The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-08-12

says:
The United States have been rescued
from marasmus, or politico-ecorlomic
disintegration, only through their natu-
raj resources: specially by the richest
wheat and corn crop, good cotton
campaign and the so far largest expor
tation of petroleum. n"
The admirers of Sherman, himself in
cluded, claim, on the contrary, all credit
for him, with equal right might man
sitting up behind on coach ascribe to
himself the early arrival at point OF
destination, when it was the strength
and rapiditv of the horses, the good
road and coach that made it possible =
It was, indeed, an embracing Of an op-
portunity, both with the man who sat
up behind us with Sherman, which has
indeed its merit too. But whether the
use of the opportunity was honestis an
other question. We need but to put il
to let all see that the alteration of Sher-
man is very much an exaggeration, set
in scene by the private interests whom
he favors He is the most dangerous
inAationist of all the public men in the
United States, aud will never hesitate to
disturb private business and to jeopar-
die the relations of trade and industry,
if it suits his purposes
A saving of thirteen millions of in
terest is the bait with which we are to
be caught. It is large sum, but that
placed in view by those who proposed
in 1872 to pay the National debt in
greenbacks was still larger it was one
hundred and thirty millions. Why take
two bites at q cherry II throwing off
interest is the criterion, then It Is better
to throw off the whole thereof, and not
one-fourth only. In such policies there
are degrees of righteousness or unright-
eousness, viz: reputation, forced loans,
moral as well as immoral pressure on
the creditor, and also the Tennessee plan
of an ultimatum to the creditor by the
debtor that holds the master position.
Sherman has kept up all the outer
forms of financial deeency. He has ey-
er cried: "Prenez guard!" before She
made the sharper passes; but he was
sure to strike, nevertheless. The peo
pie are no more, as whole, helpless as
they were during the war; but there is
now an insecurity in trade and money
that leaves but little option whether to
take four per cents or risk all. He was
gracious in allowing 4 per cent, for be
might have had their money at yea, at
2 per cent. Indeed, they would have in
vested it with him merely for safe-keep-
ing, as they used to do with John Law
in the last century. Indeed, the resem-
blance holds good generally. Law also
had his nominal par between different
securities He, too, made each new
scheme preparatory to another new is
sue, and adding bubble to bubble Does
not everybody see that the four per
cents are the facilities for future Nation
al Bank issues, which will then have
much less security than these have now
The last twenty years of the history
of America has brought to the surface
numerous specimens of transcient great
ness Who can count all the Napoleons
Talleyrands, Pitts and Neokers, thst had
the cognomen Greatest attached Ia
their namesP Diana of Epllesas Alex
ander, Charlema sne had to be satisfied
with: Great!
Why should not Sherman then alst
pass for the greatest inancier the world
ever saw2 He beats, in writing fifty
quickly, even the "uDjust servant o
the parable in the New Testament.
Shall we too worship him I Or shal
we do, as Lanau tells us. of his Ameri
can host in the aLog Cabin who
| ** with uncrooked back.
/ Would not he even with a fngers bend.
If The latter is.our duly, as l think !
lis, then we must say that pressing $500
100000 new bonds upon the marke
while the standard of value for the dol
lar stated in the bond is not fixed is dis
honest! The real object on the part o
Sherman in such transactions is to gath
er accomplices to his personal aims ant
TO use small personal and corporate in
Eterests for his great ambition But "
NAV be told that ssin fiuance there are n,
morals" Well, then, let US count b
dollars, and hold. Sherman to q full &C
count whether he used bis ppportunit,
to the utmost And, with this inquir
before us, it must occur to all as strang
that the new four per cent bonds brin
in the money market nearly as much .
I the old five and six per cents. Doesn
every one see that some equivalent mus
! have been given for the reduction OF II
! terest ?. And 40 tis. He has shortened th
! interest but heightened the time, and
J means that the hands OF the people ar
u tied for thirty years, and that it can n
Longer decide whether the French rent
or annuity system or the English thrt
i per cent. consols, or the original Amer
81 can short time five Der cent bond syste
shall he the policy of the land Ar
q for wbose sake did Sherman play h
. game Of political aniicipation WI
e else except for the banks, whose recha
D ter is at hand aud who need the ops
3 and shut game between four per cen
i, land their bank notes Then we shs
. have the back and forward dancing b
1ftween bank notes and bonds, at the plea
t ure Of bankers, in which the busine
q men of the land pay for the music.
We must, however, also look up Il
. a. 80