The Washington bee., 1888-05-05

| 6 - =
As@member or chairman of the
Finance Committee of the Senate
Mr.. Sherman was mainly the au
thor of the acts of Congress which
by custom duties and internal tax
es, brought in large revenues; the
acts authorizing greenbacks, which
helped to supplement our resour
ces; the loan acts under which
t-money was borrowed on Govern.
ment bonds, and under which The
largest blinded indebtedness was,
on January: 1866, s2,,739,491, ,745,
and the ig lest rate. of interest
ever paid was seven and three
tenths per cent the national bank
acts, which by levy ing tax of ten
|per cehtoa local bank circulation
wiped it.ea ard more than sup!
pied its place by national cur
Te1cyi~ the Srstunding acts, by
which three fer cent Government
bonds have reached a premium; the
acts from time TO time reducing in
tefnaE taxation and . duties; the
aets eEating to- coinage. and gold
aud silver cert titicates, which con.
lstifute q part of our currency; and
the sreattTesumption act OF Jan
luarY 4 1875 which brought a
resnaip ptloD January 1, 1879 ) The
loan 4aets themselves have been
c0mpiledEinsa Volume. ~ & =
| What have been the fruits?
sFnndsl were raised to pay the vast
expenditure nlentioned the war
Was prose eeuteds to a successful is
sue the creditsof the Government
was improved 10 tue very. agonies
of fagrant war, almost without the
aid ot foreign capital, and in spite.
of foreign hostility, and now :it ia,
better than, thai of any nation nm,
the gso sobe.Ali5these great meas.
Eres were SO Hlsely perfected that
the people ptosperea I: financially.
a!algrey in wealtheyen during the
war, aud ever since.
CFAis 9ssfhe onlEeinstanee in tae
weflasEhistofy where suea a rasnlt
has folIe~ed=HHder similar ejTcum.
stances. And now we have an
aggregate of coin and Il currency, of
81, 747 ,331 .525, with -rexenues,~too
aoundant. AMI ocr national debt
exclusive of greenbacks and less
ayaliaele cash in the treasury. "a ESoI, 4 "
ssqs18E5s The chief str1ipqIe tr1
WIN ctaer nations is se obtain Suf
hclgRt revenue; ours, is "a radnce #
to the limit Of our w,a,s TIC re
,iuctlon OF the Stttsf IS. m q
land and Ess< ale dept III nn &
nomiRPaksfG"EE Sc has been nnd a'erI' nItS
IT, 81 payment, il: ever made, is 10
distant centuries; the reduction
LOT onr debit is so rapid, the OIL!
edaDgetis it may come before W
E,anadant ourselves to TRANSITION
e EMls73 Jay Cook 4 Go. suspen
ded, This produced alarm, am
panic followed, but not bankruptcy
In former financial panics Peopl
ram upon banks to obtain com fo
s4paajer which they feared was D
J good. In 1873 depositors called tC
} payment of money they knew to ;
: good. This soon passed away.
} sHERMAN's gGREAT(! RESUNPTIo
} AcT-HIs SUCCESS IN ExEcUTIN
E IT. Z - !
al : Earlvin the war the local bank
f then existing under State authorlt
b suspended specie payments. WI
q 1.-The character of the banks Z: whll
then furnished the only paper mo
. ey circulation this was lnevltabl
. Of course during the war it w
not possible to raise coin to condu
y all.sfitse vast operations = and #
tlaophs+he war; sfofa period W
.yenlNiase that the pfiSate e3naeete
he ness contracted on an inconyertit
ID money basis Of high. prices, a.
ne ! much of the, public. indebtedne'
,h iuefuding a vast amount 'unfunde
att should be discharged with cure
~ Isreneys substantially ofahthe.: sal
- value as that on,Hwhioh sliabiliti
- - were incurred. But no real stat
= kman.ever supposed or desired ii
fe Eirredeema5le paper should be
he permanent. currency OF any. col
ne try; history is too full of the e
Sc dence. of It's evils to permit ,tf
Of. Aecorisdiimiis1y: isiii Mr., Sherman 10 4.
to Senate, gave us the great. resup e y y
We ii n act of January IL, 1879, WI w1hl
te- with the wisdom OF frye q sta '@statesm
,es' ship, provided the means OF gr
"a. 4ually accamulating coin for or.
afs sumption: by the. Government alIlgs
ba titsa'greenbaca ae'lssues'and Qs
L nat--1n