Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-26
MIR. sherman and the GrcenbaCk-

The speeches of Mr.. Sherman in Maine,
have whitening effect upon greenback-
ism. The delusion yanishes before the
plain, candid statements of the great finan-
cer as error always does when confronted
with truth.
Last year resumption was in the future.
1t was not known what the result would
be. Doubts were easily east over the mat
ter by the opponents of resumption. Ey-
cry greenback speaker ridiculed the idea
of resuming, denounced it as an impossi-
bility, and predicted that the attempt
would be attended by distress and ruin
greater than any which had been expert
enced in the country.
Now the tables are turned. Circum-
stances have changed wonderfully. Re
sumption is an accomplished fact and Mr..
Sherman comes with unimpeachablc fig
ures and facts, telling how it has
been brought about and what are the re-
suits following it. All the predictions of
the croakers about resumption have proved
false. Mr.. Sherman says that the very an
nouncement OF the purpose to resume,
with definite plan of resumption, at once
had reviving effect upon the public
credit. Grcenbacks rose in value so that
they were at par with gold before the day
set for resumption came, and in some parts
of the country they are now at a premium.
The greenback croaker said it would be
impossible tor the treasury to meet the de-
mand that would be made upon it for gold
after resumption, but there is more coin in
the treasury to-day than on the LIST OF
January last. Nobody wants gold now
that greenbacks are brought up to an
equality with coin. Greenbacks buy
bonds, pay the interest upon them, pay
customs duties, inst the same as gold.
"Of the enormous sum of called bonds
paid by the treasury, says Mr.. Sherman,
$50 far as is known, not a dollar has been
demanded in coin, and thus by resump-
''tion we have paid, and are paying daily,
1.-THE tive-twenty and ten-forty bonds in cur
'rency.'
The first fruit of resumption was that in
one hundred days after its coming the
treasury sold $343, no. $50 four per cent.
bonds, with which to pay an equal amount
of per cent. bonds, securing a saving of
Sc, S62, POS year. Resumption aided the
refunding operations, so that the latter
have been complete so far as relates to all
bonds that the government could call in
for payment, thus making great saving
in the annual interest charge. Besides
these beneficent results of resumption came
the revival of business in nearly every
branch of industry. We are feeling it in
Maine in all the manufacturing places,
where mills and factories are hum
ming every day, and even our farmers
find their wool crop greatly advanced in
value, their paper money as good as the
bondholder's gold. The ship-owner too
is getting better returns from his vessels,
and the laborer realizes that work is becom-
ing more plentiful, andhis wages bring him
more of the necessaries and luxuries of
life than in the flush times when wages
were high and what he had to buy was
still higher in proportion. i+
OF the evils that were prophesied rs the
result Of resumption not one has come
There has been no contraction of the cur
rency, no increase of the stringency of the
times, no embarrassment on the part of the
government, but instead there is visible
the most marked improvement in all d.
rections which the condition of the iinan-
ces could affect. The republican party
could Gully speak last year of what it
hoped and believed would follow
resumption; this year it points to the
perfect realization and more of
all that it promised year ago
The word that Mr. sherman. brings
signifies the passing away of green
backism, and the restoration to honor of
that party which upheld the credit of the
nation against all assaults upon it, as it
upheld the flag of the country against the
desperate efforts of armed rebels to over
throw the government. The greenback
orators may spout and work, but their
speeches are made by the events of the
last six months rs worthless rs last year
almanacs, and those that voted with them
last year are falling away by thousands.
Ero,,, 81. D....s