Year: 1878

Secretary Shcr nAam's Vacillat1ng Sl-


yer Policy.


When, about week since, Mr.. Sherman
issued his order for m unlimited exchange
of silver dollars for greenbacks we dissented
from the laudations with which it was
greeted by a portion of the press. 1t seemed
too much like freak. ''It is difficult to be-
lieve," we said, ''that MIR. Sherman has
adopted such plan on mature considera-
tion." That it was not adopted on mature
consideration is proved by the fact that the
order was withdrawn as precipitately as 1t
had been adopted. This financial infant
did not live long enough to cry; the order
was cancelled two days =. in advance
Of the time set for carrying it into
effect The promptness with which 1t
was rescinded must be notifying enough
to those eulogists'i in the press who extolled
it as 80 resumption of specie payments on
September 49," There could not have been
a greater folly than to represent it In that
light. As we said at the time:-''To dignity
it as resumption OF specie payments Is
absurd. Specie payments must be resumed
by law and not by caprice. Mr.. Sherman
will be just as free to stop this experiment
any time between now and the 1st OF jan
uary as he is to begin it, and If it is cried
up rs resumption the country may be NOR
tilted with o new suspension" But freaky
and sensational and foolish as we thought
the order to be we did not expect Mr. Sher-
man to indorse our opinion before the end
of the week, reminding one of the epitaPh
on q very young infants tomb-"Since so
soon have been done for, what on earth
was I begun for?''


The opinion has been thrown ont in
some quarters that the order was mere
electioneering artifce, and that its with
drawal is q consequence of the surprising
Maine election. We do not know that
there is anything to support such an opin-
ion beyond coincidence Of dates The
order was promulgated about three days in
advance of the Maine election and was re-
scinded about three days after the election
was over. The theory erected on this slen-
der basis is that Mr.. Sherman supposed
he could help the hard money party
in Maine by conveying the impression that
resumption is already fixed fact, and as
soon as he found that this was vain cleo
tioneering device he suddenly abandoned
it. We are unwilling to believe that the
Secretary of the Treasury could descend
to so paltry trick. But whatever may
have been his motives q freak SO lightly
adopted and so hastily abandoned impairs
public confidence. The country was enti-
tied to expect in the head Of the Treasury
Department dignity. steadiness, consist
ency. caution and both The appearance and
the reality of wise deliberation. His friends
are annoyed and mortified at his capricious
playing fast and loose with any part Of
the important matters committed" to
his charge. It does not beseem
great government in conjuncture
so critical as the present to build up and
tumble down house Of cards, like children
playing with their toys. The HERALD per-
formed an act of friendship to Mr.. Sher-
man in belittfing the order which more ad-
miring journals were so swift to magnify,
for we were unwilling to see applied to
him Burke's memorable phrase that he
sneaked ont of difficulties into which he
proudly strutted. The strut was not his,
but his eulogists', but we are sorry that he
should have attempted anything from which
he was forced to make SO precipitate
retreat.