The Portland daily press., 1879-07-24
THE PRESS.
Secretary Sherman's Speech.

| y
OF Secretary Sherman's speech last evening
manifested the deepest interest. The speak
er commanded its attention at the start, and
held it to the end. From the arraignment of
the Opposition with which the address opened
to the splendid tribute to the Republican
party with which it closed it was followed
with evident intelli gence and appreciation.
Its vigor and clearness, the simplicity and
directness of its style, the closeness and force
Of its logic, its courteousness of expression
and temperance Of epithet, and the manli-
ness of its delivery, commended it to its
hearers, and excited their hearty approba-
ton.
| The speech should be read in its fulness
by all who desire to get clear idea of the
vast financial operations Of the Government
during the last two years, to learn the true
state of the national Indebtedness, and to as
certain the truth or falsity of the charg, S
that have been made against the manage
the policy of resumption. Especially should
it be read by Greenbackers OF those inclined
to Greenbacksm, that they may learn the
true nature of the measures which they are
opposing or debating, and the unreasonable
ness of their opposition. The speech cuts
away the ground from under the feet of all
Greenbackers except those who accept the
delusion of fiat money in its widest form.
To Greenbackers of Republican antecedents
it is in great part addressed, and they will
find it of special interest and value.
Neither abstract nor summary can do the
speech justice. 1t is so socompactand so closely
reasoned that it must be read in its entirety
to be appreciated. All that may be done in
the way of abridgement is to state its points
1t opens with warning of the danger to
which the Nation is exposed by the latest
manifestation of the mischievous Calhoun
dogma of State Rights. This is briefly touched
upon, and the speaker goes rapidly on to
treat of the financial condition of the coun-
try at the outbreak of the panic, demonstrat-
ing the absurdity of the assertion that it was
due to contraction by showing that the amount
OF currency was greater just before and just
| after the panic than it was in the boasted
year OF prosperity, 1865, and proving that
the so-called prosperity and happiness of
that time of reckless expenditure and debt
contracting was 'the prosperity of profit
gate while wasting his inheritance or the
happiness of a drunkard while on spree"
Thence it proceeds to consider the cireum-
stances under which the resumption act was
passed, discusses that measure, shows how
the direful predictions of its opponents have
come to naught, and how while it has les
sened the burden of the public debt and
raised the credit of the Nation, it has been
followed by reviving business and industry.
Criticisms of the operations Of the act are
met and fully disposed of, and the speaker
shows how the Democratic Congress fought
it and endeavored to obstruct its execution
While on the one hand they forbade the pay
ment of SAG, 900, 600 of the overdue debt and
on the other increased the appropriations
$47, 100000 diminished the sinking fund,
diverted to other uses the sums set aside for
the discharge of the debt, and cut down the
revenues at the same time they made ex-
traordinary demands upon the Treasury
Passing from the results of resumption the
specific complaints of those who oppose it
are candidly considered and answered, the
criticisms Of the Secretary's opponents re-
piled to, and the exaggerations, perversions
and miss atements Of the Greenback plat
forms in Maine and Ohio exposed and criti-
cised. 1t is shown that the Greenbackers
seek to revive the old distinction between
the dollar of the bondholder and the dollar
OF the laborer, to, with utter disregard of the
public faith, "restore the old state of affairs,
when the greenback could only be passed at
a discount, and could neither be received for
customs duties nor be paid upon the public
debt" The paths into which their un-
worthy leaders are seducing the sincere
Greenbackers is pointed out, and it is DEM
onstrated that the very results they have
professed to seek have been accomplished by
resumption. In this connection the silver
and the national bank questions are dis
cussed. Finally Republicans and Democrats
are called upon to rally in support of the
public faith and of sound currency system
menaced by the prevalence of mischevous
dogmas preached by ignorant or designing
| men,
This mere outline of Secretary Sherman's
speech will indicate its compass and drift.
The speech deserves the thoughtful perusal
OF all intelligent citizens; and upholders of
resumption will find it magazine of ammu-
milton for use in the fight now upon us.