The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1886-10-04
.SHERMAN'S SPEECH
on THE ISSUES OF THE HOUR,
A Large and .ApprsclatIve AudloaOO of
KontuCkIans Listen to an Exhaustive
Expose of the Questions that III.
vide PartieS-Ths Finances.


vide PartIes-Ths Finances.
LOUISVILLE. o,t 2.-ssnator John sher
man arrived in this city at 1880 O'Clock
this afternoon from Cincinnati, and was
met at the depot by committee OF prem
inent citizens, and escorted to the Gall
House. A public reception was held from
$3.50 to 3, when many old friends and
sEraugera called to see the distinguished
Ohioan. Alta o'clock Senator Sherman
wss escorted TO the new Custom House
building, where tha ceremony OF laying
the corner stone was being conducted by
Hon, Albert Willis, The Senator made a
short address, setting forth the importance
Of the building to the commercial inter
ests Of Louisville,
An informal reception and supper was
rendered the distinguished visitor by the
Pendennis club tonight, attended by
many prominent citizens, irrespective Of
party, After this reception came the
speaking, at Liederkranz Hall, Though
this is a strong Democratic town, Senator
Sherman had no cause OF complaint about
his treatment here, fer Aaer audience,
or one more representative, never filled
the immense Liederkranz to its utmost
capacity.
There were in the house many Demo.
crata OF more than local prominence, a
proinse sprinkling OF hRlf.brssds, and lots
OF dyed.in,ths.wOol Republicans. The
ladies', too, wero there, probably Coniouud.
ing John with his warm,blOOded brother
leCunseh, who is the ladies' man oil the
family. There has been nothing like such
an 0RtpOuripg OF the Kentucky minority
since o Republican President ruled the
land, and there were fat offices for the
faithful. On the stage were large nun
ber Of Republicans who acted as Vice.
Presidents, among them were Colonel
Walter Evans, ex-Commissioner Of In.
ternal Revenue; Colonel Sam Mckee, ex.
Pension Agent; General James Speed,
General James A. Elkln, Silas F. Miller,
Jas. +. Buckner and Horace Scott. Colo.
nsl Evans introduced the speaker, who at
once began his address. The Immense
audience paid close attention to the orator,
ApplaudiDga at frequent intervals, and every
time q point was made. II Is estimated
that there were present between $500 and
5000 persons.
THE sPRRCn.
Senator Sherman spoke as follows:
From the beginning oithe Government
the adoption Of a national currency was
conceded to be a matter OF the highest
public policy. The earliest political divl.
8 on was upon the question OF bank OF
the United States, which was finally
chartered and rendered great service iu
funding the revolutionary debt, but 1t was
also the cause OF political contention.
Congress refused to renew 1t In 1911, but
lid 80 In 1876 when our experience In the
var with Great Britain demonstrated its
necessity, and Mr.. Madison, who had
been opposed to 1t, approved the charter
II the seCOnd bank. but again II became
the subject Of party contest and It's renew.
al was vetoed by General Jackson
and again by John Tyler. In the debates
IN this question Mr.. Clay took as protni.
aeut part IS any other Senator, uni.
formly supporting the idea OF natioual
currency. But there gerious objections to
single corporation having the enormous
power necessary for patioual bank, and
am quite clear in my opinion that such
bank, like that Of the Bank OF England,
woud be, II not dangerous, inconsistent
with tho general principles Of our govern
nent, which are opposed to the ConCen.
ration Of great powers in the hands Of a
few.
THE ISSUE OF dREENBACKs
was a necessity, and is now an advantage
which the people will not surrender, how.
svsr much 1t may BIS desired by the great
commercial centers. These notes OF the
United States, II properly limited, are be.
yond question good, resting upon the
honor and good faith OF the nation, a ma
IionRl debt without interest, and 80 pro.
!eCled from connterleitiug and loss that
they are not willingly exchanged for any
other form Of paper money. II was Gblo.
Iutely necessary to limit the amount Of the
IreenbaCks to prevent their depreciation.
Even when issued to tho extent OF $780,.
600 600 under the varying events Of the
WAT Lutl 4elL W Acob blnh lull1 t9ulo w
the dollar. During the war the only limit
possible was the absolute necessity OF the
hour. After the war there was no neCes-
siiy for forced issue, but, 10 the extent
they would freely circulate OF par with
coin there seemed no objection to the
Sreenbacks except the doubtful Constitu.
Lional power to issue them, and this has
been determined In their favor by the Su.
preme Court.
A DANGEROUS rowER.
This Is a power 20 dangerous Of abuse
that Congress has wisely fixed tho limit
Of $SlO, 100000, tho amount now outstand,
log, as the maximum Smount Of this form
Of circulation, and l see no objection to
maintaining these In circulation, while,
as now, equal to coin.
But this provision was not sufficient,
either in nature or volume, 10 answer all
the wants OF national circulation. Banks
Of iOsue, loan and deposit are indispenSa.
bic In a commercial community like ours
and should be- governed by general laws
under the closest supervision Of national
authority, absolutely free from political
control or machinery. This mood was.
supplied, by the National Banking Act,
which al once superseded tho heteroge.
nous system Of State banks, and has now
been In force twenty-three years without
tho loss 10 the people ol dollar Of
tho circulating notes, and with less
loss 10 its depositors and stockholders
than any form OF banking devised BY,
man. Under this system bank notes
Circulate without the respect to the place
from whence they were Issued, are care.