Evening journal., 1914-09-08
New News Of Yesterday
Why Secretary JOnn Sher-
man Initiated the Sphinx
ny Holland.

It would not be possible for any
man to change his attitude toward /
those in public and business life with |
whom he was brought into daily con-
tact more swiftly and more impress
sively than did John Sherman after he
retired from the Office of Secretary Of
the Treasury to re-enter the Senate as
Senator from Ohio in the spring Of
1881.
When Secretary of the Treasury,
Sherman's constant attitude when
away from his home was that of a
man who had no passions, no sympa-
thies, no social associations. He was
sometimes spoken of as an iceberg.
The expression on his face was as
cold and masklike as that Of the
sphinx.
But the moment he re-entered the
Senate he became again the John
Sherman with whom the public at
Washington and elsewhere was fa-
miliar before he entered President
Hayes cabinet as Secretary Of the
Treasury. He became voluble instead
of taciturn, and he at one time ex-
planned TO me that while he was
Secretary Of the Treasury he regarded
it as of the utmost importance that he
should maintain the attitude of cold
ness which he did assume. He said
sometimes got hints from the words,
or even the expression of the face, OF
a Secretary of the Treasury, which
they utilized in stock market transac-
tiOns. AS he knew that perhaps the
greatest of the responsibilities which
would be upon him while serving as
Secretary of the Treasury would be
such as to make a successful resump-
tion Of specie payments certain, he felt
that it was essential that he should
not reveal his purposes in any way
to any man.
The American people, Mr.. Sherman
believed. about the year after he re-
turned to the Senate, would probably
never realize the enormousness of the
task which involved the resumption OF
the specie payment Probably fully
what they action meant for them.
II was persuaded, in the latter part
of President Grants second admins
tration, that the United States would
never be in a position which would
make us Fundamentally sound both
financially and industrially, until
every dollar of our paper money was
based upon coin,' said Mr.. sherman.
1T was for that reason that ] urged
the legislation which was adopted,
providing for the resumption of sperie
payment four years later. or on Janu-
airy /. 1879 I felt confident that,
whatever the results of the Presiden-
tial election might be. whichever part7
was in power would see to it that
could be effected on January 1, 1879"
the resumption of specie payments.
Here Senator sherman smiled
gently and with that suaint and
characteristic movement of his lips
with which those who were near him
were familiar, added. "Of course,
could not foretell who would be the
Secretary of the Treasury upon whom
the responsibility for securing re-
sumption of specie payments would be
placed.
1T was a tremendous problem. We
had nearly SSO0,O0O.0O0 in paper
money. and in comparison with specie,
it was II cents below par. OF course,
for that reason il kept specie out of
circulation. II was accomplished, how
ever. and after January, 1879 all
forms of money in the United States
were equivalent to coin. This served
as an object lesson to the people, and
was then persuaded that never again
would the American nation tolerate the
idea of a paper currency which did
not understand absolutely and perfectly
upon coin. What followed was the be.
ginning of a prosperity which is now in
progress. / hope IL in not lead our peo-
pie to make too rapid and great invest.
ment in the construction of railroads, for
/ If a mistake of this kind be made we
shall certainly have disturbance. But il
/ it will be a disturbance much more cas-
| ilv conquered than would be the case il
our paper money were not absolutely
built upon coin.
/ recalled this remark when, in 1884, q
panic prevailed. due to, indirectly, al
least, the expansion of railway construc
/ jion.
Copyright 1914. by DIR. f. j. Edwards
All rights reserved.)
Tomorrow DR.. Edwards viii tell "Hov
the Daughters of Grant and Lee Became
Friends"