Year: 1877

Ihe motto of the North American Review
is strikingly emphasized by the contents of
the current number. In this number the
question of the resumption of specie pay
ments is discussed by men of so widely differ
ing financial views as David A. Wells and
Hugh McCulloch on the one side and Will
liam d. Kelley and Tom Ewing on the other.
The discussion is summed up by Secretary
Sherman. The contributors to this compos-
ite article do not seem to fully understand
the plan upon which it was to be conducted.
Each man pays no attention to his predeces-
sor, but has his little say regardless of the
arguments. advanced by the others. 1t was
scarcely necessary for these gentleman to ex-
press their views upon finance, for those
views were already familiar to the country.
Messrs. Wells and McCulloch of course de-
clared for speedy resumption and the adop-
tion of an honest metallic standard of values.
Messrs. Kelley and Ewing advanced The same
wild and revolutionary theories that have been
heard from the repudiators and infationists
in the House this week. But there is no
fencing in the discussion. In fact it is not a
discussion, it is series of monologues.


Secretary Sherman in his summing up
meets and exposes the arguments of the in
fationists. He clearly shows that the stagna-
tion, bankruptcy and ruin which they fool
ishly attribute to the resumption act, not
passed until 1866, are distinctly traceable to
the panic OF 1878 which was the natural re-
suit of deprecated and redundant cur
rency. The complaint of the inhationists,
he says, is the old complaint of the wolf
against the lamb for muddying the stream,
and the reply he makes is that "the dis
tresses they complain of were the direct, GER
tain and unavoidable result of the very pol
icy limitation which thsy favor, and it would
be just as idle now to keep up this imitation
with the hope of prosperity as it would be to
advise drunkard to keep on drinking in the
hope of reform"


The opinion of Secretary Sherman has
other value than that of an able refutation
of imitation arguments. 1t is we'll to have
him demonstrate that our financial distress
is not due to the resumption act but to the

unparalleled imitation of paper money and
credits during and since the war. But better
than that is his declared intention to carry
out the resumption act in letter and spirit;
and when he says ''there is no tradition OF the
national government more sacred than that
which holds it to a rigid, faithful observance
of the public faith; it is by this alone we are
enabled to sell our bonds bearing four per
cent. interest at par in coin'-when he says
this we must believe, in the light thrown
upon the declaration by his assurances to the
syndicate last summer, that he is utterly
opposed to the bad scheme of silver remon-
etization. For he knows that ga rigid, faith
full observance of of the public faith" will
not permit us to pay our bonds or redeem
our greenbacks in silver. Thus the friends
OF an honest currency may, it is evident, rely
upon the hearty support of the Secretary of
the Treasury. Mr.. Sherman perceves his
opportunity to make his administration of
the Treasury Department illustrious by pro-
curing resumption while he manages the ex-
chequer, and he is too ambitious and clear
headed man to let the opportunity pass.