Omaha daily bee., 1891-09-27

Said senator Sherman 1.-THE chiefissues in
national politics Hrd no doubt the tarin ques-
tion and free coinage of silver. Upon these
| have expressed my opinion so fully in pub.
lie speeches that 81 Is hardly worth while to
make them the subject of an interview. Tho
Mckinley tariff Is no doubt the most compre-
hensivc and carefully prepared revenue law
we have ever had un'the statute books. 1t pro-
vides the largest measure of free trade ever
contained IN n tariff law. 1t Increases the
protective rates on articles which como into
competition with our productions, both OF the
farm and workshop, ana tonds more than any
previous law to build up industries not here
toforo existing In tho United States. Some
OF its details will be the subject of contro-
versy during the next congress-, and may be
changed, but | believe the principles OF the
are developed rates may be reduced, and FREQ
trade will be extended as rapidly as our needs
for revenue will permit"
The Reciprocity Schemes.
Correspondent-"How about reciprocity
with South America aud Cauadat"
Senator Sherman is spoken
OF as II there was something novel III 1t. This
is not true, as we have had several examples
of reciprocity, most Of which have turned out
very badly. TIT two reciprocity treaties
with Canada were put an end to by the United
states as soon as the treaties permitted. Inc
Hawaiian treaty is n monument of folly
which cost us n great many millions OF dol
lars without any substantial benefit, Other
reciprocity treatio5 were either rejected by tho
senate or the mousse Of representatives refused
to pass laws TO carry them into effect. The
reciprocity provided by the Mci[inley DILL is
extremely limited in Its scope. The third sec
tion provides that whenever any country pro-
duclng and exporting sugars, nolasses, cot
fee, tea and hides imposes unreasonable du-
ties on agricultural and other products OF the
United States, the president shall suspend
the free introduction into the United States
of such articles from such country. and that
during such suspension these articles snail be
subject TO the old duties provided by the
former law. Reciprocity is confined TO tho
five articles nalred, and, rs they are such as
cannot be produced at all, or only in limited
quantities, IN the United States, it provided
Il very simple question of fair trade on which
the president could exercise his discretion
without the Intervention of congress. | see
no objection to such reciprocity and 1t is
to the credit of 1.-THE ad administration of President
Harrison that he has been able TO make very
satisfactory arrangements with Brazil and
Cuba which WILL be u benefit to all the coun-
tries affected. Our trade with tho countries
south of us Will be greatly benefited by rail
roads and ship lines, which, | believe, with
out the aid OF the government, will
in time DO established, but which think
ought to be favored and encouraged by such
assistance as we can render.
AS for reciprocity with Canada, il presents
a much more difficult problem. The produc-
tions of Canada are exactly similar TO those
OF the United States, as to which we are nat
ural competitors. Both countries would be
benefited by limiting reciprocity, and the
difficulties in the way are in the details. The
natural drift OF events is for Canada anG the
United States to become parts of one coun-
try, and | believe such is their ultimate des-
tiny, but | hope 1t will never occur except
By the free consent not only of the people Of
the United States and Canada, but of the
government OF Great Britain. This opens
such a wide field of conjecture, involving the
future of the nglo-SaXon race, that it is
hardly worth while TO talk of what we hope
may be.n
How senator Sherman Became a
F~inanCicr.
Question: "Wil YOU please tell me, sena-
tor, how you came to be identified with
financial matters, and made this field your
speciality! ~ n.
Senator Sherman: 81 hardly know how |
came to drift into my connection with the
national finances. When | entered congress
in lS55 | had but one tuea. and that was to
prevent the extension of slavery over free
territory. Originally | did not entertain any
extreme notions about slavery. except as a
palpGbie moral wrong that | hoped some day
would be eradicated, but the repeal of the
Missouri compromise and the desperate Cf-
fort rIaGe by the most lawless means to eX-
tend slavery over Kansas and Nebraska made
me a determined opponent to the democratic
party, then IN power IN all branches OF tho
sONcInIIGlh. W. Fsri Dhl LlSiDhIlOIi ~ iiLiu'I
clal legislation was after ! was appointed
chairman of the committee on ways aud
means in the Thirty sixth congress in 1860.
Then for the first time | had 10 deal with lis
cal affairs. and that too Mt a time when the
credit of the government was at the very
lowest ebb, ana when members OF congress
had to receive their pay in treasury notes, AS
the treasury was substantially bankrupt.
From that time to this, | have been identi-
fed to q greater or less degree with our tinan-
cinl lnyislatiDp rNDI1 ODlV DnStVpf. Won
now by a reference to the history of the
country. When | was transferred to the
senate in 1861, | was placed on the commit
tee OF finance, of which Mr.. Fessendcn was
chairman. He was n man OF marked AGILITY,
perhaps rs intellectually able as any man in
the senate then or for many years before
He was sharp, inclslve, not always pleasant
in his manners, but his ability as II deoater
gave him commanding influence. lie was
extremely conservative in his views, and
was very slow in wedding 10 The necessities
Of the time for new kinds of money and new
sources of revenue, and therefore threw upon
me II good deal OF responsibility which he
more properly should have assumed. Then
came up the question of the demand notes is
sued as a temporary cXpedient, followed soon
after by the controlling question of legal ten
der paper money 10 be issued directly by the
treasury OF tho United States. He believed
that this was unc0uStitutional. but he 1clt
the necessity of it so greatly that, while vot-
ing against it, he would not take The respon-
sibility of defeating the measure. l had no
doubt of the constitutional power of
the United States to issue
such notes under the general powers
conferred by the constitution, and took the
lead in favor of issuing such notes. This met
with very decided opposition from such ex-
periepced senator's as Judge Collamor OF Yer
mont, but was finally carried by tho neces-
sity for the Immediate use of some form OF
money!
Our National fanking System.
AT that time the channels OF circulation
by the suD-trcasury law, could not be- re-
silver had disappeared soon after the opening
of the war, and the notes of the banks varied
in value in different states, so that practically
there was in existence no considerable amount
OF money, and the state hank notes were a
threat and hindrance to the United States
notes about to issue. This condition induced
Chase to propose a national bank
ing system founded mainly upon tho banking
law of New York. My experience with banks
in the west had thoroughly committed mo
against all forms OF paper money issued oy
local banks. After Il careful study OF tho
question, l took up The bill to organize ma
tional banks, made certain important modlh-
cations 10 it, introduced it in the senate, and,
after lorg debate, finally carried 1t by a bare
majority, most of tho, eastern senators being
opposed TO the schoJne. | think 1T was tue
study OF this financial problem and the ne
cessity of taking tholead in this measure
that, more than anything else, fixed my mind
upon financial questions and made mo respon-
sible. moro or less for the financial legisla-