New-York tribune., 1891-10-15
"SEVEN CONSPIRAClES.'
SENATOR SHERMAN'S EFFECTIVE REPLY TO
THE CALAMITY WALTERS"
yxPosURE OF THE rALPABLE FALsEHooDs
WITH WHICH VISIONARY AGITAToRs ARE
SEEKING TO DELUpE THE VOTERS


Columbus. Ohio. Oct IA letter from Senator
Sherman will be printed tomorrow in - The ONO
State Journal" replying in vigorous manner
70 the recently published pamphlet by Mrs. D T. v
Emery. entitled Seven Financial Consplracles
Which Have Enslaved the American People
This pamphlet is one Of the widest uttdances oil
the Calamity Walters" and was evidently IN
tended as q trump card in the desperate game 'neS
are playing against Mr.. Sherman, whom UneS
hate because Of his identification WIN sounN
financial policy, and his effective opposition 10
their fat money and other reckless schemes ihe
Senator's letter is as follows
Some time since this wild and visionary BOOK was
sent TO me- and l read it with both amusement anu
sstonshment that any one could rsad " "i'n 'PP
or be deceived by It's falsehoods
The seven financial consplrncles" are the se'en
great pillars of our financial credit the seven se'V
financial measures by which the GOVerhihe"V ~
saved from the perils OF war; and by Wmcn lho oi
states has become the most honrishing ana prosper
Gus nation In the world
The first chapter attributes the Civil War to an III
lannon's pot of capitalists to absorb the wealth OF the
country at the expense Of the people, when al inc
world knows that the Civil War was organized Dy
shareholders to destroy the National Government ana
TO set up saveholdng confedeHcy in the south upon
its r1IIns The "ShylOck" described by MIS- Emery Is
a phantom of her Imagination. The ." "Sh'locks oi the
War" were the who furnished the means TO carry
on the Government, and to put down the Rebellion
and included their number the most patriotic clu-
zens of the Northern States who, uniting their means
with the services and sacrifices O our soldiers, put
down the Rebellion, abolished slavery, ana preserNeu
and strengthened our Government
The first of her conspraces' she calls the eAcep
ton clause I'm the act Of February % 1862 by which
the duties imported goods were required to be pad
I'm coin in order to provide the means to pay the III
terest of bonds in COIN This clause had not Only
the cordial support of Secretary Chase but OF FleS
dent Lincoln, and proved to be the most important
financial aid of the Government devised during inc
war. Goods being imported upon coin values 1t was
but right that the duty the Government should be
paid In the same COIN Otherwise the duties "oulu
have been constantly diminishing with the lessehihs
purchasing power of our greenbacks II the interest
of our debt had not been paid in could have
borrowed no money abroad, and the rate OF interest
instead Of diminishing it did, would have been
largely increased and the volume Of paper money
would necessarily have had to be increased ana l's
market value would have gone down lower and lower
and probably ended, Confederate money uiu Ill
being as worthless as rags This exception clause
saved our public credit by making market Tor our
bonds and paid by foreigners for the privilege oil
entering our markets
As for the national banking systeH-the second
of her "eonspiracies"-it is now conceded To have
been the best form of paper money issued by banks
that has ever been devised. 1t organized to take
the place Of the State banks, which at the beginning
Of the war had outstanding over $2O0,OOO'OO0 OF
notes. of value varying from state TO State and
most Of it at a discount of from to 20 per cent
1t was absolutely necessary to get nd OF these ote
bank notes and substitute in their place the notes oi
banks which were beyond doubt by the deposit
of United States bonds, system 50 perfect that from
the beginning until no one has lost dollar on
the circulating notes Of national banks Ihe system
NAV have to give way because we are paying OH
our bonds, but no sensible man will ever propose ~
20 back to the old system Of state banks and If some
security to take the place of United States bonds can
be devised for national bank notes the system VIII
be and ought TO be perpetuated
The third conspiracy" referred to IS contraction
of the currency. 1t has been demonstrated by ohcl
documents that from the beginning Of the war 10 ths
time the volume of our currency has been increaSl
year BY year more rapidly than our population III
1850 the total amount of all the in circulation
was S435 100000, when our population was
81 900 OOO and half Of this was money OF variable
and changing value. Now we have in circulation
81 800 900 900 with a population OF 64'Oooooo' ana
every dollar Of this money Us as good as gold all
kinds equal 10 each other passing from hand to hand
ond maid ont as good money not only in the United
States hut among all the commercial countries OF
the world. Our money has increased nearly lour-
fold, while population has only dOuuieu' Inc
statements made by Mrs. Emery about the contraction
of our currency not only misleading but they are
absolutely false She states that in 1868 S473OOOOOO
of our money was destroyed, and in 1869 S5OOOOoOoC
of our money passed into a cremation furnace ana
in 1870 $G7, 100000 destroyed. Now these state
ments are absolutely false. What she calls money u
these paragraphs the most burdensome form O
interest bearing securities, Treasury notes bearing
3-IO per cent interest and compound interest notes
These were the chief and most burdensome items OF
the public debt. They paid off in the years
named, and never at any time for more thai
a single day money in circulation Nheh lssueu OheS
we're received as money! interest accrued they
nof al all n
ton.
These statements Of Mrs. Emery are palpable false
hoods which if stated by man would justify
stronger word. 1t is true that in 1866 MI McCuooh
secretary of the Treasury under the ADMINISTRATOR
of Andrew Johnson wished to bring about Resumption
by contraction aud bill passed providing Tor
gradual reduction of the greenbacks TO S3OoV'OOoO
Iut this was very soon after arrested and the green
backs retained in circulation. | was not IN 1aVor
the contraction of the greenbacks and the very speec
that she quotes in which l described the effects o
contraction and the difficulty Of resuming was mad
against the bill providing for the reduction OF IN
greenbackS.
The next conspiracy to which she refers was tn
first act of General Grants Administration Il
strengthen the public credit" controversy had eN
listed whether the 500 bonds could De paid in green
backs. / maintained and stl believe that by fai
construction Of the loan laws we had a right TO pa
the principal of the bonds they matured in green
hacks of the kind and character In existence when tn
bonds were issued, but insisted that it was the du
of the Government to define time when the green
hacks should be either redeemed or maintained at pa
In coin that this plain obligation Of honor am
duty which rested upon the United States and tia
Il was not honorable right 10 avail ourselves Of on
own negligence restoring these notes to the spec
standard in order 10 pay the bonds in the depreciae
money This idea is embodied in the credit strength
ening act.
The fifth conspiracy" of what she calls this il
formal scbemen was the refunding of the Nationj
debt This process of refndng is regarded by all il
tellgent statesmen measure of the highest value
conducted with remarkable success. At the date
the passage of the refuDding act, July Ia, 1870 "
had outstanding bonds bearing and 6 per cent IN