The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-07-24


Portland, Maine, yesterday, This address
has been anticipated with interest as the
statement Of the man best qualified to
speak concerning the past history, present
workings and future prospects OF the re-
sumption plan; not as theorlst or poll.
tician hut as the practical head Of a move.
lnent inaugurated superintendent and
carried out under his own management
and oversight; and the public have felt
that II anything more reliable, satisfactory
and conclusive than that already uttered,
remained to he said upon the subject, 1t
could " spoken by the Secretary. The
speech, we think, will satisfy the highest
expectation concerning It. 1t is the clear.
est, most ineligible and satisfactory ex-
position Of the work Of the Treasury De.
partment since 1873, that has yet been
furnished, and the defence Of It's policy in
the work OF relieving public distresses and
restoring our industries to Il solid iounda-
ton, is as lucid and cOgent an argument
az the speech OF Carl Schurz at Cincinnati
four years since.
Mr.. Sherman begins his address with q
warning to his hearers not to let the tinan'
cial question, important as 1t is, over
shadow the danger that threatens the
country from the recent revival OF States
Rights by the Democratic party, changed
from notification by State officers to null.
LITIGATION by members Of Congress, and
only removed from the battlefield to be
renewed in the halls Of the National Cap
itol The money question would be
minor issue should the men who piled up
the national debt and two-thirds OF the
national taxes, and who occasioned all the
sacrifices which accompanied and followed
the war, be permitted to carry out their
programme OF reviving the lost cause and
sapping and mining the National Gov
eminent.
In his review OF the panic OF 1873, he in
Dictates his belief that its occasion grew
out OF the waste OF tho war, over.pro.
duction that followed it, and the wild and
reckless speculation based upon an ire
deemable currency. He disposes Of the
contraction theory conclusvely, by show
ing that the amount Of currency outstand-
ing, Immediately preceding and succeed
ing the panic, was greater than ever be-
fore. This he says has been disputed by
counting Us money at the close Of the war
the compound interest and 7.30 Treasury
notes. But these were no more current
money than the per cent bonds, into
which they were converted. Both bore
interest and were always above par in
paper money, and were held rs invest
ments not as currency. The amount Of
paper money outstanding, excluding all
Understanding notes, on June Both, 1866,
was $747, 9923, S95 70. The amount on the
3Oth Of Jnne, 1873, just before the panic,
was $40, 44O, 1853 81, while on the SOth Of
June, 1874, after the panic, it was $780,
s4S,0Sl II.
AS to the resumption act OF 1875 he
claims it us u distinctively Republican
measure, for though many Democrats IA
Vored resumption, party discipline and
the hope Of party advantage induced every
Democratic representative to vote against
the bill. 1t was the subject of Democratic
denunciation and ridicule. The St. Louis
platform, while pretending to be for re.
sumption, denounced the act Of 1875 as a
hindrancea and demanded its repeal. Mr..
Tilden did the same thing in his letter Of
acceptance, and Ewing, Voorhees,, Coke,
Buckner and most OF the lesser lights OF
the party followed in his train. Succeed
ing Congresses extended no aid to the
plan, but sought to embarrass It's work.
They increased the minimum Of United
States notes OH which resumption was to
be maintained, from $500, 900, 900 to $780,
6sl,0lB; required the redemption OF irac-
tional coin as well as United States notes;
reduced the revenue from taxes on to.
bacco 10 the extent OF eight or nine mill.
ions annually, and systematically increas-
ed the aggregate oil appropriations. The
latter eliminated at the last session in
the appropriation Of $2G,SoO,OO0 for
arrears Of pensions, from the fund
provided by law for tho redemption OF
fractional currency, leaving this form OF
debt to be paid out OF current revenue.
The lower house passed bill to repeal
the resumption actin November, 1877, but
the Senate refused to concur In either alb.
rogating or crippling the measure, and
work under it went on. The fsL an.
nouncement that the Treasury would nc.
emulate 81, 900 900 a month in coin, in.
creased the sale Of 4! per cent bonds to
the extent that the per cents were put
on the Market to be sold at par in coin for
reiunding aud resumption purposes, and
these sales went on in 1878, coin constant.
" declining and the sale OF 4 per cents
steadily increasing, until by the end OF
1878 coin reserve Of SlSS, 900, 900, includ.
ing surplus revenue, had been accumula-
ted. At this time our notes were no long.
es at discount. They were at par with
coin, and, in tho language Of the Score.
tary, Presumption had practically come
one month before the time fixed by law,
as quietly and TRANQUILITY as vessel
would float from the river into the ocean.
On the LIST day Of January, 1879, and on
every day since, both gold and silver have
been ready and have been paid to every
hoIderot a greenback who desired it,"
Concerning the results of resumption,
Mr.. Sherman notes some facts OF interest
to our latter day greenbackes. Between
January LIST and July LIST, 1879, 81 100000
coin certificates and sll95Ol 100 9S Of