The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-02-13

Secretary Sherman INDICATED.

No man in the United States has beer
better abused without cause than Secretary
Sherman, and no one has more persistently
and patiently pursued his methods to accom-.
plish the ends he aimed at, without being in
fluenced by the unmeasured partizan denun
citation that has been heaped upon him. Hi
efforts to carry into effect the resumption
act was met by storm Of vituperation anc
every epithet that the engenuity of partizan
maliganty could invent, but he kept strait
along, and the country has the benefit OF
the results. He was attacked because oil
government security deposits in certain
New York banks, and charges Of corruption
freely preferred against him. He steadily
maintained The wisdom and the legality OF
all he had done until now, even the an
tagonizng partizan committee, headed by
Mr.. Hewitt, has been compelled to report in
his favor, after careful investigation. The
Washington correspondent of the Baltimore
Sun of the LIST says:
Representative Hewitt, who instigated
the investigation as to the manner in which
Secretary Sherman has been managing the
loan and generally conducting the fiscal OPP.
eIations of the Treasury, has been engaged
for some weeks in personal examination OF
the entire subject. He has carefully inves-
tigateG all the loans, made himself familiar
with every operation OF the Treasury, and
has come to the conclusion which, in frank,
manly way, he avows that Secretary Sher-
man has not violated any law; that his fiscal
operations are entirely within the law, many
of them made mandatory by the law, and
that even the deposit Of funds with national
repositories, which has been so much criti-
ferring to the result of his enquiries, said
that there could be no doubt that Secretary
Sherman's funding operations were entirely
above suspicion.
In further illustration of the triumphant
vindication of the craftsmanship of Secretary
Sherman the following Interesting and in
structiye statement of the results of resump-
ton and refunding is presented, showing
the benefits the people are about to exper
fence and the high position the credit of the
nation is destined to attain
Presumption and refunding are as insep-
arably connected as were the Siamese twins.
Refunding did proceed in a feeble and sickly
way into five and four and a-half per cent.
bonds before resumption was vigorously al
tempted, but the sale of four per cent. bonds
was impossible until the purpose to resume
was declared by Mr.. Sherman, and until
gold was accumulated for that purpose by
the sale of four and a-half per cent. bonds.
What has been the result? Gold was stead
lily accumulated at the rate of five millions
a month, and refunding into four per cent.
bonds proceeded more rapidly as gold in
creased into the Treasury. After May l,
1877, ard prior to resumption on the LIST of
January, 1879, s90,000,O00 of bonds were
sold for resumption purposes at cost in
interest of $685. 900 a year. During the
same time SITS, 5s5, $50 four per cent. bonds
were sold for refunding purposes with
saving of 1851, 700 year. Resumption
came on the day appointed without ripple,
and since then refunding has gone on at the
unexampled rate of $l5S, 1904, 100 during the
month of January, with saving of So, u.s.
032 year. The balance sheet now stands
thus: Saving of annual interest by refund
ing since May l, 1877, $6,749, 79l loss Of
annual interest by resumption since May l,
1877, $3,925, 600; balance Of gain thus far,
50, 1924, 79l, on the interest at four per cent.
on capital sum of s70,6l9775. From this
TINT. on these kindred operations will pro-
duce no loss, but gain as follows: On re-
funding balance of 5-20s into four per cent.
bonds, So. 9e1, $50; on refunding 10-40s, ST.
945, 1858, or net gain of annual interest, in
Guiding amount already refunded, of SIS, 732,-
040. This is but the immediate gain, while
the incidental gain is incalculable. We have
now, by resumption, fixed coin standard of
value, without which real prosperity is unat-
tainable We have thrift and economy
which enable us to enormously develop our
domestic industry. and thus secured a bal
ance of trade of 1904, 542, 81 last year. We
have reduced rates of interest on all private
transactions, making it possible for us to
embark in new enterprises. We have estab.
lshed our public credit and scattered our
public securities among our own people, so
that they are held by ten times as many as
formerly.