The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-05-27
JOHN SHERMAN.
HIS TORTUOUs CAREER Is CLEv.
ERLY DISCLOSED.
He Opposed Paying Bouds In Gold aud
wanted GreeubaCks Redeemed
In silver DoIisrs-That Was
His MATINEE Judgment,

his maNuNe Judgment
cincinnati Enquirer.l
John Snerman is the Pope of tbs gold
standard church. He demonetized sill
yer unbskuown to the people, cor gress
ana the newspaper reporters, while
Grover Cleveland was still playing pitch
seven-up iu a hospitable Buffalo saloon,
and personally springiug tie trap as the
sheriff of Erie county in the hanging of
criminals. Mr. Cleveland has worked
well in the gold interest since he came
toto It but he followed far behind under
the leadership OF the tall statesman from
Mansfsli.
And yet John sherman himself in
1868 opposed the payment Of United
States bonds in gold, and in 1878 ad-
yocated the redemption Of gresnbacks in
silver. Mr.. sherman was 45 years cid
in 1858, and had therefore arrived at the
age Of discretion On tie goth Of March
Of that year he wrote the following letter
10 the Hon. A. Mann:
Dear Sir-I was pleated t) receive
your letter. My personal interests are
the same as yours, tut, like you, l do
not intend ID be influeL cei ty them. My
construction Of the law is the result Of
careful examination, and feel quite sure
that an impal tial court would confirm
IL IL the case could be tried before a
codrt, I send you my views as fully
stated in a speech Your idea Is that We
purpose to rspudi Ite or violate promise
when we offer to redeem the principal in
legal tender.
II think the bond holder violstes his
promise when he refuses to take the same
kind Of money be pays for the bonds
IL the cafe Is TO be te ted by law, l am
right II IL is to re tested by Jay Cookies
advertisement, l am wrong. l hate re-
pudiation or anything like it, but we
ought not to be detererd from doing
What is right by the fear of undeserved
epitnets II, under the law ss 1t stands,
the holders Of the ave-twenties can only
he paid in gold, then we are regulators
il we propose to paw otherwise. If the
bOndhOl1er can legally demand only the
kind of money he paid, then he Is a repu-
diator and extorti0ner to demand money
more valuable than he gave. Yours truly,
John Sherman
Senator sherman was entirely correct
n these views The act Of 1862 which
authoriz I'd the issue Of tie fve-twenties
also authorized the issue Of the green
backs, and made them legal tender for
all debts public and private xcept
duties on Imports and interest on the
public debt. These were made payable
in coin of Id or silver. But the prin-
cipal Of the fve-twenty bonds was by
law distinctly made payable in green
backs. Was not Mr. Sherman opinion
then as valuable as it has teen at any
time since? Was he any less the great
financial oracle of this country when he
stood by the right of the government to
pay its boLds in the greenbacks which
it han received for the bonds?
When the bondholders found that
John sherman and George h Pendelton
representing the two gT% parties,
held that the bonds were payable in green
packs, they created sach clamor for
change 10 the liw that the position taken
by Mr.. Sherman became unpopular. To
borrow his own phrase the Republicans
were det rrsd from doing what is right
by the fear Of 'undeserved epithets."
To escape the epithet of "repudiators'
their representatives, in obedieLcs to
public opinion, passed the act Of 1869
@ to strengthen the public credit" in
which it was provided that the bonds
ard greenbacks should be paid in gold
or silver coi7. The language of this act
is as follows:
"Be it enacted etc, That in order to |
remove any doubt as tn the purpose Of
the government t. discharge all just |
obligations TO the public creditors, and !
to settle conflicting questions and inter
pretations Of the laws by vittue Of which
such obligations have been contracted, it
is hereby provided and declared that the
faith of the United States is soemDly
pledged tJ the payment in coin or its
equivalent Of all the obligations Of the
United States net bearing interest,
known as United States notes, and Of all
the iatersst- bearing obligations of the
United States except in cases where the
Ii cations has expressly provided that the
same may be paid in lawful money, or
other sur ency than gold or silver. But
none Of said interest bearing obligations
uoU already due shall bs redeemed or
paid before maturity unless at such time
United : .ates notes shall be convertible
into colo at the option OF the holder, or
unless at srch tin bonds Of the United
States barring lJwer rate of interest
than the bonds to be redt emed can be
sold at par 10 coin. And the United
States also s. lie nnly pledges it's faith to
make provision at the earlie': practic ible
period for the redemption Of the United
States notes in coin.'
There is no promise in this act TO make
payments IN geld. 1t made the bonds
and gIeenbaoks payable in coin, except
IN cases where the law expressly provides
that they may be paid in lawful money
Or other currency than gold or silver.
Here is distinct recognition Of the law
and the fact that coin If gold or silver
was to be paid, aud not coin of gold only.
General Grant recommended IT its enact
ment. Senator Sherman supported 1t, as
aid the Republican representatives in con-
1ress. There Is no more authority in this
act for the single gold standard than
there is for the single silver standard.
Coins Of both metals stand on exactly the
same footing. The act raised no ex-
of gold payment. Indeed, sill