National Republican. (Washington City (D.C.)) 1872-1888, 1880-05-12
sEcnErARY suERMAN,s SPEECH.


Secretary Sherman in his remarks said: Gas
your president has been kind enough TO call on me
10 respond toa toast, am happy to say inlly
country has entered upon period of great pros
pcrity. This nny be tested in any way by which
BySsPhry i indicated Production ,o in all
before. Our foreign commerce is increasing with
the balance lurgey in our favor. Our domestic
commerce is so large that all modes Of transpOrta-
ton by land and water are fully employee. Labor
is fairly and protitably employed. Capital is hope
nll and confident and freely seeks new ndyen-
lures, Great crowds Of cmigrGnts come to us to
better their condition, while contributing to our
wealth. Our population approaches fifty millions
of people. The mineral resources of our country
are greater than the widest maginngs of few
years ago. Taxes that three years ago yielded
barely enough revenue to meet current eNpen,c cs
in March last yielded without increase in rate, a
surplus revenue, of Si4OO0OOO: in April Sl2-
000OOO. and will no doubt durng tho pres
ent year yield over Sl000O0,0O0. our four
per cent. bonds now sell at higher rate
than our six pOr cent. bonds averaged for period
of several years. also congratulate you that we
have now the nearest approach 10 q sound cur
rcncy that we have ever had. take 1t that you
mean by n sound currency u mixed currency Of
roth coin and paper. But few in our day would be
willing to dispense with paper money. 1t is rs
necessary IN modern commerce as bills OF exchange
and drafts, but II must always be rcdecmablc and
promptly redeemed. In this sense your paper
mouey since January L. 1879 has been sound cur
rency. lam one OF those who believe portion Of
this paper money can properly and prohtably be
issued By the government, but II should be care
fully limited in amount and so guarded by coin
reserves that II Will be- without doubt or question:
always maintained ut par And this paper dollar
should have no false preenso about it, 1t should be
what 1t purpOrtsto to be, promise " pay money,
and nothing more. depending for its credit and
value upon tho sure and prompt fulhllment of
that promise upon demand. We want no fiat
money, but We want coin and paper money that
rests upon the secured promise of the government,
or OF corporations, that it can be converted into
coin when needed. All our coin should be of
the market value. II may be Of either gold. or
silver or both, but II of both, dollar OF either
must contain enough grains to be equal in value
to dollar of the other. If dollar III silver is not
equal 70 dollar III gold In market value you
must put more grains in the silver dollar or less in
the gold dollar. As great commercial aud cred
itor nation, want the best and highest standard.
There is one other branch of your toast to which
should alude, the cnlargement Of our agriculture,
manufactures aud ship building. You need not
disturb yourselves about our agriculture and man
ulacturcS No country III tho world can vie with
us in the production OF food, III its cheap trans.
portation and convenient facilities for shipment
In the production OF cotton, wool and the cheap
articles OF food we need not fear the rivalry of any
nation. Our manufactures have for the last ten
years more than doubled. In one great industry
alone we show our national weakness, We have
lost our supremacy IN building ships. Iron ships
have driven from the sea the great body of Ameri-
can vessels. II is O rcproRch 10 us that three.
quarters Of our foreign commerce is con.
Quoted under foreign flags. 10 correct
this should be the primary object OF American
statesmen and American merchants Ship build
ing should bo encouraged, and, II necessary, ships
should be admitted like other foreign merchandise
at such rates OF duty aud with such facilities us
will enable us to compete for the trade OF the world.
The rapid changes made during the last few years
have greatly advanced tho building Of iron ships
in this country, and ifyou can aid i'll promoting
this great object you will complete the triumph
ofAmerican industry. Then our agriculture, COM
merce and manufactures supporting each other
and alike developing all Industries, VIII make this
great city the centre Of international exchange"