Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1879-08-20
SHERMAN'S SUCCESS.
His Great Speech at Portland
on the Issues of the Day.
An Unanswerable Attack Upon the
False Theories of Finance.

Secretary John Sherman addressed an
immense audience at Portland, Maine,
July 23rd, at the invitation Of Senator
Blaine. The following is Mr. Sherman's
speech:
After reviewing the history of the re-
sumption act, Secretary Sherman pro-
ceeded to speak of democratic opposi
ton 10 IT. The democratic party, it its
platform adopted in St. Louis in 1876,
while pretending to be for resumption,
denounced the republican party because
it had made no preparation for il, but, in.
stead, had obstructed it by wasting our
resources and exhausting all surplus in
come; and because, while annually pro-
Tossing to intend a speedy return to
specie payments, it had annually enacted
fresh hindrances thereto. 1t denounced
the resumption act Of 1915, as such Il
hindrance and demanded its repeal. Mr..
Ewing, of Ohio, and Mr.. Voorhees,, of
Indiana, with others, made n minority
report, in which they declared that the
law for the resumption of specie pay
nents on the LIST of January, 1879, having
been enacted by the republican party
without delibcration in congress or dis
2usson before the people, and being so
inadequate to secure its object, was
highly injurious to the business of the
country, and ought to be forthwith re-
pealed.
MIR, TILDEN,
in his letter of acceptance, endorsed this
doctrine, and, at the same time, declared
himself for a speedy return to specie
payments, saying: THE government
ought not TO speculate on its own dis
honor in order to save interest on its
broken promises, which it still compels
private dealers to accept at a fictitious
par" | will read some ofthe prophecies
made by very distinguished gentlemen
in regard to the resumption act, Gen
Ewing in the house of representatives.,
Nov. %, 1877, said;
"If we were wholly out of debt to
Europe If our foreign commerce iloated
under our own flag, if there were no
system of abscnteeism among our veal
thy classes, eXpending their wealth
abroad, resumption in gold, or even sill
yer, would be impossible on our present
volume of paper currency for many
wears 10 come The national
banks, the importers, the gold ring of
New York, the dcsperadoes of Wall
street The money kings of Europe, to
whom we are financially cnslavcd, they
will present the grcenbacks for redemp-
ton and destruction as fast rs the gold
can be paid over the counters of the
treasury"
On the 18th of November, 1877, my old
friend, Judge Kelley, of Pennsylvania, in
the house of representatives, said:
"But, gentlemen, the worst
has not yet come if this act is to be main
tanned. And [ tell you--and you may
book it 20 iccr and scott at me fifteen
months hence if it prove not to be true
suffering we have en-
durcd during the three years this law has
been in existence, is like the chill which
while it blasts with ieathered
frost the leaves and flowers of the trop
ical plants that surround the homes Of
our extreme southern states, compared
with the arctic cold that builds up the
iceberg, which chills the
summer atmosphere Of our coast as it
passes near our shores
have no desire to ieer or scoif at gen
tleman whom | sincerely respect, al
though near two years ago he gave us
authority to do so, if he proved to be a
false prophet. Mr. Muldrow said, in the
house Of representatives., November IL,
1871
.'The act gives the secretary of the
treasury the power to sell bonds, so as to
obtain gold to redeem the greenbacks and
fractional currency; but there is no such
provision in regard to tho national bank
issues. Thepractical working Of the law
will he the absorption and retirement of
the creenbacks and the issuance in their
stead of redeemable natiOnal-bank notes.
No man with any financial sagacity can
believe that the national banks will be
able to redeem their circulating currency
with coin IN January, 1872
MIR. Buckncr, chairman Of the commit
tee of banking and currency, said on the
10th of November 1877;
81 have not We. been able TO find u
man, learned or uulearned, capitalist or
laborcr, merchant or farmer, who be-
licvcs resumption is possible or practtc-
able. Perhaps the secretary of the treas
urv is an exception"
i might quote for days the warning
and evil prophecies of our Democratic
and grecnback friends, but they have
been so recently made that it is scarcely
necessary.
SUCCESS OF RESUMPTION.
Let US now examine which of these OPP
posing opinions has been proved to be
true by the test of experience. The sue
cess of resumption depended entirely
upon the ability of the United States, by
the time fixed, TO accumulate in the treas
: 80,