The Portland daily press., 1879-07-28
TIE argus continues to say that Sher-
man has added several hundred millions to
the public debt. Will it tell us how?
Boston Transcript
A Mastery Exposition.

The central figure in Secretary Sherman's
speech at Portland is Secretary Sherman, and
the people will be well content to have it so, so
thoroughly has he done the public work in
trusted to him. No discussion of resumption
would be complete with John Sherman left
out 1t accorded with political fitness that his
speech should be devoted to the exposition of
the processes of resumption and the beneficial
results that have attended it. These, epito-
mized exhibit the cost of resumption, in bonds
sold for that purpose, as S3,925 900, By re-
funding the national Indebtedness, $14, ,297, ,177
year in interst is saved, so that the national
taxation is reduced more than ten millions
of dollars yearly, as one of the gratifying op-
erations of the law which compelled the Gov
ernment to resume specie payments on the 1st
of January. AS to what resumption has done
for general credit and business, Secretary
Sberm ans address is mine of information.
In connection with the specie policy of the
General Government, the Secretary virtual
ly administers the coup de grace to the Green
back party, and the hopes of Democrats SYM
pathizing with the idea. Read the solemn,
doleful predictions of the dire disaster to be
wrought by making irredeemable paper worth
its face value, and contrast them with what
has actually happened, and is happening,
General Ewing, the Democratic candidate for
governor of Ohio, said that resumption would
be impossible for many years to come, and as
serted that all the gold of the Government
would be speedily absorbed by "the national
banks, the importers, the gold rings in New
York the desperadoes of Wall street, the mon
ey kings of Europe" As q matter of fact
there is more GOLD in the national traacurv IN
day than before resumption. Democratic Sen
tors and Representatives united in the refrain
respecting the evil effects to be apprehended
from executing the enactment which raised
the paper currency of the country to q par val
ne with the gold dollar. But none of them in
their minds eye saw such horrible devastation
as Judge Kelley described, and upon the oc-
currence of which he staked his reputation as
prophet. Alas for his reputation in that
gard! This chapter of our recent political his
tory as detailed by John Sherman will surprise
and confound those who haye been practicing
upon popular credulity and want of reflection.
John Sherman's account of the opposition
Congress interposed to the scheme of resump-
ton affords another illustration of the manner
IN which political parties frequently attempt to
justify themselves by acts inimical to the pub
lie good The legislation to pay the arrears of
pensions was masked attack upon the policy
OF specie payments. Every embarrassment
possible was put in the way of the Treasury
Department, not only by decrease of the in
come OF the Government, but the appropria-
tions by Congress were largely augmented. In
1878 the amounts appropriated reached a total
of S114, ,069, ,4S313; 1879, $146, ,304 ,30921; $780,
$161, sos, 1874.
While business men and fnanciers will con-
fine their attention principally to the moneta-
ry portion of the address they should not light
ly pass over the secretary's comments upon
personal rights and the attitude of the South.
1t is perfectly true, as the secretary states, no
bayonet points at that section, Except in polit-
lcal 1maginings," and the fact constitutes one
OF the unfading glories of President Hayes's
Administration, in which the Secretary is such
deservedly conspicuous and honored infu-
ence. His summary of what the Republican
party has done and what it proposes is suffici-
emily pointed and clear to impress the public
mind.
1t will be found much easier to criticisc this
speech than break its effect in Maine and the
country at large. Based on sound economic
and political principles, whether as regards IL
nance or the more important question of hu-
mau rights, it contains whole arsenal OF facts
and figures for an aggressive warfare against
those not subscribing to the same tenets in pol
itics as the distinguished Secretary. The more
it is read and criticised, the more prominently
it will stand out as one of those remarkable ut
terances which make public opinion in this
Republic.
Motions for injunctions against the Brook
lyn Elevated railway have been denied. The
company will now construct.
AS the principal faro banks at New York are
connected by telephone the raid on them Fri
day night failed.
A fire at Kalama, Washington Territory,
destroyed the Patterson Hotel, the railroad
saw MILL number of stores, saloons and
other buildings.
While taking Belmont, burglar recaptured