New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-21
MR.. SHERMAN on L. S. NOTES
SOUND AND ECONOMICAL FORM OF
CURRENCY.
THE EXPENDITURE OF THE GOLD RESERVE THE
CAUSE OF RECENT FINANCIAL TROUBLES
UNLAWFUL USE OF POWER.

UNLAWFUL USE OF POWER
Nassillon Ohio. oct Ex-senator Sherman spoke
70 400 people here last night. II the first adj
dress he has made during the State campaign lie
said In part:
have. in common with the great body OF Re
Pu6cans aPP9se1 ihs sGeV IN their opposition to
the free coinage Of silver and thelr hrim man man
tenance OF gold and silver coins at par with each
other The resident has always oeeh souhu d ht
consistent on this policy ana the secIe,tS ~ ..1
ahilifv maintained the same policy. whatever may
have been his opinions in former times. But re-
and espec,aliy to our United States notes they
seem TO be all at sea, and both ai.ke demand me
have been able To maintain in full ana active cii,
culation si5,ocooo OF these notes at par WITH god
90 go Of gold Thus. with the loss or the iiterest
on ~, W. sI ba pMblc debt ana besides have secured
TO our people the best form OF paper money ever
devised OF universal credit in the commercial world
Why Is II the maintenance at par or all this
money has been constantly threatened during ne
present Administration? The oniy answer 10 tnis
Is the powers that be have used the gold specifically
pledged for the redemption OF United States notes
TO make good the deficiency Of revenue caused by
the Wilson German Brice tariff law. This is a
gross and palpabie violation OF law ana Of the
clearest pubic policy When the revenues OF me
Government fell below the expenditures the deficit
should have been promptly met net by borrowing
pledged Tor another purpose r,, ~, -,
avowed purpose OF reducing the tarin, both houses
Of Congress were willing to authorize the issue of
y
and these could readily have been sold at par
introduced bill for that purpose, but II was de-
f,ated by the declaration OF both Cleveland and
Carlisle that It unnecessary The last Con-
grass was ready to pass such bill, but they OPP
posed IL and resorted the gold reserve and thus
created a doubt whether could maintain
notes at par with gold. This fatal policy OF UNI
payment of current deficiencies is the cause. and
the sole cause Of the present financial disturbance
And the remedy proposed by Carlisle In
recent speech In Boston, apparently with the APP
prOval OF Cleveland, is to retire the greenbdcks by
the issue OF bonds and thus saddle the Government
not the worst OF H. The OF silver certificates
and Treasury notes can then BE- redeemed only In
silver dollars and this means the silver standard
alone. The only way they propose 20 prevent this
is by the sale Of more bonds TO redeem these notes
and certificates thus converting all our currency
money except National bank notes.
So radical a change In financial system can
only result in "A great loss 10 the Government In
the large Increase of the Understanding debt and
in wild disturbance OF the industries and commerce
of our country Fortunately. the incoming Con-
gress IS Republican II Will no doubt provide ad-
ditonal tax or duties TO meet current deficiencies,
par with gold all forms OF money, whether Of coin
or paper In the performance or this duty II Will
imuose such taxes and duties as Will BE- least bur
densome to the people and VIII strengthen and pro-
tect home industries.
I believe II the Republican policy since the war
Administration. and the Mckinley law had re-
manned in force subject TO such changes as time
urov.d necessary. the recent financial disturbance
Would not have occurred and the entire interest
hearing debt Of the United States would have been
maid In full before the close Of the century"