Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1879-04-17
b'7s'A vHAlAtAtr4
Secretary Sherman's Success.

Just before the first OF January last, See
retary Sherman expressed the opinion that
before the end OF the year 1879 the who.,
OF the six per cent. bonds out>tandu.,
would be called ia and replaced bv those
bearing four per cent. interest. The re-
mark led many 70 express the opinion that
Mr Sherman was much too sanguiue-
that he vas allowing his desire in this re-
-pect 10 take the place OF his Judgment. A.
that time the public debt statements >ho,
ed that about $500 900 900 OF the -. =,
were outstanding, OF which not over So
900 900 were called 70 sell over $500 100 p
900 OF four per cent. bonds in single year
seemed an impOsslbiiity. Indeed, writers
oH financial topics expressed the opinion
that the Government would have bonds on
the market for several years for all those
seeking safe Investments. When, there
tore, it j. announced, near the tud OF the
fr,t quarter OF the year that a sufficient
quantity OF the four per cents. have been
-oid to cover the last dollar OF the out
standing -iX per cent. bond-, the public j,
greatly surprised and gratitird. The saw
ing Of Sl2 600, 900 year OF interest money
Is All achievement that a Republican Ad-
miuistratiOn NAV well be proud OF, partic-
ulsriy when the achievement has been ac-
rOmplIshed in the face OF bitter hostility
and while the country was sgitated by =
mischievous party advocating reputation.
IL is fair to assume that this late success
ha, been largely due to the resumption OF
specie payments, which has given investors
confidence in the ability OF the Governmeu ut
and its purpose TO keep its pledges to its
creditors. But this does not detract an
iota from the great credit due to Secretary
Sh,rm for the part he bas performed IN
tins achievement. Had the head OF the
Treasury Department been less tenacious
specie resumption would not have been so
easily accomplished. Had he been the
victim OF theories about resumption, as
were many of his assailants and detractors,
and have held like them, that resumption
could only be accomplished by adhesion to
his pet plan, the scheme would have failed.
Nj. Sherman sacceeded because he made
resumption the end of his efforts, and la
bored necessarily to accomplish the pur-
pose. The same is true as to the refund
ing of the public debt. Mr.. Sherman set
himself to accomplish that end. His path
was full OF obstacles. He was assaled by
critics, many of whom should have been
friends. But these obstacles, which would
have barred the way TO less persevering
man, seemed TO incite MIR. Sherman to
greater effort. He availed himself OF ev-
cry means within his reach. In fact he
set about the business the same as saga.
eious and resolute business man would DO
under similar circumstances.
And what Is most remarkable in con
nection with this grand financial achieve
ment, it has been so executed as to pro.
duce no difficulty in the money market oil
even cause of apprehension Mr.. Sherman
has won the confidence of the intelligence
of the country, and his achievements tn,
past year have not only entitled him to ths
respect of the people, but have given hin
| place among the ablest financiers of thu
time. The man who has done his country
such conspicuous service can well affort
| not to b. anxious about . Presidential
nomination. Few Presidents have retired
| from the Office with such honors as Secre
tary Sherman has fairly earned and is &C
corded by the intelligence of the country