New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-16
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SHERMAN ON FINANCE AND POLITICS.
THE SENATOR SURE THE MONETARY TROUBLE Is
ONLY LOCAL-TARIFF THE GREAT ISSUE.
TBY TELEGRAPH TO THE TRIBUNE.l

THE SENATOR SURE THE MONETARY IhoC Dhh 10
ONLY LOCAL-TARIFF THE GREAT ISSUE.
TBY TELEGRAPH TO THE TRBUSEl
PHILADELPHIA, May 15.-It was about high noon
yesterday when Senator John Sherman arrived
from Washington and walked into the Continental
Hotel to keep a business engagement. He seemed
fresh and bright and in the half hour or more that
your correspondent spent with him talked freely OF
the present financial and political situation.
1--WE are neither In q panic nor on
the verge of it," said he, unless my Judgment is
seriously at fault. The country is not in anything
like the condition in which it was in 1873, when
the financial crash OF that year came. Our imam
cial status is entirely different The present
troubles are local. not general. Reckless specula-
ton, the creation of fictitious values IN stocks
and sharp competition on railroad Sc
curties are the causes of the existing dltt-
culties. 1t is extremely easy to create distrust
in monetary circles when there has been such a
nuctuatng market as in New-fork Iof sever seveIai a.
months past. | look upon the present trou pieS 's
simply the result of Oyer-tradlng III securities Ina
for long time have been merely tne lOOt-Dbi vi
Wall Street While there is business DEPRESSION there
is no real financial distress, and he resources oil te
country are amply and stable IL Is Is not yn
reiraiu from dealing IN securities on productS
which they do not hold or control"
"Will he present furry have any serious effect
"l think not-aud it may have a very beneficial
one. Ii Will make the people more cautious about
placing their money III risky ventures anu Oulh
Their attention more toward legitimate business en-
terurises Troubles of this kind are simply an
admomition to those who have surplus means to
remember that all successful fiscal operations must
have a solid foundation
"What bearing will the troubles have upon the
Presidential campaign
None whatever. 1t is nothing more than tenn
pOrary embarrassment at the financial centre OF tne
country. So far there are no indications that ~
has reached beyond New York City. L do not be-
heve that it will extend into the country. III IL
does not become general 1t Will have no influence
upon political parties. | think the worst is over,
and from tins time there Will be better feel
ing" =, =,
Senator Sherman spoke at considerable length
upon the different phases of the financial agitation;
lis expressions upon politics we're of general
character lie said: 4 regard the success OF the
Republican party of more consequence than
the ambitions of any single man. Ii would
be unbccOming in to dlscuss the relative
merits of candidates. / have faith that the Repub-
lcan Convention will do the best thing for the
party We are confronted with many difficulties
this year. and may have anything but an easy race
for the Presidency. Our vital issue Is the tarlfl
Much depends upon the declarations of the Demo
cratic Convention upon that question. am not
giving our own convention any advice as to candl-
dates for the Presidency. | am more interested IN
the economic condition OF the country than III
politics"