The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-08-23

we must say that pressing S6UV, 600 600 new
bonds upon the market while the standard of
value for the dollar stated in the bond Is not
fixed is dishonest The real object ON the part
of Sherman in such transactions is 10 gather ae-
completes to his personal aims and 10 use small
personal and corporate interests for his great
ambition. But we may be told that "in finance
there are no morals" Well, then, lot us count
by dollars, and hold Sherman TO a full account
whether he used his opportunity to the utmost
And, with this inquiry before MS, II must occur
to all as strange that the new per cent bonds
bring in the money market nearly as much as
the old and u per cents. Doesn't every one
see that some equivalent must have been given
for the reduction of INTEREST," And SO il is,
He has shortened the interest, but heightened
the time, and il means that tho hands of tho
people are tied for thirty years, and that IL can
no longer decide whother the French rente, or
annuity system, or the English 3 per cent con-
soils, or the original American short time per
cent boad system shall be the policy of the land
And for whore sake did Sherman play his
game of political anticipation Who else ex,
cept the banks, whose recharter is ~ hand and
who need the open and shut game between 4
per cents. and their bank notesg Then we shall
have the back ana forward dancing between
bank notes and bonds, at the pleasure of bank
ers, in which the business men Of the land pay
for the music
We must however, also look up tho expense
account, so that we may know what these
manipulations cost Was IL right to allow
banks a per cent commission and three
months time to pay them in when all these
bonds could be sold without commission and
for cashy know Of no public reports where
the profits OF the banks are officially stated,
but can estimate them and state the amount
found, to wit, s5,o0O,000 at least
For further calculation let us use the newest
treasury statement In ii we fad that there
were in the treasury July /, s430, 800, 900 And
to whom does the money bolonpY
s b,12d,s76.77 belong TO interest overdue.
b5H 6.Gd0 2d belong to bonds long called In.
2O'0T1 ID belong 10 interest overdue thereon.
171sO.C60 60 belong to gold aud silver certificates.
2d2gb, 600 30 belong to greenback deposits.
ss0S, 10000 belong TO outstanding fractional cur
rency.
169771 ,060 90 belong tc bonds called in for the
per cents.
lbs s91 ,957 SO belong to resumption and general
.---------------- treasury purposes.
An immense sum Of fugitive money that was
lying from insecure private credit and bust
ness TO pampered public credit and to treas
ury strong boxes, secure AZ they were believed
to be against the ordinary rowing tramps and
tricky borrowers. Sherman smiled grimly at
this flight OF treasure TO his hands He quick
iy announced himselfsor the Presidency.
We might assert that all this money il i'm
properly in the treasury for an able Minister
of Finance would have no surplus for any pur-
pose; he would any way keep out OF all such
advance politics and lot his payments follow
quickly the receipts. But we do not want to
Judge Sherman too rigidly He himself, how
ever, would not claim more than SO, 900, 900 Cor
the public service Thore remain, therefore,
s410,000,00o, all money, that remain in the
treasury, because 1t belongs to folks who can
but won't have IT. aud prefer to leave it without
interest, because outside IL cannot, AZ they
think, be safely invested
On these s4lo, 900, 900 the United States pays
interest on a corresponding amount of 4-per-
cent bonds in cir culation. which is S16 100000
Deduct from this the $l3 DOC, 600 and ii leaves
S2,60O,000 interest which IL unnecessarily paid.
The housewife that dished up salt pork and let
tho fresh meat perish has in Sherman hen
al or ego
That Sherman did not for single moment
believe in the practicability of true resumption
appears TO me, knowing him for years and hav-
ing observed him closely, an indubitable fact.
He never understood that resumption requires,
as preconditon a restoration OF stable stand
ard of value, and that resumption, not redemp-
ton was the point All his preparations prove
this, Ind besides that he deceived himself as to
the people. He believed them to BIO gold
hungry, while they waited only the specie
standard They wanted sterling dollar a
definite unit of account and money Not re-
demphon but redeemabity, and 1t not under
Sherman's difficulties, but with facilities. Our
population does net consist Of gold children,
that want to hear ii chink; but of business
folks, who want lawful money standard
Besides. Sherman misunderstood the people
He gathered gold and is now astonished that
nobody wants it by the roundabout way that he
provides. He was educated in political econo-
my in bank parlors, and never had the courage
to tell the many he served TO their faces: "You
must resume with the treasury or else resump-
ton is an Illusion and the specie standard an
idle dream"
For the same reason has he walked and still
walks devious ways and turned the whole
thing into bond operation instead of lasting
regulation OF the money standard That il r0-
quired constitutional solution he overlooked,
at least concealed it, Such an old bankman as
he has a butt against all straight roads He
does not feel secure, unless he can cover him
self behind some great special interest, and
that makes him an intense partisan He
knows such bodies are GRATEFUL The press
controls or serves them, as the case may be
There the praises are coined which are the
measure of value in parties.
Sherman has always saved the banks; in
deed he has subsidized them The whole bur-
den of so-called resumption, magnIied as it has
been by him. has been thrown upon the country's
trade. He was astounded when the ground
swell came that rifted everything, and he would
exclaim, with Schiller's "Diver:"
Il was for my safety, for It raised me aloft
Sherman still mistrusts things; he throws
out suspicious against others to draw off the
peoples eyes. His miscarried candidacy for the
Governorsbip of Ohio showed his mistrust, and
Foster has to fight the battle for which Sher-
man was too cowardly.
And, now, in conclusion, you must allow me
to say few words why, in my opinion, If
have satisfied you that the Republican party
does not deserveyo support, isright thatyou
should cooperate with the Democratic party
You know would rather plead for an entirely
party-free country than for party rule of any
kind: but the necessity of overthrowing the