The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-05-08
70 THE DA11Y IHTELIIa FNoE9
DOMESTIC NEWS.
Secretary sherman's Speech at
Columbus Last Night.
Col AlstOn's Murderer Sentenced The
President will Sign theNew Army
Bin-KellOgg's Case to be
Reopened.
SECRETARY snER,IAN

Secretary Takes pardonabIe Pride m
Relating the Success OF His Resump
D ton Scheme.
CoLuMDus, May 7.-secretary Sherman
J was serenaded at his hotel at II O'Clock
, After brief introduction by ex.Governor
Dennison, the Secretary said:
Gentlemen, know very well that l am
not indebted for this reception for any
thing that have done, but rather to the
fact that as citizen Of the State Of Ohio,
born and bred among you and spending ali
, my life here, and having been more or less
connected with the public affairs for the
past few years. 1 know also, fellow citi.
zens, that there is quite a diversity Of
opinion among you in regard to political
affairs, and itwould not be proper for me
to enter into anything like political dis.
differ. W
1 ought not to take advantage Of your
kind hospitality 10 say anything that will
wound the feelings ofany man Of any par
ty, but there are some matters connected
with the public affairs, in which you have
a common interest, and upon which /
could talk 10 you very well without
wounding the sensibilities OF any one, or
injuring the feelings of any one. A
little over two years ago, when as.
sumed the office / now hold, the people OF
the United States were distracted with
very important question for two years.
We had nothing in circulation except the
paper money issued by the Government
and the National banks. Three or four
years before that time the people OF this
country had met with one OF those finan.
cial revulsions which occur in the history
OF all nations, and by which all classes
were doubly afflicted. Men then engaged
in employment were suddenly thrown out
OF employment. Capital invested in in.
dustries was suddenly lost. Enterprises
Of great moment were suddenly stopped
by the panic. The poor became poorer
and the rich lost their possessions. 1t is
great error to suppose that the poor only
suffer. / believe the rich were Just as
much affected by the panic. Two years
ago, when assumed the Office now
hold, the question came up, which is the
best remedy for the matter. A law had
been passed by Congress declaring that
the best policy for us all was TO come back
TO specie standard, so that every dollar
in money in the hands OF the people would
be represented by gold and silver coin.
That was the law, and was required to
enforce 1t. believed honestly that the
best policy for all. rich and poor, capital
and labor, was TO bring our paper money
up TO the standard OF gold coin. This l
believed was the only method to bring us
out OF the panic. believe that honestly,
but recognize. some among you who be-
lieve that was not the right course. You
believe the right course was to issue more
paper money and initiate the currency to
bring you relief, but l had the advantage
OF having the law on my side and the
determination to carry out my idea,
and I believed that it was The best
for you all. (Applause) Now did exc
cute the law and that Is all the credit l
am entitled to. My friends in Ohio are
disposed to extol me beyond my merits
for simply doing my duty.
Now, my fellow.citizens, what has bean
the result? Your money is all equal to
gold coin, although its intrinsic value is
less. United States notes and national
other. The results OF all branches OF in
dustry are improving.
say to you that but for this resumption
OF specie payments you would still be
travelling through the slough Of despond,
laborers out Of employment, capital idle,
and the keystone Of the whole financial
problem was to bring US back to specie
payments; ] was going to say back to q
Democratic basis. The money OF the bond.
holders, and laborers, and farmers is all
as good as gold and silver, and yet strange
to say now 1t as good as gold and silver,
that Is the greatest mystery Of 1t all.
Before resumption we had double cur
rency, one for bondholders, one for tax
payers. The money Of the people was
deprecated and paper would not buy as
much as gold and laboring men could not
buy as much corn and beef and pork as
with gold dollar. Now we have some
currency for all and the result Is that the
bondhoiders are glad to get greenbacks and
we receive greenbacks for customs. 50, l
think all should be satisfied now that this
| 1t the present condition OF affair and 1t has
not been brought about by any, hocus
pocus, but by simple problem IN
arithmetic It was simply bringing these
monies together. / told asgenteman TO-
day we had paid SIS, ,000, 600 to the bond
holders in payment OF the. per cent
bonds. The money received from the SAFE
Of the per cent bonds before resumption
we would have had to pay In gold coin,
but since the resumption every dollar n, mas
been paid In United States notes. me
whole transaction has been accomplished
by the exchange OF the 4 per cent tor the
8 per cent bonds, ,,...
! This has been done without diminish.
ling the circulation. We have as much
the United States notes and bank notes
ID, we ever had. l believe In the near
future the laboring man will have plenty
10 do and capital low rates ol interest;
, This has been 0 long struggle, but all
share a benefit Of 1t, no matter what We
thought beforeth theresult twasaccompllsnesd'
. Since resumption our revenues have IN.
creased, although national taxes are noI Joy
Sigher; our revenues have increased 50
thet lar the last year or two we have e&'
norted @ near $500, 900 900, which is making
anr country richer and richer; and put 9
: Sbort time ago II was estimated that our
$40 $40 600 600 ot bonds were held a6roSal nS Sol
. wbereas we now believe but Sl60, O,VoN
are now held abroad, and We are no"
ready 10 pay these in coin. AppiauIseil :,
S;nce resumption our public dept na;
9 been reduced. In the year 1871 ttleS ~
a hard hard TO sell some four per cents, anu W.
neople thought l was fool ior trylanlgS y,alS "
!, yet / sold some $76, ,000. .OOO. In leiS s;m
= ;Ssd ;Sd avsin. and although there was altn
crSty IN salIInebeiore resumption, pecaus' ns
J. Il ia arsouired coin 70 purchase, and the Reo eS
ple had only currOnoy by 6SS sase S tae nf Gss n
y II T January this year $3.50, ,Ooo1 wv o. IVg y,
!, nsr NJ cant bonds have been dlsposesu, al u
d pS,i pphish means saving Of millions ot a0l
p The adysntagein cursountry Y ;5,ast thas an y
90 man has chance 70 ~ ths e,Insns n1snts' Il I,
. . ices @ in our land II he Is but aliRea tn.d = :
- - tbis Republic there Is no royal ~ .Taa me-,
70 pIace. alllaw can do Is 70 giSe Se,Ia " bay NV
equal chances, every ,InSa,nn maa saS SShould 5