Morning journal and courier., 1880-11-22
Monday Morning, Nov. P. 1880.
SECRETARY SHERMAN.

The business men of the country, and
 many who are not business men, as the term
 is commonly used and understood, are hop 1 ing that 'shonest John Sherman will re-
 main at the head of the Treasury department
 for the next four years, at least. They feel 1 that it is no time for a change and that there is no need of any. They prefer that the
 man who has shown such great ability and
 efficiency in dealing with the tremendous financial problems which have come before
 him should deal with those which will arise
 during the next administration. They know that there are other able financiers in the
 country who could be induced to take the
 place, but they also know that any change
 would cause at least temporary disturbance and could hardly be for the better. On the
 other hand, some politicians who do not be- lieve in long continuance in office, except for
 themselves and their friends, and who do not look upon Secretary Sherman as the people
 do, profess to think that his work in the
 Treasury is ended, and oppose the idea of his retention there.
 It needs but a glance at some of the im- portant financial questions pressing for con- sideration and settlement to show that Secre- tary Sherman would continue to be very use- full to the nation in his present place. In the first place there are four hundred and seventy millions of five per cent. bonds to be met on the first of next May. There are, also, two hundred millions of six per cent. bonds due on the first of next July. It is clearly impossible for the government to pay these six hundred and seventy millions at the present time and they will continue to carry the present high rate of interest unless they can be refunded at lower rate. The time remaining is very short for the work, and it will be remembered that the Secretary with admirable foresight, asked Congress last winter to authorize him to begin it at that time, when the easy state of the money market promised the very best results, and that Con- gress refused the necessary authority. That it is possible to refund these large loans, if the business is skillfully managed, must be inferred from the success which the Secreta- ry met with in his refunding of a similar amount of fives and sixes since he took the office. The necessity for rapid work in re- funding the bonds is strong reason for his retention. He has established full and
 
 and combinations of capitalists, both at home and abroad, and has obtained their conf dence. Any new man would have much of this ground to go over and all of this confidence to gain. In short, Secretary Sherman has all the machinery necessary to perform the gov ernment's financial work in hand
 The maintenance of specie payments is a l matter which will need attention. In pre- pairing for specie payments the Treasury ac- cumulated gold reserve which has given | the people such confidence that nobody has 1 wanted gold for paper. But to-day there are |! in the Treasury nearly forty-eight mil | lions of silver dollars. This accumula- l tion is taking place at the expense of ! the gold reserve, and the question has | already been anxiously considered, how long can this absurd coinage go on before the gold ! reserve will be changed into silver? The | gold is now reduced to one hundred and forty | millions, and if a halt is not called soon, l public confidence in the ability of the govern ment to maintain specie payments may be greatly shaken. The confidence that one can have gold if wanted, is one thing, and the | probability of receiving silver, and short l weight silver at that, is another. The firm | position maintained by Secretary Sherman in respect to silver is an argument for his reten | tion, in view of the fact that this silver ques- tion must soon be dealt with, and wisely dealt 1 with, or grave complications must ensue. | Another vitally important question, which | already calls for careful consideration and | preparation, is the matter of the national banking system. Under the national bank ing law the charters of a very large num- Der of these banks will expire during the next administration, and it will need all the skill and wisdom of the government to pro- | vide the means for their peaceful eontinu- ance, or to devise acceptable substitutes for | them.
 Who is there better fitted to deal with | these and similar questions than the man wao | has brought about resumption, and who has l saved the country $36, 5000, 900 since March. | 1877, and provided for large annual savings | for many years to come. If he will consent | to remain at the head of the Treasury we | hope the politicians who want the place for | somebody else will be disappointed.