The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-10-28
His Address at Cooper Insti-
tute Last Night.
+. RESUMPTION GlORIFlED
The Finance Minister and the
Mighty Dollar.
A SOLID NORTH VS.. SOLID SOUTH.

A republican mass meeting was held last night in
the hall of the Cooper Institute. which was so
crowded that it overlooked into the asles and lob
bies. and hundreds unable to obtain admission.
On the platform were many prominent republicans
and several ladies' The meeting called to order
by ex-Collector Arthur. who stated that Mr.. L. W.
Stoughton would preside The chairman said that he
would detain the meeting only few moments be-
fore he INTRODUCED audience the speaker of the
evening-the Secretary of the Treasury-Mr John
Sherman. In the course Of his remarks MI Slough
ton made tbs following reference to General Grant,
which prompted three rousing cheers 1--WE know
there is limit to our power no measure Oh our
wealth, no height to which the dag OF our Union
may Justly be advanced and in the esteem OF the
Old and Of the New World no bounds to the honors
deserved by silent. earnest and magnificent SOL
der, to whom so much OF this nationai power ano
prosperity and glory are due"
1t was noticeable throughout the subsequent pro-
ceedinys which were very enthusiastic, that when
ever General Grants name was mentioned it was re-
ceved with marked applause. When Mr.. Sherman
presented himself to speak he was cheered and the
plaudits continued for several minutes the Secretary
bowling his acknowledgements. His voice was husky
ut the commencement and he was heard with some
difficulty the fringe of the crowd, and there
several calls imploring him to speak louder. His
voice gained in strength after the first fifteen min
cearness and freedom Near the close Of his speech.
on his first mention of the name Of Mr. Cornell,
he was asked by some one in the audience,
'Why did you turn Mr.. Cornell out of
Office then?" Mr.. Sherman replied FL will answer
that have answered it already, and that answer is
on the official records in which stated that did
not know of any stain whatever attaching to the
officia. character OF Mr. Cornell" This was re-
ceived with round of cheers. and the Secretary
shortly afterward brought his speech to conclu-
sion.
MIR. sHERMAN's SPEECH.
FELLOW CIrIZENs-The political contest of 1879
has been transferred to the imperial State OF New
York 1t is the forerunner OF the greater contest OF
1850 1t would not be proper for me, in response to
the invitation of your committee. to discuss local
matters affecting the interests Of the people of New
York. but only those which affect as well the whole
people OF the United States. We have had u long
struggle in securing to the people the benefits
OF a currency equal to and redeemabic i'll coin, on
which issue great of the democratic party in
nearly all the States OF the Union have been thor
oughiy unsound. In the State of Maine nearly the
whole of the democratic party deserted to the green
back party. in Ohio General Ewing was nominated
by the democratic party mainly because he had been
opposed to the resumption of specie payments and
believed in what has been called ''hat money, the
value OF which was based alone upon the mandate OF
the government without respect to its coin value.
In nearly all the States the democratic party has
been. and is now. thoroughly unsound and
utterly opposed to the views OF the great mass Of
the democratic party of the State of New York. The
Resumption act was republican measure, sup
ported, advocated ana voted by republican
Senators and members. and without the aid OF a
single democrat in either House of Congress. 1t
that party. The republican party has won no VIC
tory more complete than the passage execution and
success Of the Resumption act
Three measures prescribed by this act-
First, the gradual substitution of silver coin for
fractional currency; second. free banking; third.
the accumulation OF coin in the Treasury III prepa-
ration for resumption on the LIST day OF January,
A. d. 1872 All these were executed in the pre-
rlse order proposed. The fractional currency
Banking became free. New circulating notes
issued. where needed, and others were
OF business. The real work OF resumption
commenced in 1877 by the accumulation Of coin in
the Treasury at the rate of 81. 600 month. On
the day OF January 1872 United States notes and
bank notes at par with com. Every promise
OF the government had been fulfilled. The same
money was paid to the laborer the farmer and the
1ondh older. and all as good as the best gold
com SaS s ro aod and silver havs BEEN
ready and have been paid to any holder OF green
back who desired it in exchange. But confidence IN
resumption WINS assured that scarce any notes
were presented for redemption but large amounts
of gold csmo pouring into the Treasury in exchange
for United states notes. Since then they have been
readily received and paid at par III coin not only in
the United States, but in the chief capitals OF
Europe. aud are now at premium on the Pacific
Ocean and and i'll the whole region west OF the
Missouri River. Every prophecy OF evil suggested
by the democratic party proved taacious.
RESULTS RESUMPTION.
As the result OF resumption the government was
able rapidly to complete its refunding operations. by
-
reeeable bearing five and six cont interest. WAS
reduced four per cent. showing an annual saving
March, 1877, of s14,297,l77. All these vast
operations, including the sale of 14DUO0.OOO
four per cent bonds were CONDUCTED ,9s with an
turbance to either public or private business. As
the result OF the preparation tor ana success OF re-
sumption the rate interest on private debts was
rapidly reduced, business again revived, furnaces
put in blast everywhere. our exports largely
increased in comparison with our imports, so that
since the passage of tho Resumption act the excess
OF exports imports exceeded Ss59.OOO.0OO The
dreaded drain upon Treasury for coin liz ex.
change for United States notes occurred.
They rarely presented for that purpose,
but gold coin and bullion came pour
ing in, in vast sums, from all the couu-
tries of Europe. When presented at our mints
and Treasury paid for in United states notes,
that the amount of coin and bullion in the treas
ury which on January /, 1879. was S13G.OOO.OOO in
gold and S32.00O,C0O in silver, now on this day
amounts to STA 900 in gold and 50.O0OOO0
in silver. large portion of this treasure belongs
to private persons and corporations but the great
upon the basis OF which your paper money rests
and all the business operations OF 5O,UUO.OUO
people 1t IL the steadying governor or balance
wheel of our i'm mense industries. To dissipate or
weaken this reserve is to destroy or impair the con-
hdeuce upon which our promises rest. 1t is this that
brings resumption, prosperity. progress and hope.
IL Is this that converts our former irredcemabic
deprecated note into coin certificate, good every
where. The notes of the United states are gladly
received by bondholders. aud they now complain
because sometimes compelled to pay them in
coin. The United States note travels tho circuit of
the world ia equal honor with the best con and our
double eagles standard of value in every mint
aud treasury of the world.
NOW that resumption IL success, democrats
say tho publican party did not bring 1t about but
that Providence has done il; that Dountiful crops
here and bad crops in Europe have been the of
ali the prosperity that has come since resumption.
We arato ully acknowledge that Providence has been
GA the side of the republican party. or rather that.
having sought to do right, lind ourselves sup
ported by Divine Providence. aud we arc CRATE
luz to the Almighty for the plentiful showers
aud favorable SEASONS that brought good crops;
but we also remember that Ii was the passage OF the
resumption act the steady steps toward resumption
the acc umularon of the coin reserve. tho economy
of the people and their adjustment of business
,ffairs to the time fxeG for resumption. that, with
the blessings of Divine Providence brought us re-
umption. We should be and are thankful To tho
Almighty, but under no thanks Whatever TO
the party. II has not for twenty-five years
had Providence its side. but we may iairiy ~.
fer that as has steadily resisted Providence ana
patriotic duty for more than twenty years 1t must