Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1880-03-18

tained, all the,reports to the contrary
Notwithstanding; and in communica-
ton to NJ. L. Scudder, of Chicago, deny
ing the rumOr of his intention TO with
draw, he reiteratcs almost verbatim the
language employed in announcing his
candidacy. lie does not purpose Il
press any one to support him. or decline
such friendly aid as is offered him.
The position assumed by the Secretary
is entirely dignified and commendable
1t is not becoming in a man ambitious
to occupy the Executive office to be
running around like a scrub politician,
stirring up the zeal of his friends and
setting agents to work to secure his
domination. Having announced his
purpose to be candidate. he should re-
ly upon the record he has made, and the
fitness and capacity he has shown in
public life, to create such sentiment in
his favor as will secure him the nomina-
ton. The time was in the history of the
Republic when any other course on the
part of candidate for the highest office
in the gift of the people would have
been met with general disapprobation.
And Mr.. Sherman can well afford to
rely upon his record for the confidence
and support of all thoughtful and intel
ligent men. His services in Congress
and in his position at the Treasury De-
partment have been of incalculable val
ue to the country. In his rather moder-
ate speech-fOr him-at Columbus, Gen.
Beatty remarked that resumption came
because of the large results of agricultu-
raj industry and favorable Providential
conditions. The General ought not to
be unjust. He must remember that the
policy of preparation for resumption
against the date fixed by law was plan
ned and carried out by the Secretary be-
fore the revival of prosperity, and amid
the howlings and eXecratiOns of those
who charged upon him the shipwreck
and ruin of the country. Nor was this
censure and condemnation confined to
the opposition in politics. Many who
had approved his plans and commended
his policy became panicky, and were
doubtful of the wisdom of the Secreta-
ry's course. Predictions of his failure
were almost as numerous among Repub-
licans as among Democrats and Green
hackers. ...
The financial problems that the. Secre-
tary had to solve were many and diff
cult. To so engineer affairs as TO accu-
mulate the coin upon which resumption
should permanently rest and not put a
great stress upon the money market, and
make the transition from the paper
money to the coin basis so easy as to
produce no shock in banking and COM
mercial circles, was no easy task to un-
dertake. But it was successfully ac-
complished, and the financial world can
not be mistaken in ascribing to the Sec
retary the rarest financial prudence and
skill.
So admirable were the management
and sagacity of Mr. Sherman that some
months before the date of legal resump-
ton it had been practically accomplish
ed, and with such basis of credit that
the premium on gold had disappeared,
and all forms of money in circulation,
whether paper or coin, had risen to par
with gold. Nor was this the end of the
Secretary's achievement. The conver-
sion of high-bearing interest bonds into
four-per cents, whereby some $13,OOO,OOO
of interest were annually saved, was a
financial feat unparalleled in the history
of governments. Providence was un-
dOubtedly on the Secretary'S side, but
had he failed in executing the plans
with which he began his official career,
the favors of Providence would have
been of much advantage. Providence
help those who he}p themselves.
The outcome of these extraordinary
labors was the restoration of public con-
fidence in the future. the revival of bu-
siness, the advance in prices both of la
Dor and products, and the smiling return
of general prosperity. Had Mr.. Sher-
man been deferred from carrying out his
plans by the maledictions and prophe-
cieS of his enemies, and the doubtings
and fears of those who called themselves
his friends, we should not to-day be on
the high road to prosperity. His finan-
cial sagacity. his faith in his policy and
his steady adherence to It in the face of
the storm of opposition and lamenta-
lions and outcries from all sides, can not
be forgotten or belittled by Gen. Beatty;
and if men were measured for the PreSi- !
lency by the great things they have
lone for the people, Secretary Sherman
would go into the Chicago Convention a
head and shoulders taller than any man
yet named for the Office, who has not al |
'eady had his suiliciency Of its hon |
)rs and emOlumentS.-Cin Commercial. |