The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-01-01

question John Sherms.n's ability for manip
u,ating circumstances 80 as to produce the
largest partisan dividends and personal
gains As Secretary of the Treasury, he
has been equal to every emer-
gency,z If he has not shaped
all tie financial legislation. he has been
able to neutralize that which antagonized
his policy and to remain. in spite of the will
Of the people as expressed through their
representatives, master of the situation, and
ty series of coup d'etats'' has made him
self the financial autocrat of the country.
Eastern papers. without regard to political
proclivities, have aided Sherman to realize
his ambitious designs, and now are waking
up to the dangers they have helped to create.
The Boston Post, which has been able to see
prosperity only in the light of forced re-
sumption, now admits that its perceptions
have been imperfect, and that the antIci-
pated prosperity may be postponed, if not
changed to calamity, by the power which
resumption legislation has conferred upon
Mr.. Sherman. The Post, in this connec-
ton, says:
To-day it is wholly with the treasury. The
Secretary Is king. 1t is for him to say hence
forward what kind of money shall be paid for
duties on imported goods. He is at the head
of national bank that has circulation of
1916 OO0Ooo, every dollar of which is legal ten
der. Upon him devolves the decision whether
the circu ,ation shall be more or less, whether
the notes tn at are retired shall be reIssued and
! how rapidly. He can at the same time say
be coined each month. Thus 1t is in his
| power to make money abundant or the
contrary. to give it high price or low
| one. Upon his individual financial fiat the
| banks depend. So long as business is on the
mending order and our trade balances are
| favorable all may go smoothly: but once let
| the currents OF trade set in another direction
and GOLD begin to flow out of the country, ana
Secretary Of the treasury becomes supreme
! over all del artmentS of business the dictator
to our common industries, and the autocrat
who affixes the prices to the commodities con-
| sumed by the people. Not only that; the price
| of every mans property is at his disposal also.
| 1t is for him to say whether we shall have
| contraction or expansion, another panic
| like that of % or another epoch OF imitation
Wv With such vast and dangerous s power lodged
| in the hands of one man, even though he
were man Of many times the ability Of the
many times the confidence that he IS, 1t Is
| impossible to regard the simple act OF resump p
| ton as the settlement of alfour financial diff
culties and the attainment of our high finan-
| ciaI hopes. Not only is there great deal to
be done supplementary to this single act but
| there are limits to be fixed to the power that
controls so abSO utely all the interests and the
! as q people we have never before consented
to such a creation as this. To no one man
| were ever before committed the issues oil
! financial life and death for the people. 1t Is
| true that financial affairs are always likely to
be much better managed by single mind
! than by a legislative committee, acting gen.
| orally from political motives; but in that case
! it becomes essential that there be certain rec.
| ognIzed limits to his action, and that he be moi
| made at any time financial dictator The
| business community may like the looks OF the
arrangement as it now is, but unwil-
ling TO believe hat it does or will become eny
| more reconciled TO it with the progress o.
| events 1t is to be regarded subject fol
aft11o fnr.r of q
different political stripe is so soon to succeed
| to the rule we have endured so long.
The reflections of the Post will be regard
ed by thinking men of all parties as emf
nently just and opportune; and it well bs
remarkable if congress, before its adjourn
ment, does not find means to bring Mr.
Sherman within prudent restraints, for I'm
less this is done the unrest that has charac
terized business circles will increase rather
than diminish.