal
ing to experience, he shows that resumption
| has not only been accomplished without
aid by a Democratic Congress, but in spite of
successive acts and votes which greatly dis
turbed the public credit; and in spite of
wanton reduction of revenue and an increase of
| yearly expenditures from $114,O0O,O00 for
! the year 1878 to $161, SO0,OOO for the year
! 1879. This arraignment of the Confederate
! Brigadiers for their dOings will be particularly
| unpalatable, both because of Its force and its
| truth. Nevertheless, resumption has been
! effected. No nation has ever refunded its
public debt on better terms. No nation
! has ever witnessed a more vigorous revival
of its industry and trade, IN consequence of
its faithfulness to its pledges. To these facts
Mr.. Sherman points with natural and just
pride. and 50 long as history endures, these
| achievements will reflect honor upon him,
honor upon the party which has sustained
| him, and disgrace upon those who have done
and are now doing their worst to defeat re-
| sumption and to destroy the credit of the
| Government.
The sharp criticism of the Greenback plat
forms of Maine and Ohio ought TO be read
with care by every voter who wishes TO act
inteigently. Mr. Sherman's arguments are
not only unanswerable but they go to the
root of the matter. His treatment Of the
questions in respect to silver coinage and the
substitution of greenbaclls for bank notes de-
serves especial notice Those who have found
| fault with Mr.. Sherman for faithful enforce
ment of the law should notice that he says of
silver "The sensible course IS TO coin it
without limit only when the commercial
"natiOns are agreed upon a market ratio
upon which all can stand" and he states
that negotiations 10 that end are pending.
The National bank circulation he considers
the best ever devised, and he arrays with
great force the arguments in its favor. But
the single fact that 1t cannot be honestly dis
turbed until 1883, when the bank charters
expire, ought to dispose of the discussion for
the present.
Secretary Sherman has challenged public
attention by this speech TO financial career
of unusual brilliancy and success. Of no other
man can il so truly be said that he smOte the
rock of public credit, and the waters flowed
in exhaustless streams. No other man in any
country has made such use of opportunities