Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-07-23
6 O'CLOCK p. M.
4 sssssss FINANCIAL ISSUES.
.s,sss 81 = - 4 ssssas e.
Secretary l'Is sherman Presents IL
Case from the Standpoint
Of 4 Successful Treas
ury Manager.
The Subject Taken ypIn Detail Ii
a Speech Delivered To-day
In Portland, Maine.

Portland, Maine, July 2s.-Hon. John
Sherman, secsstasy OF the treasury deliver.
ed an address Asre. to-day 10 an Immense
crowd Of people
He opened with an allusion to the revi-
val,- BY. The democratie party, of the north.
eFn states rights doctrine, which he charac.
tesized Sas notification By niembers' 'ofcon.
gress and other sworn officers and agents of
the general government. These officers
would surrender essential poHers Of the
national government, nullify its laws,
ers, and make il confederate instead Of b
their power one Of, their, leaders declared
that it was their. fixed purpose to;wipe out
every vestige Of war legislation.
The chief effort in the last two congress
sienal sessions had been to nullify aSlaw
providing for an honest election of men,
bers of congress, and this effort, had been
participated in by several individuals who
had themselvesy been. elected by fraudulent
tissue ballots. But for the frmness of the
president they would have gained their OBJ
ject.
In closing this subject Secretary Sherman
sald:.s- - = I--. sri-' '.--- ~ - ~ a-.-
The evident purpose of those now dom
mating in the democratic party is to belit-
tie and degrade the national government, to
elevate Provincialism above nationalism, to
weaken thestie that binds this vast country
into nation, so that the winds and the
waves Of faction may beat upon it and
:shatter it. Gen. Wade Hampton is report
ed to have said that he does not care wheth-
'er the candidates are hard money or soft
money, 20 thev are democrats. A few dem
ocrats from the north, elected upon any
false issue or artifce whatever, give them
with the solid south, the control Of the
electoral cellege and of the senate and
house. Through the caucus, conducted in
secret, and controlled always by the most
violent men, in which the solid south has
the maj9rity, they hope 70 rule this whole
country, :, ands sap. and mine all the
strong foundations S-.of the power and
authority upon which the national govern
ment rests.
This is the issue before which questions
Of money: labor, or property sink into COM
psrstive insigni6cance. While intend in
myself to financial questions, beg you To
remember that the battle for national au-
thority, for tho right of the. United States
to enforce It's aaws aud protect hs citizens
on every foot of land or water within its
limits, though once won, is in danger Of
being lost. Remember that the national
debt, two-thiIds of the national taxes, the
destruction, Of our commerce on the high
:seas, all the sacrifices which accompanied
and followed the war, were caused BY the
very party and the very men who now seek
to divide ~ on questions Of political econo-
INV. 90 that through our divisions they may
with unchanged principle, seize upon
the government that was defended
against their arms by millions of our
countrymen. I trust to the well-known
patriotism of the people of Maine that
they will .noesbs,diverteds by divisions 10
our camp about MONEY matters while OUT
old enemy is 'reviving the loat cause and il
sapping and mining the national govern.
ment.
THE FINANCIAL CONDITION. az
a IMgopenine the subject Of national 6nau
cea, the secretary said:
In the fall of 1873 there happened f.
nancial panic, out of which most of the econ.
omic .questioM Gup0nt which I'VE are now
divided naturally sprung. We must under
stand the actual condition of things when
this occurred, in order 10 discuss with
esintelligence the measures that have beer
proposed and executed, and the questions
that still remain open for decision. Oui
money then .yas paper neneysirredeemable
in coin, and worth about eighty seven cent.
on the dollar. The amount outstanding
was larger lhan ever, BEFORE, Sometimes
this has been disputed BY counting as money
at the close of the war all the compound
Interest notes and 7.30 tTess Try notes. Thesl
were no more;current, ,pogeythan the 6 pei
cent. bonds into which they were converted
Both bore interest, and were always abov,
par in paper money, and were held as in
.vestmsa.s, not = currency The amoa6t,e
pSpsr lhohsg pusstandipg, excludiss. Il
interest bearing notes, June 80, 1865, wa
$747, ,S95 76. The amount on the 3Otl
Of June, 1873, just before the panic, wa
S749, 9,44O, 1853 "a, while on the 30th of June
1874, after the panic. it2was S7S0,94S,0S
II.
Again, the rate OF interest was higher ii
1873 than before or since. Before the pani
the body Of the government debt bore inter
eat At 6psr Pent il gold !; corporations i
lair credit paid St6 10 per cent. and ind
viduals-sspeciallv in the west-nortgage
their farms at from 10 to II per cent. Th
current rate of interest may be said to hav
been 10 per cent. .....s-s
The .usaoSt sScklesris6s 10 soenlsactin
deb,e ~ hta'nSivsrsst, 66t only rby ind
viduals, bat BY cities, counties, towns, an
all kinds Of private corporations 1t VI
an era Of Wild and reckless waste and In
providence.
In ,hoss speculative times the tonnage
AiGss6ahssslsla IL lbsSign trade dwindle
from 2.379.396 In 1860. 10 1.37S. .633 toss
1873. Wherever Ne we're brought In cou
pssi'ioa With countries doing husiness upc
specie eo, ~ veis sAsiv6A from comp
sition, either % he ocean OF in workshop
Railroads were bs'ls whore they were n
sTnNan ssg--,tst ; q