New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-22
THE VOICE OF 4 STATESMAN.

THE VOICE or 4 STiTESMAN.
Before noticing what Senator Sherman says it
may b. profitable to note who Senator Sherman
is Twenty years ago. in the deep shadow of the
disaster of 1878, he put through Congress the
Rcsumption act and was presently appointed
Secretary Of the Treasury to carry ii into elect
What financerS Of Europe ana this country then
declared utterly impossible. he did The most
eminent statesmen of other nations. such rs Mir.
Gladstone. have repeatedly pointed TO the re
sumption of specie payments by the lnited
States os tha greatest financial achievement Oh
record. AT the very hour his political opponents
were soemnly resolving that il was Impossible
John Sherman brought the grecnback 10 par
in gold nailed and kept it there. and opened the
way for the most wonderful progress and pros
perity ever realized by this or any other na'lon.
No other statesman in American history has so
splendid n record for financial achievement. ana
II need not be said that there is not now in
all the Democratic party. nor has 'here ever
been. a man whose proved ability and accom-
plishmenis in the financial service OF the country
entitc him to be listened to even for moment
in opposition to the veteran OF ONO
This is the statesman who in his speech al
Massillon, warmlg commends the opposition OF
President Cleveland and Secretary Carhsie 10
the free coinage Of silver, but regrets 10 say 'a'
they seem to be all at sea" In reference 10 the
United States notes. the retirement OF when 'hey
demand Mr.. Sherman says:
For fourteen wears We have been able to main
tain in full and active circulation S345.0OooOo OF
these notes at par with gold by malnlainihs "a re-
serve in the Treasury OF siOo ooovo1 OF EGiu hax
with the loss of the interest on this goid we nav
saved the interest S450OOoOO of the pubic DEBT
and besides have secured to our people the oesi
form of paper money ever DEVISED ol uhNeiS"i
credit in the cOmmerClal WOrlu.
These are not statements made at random
The paper money was the best ever devised be-
cause sufficient means were provided to make
and keen it at par with gold. One can feel only
n piful contempt for the ignorant creatures
who fry 70 answer Mr.. Sherman by saying that
he talks like Populist." What the Populist
wants is paper not maintained at par in gold.
But the Senator goes on TO show precisely why
any doubt has arisen about the continued sound
ness of the paper money:
The powers that be have used the gold spe-
officially pledged for the redemption or united
/ States notes TO make good the denciehCy oi
| revenue caused by the Wilson-Gormah-br,ce
tariff law. This is a gross and palpapie Niola-
ton of law, and of the clearest pubic policy'
I When the revenues of the Government fell be-
low the expenditures. the denclt shoulu nave
1
stead Of using that which was speclilcaliy
pledged for another purpose. When Cleveland
was elected President, with the avowed pur-
pose of reducing the tariff, both houses OF Con-
gress were willing to authorize the issue OF )
per cent bonds to meet the anticipated deil-
cheney, and these could readily have been soid
at par I introduced bill for that purpose, but
it was defea ted by the declaration OF both CleVe-
land and Carlisle that II was unnecessary Inc
last Congress was ready to pass such a OH;
but these opposed il and resorted 10 the Sold
reserve, and thus created doubt whether we
could maintain our notes at par with goid.
This fatal policy Of unlawfully dverting the
gold in the Treasury to the payment of cur
rent deficiencies is the cause and the sole
cause, of the present financial disturbance.
1t would be well if these pregnant words
should be thoroughly studied, fixed in memory
and fully understood by every Republican
speaker. writer or voter They contain more
sound sense and truth than can be found in any
score Of frst-rae speeches on the money ques-
ton Mr. Sherman does not befog himself by
attempting TO treat the currency and the tariff
as two distinct issues. but shows that they are
one Under adequate protection the country
prospered, and its gold reserve for the redemp-
| ton of notes was not impaired. The very month
an opposite policy was decreed by the votes; in
! November, 1892, gold began to 60 abroad in large
amount, and though President Harrison was
/ able to keep the reserve intact until President
Cleveland had been inaugurated. it was plain
enough that borrowing would soon he, as II ever
has been, the direct fruit of a policy hostile TO
/ American industries, prosperity and credit. Yet
| so blind were Mcssrs Cleveland and Carlisle
that they told Republican Senators bill to Dor
row money on 3 per cent bonds was wholly I'M
| necessary and 50 prevented the passage Of such
bill when ne bonds could have been placed
without paying shave Of 20 per cent TO inter
national bankers.
The policy threatened became the policy in part
| executed when the present tariff for deficit WAS
enacted Ever since the country has been reaz-
! inc the utter madequacy Of the revenue 10 the
needs Of the Government. and the Democratic
! Administration has been imperiling the honor
! of the Government, and the redemption of notes.
! by using the gold reserve to fill up the yaWning
/ deficit created bv the tariff. II now proposes
/ TO borrow several hundred millions more through
foreign bankers. in order TO get rid Of currency
which the people prefer TO any other they ever
/ had and. as Mr.. Sherman says. that step would
leave the Treasurv notes and silver certificates
! 10 be redeemed in silver only. thus forcing the
country 10 silver basis, unless S4}I 100000
more could he borrowed 10 retire those also. For
all these costly and perous changes the only
protection Of home industries.