New-York tribune., 1879-10-28
SEcREr4RY SHERMANS SPEECH.

Secretary Sherman ought to be warmly well
coined i'm New-YOrk, as he is. To no other
man living does this imperial city owe so
much of it's prosperity this day, i'll commerce,
in banking and III manufactures, as to the
Secretary who smote the rock of public credit
and caused both refundng and resumption to
flow in full measure. New-York owes him
much, not merely because he has executed,
with rare fidelity and judgment, laws of the
utmost importance. The Resumption Act was
essentially his handiwork. BY him. In the
main, that Act was framed and carried, in
order to meet the honest objections to re-
sumption. and its marvellous success is the
best proof that he cOmprehended those dlhi-
culties and the best way of meeting them.
1t has been said, by men who called the Re-
sumption Act "Sherman's Sham less than
eighteen months ago, that the success of re-
sumption j. in no way due to the Act or to the
Republican party Mr.. Sherman meets this
suggestion fsirly at the opening Of his speech.
lie shows what wonderful change has been
wrought in the condition of the country, and
how it has been wrought. Reduction Of the
interest on private debts of vast amount, re-
luctlon of the interest on the public debt, and
accumulation of an adequate reserve for the
redemption of United States notes. have pro-
ceedcd side by side, and have been the nat
uIal and legitimate result of legislation de-
/ signed to bring about those very changes.
| Rightly Mr.. Sherman says that he does not
need 10 dwell. before New-Yorll audience,
upou the importance of the results attained.
The completeness of resumption, as he reasons,
does not depend at all upon the amount of
United States notes presented for redemption /;
indeed, the best possible proof that the work
has been well done and thoroughly done Is
| found in the fact that men who can clam
and take away the gold by the million con-
stantly refuse 1t, and prefer the notes OF the
/ United States.
Secretary Sherman devotes more time to an
! exposition and defence of the National bank
| ine 81 stem, III his address of last night, than
he has usually given to that topic. His argu-
ments are timely. During the past month the
value Of that system has been clearly shown
with gold pouring in by millions every
week, there has still been an increased demand
for good notes because of their greater con-
venience. This demand the banks have met
by rapid expansion of circulation. but it is
satisfactory to reflect that neither this in
crease, nor any other which is likely to occur,
oo
secured, and the expansion of the circulation
is so limited 10y the conditions of the Act, that
much greater increase would now be re-
garded without apprehension even by the most
conservative.
In the discussion of the Silver question, Secre-
tary Sherman puts very sharply and clearly the
considerations which ought to govern future
action, and calls attention to the INSCRIPTIONS
demagOgism of the Democratic party in that
matter. The negotiations which have been
commenced by the Administration, of which
important results are already apparent in the
changed tone Of opinion in Europe, promise to
bring about the only solution which in
teligent advocates Of the double standard y
desire.
The freedom and purity of elections was
assailed by the Democrats most resolutely, at
the last session of Congress. Mr.. Shcrman's
remarks on that subject show that lie fully
cOmprehcnds the peculiar reasons which honest
citizens of New-York have for desiring a
maintenance of the existing law. He observes
that il may in some respects be amended, and
we believe it might well be made much
stronger in some of its provisions, but the at
tempt TO repeal it is palpably prompted by a
utShc W plCpdlo way OtuCI
such as were perpetrated in 1868, when Mr.
Tilden was the chairman OF The Democratic
Committee.
The latter portion OF Mr.. Sherman's address
is devoted to the question of National su-
premacy, and he treats with great ability and
eaTnestness the recent nuliiying and rcvolu-
tionary schemes of the Democracy. His
estimate of the danger to the country from
the position of the Solid South deserves sober
consideration. Mr.. Sherman is not an alarm
ist. His magnificent financial success proves
that he is man of cool head and calm judg-
ment. The solid men of this city, who have
80 often admired his wisdom in dealing with
financial problems, will read with care what
he has to gay in regard to the sectional
aspects of the election. He closes with very
earnest appeal In behalf OF the whole Repub-
ncan ticket, and the politicians who have
tried 10 make handle of the removal of Mr.
Cornell will observe that he says: II regard
" the election of Mr.. Cornell as of the highest
National Importance" so do the Repub-
licans of New-YOrk, and they rejoice that the
Administration 80 faithfully represents the